This page is archived
news covering the period of April 2021
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Friday, April 30
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $7.82/lb ($17,250/tonne). Indicators at 6:15 am CST today show
nickel trading around $.17/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started the last day of April, just over the 262,000 tonne
level. Nickel calmed a tad in yesterday afternoon trading but the bull
has no intentions of being fenced and all base metals are trading
higher this morning, with nickel's near 2% increase leading the charge.
Its still too early to tell but it appears the monthly price for LME
cash nickel might average a few pennies higher in April than the
$7.47/lb it averaged in March. Some more predictions posted below, for
your weekend reading. Monday is a holiday in most of the world,
including England, so our first update for May will be next Tuesday. We
want to thank Scott Stainless Steel for co-sponsoring the month of
April, and if you require stainless steel sheet or coil, please give
them a call. It's Friday and whether you have a two day, or three day
weekend ahead of you, we say thank you for spending a few moments of
your week with us, and hope you have a safe and enjoyable weekend! And
we invite you back next month!
Average price of LME traded cash nickel
so far this month
- $7.45/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper snaps five-session rally in subdued pre-holiday trade - more
Thursday's market review - Copper retreats after breaking decade-old
$10,000/T level - Three-month copper on the London Metal Exchange
touched $10,008 a tonne before retreating 0.3% to $9,847 a tonne by
1400 GMT. - more
Copper rally to run out of steam in second half of year: poll - A rally
in copper prices is likely to stall in the second half of the year as
top consumer China reins in stimulus spending, a Reuters poll showed on
Thursday (Friday AEST). - more
ATI posts first-quarter loss as USW strike drags on - Allegheny
Technologies Inc. reported a lower-than-expected loss for the first
quarter amid increased demand for commercial aerospace products as more
pandemic-weary, newly vaccinated Americans began taking to the skies
again. - more
US stainless steel shortages expected to continue - The
pandemic-induced imbalance between supply and demand, for stainless
steel flat products, in the United States, will intensify over the next
few months. - more
China's crude stainless steel output, imports, exports grow in Q1 2021
y-o-y - According to statistics from the Stainless Steel Branch of
China Special Steel Enterprises Association, the production of crude
stainless steel in China amounted to around 8.17 million tons in the
first quarter of this year, growing by 36.38% compared to the same
period a year ago. - more
Odisha requests to re-impose AD & CVD on stainless steel imports -
Indian Odisha Minister Dibya Shankar Mishra has requested the union
finance minister to continue to impose the anti-dumping (AD) duty and
countervailing duty (CVD) on stainless steel imports in order to
protect steel manufacturing in Odisha. - more
Environmentalists, PolyMet both claim victory after Supreme Court
ruling - Both sides are cheering after the Supreme Court issued a
ruling related to the proposed mine in northeastern Minnesota. - more
5 Minutes With ID: Ian Heller on How Distributors Have Managed
Downsizing - The pandemic has forced numerous distributors to downsize
their operations and operate as lean as possible. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Thursday, April 29
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $7.89/lb ($17,400/tonne). Indicators at 6:00 am CST today show
nickel trading around $.08/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today just over the 262,200 tonne level. The bull
continues to run, with the last four day gain around $1400 per tonne
($.64/lb). The technicals are bullish for all base metals, with
nickel's near 5% YTD gain, bringing up the back of the pack. Lead, with
a 40%+ YTD gain in trading price is the clear leader, with copper's
27%+ gain coming in second. Nickel shows as being overbought
technically, but so far, the bulls are showing little desire to calm
down. The International Study Group is forecasting a 10.5% increase in
nickel demand this year, and the WBMS is forecasting a slight surplus
for the year. What happened to all those dire warnings of "peak
nickel"? It's Thursday and we are on the downhill slide. Stay safe out
there and have a great day!
Average price of LME traded cash nickel
so far this month
- $7.43/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper stabs close to $10,000/T level on Fed stimulus pledge - more
Wednesday's market review - Copper rally pauses as Goldman
forecasts record highs - Copper paused near 10-year highs on Wednesday
ahead of a policy announcement by the U.S. Federal Reserve, but
analysts at Goldman Sachs joined others predicting a rally to record
levels. - more
Global nickel demand to increase to 2.67 mln tonnes in 2021 -INSG -
Global demand for nickel is expected to increase to 2.67 million tonnes
in 2021 from 2.39 million tonnes in 2020, the International Nickel
Study Group said on Wednesday. - more
China Cuts Steel Import Tariffs - China suspended some import taxes on
steel Wednesday as part of a multiyear campaign to use market pressures
to force Chinese producers to shrink and become more energy efficient
and profitable. - more
Taiwan’s Yusco raises stainless steel prices for May - Yieh United
Steel Corp. (Yusco), a leading stainless steel mill in Taiwan,
announced its new prices for May today (April 28). - more
Philippines sets new round of mining audit, expands coverage - The
Philippines will review operations of its more than 50 mines in a new
round of an industry-wide audit, the government said on Thursday, with
coverage expanded to include some nickel projects in a southern
province. - more
Polymet confident that Supreme Court ruling will not halt project - On
April 28, the Minnesota Supreme Court announced its latest ruling in
the long-running battle over the proposed PolyMet Mining copper-nickel
mine in northeastern Minnesota, the first such mine in the state. - more
State of Minnesota Supreme Court Ruling - In the Matter of the
NorthMet Project Permit to Mine Application Dated December 2017 -
pdf here
U.S. Consumer Confidence Back to Pre-Pandemic Levels - The
index advanced to its strongest reading since February 2020, right
before the COVID-19 pandemic struck in the United States. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, April 28
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $7.68/lb ($16,935/tonne). Indicators at 6:00 am CST today show
nickel trading around $.15/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and ended that session just below the 262,500 tonne level.
Nickel is trading well above the $17,000 tonne level for the first time
since the early March price free fall. Expect stainless steel price increases in the
future, with Taiwan already announcing some. Not a lot to talk about
today. If you are new to the site and were hoping to find a reason for
the sudden jump in nickel prices, we don't have one. It's being driven
by speculation for a brighter tomorrow. The increase in prices stinks
for down stream users, like the stainless steel industry, but we sure
hope they are right about the brighter tomorrow. It's the middle of the
last week of the first third of 2021. Stay safe out there and have a
great hump day!
Average price of LME traded cash nickel
so far this month
- $7.40/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper slips from decade high on stronger dollar, lower premium - more
Tuesday's market review - Copper climbs towards record as
market frets about supply - Copper prices climbed on Tuesday towards
the record above $10,000 a tonne seen a decade ago as worries about
supply disruptions in Chile due to strikes and robust demand reinforced
expectations of shortages this year. - more
Column: China copper price flip to discount vs LME raises red flag amid
rally - Copper prices have scaled 10-year highs and while the rally may
be justified on fundamental supply and demand grounds, there is a note
of caution coming out of top consumer China. - more
Taiwan’s Yusco & Tang Eng expected to raise stainless steel prices
on stabilized nickel prices - According to market participants, Yieh
United Steel Corp. (Yusco) and Tang Eng Iron Works Co., Ltd., two
leading stainless steel upstream suppliers in Taiwan, were expected to
raise their stainless steel prices for May due to stabilized nickel
prices, strong demand in the European and American markets, and a good
condition of export orders. - more
Taiwan’s Walsin Lihwa hikes stainless steel wire rod prices for May - more
Govt sets anti-dumping duties on steel trade from Indonesia, Vietnam -
The Malaysian government has imposed anti-dumping duties on imports of
cold-rolled stainless steel in coil, sheet or any other form (subject
merchandise) originating or exported from Indonesia and Vietnam. - more
ATI changes contract proposal following expiration of offer to United
Steelworkers - As promised, Allegheny Technologies Inc. has changed its
contract offer to the United Steelworkers after the striking union did
not accept the company’s proposal by a Monday deadline. - more
GEM : China's Lygend starts trial production at Indonesian nickel
project - China's Lygend Mining said on Tuesday it had started trial
production at its high-pressure acid leach (HPAL) nickel and cobalt
project in Indonesia. - more
The Monthly Metric: Post-Pandemic Priorities - A year ago, the
coronavirus (COVID-19) pandemic changed many aspects of business and
the supply management profession, including data and analytics — which,
as was reported in this space then, became more about survival than
strategy at many companies. - more
US companies bump up prices on supply squeeze and demand boom - more
How Procurement Organizations Can Protect Against Inflation - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, April 27
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $7.56/lb
($16,675/tonne). Indicators
at 6:00 am CST today show
nickel trading around $.13/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and started today just over the 263,200 tonne level. It would
appear the bull is back, and that the Shanghai Metals Market is leading
the way on this charge. Watching the numbers daily, SMM tends to let
LME lead the way, and when they break ranks, the LME typically ignores
their movements. But for the second time this year, the LME is playing
catch up, and as usual when this happens, LME bulls tend to over react.
Nothing in the fundamentals has changed except the promise of a much
brighter tomorrow. We hear daily of shortages causing price increases -
yesterday it was rental cars. With these price increases and shortages
comes two things. The promise of inflationary pressure and increased
production - both of which can be positive for base metals. We will
have to wait and see what happens, and speculation is exactly that. How
long have the experts been telling us we were facing a huge worldwide
nickel deficit? Years. And we will again - someday. But not today. So
this rally is speculative, and where speculation will take us, no one
knows. Speculative rallies tend to end ugly however, so smaller traders
would be wise to keep their finger near the trigger in case the big
investment houses decide the rally has run its course. It's Tuesday,
the day between the start and the half way point of the week, and about as
exciting as being the middle child. But no less important. Stay safe out there and have a
great day!
Average price of LME traded cash nickel
so far this month
- $7.39/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper climbs towards record as market frets about supply - more
Monday's market review - Copper hits 10-year peak on
supply concerns and inventories - Copper prices soared to 10-year
highs on Monday as Chile supply concerns, sliding inventories, a weaker
dollar and expected strong demand from top consumer China triggered
fresh buying. - more
Ultimatum deadline looms in ATI strike - Allegheny Technologies Inc.
employees, represented by the United Steelworkers, went on strike
nearly one month ago due to disagreements over a new labor contract. - more
Brazil's Vale bullish on conditions in China - Brazilian mining company
Vale SA said it will continue investing in China and further expand its
presence in the country, which has been witnessing an ever increasing
share of the global mining giant's total sales. - more
Mining ban lifting dismays Borongan prelate - Borongan Bishop Crispin
Varquez said the lifting of the moratorium on new mining projects would
further “exploit our already much-wounded land.” - more
Steel supply curbs in China proving to be a boon for Indian steel
makers - China, the largest consumer of steel, is facing supply curbs
which bode well for steel demand and prices globally. - more
Reduced global steel trade fuels upward price momentum - more
Eramet raises Weda Bay target to 10M tons - French mining and
metallurgy company Eramet has raised its target for mine production at
its Weda Bay nickel project in Indonesia to over 10 million wet tonnes
in 2021. - more
Battery-metal rush pits miners against marine biologists -
Controversial plans to mine the ocean floor face a key test this year
when a United Nations body unveils rules that could spur the
exploitation of hundreds of billions of dollars of battery metals. - more
How Will a Lithium-Ion Battery Shortage Impact EVs? - more
How Distributors Can Generate Growth in the New Normal - Even once the
pandemic subsides, many the selling adjustments it caused will remain
at least in place. Here's how to adjust your team's approach to fit
today's reality. - more
Courtesy AISI - In the week ending on April 24, 2021, domestic raw
steel production was 1,781,000 net tons while the capability
utilization rate was 78.4 percent. Production was 1,240,000 net tons in
the week ending April 24, 2020 while the capability utilization then
was 55.4 percent. The current week production represents a 43.6 percent
increase from the same period in the previous year. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, April 26
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $7.44/lb ($16,400/tonne). Indicators at 6:00 am CST today show
nickel trading around $.05/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and started this week just under the 263,600 tonne level. The
commodity board is a field of green (or black if your prefer) this
morning, except for fossil fuels. Nickel is benefiting from this
bullish mood and is trading at its highest in two weeks. It is still
trading in what we call the March range. If you read the title of
Reuters "Friday's market review" below you will notice a title that
might seem familiar. Here is a headline strikingly similar to
Friday's - "China’s Pollution Crackdown Gives Aluminum a Bump".
This Wall Street Journal headline was not from April 2021
however, but April 24, 2017. That 2017 article's byline added "Aluminum
defies sell off in other industrial metals in anticipation of closure
of
smelters in China" and the article mentioned a 7.2% drop in nickel
prices. (source)
Sometimes the old adage, "the more things change, the more they stay
the same" really rings true. At least for aluminum - we don't expect to
see another 7% drop in nickel prices anytime soon. It's the final week
of April, and a full week of trading for the London Metal Exchange.
Most of the world is closed for holiday next Monday, including London
markets, so our first update of May will be on Tuesday the 4th. Stay
safe out there and have a great Monday!
Average price of LME traded cash nickel
so far this month
- $7.38/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper hits 10-year high on supply concern, easing dollar - more
U.S. Imports for Consumption of Steel Products March 2021 - pdf here
Fitch Solutions - We are revising up our 2021
average price forecast for nickel from USD15,250/tonne to
USD15,750/tonne as prices started the year from a high base.
Friday's market review - China's pollution clampdown
drives aluminium to three-year peak - Aluminum prices climbed on Friday
to three-year highs, fueled by worries about supplies from top producer
China, where authorities are clamping down on polluting industries, and
by signs of falling inventories. - more
Trafigura Bets on Green-Nickel Squeeze in Defiance of China Cure - Just
weeks after a novel production method upended the nickel market, two of
the top names in the battery-supply chain made a play that suggests the
world’s worries over sourcing cheap, clean supplies of the metal are
far from over. - more
France's Eramet says sales buoyed by mining unit, passes on A&D
offer - France's Eramet reported a rise in first-quarter sales on
Monday as higher prices and output boosted its mining division,
offsetting a slide at Aubert & Duval (A&D), the struggling
aeronautics alloys supplier it is trying to sell. - more
Tata Steel Mining to double its ferro chrome output to 9 lakh tonnes
per annum - A subsidiary of Tata Steel, Tata Steel Mining Ltd. (TSML),
plans to double its ferro chrome manufacturing capacity in India from
the current 4.5 lakh tonnes per annum to 9 lakh tonnes per annum. - more
Steel Imports Up More Than 3% Year-to-Date Through March - Based on
preliminary Census Bureau data, the American Iron and Steel Institute
(AISI) reported today that the U.S. imported a total of 2,292,000 net
tons (NT) of steel in March 2021, including 1,774,000 net tons (NT) of
finished steel (up 20.7% and 23.6%, respectively, vs. February final
data). - more
A long, strange trip - Coronavirus: One Year Later - After weathering a
pandemic, recyclers could be in store for additional volatility if a
comeback strains commodity markets. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Friday, April 23
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $7.28/lb ($16,050/tonne). Indicators at 6:45 am CST today show
nickel trading around $.07/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and ended that session just under the 264,200 tonne level.
Nickel continues to fight to keep its head above the $16,000 tonne
level. Yesterday was the second time this week LME nickel closed below
the 200 day moving average, with the other two days closing only
slightly above. Nickel bulls need something to draw the attention of
investors away from copper, which is experiencing a very bullish run.
Crude steel production for the first three months of 2021 is up 10%
compared to the first three months of last year. Every region of the
world saw an increase except for North America, which was down 5.2%
during this period. China is starting to feel the pressure that she has
put on US and European manufacturers. Imports into China of stainless
steel from Indonesia was up 416% in the first three months of 2021
compared to the same period last year. Hey it's finally Friday. Weekend
is nearly upon us and at least here in the States, people are getting
out and shaking off the doldrums of winter and the confinement caused
by the pandemic. The restaurants in our neck of the woods were packed
last Saturday, as mask restrictions were dropped in our city. Optimism
rules in most corners, and nearly everyone seems to be taking a big
old breath of fresh air - albeit from six feet away. Daily deaths from
covid are way down, but yesterday's numbers remained at a pace to see
265,000+ Americans die from covid annually. That means an Americans
chance of dieing from covid remain 'way' higher than dieing in a car
crash. So stay safe out there, but enjoy your weekend! As a survivor,
you deserve it.
Average price of LME traded cash nickel
so far this month
- $7.38/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper approaches 2-month high, set for 3rd straight weekly gain - more
Thursday's market review - Copper dips on concern about
China capping commodity prices - Copper slipped on Thursday on
worries about China capping commodities prices to curb inflation and as
investors locked in profits after a rally. - more
March 2021 crude steel production - World
crude steel production for the 64 countries reporting to the World
Steel Association (worldsteel) was 169.2 million tonnes (Mt) in March
2021, a 15.2% increase compared to March 2020. - more
Global crude steel output rose 15.2% year-on-year in March to 169 million tonnes; China up 19%, India 24% - more
China’s stainless steel imports from Indonesia rise in Q1 y-o-y -
According to statistics from the General Administration of Customs of
the People's Republic of China, in the first three months of this year,
China’s imports of stainless steel from Indonesia amounted to
approximately 414,000 tons, hiking by nearly 416% compared to the same
period a year ago. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Thursday, April 22
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $7.33/lb ($16,150/tonne). Indicators at 6:00 am CST today show
nickel trading around $.04/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and ended that session just over the 264,200 tonne level.
Nickel remains range bound, and appears to be struggling to keep its
head above the $16,000 tonne level. Technical signals are mostly
negative, and fundamentals have so far failed to fuel a rebound. Not a
lot to talk about so we won't annoy you by rambling. Lot of news below
for your Thursday morning, so we leave you with it. Stay safe out there
today and have a great day.
Average price of LME traded cash nickel
so far this month
- $7.40/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper dips as Chinese physical buyers shun high-priced metal - more
Wednesday's market review - Copper up with equities, but
virus surge limits gains - Copper prices firmed on Wednesday alongside
a rebound in equities and a weaker dollar, though investor fears over
rising coronavirus cases limited gains. - more
Talon Metals wants US nickel refinery - Talon Metals has said a
US-based nickel refinery will be needed to create a “Green Nickel” US
supply chain for electric vehicles (EVs). - more
Global molybdenum production rises while usage falls as pandemic sweeps
the world in 2020 - Global production of molybdenum rose by 5% in 2020
to 602.4 million pounds from 575.4 million pounds in 2019, figures
released by the International Molybdenum Association (IMOA) show. - more
Commodity Prices to Stabilize after Early 2021 Gains, Supported by
Global Economic Recovery - Commodity prices continued their recovery in
the first quarter of 2021 and are expected to remain close to current
levels throughout the year, lifted by the global economic rebound and
improved growth prospects, according to the World Bank’s semi-annual
Commodity Markets Outlook. - more(pdf of full report)
China's steel cuts are a market-moving mirage: Analytics - The Chinese
government's efforts to get on top of crude steel production in 2021
appear to be bearing little fruit. - more
South Korea's cold-rolled stainless steel exports rise in Mar m-o-m -
According to statistics from the Korea Iron & Steel Association
(KOSA), South Korea’s exports of cold-rolled stainless steel amounted
to roughly 52,000 tons in March, hiking by 13.2% compared to the
previous month. - more
Philippines: Churches protest as government lifts mining ban - Ahead of
Earth Day, Caritas Philippines, together with several bishops and their
dioceses have expressed their concern at President Rodrigo Duterte's
decision to lift a nine-year moratorium on new mining deals. - more
EPA inspector finds failure to follow policy in PolyMet case - Report a
follow-up to allegations that the EPA helped MPCA suppress concerns
about PolyMet’s water discharge permit - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, April 21
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $7.25/lb ($15,975/tonne). Indicators at 6:00 am CST today show
nickel trading around $.06/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose
again on Tuesday and started today's session just over the 264,600
tonne level. Nickel is bouncing off the $16,000 tonne level this
morning, as bulls try to stay clear of that level, and keep nickel
above the 200 day moving average. Technical indicators this morning
remain mostly negative. The Euro is lower against the US Dollar this
morning, adding more negative pressure. Regretfully, the beached
Philippine ore carrier is bearing a tragic story, with the crew having
abandoned it in high seas caused by a nearby Typhoon, and only a few of
them (so far) surviving the ordeal. Nickel ore has a terrible track
record of liquefaction sinking numerous carriers and killing many crew
members. That may or may not be the case this time, but if not, the
mere fear of such an outcome may have influenced the crews decision to
abandon the ship. It's hump day and at noon today, the downhill slide
begins. Play it safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $7.40/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper falls on virus surge, weak dollar limits losses - more
Tuesday's market review - Copper retreats from near
10-year high as equities slip - A rally in copper prices towards
10-year highs paused on Tuesday as rising coronavirus infections pulled
global stock markets back from record levels, but strong demand and
tight supplies are expected to fuel further gains for the metal. - more
Four crew dead, 9 missing after cargo ship runs aground in Philippines
- Four crew members from a cargo ship that ran aground off the southern
Philippines have died, while seven have been rescued and a search is
continuing for nine others, the Philippine Coast Guard (PCG) said on
Wednesday. - more
Supply Chain Shortages Not Going Away Soon - The supply chain continues
to be a hot topic in the news, sparked by tariffs and trade wars, the
coronavirus (COVID-19) pandemic, and most recently, the near week-long
blockage of the Suez Canal by container ship Ever Given. - more
Supply Chains of Great Possibilities and a ‘Crisis Du Jour’ - more
Web or Bust: Why E-Commerce is More Important than Ever for Distributors - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, April 20
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $7.31/lb ($16,125/tonne). Indicators at 6:00 am CST today show
nickel trading around $.03/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Monday and started today just under the 264,500 tonne level. That is
the highest nickel stockpiles in LME warehouses have measured this year
and the highest recorded since July 2018. Nickel continues range bound
and doing little more than following the strengthening Euro this
morning. Goro, or whatever the new owners will decide to name it, is
expected to resume production sometime this week. This follows an
announcement that the Philippines would allow new mines to open.
Speaking of the Philippines, officials discovered a nickel barge
beached on one of their islands, with the crew missing. Not something
you typically hear - ever - so we will be following closely to find out
the story behind the story. It's Tuesday and numerous industry related
stories linked below. Let's be careful out there and have a great day!
Average price of LME traded cash nickel
so far this month
-
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper rises back towards 10-year high on weaker dollar - more
Monday's market review - Bullish investors push copper
towards 10-year highs - Copper prices rose on Monday as global stock
markets hit record highs and the dollar fell, with many analysts and
traders expecting the metal to rally to new 10-year highs. - more
Global nickel surplus widens in February to 6,200 tonnes -INSG - The
global nickel market surplus expanded to 6,200 tonnes in February from
a downwardly revised surplus of 3,500 tonnes in the previous month,
data from the International Nickel Study Group (INSG) showed on Monday.
- more
After unrest nickel production at New Caledonia plant to resume - New
Caledonia's nickel plant at Goro is expected to restart production this
week after being shut down during unrest in December. - more
Search and rescue underway for missing crew after vessel runs aground
off Surigao del Norte - Search and rescue operations are underway for
some 20 missing crew members of a vessel that ran aground in waters off
Surigao del Norte, the Philippine Coast Guard said Tuesday. - more
Russia's Nornickel improves its 2021 production outlook - Russian
metals producer Nornickel has improved its 2021 production forecast
slightly as one of its mines is resuming work ahead of schedule after
flooding, its statement showed on Monday. - more
Gov’t won’t back down on lifting mining ban - The government said it
will not give in to pressure to reconsider Executive Order (EO) No.
130, which lifted the moratorium on new mining agreements, citing the
need to generate new revenue due to the pandemic. - more
Singapore prosecution files more charges over nickel trading scandal -
Singapore prosecutors on Tuesday filed five additional charges against
businessman Ng Yu Zhi in relation to a scheme that allegedly raised at
least S$1 billion ($746 million) from investors to fund bogus nickel
trades. - more
Businessman in billion-dollar nickel investment fraud case faces new cheating charges involving S$8 million - more
Courtesy AISI - In the week ending on April 17, 2021, domestic raw
steel production was 1,770,000 net tons while the capability
utilization rate was 78.0 percent. Production was 1,240,000 net tons in
the week ending April 17, 2020 while the capability utilization then
was 55.4 percent. The current week production represents a 42.7 percent
increase from the same period in the previous year. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, April 19
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $7.41/lb ($16,345/tonne). Indicators at 6:00 am CST today show
nickel trading around $.06/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and started this week, just under the 262,800 tonne level.
Nickel, although lower at the moment, is trading off earlier session
lows, and could be getting some help from a Euro that is much stronger
against the US Dollar. The announcement of 36 new mines in the
Philippines are ready to open, may be adding some opposing pressure on
prices as well. Regardless, nickel is back to trading in its March
range, which is basically a spread between $16,000 and $16,500/tonne.
Interesting article below about another potential metals scandal making
news. Its the start of April's third full week, and only 250 days left
until Christmas. Stay safe out there and have a great week!
Average price of LME traded cash nickel
so far this month
- $7.42/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper rises as global recovery hopes fuel sentiment - more
Friday's market review - Copper heads for biggest weekly
gain since February - Copper fell on Friday but was still on track for
its biggest weekly rise in two months after solid U.S. and Chinese
economic data pushed global stock markets to record highs and several
investment banks predicted higher prices for the metal. - more
As Sanjeev Gupta Rose From Trader to Tycoon, Several Banks Backed Away
- Four banks dropped Liberty’s commodity trading business after alleged
paperwork problems in metal trades. - more
36 mines to start operations soon - Some 36 mining firms are set to
start operations soon following the issuance of Executive Order (EO)
130 that lifted the moratorium on new mining projects. - more
Johnson Matthey, FMG to build Finland EV materials plant - Johnson
Matthey and state investor Finnish Minerals Group (FMG) have agreed to
build a plant to produce cathode materials used in electric vehicle
(EV) batteries. - more
Wealthiest 100 People in the World - #58. Vladimir Potanin - more (remainder of list)
6 Best Practices to Win with Consigned Inventory - Consignment can be a
profitable strategy for distributors, but there are key elements to
keep in mind. - more
Biden’s infrastructure proposal supports $300B in scattered manufacturing aid - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Friday, April 16
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $7.42/lb ($16,360/tonne). Indicators at 6:30 am CST today show
nickel trading around $.04/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today, just under the 263,000 tonne level. Nickel
fell slightly on Thursday and has gained back about half what it lost
on Monday. LME nickel is now trading, at what we would describe, as
just outside the March channel on the upside. Lots of news to end the
week, and from the reports we have posted this week, the only bearish
statistic we remember, was the Truck Tonnage chart. These numbers were
from February however, and we are not sure how much weather may have
played a factor. The port numbers are at record breaking levels, so
there is apparently plenty of goods out there to be moved. China's
steel numbers are up, as we reported earlier, regardless of the
environmental curbs the country has put in place. Whack-a-mole anyone?
The World Steel Association is forecasting steel demand will rise by
2.7% in 2021, with production rising by 5.8%. That's a lot of surplus
steel! The week has wound itself down and the weekend is right around
the corner. Thank you for spending a few minutes with us, and we hope
your weekend is a safe, and enjoyable one!
Average price of LME traded cash nickel
so far this month
- $7.42/b
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper dips but set for weekly gain - more
Thursday's market review - Bullish sentiment propels
copper to six-week high - Copper gained on Thursday as banks raised
their bets on consumption of the metal this year and focused on its
longer- term role in the transition to a lower-carbon economy. - more
worldsteel Short Range Outlook April 2021 - The World Steel Association
(worldsteel) today released its Short Range Outlook (SRO) for 2021 and
2022. worldsteel forecasts that steel demand will grow by 5.8% in 2021
to reach 1,874.0 million tonnes (Mt), after declining by 0.2% in 2020.
In 2022 steel demand will see further growth of 2.7% to reach 1,924.6
Mt. - more
9.1% increase in South Korean stainless steel exports in Mar -
According to the latest data, South Korea exported around 51,000 tons
of stainless steel hot-rolled coil in March, an increase of 9.1% from
February. - more
China’s steel demand seen rising 3% in 2021, but fall next year as
stimulus effect subsides – worldsteel - Most steel-using sectors in
China will show moderate growth and the country’s steel demand is
expected to grow by 3.0% in 2021, but decelerate to 1.0% as the effect
of the 2020 stimulus subsides, and the government focuses on more
sustainable growth, worldsteel said in its latest short range outlook.
- more
China March crude steel output leaps on rosy profits, defying environmental curbs - more
China March aluminium output climbs to monthly record - more
Metals Service Center Shipments Up Sharply - March steel and aluminum
shipments increased by double digits in both the U.S. and Canada. - more
Lifting of ban on new projects one less hurdle to mining revival - The
local mining industry has one less roadblock on its way to revival
after President Duterte lifted a nine-year moratorium on new mineral
agreements between the government and the private sector. - more
Russian researchers have developed a battery that can be charged ten
times faster than a lithium-ion battery - Lithium-ion batteries are
ubiquitous in our daily life. They’re typically used in smartphones,
laptops, watches, and electric vehicles, to name a few. However, these
batteries also pose some serious problems. - more
How do titanium, stainless steel grain structures affect part forming?
- The selection of stainless steel and aluminum alloys often is
centered around strength, ductility, elongation, and hardness. - more
US Industrial Production Rises 1.4% as Weather Warms - American
industry rebounded last month as the United States recovered from an
unusually frigid February. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Thursday, April 15
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $7.43/lb ($16,390/tonne). Indicators at 6:00 am CST today show
nickel trading around $.13/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and ended that session just over the 263,200 tonne level. It
would appear the bullish run of last week has officially failed, with
nickel trading back back near the 200 day moving average this morning.
This average appears to be giving traders technical support, while the
50 day moving average is offering a strong line of resistance, and a
line that last weeks bullish run was unable to bust thru. After nickel
stockpiles swelled from a gain of 5754 tonnes on Monday, the
Philippines received word that President Duterte had lifted a nine year
old ban on new mines. And the port of Los Angeles reports its busiest
quarter ever, implying strong import numbers. The strike at Allegheny
continues, with no positive news out there. It's Thursday, the month is
half way over, and the weekly slide is pointing downhill. Stay safe out
there and have a great day!
Average price of LME traded cash nickel
so far this month
- $7.44/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper declines on rising inventories - more
Wednesday's market review - Supply angst propels aluminum
to multi-year high - Aluminium prices rose on Wednesday to their
highest in nearly three years on worries about supplies from top
producer China, where authorities are clamping down on energy-intensive
industries to curb carbon emissions. - more
Philippines lifts nine-year ban on new mines to boost revenues -
Philippine President Rodrigo Duterte has lifted a moratorium on new
mineral agreements imposed in 2012, reopening the door to investments
in a move that will boost state coffers but has dismayed environmental
activists. - more
Duterte lifts moratorium on new mining agreements - more
CRU Molybdenum - Top ten calls of 2021 - CRU has picked out 10 key
themes that will steer the molybdenum market in 2021. - more
Sales Compensation: Best Practices in an Uncertain Market - Companies
are seeing a new path forward that leaves behind legacy programs that
tie income to territory. - more
Port of Los Angeles notches busiest first quarter on record - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, April 14
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $7.33/lb ($16,160/tonne). Indicators at 6:00 am CST today show
nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Monday (5700+ tonnes) and
started today's session just over the 263,200 tonne level. That is the
second biggest single day gain this year, second only to March 2nd's
8,208 tonne gain. For the year, LME stockpiles are 16,500+ tonnes
higher. Nickel closed about $25/tonne higher yesterday, and the entire
base metals sector is trading higher this morning, possibly helped by a
higher trading Euro. Besides taking jabs at each other in the media,
there is no news from the headquarters of Allegheny Technologies or
United Steel Workers, so the strike continues. Fastener sales are up at
Fastenal, a good sign for U.S. manufacturing. And a story on Friday's
producer price index gives some inflationary concerns to those
manufacturers. It's hump day folks, and half of this week will soon be
in the bag. Stay safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $7.45/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai aluminum near 10-year high on Chinese supply fear - more
Tuesday's market review - Copper rebounds on industrial buying;
speculators on sidelines - Copper prices recovered on Tuesday as
industrial buyers scooped up the material, but speculators remained
cautious after top metals consumer China warned it would dampen high
commodity prices. - more
Asian cold-rolled stainless steel price increases on rising nickel
price - Last week, the price of stainless steel cold-rolled products
went up in the Asian market. Meanwhile, cold-rolled prices in the
Chinese domestic market continued fluctuating. - more
Looking ahead: PolyMet CEO talks status of project, pending litigation
- It has been 17 years since PolyMet began planning its NorthMet
project. While the copper and nickel mine is now fully permitted,
there's another phase the company is working through. - more
Fastenal's Q1 Safety Sales Slowed as Fasteners Roared Back - The
company closed another 46 branches in Q1 as it signed more Onsite
locations amid continuing product mix normalization. - more
Prices of Materials Used by U.S. Businesses Rise Most Since 1974 - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, April 13
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $7.32/lb ($16,135/tonne). Indicators at 6:05 am CST today show
nickel trading around $.05/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and ended that session just under the 257,500 tonne level.
Nickel fell back into what we will call the March channel yesterday,
after spending the first full week of April higher. Norilsk reported
that one of its mines will reopen this month ahead of schedule, after
flooding had shut it, and a sister mine, down. While production of
stainless steel fell by 19% in India during 2020, the country still
maintained its position as the world's second largest producer. China
holds the number one position. Having gone on strike on Tuesday, March
30th, USW workers at Allegheny Technologies locations begin week #3
today. Over the weekend, officials from Allegheny demanded that the
workers be allowed to vote on their initial offer, which USW has
refused. Doesn't sound like much progress is being made, but what is
going on behind closed doors is hopefully, more productive. It's
Tuesday and a new day - with new challenges and more importantly, new
opportunities. Stay safe and have a great day!
Average price of LME traded cash nickel
so far this month
- $7.47/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper rebounds on industrial buying; speculators on sidelines - more
Monday's market review - Copper loses ground on fears of
Chinese commodities price caps - Copper prices slipped on Monday on
worries that top metals consumer China wants to put a lid on surging
commodity prices to head off potential inflation. - more
Production Recovery At Oktyabrsky Mine is Ahead of Schedule -
Nornickel, the world's largest producer of palladium and high-grade
nickel and a major producer of platinum and copper, announces that the
Company has resumed production at the Oktyabrsky mine after
successfully dealing with the flood. - more
Nornickel to boost output of nickel products in Finland for EV battery
market - Russian metals producer Nornickel said on Tuesday it will
boost output of nickel products at its Harjavalta plant in Finland as
it bets on the expanding market for battery materials needed for
electric vehicles (EV). - more
India's 2020 stainless steel production ranks second in world - The
latest data released by the Indian Stainless Steel Development
Association (ISSDA) showed that the output of crude stainless steel in
India in 2020 will be nearly one-fifth lower than in 2019. - more
Courtesy AISI - In the week ending on April 10, 2021, domestic raw
steel production was 1,761,000 net tons while the capability
utilization rate was 77.6 percent. Production was 1,240,000 net tons in
the week ending April 10, 2020 while the capability utilization then
was 55.4 percent. The current week production represents a 42.0 percent
increase from the same period in the previous year. - more
February Metalworking Machinery Orders Surge 34% From a Year Earlier -
AMT said there was a surprising uptick in February orders from the oil
and gas industry despite the weather-related turmoil. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, April 12
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $7.54/lb ($16,620/tonne). Indicators at 6:05 am CST today show
nickel trading around $.15/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and started the week just over the 257,600 tonne level. Nickel
is down sharply this morning, and Reuters is reporting traders are
concerned about multiple comments made in China recently, about the
possibility of that country trying potential price control measures to
get costs under control. We suspect there is a little more to it than
that, as nickel is down over 2%, with other base metals trading
slightly lower, or slightly higher at the moment. The Euro is trading
higher this morning, which typically adds positive momentum to base
metals. Lots of reports came out Friday and they are posted below. More
to come during the week. Chinese media is reporting stainless steel
production continues to grow, even with the production curbs that have
been put in place. Over the years, China has made multiple attempts to
curb stainless production for different reasons, pollution control
being the most apparent. But they have discovered production curbs, are
like playing whack-a-mole. Curb production here, and production
increases there. Curb production nationwide and more producers pop up.
But they get credit for trying, and we suspect the only real thing that
will curb production inside China, is the influx of cheaper priced
imports from other countries like Indonesia. Not a desirable tactic,
but .....maybe. It's a new week and on Thursday, we will be half way
done with April already. Stay safe out there, and have a great week!
Average price of LME traded cash nickel
so far this month
- $7.49/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Industrial metals slump as traders brace for price control by China - more
Friday's market review - Copper heads for weekly gain
despite dip on China policy fears - Copper prices edged lower on Friday
as strong Chinese inflation data raised fears that the world’s biggest
metals consumer will tighten monetary policy, though expected supply
tightness kept prices on course for a weekly gain. - more
ISSDA: India's stainless steel production declines in 2020 - According
to statistics from Indian Stainless Steel Development Association
(ISSDA), India’s stainless steel melt production was around 3.17
million tons in 2020, declining by approximately 19% compared to 2019.
- more
Producer Price Index by Commodity: Metals and Metal Products: Steel Wire, Stainless Steel - chart here
Producer Price Index by Commodity: Metals and Metal Products: Steel Pipe and Tube, Stainless Steel - chart here
Producer Price Index by Commodity: Metals and Metal Products: Stainless and Other Alloy Steel Scrap - chart here
Producer Price Index by Commodity: Metals and Metal Products: Nonferrous Metals - chart here
Producer Price Index by Commodity: Pulp, Paper, and Allied Products: Corrugated Shipping Containers - chart here
Producer Price Index by Commodity: Pulp, Paper, and Allied Products - chart here
Producer Price Index by Commodity: Pulp, Paper,
and Allied Products: Corrugated Paperboard in Sheets and Rolls, Lined
and Unlined - chart here
Sotkamo Silver AB – Finnish mine struggles to fix leak, high uranium
found - Finnish nickel miner Talvivaara said on Friday it was still
trying to fix a waste water leak at its mine in Sotkamo, eastern
Finland, which resulted in high levels of uranium in nearby waters. - more
CATL takes stake in China Moly cobalt mine for $137.5 million - Chinese
battery maker Contemporary Amperex Technology Co Ltd (CATL) said on
Sunday its subsidiary would take a stake in China Molybdenum Co’s
Kisanfu copper-cobalt mine in the Democratic Republic of Congo (DRC)
for $137.5 million. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Friday, April 9
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $7.62/lb ($16,805/tonne). Indicators at 6:55 am CST today show
nickel trading around $.08/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Thursday and ended that session just over the 257,900 tonne level.
Nickel gained for the third consecutive session yesterday, but this
morning, has given up yesterday's gains. Media is blaming the potential
negative impact from the curbing of credit in China as the reason. We
mentioned this yesterday and its been news the whole week, so we doubt
this is having much to do with it. Chinese business media is reporting
inventories of steel in China fell 10% last week, and down 7% the
preceding week. We also saw yesterday where Chinese exporters of steel
were holding off shipments in hopes of a cut in export duties. If they
aren't shipping overseas as much, but still seeing stocks fall anyway,
consumption 'in' China must be going well. Neither Allegheny
Technologies Inc., nor the United Steelworkers have announced any deal,
so that strike could start its third week next Tuesday. And it is
Friday, and the first week of April becomes history. Stay safe out
there and have a wonderful weekend!
Average price of LME traded cash nickel
so far this month
- $7.48/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper falls as China inflation fuels fears of credit tightening - more
Thursday's market review - Copper rises on supply
concerns, lower U.S. dollar - Copper prices climbed on Thursday as
concern about available supplies and a lower dollar reinforced bullish
sentiment, but rising inventories capped gains as the market awaited
trade data from top consumer China. - more
China's CNGR to make nickel matte in Indonesia as battery demand grows
- Chinese battery material maker CNGR Advanced Material Co said on
Thursday it would set up a joint venture in Indonesia to produce nickel
matte, used to make chemicals for electric car batteries, with a
Singapore-based partner. - more
Reuters: Russian billionaire Potanin to invest $1 billion in new resort
with partners - Russian billionaire Vladimir Potanin’s Interros Holding
and its partner Vasta Discovery will invest 80 billion roubles ($1.0
billion) in the construction of a new resort in mountains near the
Black Sea city of Sochi, they said in a statement on April 8. - more
Remote Work: An Ongoing Challenge for Distributors & Manufacturers - Former
ID editor Jack Keough weighs in on the lasting pros and cons of remote
working, and which elements of it will outlast the pandemic. - more
Fastener Distributor Index Holds Steady as Outlook Sets Another Record - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Thursday, April 8
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $7.54/lb ($16,625/tonne). Indicators at 6:00 am CST today show
nickel trading around $.08/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and ended that session just over the 257,400 tonne level.
Nickel did very little yesterday, but it traded near the high range of
Tuesday's bullish day. That is helping the bulls push nickel higher
this morning, and at the moment, nickel is trading over the
$16,800/tonne level. Metals analysts are speculating that much of this
spike in nickel prices can be accredited to President Biden's announced
infrastructure plan. This sounds good, but we wonder why the troubling
news from China about forced environmental controls against the steel
industry and slowdown in credit is not balancing this out. In short,
the market, like many of us, is speculating, i.e. hoping, that things
are looking brighter and the economy is getting ready to rock and roll,
and the stainless steel industry and EV industry, are going to help
push nickel demand thru the roof. So will the world get what it hopes
for, or does the future hold a more realistic economic bump in store?
We will all have to wait but in the mean time, stay safe out there and
have a great Thursday!
Average price of LME traded cash nickel
so far this month
- $7.44/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper picks up on weak dollar, U.S. infrastructure plans - more
Wednesday's market review - Copper slips as inventories
climb and China premiums dip - Copper fell from a two-week high on
Wednesday on worries over demand as inventories continued to increase
and premiums for the red metal into top consumer China fell. - more
Upcoming ‘feedstock’ supercycle: what shares take a closer look at -
Today I would like to talk about the upcoming “feedstock” super-cycle.
Optimism about the world economy’s recovery and growth recently led to
a significant rise in prices for some feedstock: copper, nickel, iron
ore, silver, oil, wheat, corn and soya beans. - more
Twin Metals opponents lay out plan to halt mine - In a
wide-ranging press conference last week, representatives of the
Campaign to Save the Boundary Waters outlined their plans to block the
proposed Twin Metals copper-nickel mine and achieve permanent
protection from sulfide mining on 234,000 acres of the Rainy River
watershed located upstream of the BWCAW. - more
GM offers clues to technology aimed at slashing EV battery costs -
General Motors Co is testing a variety of battery chemistries,
technologies and manufacturing processes aimed at slashing the cost of
future electric vehicle batteries and reducing its dependence on such
price-sensitive metals as cobalt, President Mark Reuss said on
Wednesday. - more
China EV battery maker Octillion looks to cash in on carbon neutral drive - more
A new type of battery that can charge ten times faster than a lithium-ion battery created - more
IMF Upgrades Global Growth Forecast - It could be the fastest expansion
for the global economy in IMF records dating back to 1980. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, April 7
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $7.51/lb ($16,567/tonne). Indicators at 6:10 am CST today show
nickel trading around $.08/lb
higher. Stockpiles of nickel store din LME licensed warehouses fell on
Tuesday and ended that session just over the 258,600 tonne level./ The
bulls appear to have successfully pulled nickel out of its narrow based
March trading channel and with a vengeance. Nickel traded just shy of
$16,800/tonne yesterday and is trading close to that level this
morning. The Euro continues to gain against the U.S. Dollar, which is
adding positive momentum. Looking at the commodity trading board this
morning, it appears nickel is benefiting from a general positive mood
market wise, and with no fundamental news out there to blame the
increase on, we leave you with that. Whether traders are able to
monetize this momentum further, or will be forced to give back the
gains over the next few days, remains to be seen. Without some real
news to juice the market, it could easily turn out to be the latter.
Word from Pittsburgh media implies Allegheny Technologies and USW have
a lot of room separating them in their negotiations. Typically,
representatives involved in negotiations are pretty close mouthed about
what is going on behind closed doors, so this may be speculation. The
strike started last Tuesday, so we start day 8. Industry news remains
light but we leave you with what we thought might be of interest. Stay safe out there and have a great hump day!
Average price of LME traded cash nickel
so far this month
- $7.38/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper prices fall on weaker-than-expected China demand - more
Tuesday's market review - Copper rallies after top
producer Chile shuts border - Copper prices climbed on Tuesday due to
supply concerns after top producer Chile closed its borders over a
spike in coronavirus infections. - more
India’s stainless steel production slides in 2020 - According to
statistics from Indian Stainless Steel Development Association,
the country’s stainless steel production totaled 3.17 million tons in
the calendar year 2020, sliding by 19% compared to the previous year. -
more
Steel prices likely to go up again in April: Analysts - Steel analysts
expect a surge in hot-rolled coil (HRC) prices again, with prices
expected to rise between Rs 2,000 and Rs 3,000 a tonne during April
2021. - more
Import scarcity intensifies EU stainless steel shortage - The
shortage of stainless steel coil and sheet in Europe has renewed market
discussion surrounding the European Commission’s (EC’s) safeguard
quotas. - more
This company wants to 'mine' garbage to find metals for EV batteries -
The rising number of electric vehicles in both the consumer and
industrial sectors means electric vehicle battery companies are going
to need an increasing amount of valuable metals. - more
What You Need to Know About COVID-19 Record-Keeping - The pandemic has
changed the rules around what documents manufacturing companies need to
create, track and retain. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, April 6
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $7.35/lb ($16,200/tonne). Indicators at 6:00 am CST today show
nickel trading around $.17/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Thursday and started this week just shy of the 259,400 tonne level.
Nickel has jumped this morning on the LME, possibly to play catch up to
Shanghai markets that turned slightly bullish while London traders were
on Easter break. We jumped a few weeks ago as well, but that run
did not stick, so we will have to wait to see if this one holds or folds.
The Euro is trading higher against the US Dollar, which is adding some
positive momentum as well. Another nickel mine in Australia announces a
reopening. Average prices for March have been added and we will try to
start adding these monthly. And in Pennsylvania, Ohio, New York,
Massachusetts and Connecticut, 1300 United Steelworkers begin a second
week on strike against Allegheny Technologies facilities. That is about
all we have for you this morning, so stay safe out there and have a
great day!
Average price of LME traded cash nickel
so far this month
- $7.26/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper hits two-week high as top producer Chile shuts borders - more
Thursday's market review - Copper touches lowest in nearly
a month on China demand worries - Copper prices slipped to their lowest
in almost a month on Thursday on concern over slowing growth in top
metals consumer China as it seeks to rein in debt levels and trim
stimulus spending. - more
Australia's Panoramic Resources to restart operations at Savannah,
shares jump - Panoramic Resources will restart its Savannah Nickel
Operation in Western Australia, the company said on Tuesday, a year
after suspending operations due to the COVID-19 pandemic. - more
March Raw Material Monthly Averages - Nickel - $7.47/lb / Molybdenum -
$12.11/lb / Chromium - $3.53/lb / Iron - $1.04/lb
Updated guidance on marine transport of ores and concentrates - There
have been numerous accident reports which have highlighted the
significant risks of transporting cargoes of fines, ores and
concentrates such as nickel and iron ore fines. - more
Courtesy AISI - In the week ending on April 3, 2021, domestic raw steel
production was 1,766,000 net tons while the capability utilization rate
was 77.9 percent. Production was 1,526,000 net tons in the week ending
April 3, 2020 while the capability utilization then was 66.7 percent.
The current week production represents a 15.7 percent increase from the
same period in the previous year. - more
US Employers Add 916,000 Jobs in March as Hiring Accelerates -
America’s employers unleashed a burst of hiring in March, adding
916,000 jobs in a sign that a sustained recovery from the pandemic
recession is taking hold as vaccinations accelerate, stimulus checks
flow through the economy and businesses increasingly reopen. - more
Growth? Return to Office? What to Expect from Industrial Suppliers’ Latest Earnings Reports - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Friday, April 2
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $7.35/lb
($16,200/tonne). Nickel did very little yesterday, but managed to close
above the 200 day moving average. The official cash price was
$16,001/tonne - if that tells you anything. We will have to wait a few
days to see if the month will start with any directional shifts, as the
London Metal Exchange is closed today and Monday for Good Friday and
Easter. So our next update will be Tuesday, April 6th. Have a safe,
pleasant, and blessed weekend!
Average price of LME traded cash nickel
so far this month
- $7.26/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai copper posts weekly gain as smelting activity drops - more
Thursday's market review - Copper touches lowest in nearly
a month on China demand worries - Copper prices slipped to their
lowest in almost a month on Thursday on concern over slowing growth in
top metals consumer China as it seeks to rein in debt levels and trim
stimulus spending. - more
Tsingshan to build $1.6 bln lithium battery plant in southern China -
Chinese nickel and stainless steel giant Tsingshan Holding Group said
on Thursday it will invest 10.3 billion yuan ($1.57 billion) to build a
lithium-ion battery plant in Guangdong province, which will be operated
by the group’s battery unit. - more
US Manufacturing Sees Fastest Growth Since 1983 - The PMI jumped nearly
four points in March to its highest mark since December 1983. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Thursday, April 1
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $7.33/lb ($16,150/tonne). Indicators at 6:00 am CST today show
nickel trading around $.03/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and ended that session just under the 259,200 tonne level.
Nickel is struggling to hold onto the 200 day moving average, and
yesterday that line looked like it was putting up more resistance than
support. At the moment, nickel is trading just below this level, but
above the $16,000/tonne level. Today's activity could potentially give
us an idea where a new month may see nickel prices head, which has been
no where for the past three weeks. Vale is finally done with its Goro
Mine in New Caledonia and has handed the keys over to a consortium.
Over 1300 employees in nine locations of Allegheny Technologies spend a
third day on strike. And EV sales are on track for another record
year. We want to welcome back Scott Stainless as our
April sponsor. Scott advertised last year in April and the world was
kind of shell shocked at the time, so we are happy to see them back. We
also want to thank ELG Metals for their monthly support for all of
2021. The support of these two companies, as well as all our sponsors,
keeps the site free for all guests and daily visitors. It's a new month
and a day typically saved for April Fools jokes. Stay safe out there
and have a great day!
Average price of LME traded cash nickel
so far this month
- $7.47/lb (average March final)
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper touches lowest in nearly a month on China demand worries - more
Wednesday's market review - Copper climbs on Chinese
factory data, infrastructure hopes - Copper prices rose on Wednesday on
strong factory data in top metals consumer China and on hopes for an
influx of new U.S. infrastructure spending. - more
Vale completes sale of New Caledonia nickel operation - Brazilian miner
Vale SA has concluded the sale of its New Caledonia nickel mining
assets to a consortium including commodity trader Trafigura, the
companies said, opening the way for a production restart at the site
hit by political unrest. - more
1,300 steelworkers in five states strike at Allegheny Technologies -
1,300 steelworkers at 9 mills in five states went on strike Tuesday
morning against Allegheny Technologies Inc. in what many workers see as
a continuation of a years-long struggle against the company. - more
Global Top 20 - February 2021 - Registrations were up for an impressive
136% last month, to some 270.000 units, with BEVs in particular jumping
139%, to some 173.000 units, and with February being usually the lowest
volume month, expect from then on numbers to jump over 300.000 units
per month in the remainder of the year, so we might be seeing the
plugin market hit some 4,5 million (5 million?) this year. - more
Global Plug-In Electric Car Sales February 2021: Almost 270,000 Sold - more
Freight TSI is mixed to begin 2021, reports Bureau of Transportation
Statistics - The January reading—at 136.1—was up 1.1% over December and
down 0.2% compared to January 2020. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
(all
ton listings are metric tons = 2204.622 pounds ) Updated Monday thru
Thursday before 7 am CST, Friday version before 8 am CST - DisclaimerOriginal content and opinions copyright
www.estainlesssteel.com. All prices shown on
this page are indications only. Please note - for real time and
official LME
prices, LME requires a user subscribe to an authorized LME vendor.
Daily Nickel/Stainless Steel Briefing 
($17,250/tonne). Indicators at 6:15 am CST today show
nickel trading around $.17/lb 
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started the last day of April, just over the 262,000 tonne
level. Nickel calmed a tad in yesterday afternoon trading but the bull
has no intentions of being fenced and all base metals are trading
higher this morning, with nickel's near 2% increase leading the charge.
Its still too early to tell but it appears the monthly price for LME
cash nickel might average a few pennies higher in April than the
$7.47/lb it averaged in March. Some more predictions posted below, for
your weekend reading. Monday is a holiday in most of the world,
including England, so our first update for May will be next Tuesday. We
want to thank Scott Stainless Steel for co-sponsoring the month of
April, and if you require stainless steel sheet or coil, please give
them a call. It's Friday and whether you have a two day, or three day
weekend ahead of you, we say thank you for spending a few moments of
your week with us, and hope you have a safe and enjoyable weekend! And
we invite you back next month!
Reports
Why Stainless Steel 
Thursday's market review - Copper retreats after breaking decade-old
$10,000/T level - Three-month copper on the London Metal Exchange
touched $10,008 a tonne before retreating 0.3% to $9,847 a tonne by
1400 GMT. - 
Copper rally to run out of steam in second half of year: poll - A rally
in copper prices is likely to stall in the second half of the year as
top consumer China reins in stimulus spending, a Reuters poll showed on
Thursday (Friday AEST). - 
ATI posts first-quarter loss as USW strike drags on - Allegheny
Technologies Inc. reported a lower-than-expected loss for the first
quarter amid increased demand for commercial aerospace products as more
pandemic-weary, newly vaccinated Americans began taking to the skies
again. - 
China's crude stainless steel output, imports, exports grow in Q1 2021
y-o-y - According to statistics from the Stainless Steel Branch of
China Special Steel Enterprises Association, the production of crude
stainless steel in China amounted to around 8.17 million tons in the
first quarter of this year, growing by 36.38% compared to the same
period a year ago. - 
Odisha requests to re-impose AD & CVD on stainless steel imports -
Indian Odisha Minister Dibya Shankar Mishra has requested the union
finance minister to continue to impose the anti-dumping (AD) duty and
countervailing duty (CVD) on stainless steel imports in order to
protect steel manufacturing in Odisha. - 
5 Minutes With ID: Ian Heller on How Distributors Have Managed
Downsizing - The pandemic has forced numerous distributors to downsize
their operations and operate as lean as possible. - 
Global nickel demand to increase to 2.67 mln tonnes in 2021 -INSG -
Global demand for nickel is expected to increase to 2.67 million tonnes
in 2021 from 2.39 million tonnes in 2020, the International Nickel
Study Group said on Wednesday. - 
Taiwan’s Yusco raises stainless steel prices for May - Yieh United
Steel Corp. (Yusco), a leading stainless steel mill in Taiwan,
announced its new prices for May today (April 28). - 
Philippines sets new round of mining audit, expands coverage - The
Philippines will review operations of its more than 50 mines in a new
round of an industry-wide audit, the government said on Thursday, with
coverage expanded to include some nickel projects in a southern
province. - 
Govt sets anti-dumping duties on steel trade from Indonesia, Vietnam -
The Malaysian government has imposed anti-dumping duties on imports of
cold-rolled stainless steel in coil, sheet or any other form (subject
merchandise) originating or exported from Indonesia and Vietnam. - 
GEM : China's Lygend starts trial production at Indonesian nickel
project - China's Lygend Mining said on Tuesday it had started trial
production at its high-pressure acid leach (HPAL) nickel and cobalt
project in Indonesia. - 
Battery-metal rush pits miners against marine biologists -
Controversial plans to mine the ocean floor face a key test this year
when a United Nations body unveils rules that could spur the
exploitation of hundreds of billions of dollars of battery metals. - 
France's Eramet says sales buoyed by mining unit, passes on A&D
offer - France's Eramet reported a rise in first-quarter sales on
Monday as higher prices and output boosted its mining division,
offsetting a slide at Aubert & Duval (A&D), the struggling
aeronautics alloys supplier it is trying to sell. - 
March 2021 crude steel production - World
crude steel production for the 64 countries reporting to the World
Steel Association (worldsteel) was 169.2 million tonnes (Mt) in March
2021, a 15.2% increase compared to March 2020. - 
South Korea's cold-rolled stainless steel exports rise in Mar m-o-m -
According to statistics from the Korea Iron & Steel Association
(KOSA), South Korea’s exports of cold-rolled stainless steel amounted
to roughly 52,000 tons in March, hiking by 13.2% compared to the
previous month. - 
After unrest nickel production at New Caledonia plant to resume - New
Caledonia's nickel plant at Goro is expected to restart production this
week after being shut down during unrest in December. - 
Russia's Nornickel improves its 2021 production outlook - Russian
metals producer Nornickel has improved its 2021 production forecast
slightly as one of its mines is resuming work ahead of schedule after
flooding, its statement showed on Monday. - 
Singapore prosecution files more charges over nickel trading scandal -
Singapore prosecutors on Tuesday filed five additional charges against
businessman Ng Yu Zhi in relation to a scheme that allegedly raised at
least S$1 billion ($746 million) from investors to fund bogus nickel
trades. - 
Johnson Matthey, FMG to build Finland EV materials plant - Johnson
Matthey and state investor Finnish Minerals Group (FMG) have agreed to
build a plant to produce cathode materials used in electric vehicle
(EV) batteries. - 
Metals Service Center Shipments Up Sharply - March steel and aluminum
shipments increased by double digits in both the U.S. and Canada. - 
CATL takes stake in China Moly cobalt mine for $137.5 million - Chinese
battery maker Contemporary Amperex Technology Co Ltd (CATL) said on
Sunday its subsidiary would take a stake in China Molybdenum Co’s
Kisanfu copper-cobalt mine in the Democratic Republic of Congo (DRC)
for $137.5 million. - 
Import scarcity intensifies EU stainless steel shortage - The
shortage of stainless steel coil and sheet in Europe has renewed market
discussion surrounding the European Commission’s (EC’s) safeguard
quotas. - 
Australia's Panoramic Resources to restart operations at Savannah,
shares jump - Panoramic Resources will restart its Savannah Nickel
Operation in Western Australia, the company said on Tuesday, a year
after suspending operations due to the COVID-19 pandemic. - 
