Nickel closed Thursday's trading
session at $14.96/lb ($32,975/tonne). Indicators at 6:00 am CST today show
nickel trading around $.16/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Thursday and started today, just under the 72,900 tonne level. One of
Vale's executive vice presidents made an interesting remark in their
quarterly report to stockholders, when he said Vale could more than
double its current nickel production "for the right incentive". While
others will concentrate on what that incentive might be, we would like
to concentrate on the capability to more than double its current
production remark. If they have this capability with their current
operations, why haven't they? How much higher does nickel have to go?
And if this is more than a erroneous claim, add this remark to the
recent Chinese short sellers confidence in the near term recovery in
nickel stockpile numbers - and you have the ingredients for a market to
turn bearish this year. April will already go down as the first month
when LME nickel stockpile numbers grew in a long time. Not by much and
that could be caused by numerous other factors besides increased
production. But its worth watching in the coming weeks. Stay safe out,
there, enjoy your weekend and thanks to P.A. Inc, we look forward to
seeing you again in May.
Average price of LME traded cash nickel
so far this month
- $15.13/lb
Reports
Reuters metals morning - Copper climbs on China support but COVID clouds demand outlook - more
Thursday's market review - Copper hits near
three-month low on growth fears - Copper prices touched the lowest in
nearly three months on Thursday after U.S. economic growth unexpectedly
went into the red, fueling fears about weaker global growth knocking
metals demand. - more
India's stainless steel demand to exceed 6 million tons in 2030 -
India's stainless steel production capacity, including flat products,
long products, etc., totaled about 6.5 million tons, of which flat
products account for 5 million tons. - more
China's H1 output of 10 nonferrous metals to rise 2% yr/yr -association
- China’s first-half output of 10 nonferrous metals is likely to rise
by 2% from a year earlier, the China Nonferrous Metals Industry
Association (CNIA) said on Thursday, as aluminum production continues
to grow. - more
Vale divestment plan for steelmaker CSP, bauxite miner MRN 'ongoing' -
(quote) The company believes it would be able to more than double its
nickel production for the right incentive; it will also be able to
produce green nickel for energy transition, said Deshnee Naidoo,
executive vice-president, base metals. - more
Maximizing new laws in leading innovation - TWO recently enacted laws
have been met with excitement by the business community. First is
Republic Act 11659, which amends the nearly century-old Public Service
Act that was passed during the Commonwealth era. - more
India Still Doesn’t Want Tesla Importing Cars From China - Tesla wants
to enter the Indian car market but can’t because it apparently is in a
stalemate with the local government. - more
Ford Loses $3.1 Billion In Q1 2022: Loss Due To Rivian Stock - more
Ford CEO Jim Farley Seeks 'Smart Deals' With Mining Industry Amid Soaring Metal Prices - more
25,000 miners told to use harmful McIntyre Powder fail to get Ontario
apology - Friends, family and advocates for the 25,000 miners who were
forced to inhale McIntyre Powder walked away from the Legislative
Assembly on Thursday without the Ontario apology they were expecting. - more
Nickel closed Wednesday's trading
session at $15.22/lb ($33,555/tonne). Indicators at 6:00 am CST today show
nickel trading around $.17/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose
slightly on Wednesday and ended that session just over the 72,600 tonne
level. Nickel recently turned lower, after three days of solid gain,
with a stronger Dollar adding negative pressure on top of all the
negative news piling up. Nickel traders appear to have found a comfort
zone - inside the $33,000 tonne level. While that is a large zone to
trade in, the daily ranges seem to have increased dramatically since
the March trading debacle. Another change that is becoming obvious is
the 'big boys' have stopped playing 'hide the nickel inventory' to make
the cancelled warrants number higher. Trading above 50% before D-day
(debacle day), it has gradually declined to the 13-14% range the last
few days. It would seem we are now getting a clearer picture of how
much nickel is actually 'sold' and pending shipment. Maybe. It may not
matter. Watching some of the news about the Indonesia palm oil export
ban, one might get the impression that we are all heading for
Armagaddeon and starvation anyway. Some do like to cry wolf, don't
they. And let's not forget the nut job threatening everyone with his
supersonic missile and nuclear stockpile. Stay safe out there and have
a great day!
Average price of LME traded cash nickel
so far this month
- $15.13/lb
Reports
Reuters metals morning - LME copper dips on China lockdowns and robust dollar - more
Wednesday's market review - Copper claws higher on
hopes for China infrastructure push - Copper and other base metal
prices rebounded on Wednesday, buoyed by hopes that China will unleash
a wave of metal-intensive infrastructure spending to counter the impact
of COVID-19 lockdowns. - more
Column: Automakers go back to the future to secure battery metals -
Henry Ford was right all along, it turns out. After decades of honing
just-in-time global supply networks, car companies are going back to
Ford's founding principle of self-sufficiency. - more
Slowdown in global automotive sector drags on steel prices - more
Global nickel demand to increase to 3.02 mln tonnes in 2022 -INSG -
Global demand for nickel is expected to increase to 3.02 million tonnes
in 2022 from 2.78 million tonnes in 2021, the International Nickel
Study Group (INSG) said on Wednesday. - more
Amid need for continuity, industry lauds LME chief's decision to stay -
London Metal Exchange Chief Executive Matt Chamberlain’s decision to
remain in his post and not leave at the end of April is welcome as the
exchange needs experienced hands to steer it through a challenging
time, industry sources said. - more
Vale Indonesia, Huayou sign deal to build Pomalaa nickel plant
-statement - PT Vale Indonesia Tbk together with Zhejiang Huayou Cobalt
Company Limited, yesterday have signed a Framework Cooperation
Agreement for developing a High-Pressure Acid Leaching processing
facility in Pomalaa, Kolaka, Southeast Sulawesi. - more
Merger of India’s Jindal Stainless and Jindal Stainless Hisar approved
- Shareholders and creditors of Jindal Stainless Limited (JSL) and
Jindal Stainless Hisar Limited have approved the merger of the two
companies as required by India’s National Company Law Tribunal, a joint
statement of the companies said on Wednesday, April 27. - more
Nickel closed Tuesday's trading
session at $15.01/lb ($33,100/tonne). Indicators at 6:00 am CST today show
nickel trading around $.22/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started today's session just under the 72,600 tonne level.
After LME nickel turned bullish yesterday, Shanghai decided to
join overnight, closing higher this morning as well. The ball continues
to roll this morning, with LME trading higher for a second day. The
head of the London Metal Exchange has apparently decided now is not the
best to leave to head a cryptocurrency start up, and has announced he
will will be staying. Lots of news for mid week so we leave you
to it. Stay safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $15.13/lb
Reports
Reuters metals morning - Copper claws higher on hopes for China infrastructure push - more
Tuesday's market review - Copper bounces, but
China's COVID lockdowns temper gains - Copper prices bounced on Tuesday
after China’s central bank said it would boost policy support for the
economy, but COVID-19 lockdowns in the top consumer and expectations of
aggressive U.S. interest rate hikes capped gains. - more
LME nickel debacle shows need to scrutinise commodities, says IOSCO
watchdog - The debacle over nickel trading on the London Metal Exchange
(LME) highlights the need for regulators to focus far more on opaque
corners of the commodities market, global securities watchdog IOSCO
said on Tuesday. - more
London Metal Exchange CEO to Stay, a Reversal From Planned Departure - more
European stainless coil hikes again, pricing formula questioned -
European stainless steel hot and cold rolled coil prices are increasing
due to hiking alloy surcharges. Contract prices remain firm amid
continued short supply, Kallanish hears from market sources. - more
Stainless Steel Spot Prices Remained Stable Thanks to a Series of
Policies - Stainless steel spot prices in the Wuxi market
remained stable today thanks to a series of policies released on
Tuesday night. - more
Global metal prices forecast to rise by 16% in 2022, ease next year -
Global metal prices are projected to increase 16 percent in 2022 and
ease somewhat in 2023, but risks to the outlook are skewed to the
upside, emanating from further disruptions of commodity flows into and
out of Russia, the World Bank said in its latest Commodity Markets
Outlook. - more
Column: Global miners rank ESG as their top concern. Really? -
Environment, social and governance (ESG) issues are the top concern of
global miners, knocking out commodity price risk for the first time,
according to a new survey. - more
Steel prices in Europe are declining - Steel prices in Europe fall on
the back of declining iron ore prices in Asia and more affordable
supply in the east of the EU. - more
Tesla’s Elon Musk meets with delegation from Indonesia at Giga Texas to
discuss potential nickel deal - Tesla CEO Elon Musk recently
accommodated a delegation from Indonesia in Gigafactory Texas. Images
and insights from the meeting were shared by some of the Indonesian
officials following their conversation with Musk. - more
Global Supply Chain Crisis Flares Up Where It All Began - China’s
stringent rules to curb COVID-19 are about to unleash another wave of
summer chaos on supply chains between Asia, the U.S. and Europe. - more
NYC-Bound Ships Get Plea to Sail North - Way North, to Montreal - more
Nickel closed Monday's trading
session at $14.80/lb ($32,625/tonne). Indicators at 6:00 am CST today show
nickel trading unchanged.
Stockpiles of nickel stored in LME licensed warehouses fell
on Monday and started today's session just over the 72,700 tonne level.
Nickel is quiet this morning as the Euro takes a beating against the US
Dollar. External factors are causing risk aversion to push optimism to
the back burner. China's slowly shutting down to stop the spread of
covid, the war in Ukraine and Russian economic boycotts, the concern
about Fed rate increases, and a general pessimism over the high cost of
everything, is giving bears something to feed on. For how long they get
to feed, will be answered in the days ahead. Speaking of feeding, there
are growing concerns about the ability of some countries to feed their
people later this year and next, due to Russia's invasion of Ukraine.
Worth keeping an eye on. Today's food crisis is over palm oil, after
Indonesia pulled another of their "we aren't exporting anymore"stunts
that nickel producers are very familiar with. It's Tuesday - stay safe
out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $15.15/lb
Reports
Reuters metals morning - Copper bounces, but China's COVID lockdowns temper gains - more
Monday's market review - China lockdowns and U.S.
rate expectations hit metals - Prices of industrial metals tumbled on
Monday as worries about demand in top consumer China spurred a sell-off
that was reinforced by expectations of aggressive increases to U.S.
interest rates and a soaring dollar. - more
Column: China-exposed commodities take a COVID-control tumble - more
SunSirs: Stainless Steel Rose Slightly This Week (April 18-22) -
According to the price monitoring of SunSirs, stainless steel
fluctuated and rose this week. As of April 22, the average price of
spot 304/2B stainless steel flat plate 1.0*1219*2438 (tolerance 0.91)
was 18,515 RMB/ton, compared with the price of 18,398.33 RMB/ton at the
beginning of the week, up 0.63%, and up 34.74% year-on-year. - more
Shanghai stainless steel extends losses as raw material prices fall - more
Taiwan’s upstream stainless steel mills expected to hike or keep prices
for May - The current nickel price is standing at the above
US$33,000/ton level, international steel mills hiked prices
successively, and production costs are still high, which indicated that
Taiwan’s upstream stainless steel mills are likely to raise or keep
their prices for May, with 50%-50% probability. - more
European stainless surcharges jump in May after nickel volatility -
Monthly alloy surcharges on nickel-bearing stainless steel flat-rolled
products in Europe are set to move sharply higher in May following
severe volatility in the nickel futures market last month. - more
Russia's Nornickel Q1 nickel output up, palladium down - Russian metals
producer Nornickel said on Monday its first-quarter nickel production
rose year-on-year due to the recovery of its two mines after flooding
in 2021, while palladium output fell due to a high base effect. - more
Russia’s Norilsk Nickel Keeps Pumping Out Metal - more
Japan's SMM abandons Pomalaa nickel project in Indonesia -
Japan’s Sumitomo Metal Mining Co said on Monday it has decided to
discontinue a long-running feasibility study on a nickel processing
plant project in Pomalaa, Indonesia because of a disagreement with its
partner PT Vale Indonesia. - more
China’s stainless steel & ferronickel imports from Indonesia grow in Mar y-o-y - more
Courtesy AISI - In the week ending on April 23, 2022, domestic raw
steel production was 1,784,000 net tons while the capability
utilization rate was 81.7 percent. Production was 1,834,000 net tons in
the week ending April 23, 2021 while the capability utilization then
was 80.8 percent. - more
Nickel closed Friday's trading
session at $15.07/lb ($33,215/tonne). Indicators at 6:00 am CST today show
nickel trading around $.39/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Friday and ended the week just under the 73,000 tonne level. Nickel is
down sharply today, taking a lead from Shanghai markets. The covid
lockdowns in China, including much of China's largest city, continues
to disrupt the movement of goods and services and maybe be spreading
this week. Beijing has announced enhanced testing after a small number
of cases were discovered. More than a dozen cities there are on
lockdown and if you ever read what the average population of a Chinese
city is, you would realize how big a dent in their economic growth this
zero case decision is now costing them. For many months, China was the
envy of the rest of the world. Not so much these days. A new week and
the last one of the month. Stay safe out there and have a great week!
Average price of LME traded cash nickel
so far this month
- $15.17/lb
Reports
Reuters metals morning - Industrial metals slump on China lockdowns, Fed rate-hike bets - more
Friday's market review - Copper hits lowest in a
month on recession fears and China lockdown - Copper hit a one-month
low and most other industrial metals stumbled on Friday on concern that
rapid monetary tightening and Chinese COVID lockdowns will depress
economic growth and metals demand. - more
March 2022 crude steel production - World crude steel production for
the 64 countries reporting to the World Steel Association (worldsteel)
was 161.0 million tonnes (Mt) in March 2022, a 5.8% decrease compared
to March 2021. - more
Walsin Lihwa: Global nickel pig iron output to grow by nearly 20% this
year - According to Walsin Lihwa, the world's nickel production
capacity is mainly concentrated in China and Indonesia. - more
S.Korea POSCO Holdings sees record Q1 profit as Ukraine crisis drives
up steel prices - South Korea's POSCO Holdings reported on Monday a
better-than-expected 44% surge in first-quarter operating profit as
higher revenue from rising steel demand in the opening months of 2022
outpaced stiff raw material costs. - more
Recycling needed to meet Europe's green metals needs-study - The
European Union is likely to suffer severe shortfalls in lithium, rare
earths and other metals needed to cut carbon emissions, but recycling
could help plug the gap from 2040, according to a study released on
Monday. - more
U.S. Ports Await Surge from China’s COVID Lockdowns - The U.S. should
brace for another surge in the supply-chain crisis as manufacturers in
Asia reopen their factories from Covid-19 lockdowns, causing new delays
at American ports, the chief representative for West Coast port
operators said. - more
Nickel closed Thursday's trading
session at $15.40/lb ($33,955/tonne). Indicators at 6:25 am CST today show
nickel trading around $.09/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today's session just under the 72,700 tonne level.
The Euro is trading lower this morning, after a temporary bounce helped
nickel yesterday. China is beefing up its covid quarantine measures in
Shanghai, sending the more vulnerable into special camps. Tesla
Shanghai reopened but workers there are required to eat and sleep at
the factory when not working. They are apparently quarantined 'at
work'. Allegheny and Cliffs published May surcharges yesterday and you
will find them in category "What the ---?" - posted here.
If the news from around the world of wars, and pandemics, and
inflation, etc. isn't bad enough for you, we thought we would share a
little article that went 'under the radar' - (China to boost coffee imports as young professionals drink more - more).
At first glance, the fact that 1.3 billion Chinese are growing an
appetite for coffee seems to be no big deal, good for them, but if your
morning cup of java starts getting more expensive, here is just one
more reason why. Stay safe out there, enjoy your coffee while you can afford it, and have a great weekend!
Average price of LME traded cash nickel
so far this month
- $15.16/lb
Reports
Reuters metals morning - LME copper set for third weekly fall on China's COVID woes - more
Thursday's market review - Copper rebounds after
miners report sliding production - Copper prices bounced on Thursday
after a spate of production problems that threaten to cut supply,
including a state of emergency in Peru, the world’s second biggest
producer. - more
IMF says LME governance needs strengthening after nickel fiasco - The
International Monetary Fund said the London Metal Exchange’s governance
systems need to be strengthened after a massive short squeeze that left
the world’s main nickel market suspended for six days last month and
billions of dollars of trades canceled. - more
Taiwan’s stainless steel mills to benefit from rising nickel prices -
The international nickel price is still on a rise during the ongoing
Russia-Ukraine war, coupled with the successive unblocking in China’s
various regions, the stainless steel market is driven up, which will
help Taiwan’s stainless steel companies, including Yusco, Tang Eng,
Walsin Lihwa, to gain profits and perform well this quarter. - more
China steel market walks high wire between cutting output, boosting
growth: Russell - China’s iron ore and steel markets are having to
juggle several different and contradictory factors in trying to work
out whether the current elevated prices are justified. - more
Temporary anti-dumping tax imposed on welding materials imported from
Malaysia, Thailand, China - The Ministry of Industry and Trade (MoIT)
has issued Decision No. 706/QD-BCT on the imposition of temporary
anti-dumping tax rates on some types of welding materials of the
Malaysian, Thai and Chinese origins. - more
Japanese crude steel output up 8.9% in March from February - In March
this year, Japanese crude steel production was up by 8.9 percent
compared to the previous month and fell by 4.3 percent compared to
March 2021, totaling 7.95 million mt, according to the data released by
the Japan Iron and Steel Federation (JISF). - more
Myanmar Resistance Threatens Chinese Mines - China-backed projects in
Myanmar are now under threat from resistance forces with 16 groups in
Sagaing Region warning Chinese-run copper mines in Salingyi to halt
operations. - more
German
fabricators call for cooperation in price wave - Fabricators and
processors on various levels of steel and metals products need to go
shoulder-to-shoulder with their business partners through times of
erratic price leaps, says their German federation WSM. - more
German steel sales rose, stocks fell on month in March: BDS - more
European electric car makers have a Russian nickel problem - Europe may
need Russian nickel to meet its climate goals - and Indigenous
activists may need Europe to hold a Russian mining giant to account. - more
300 vs 200 series stainless steels, which alternative suits? - more
Thursday, April 21
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $15.25/lb ($33,630/tonne). Indicators at 6:00 am CST today show
nickel trading around $.04/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose for
a second consecutive day on Wednesday and started today just under the
73,100 tonne level. That is the fifth time this month, stockpiles have
reflected positive growth and so far for the month, the numbers are
higher. While nickel fell overnight in Shanghai, London traders are
trading quietly this morning. BHP reported yesterday it was having a
hard time filling positions, reflecting the labour shortage problem is
a worldwide phenomenon. Stay safe out there and had have a great day!
Average price of LME traded cash nickel
so far this month
- $15.14/lb
Reports
Reuters metals morning - Copper rebounds after miners report sliding production - more
Wednesday's market review - Base metals retreats on
China's COVID-19 lockdowns - Industrial metals prices fell on Wednesday
as further lockdowns in top metals consumer China were seen potentially
denting demand, while inventories of copper climbed. - more
China’s stainless steel futures turn strong, Indonesia’s Tsingshan
hikes prices as well - China’s stainless steel market turned strong in
recent days. Shanghai futures climbed for consecutive days, and Wuxi
futures also rebounded yesterday. - more
January to February 2022 Metals Balances - (excerpt) The nickel market
was in deficit during January to February 2022 with apparent demand
exceeding production by 17.4 kt. In the whole of 2021, the calculated
deficit was 146.9 kt. - more
Buying panic subsides in European steel market - European steel prices
continued to increase, in the second half of March. By the start of
April, this upward trend had largely ceased. - more
Putin wants Russia to boost its use of metals to counter sanctions:
Reuters - Russian President Vladimir Putin on Wednesday called for
structural changes in Russia’s metallurgical industry to counter
Western sanctions he said were starving it of some components and
restricting its ability to sell some goods abroad, Reuters is
reporting. - more
Kremlin says Russian metal companies facing difficulties from "unfriendly countries" - more
Minnesota Supreme Court to Hear Challenge in PolyMet Case - The
Minnesota Supreme Court has agreed to hear a challenge by
environmentalists over portions of a lower court ruling involving a key
permit for the proposed PolyMet copper-nickel mine. - more
Nickel closed Tuesday's trading
session at $15.37/lb ($33,875/tonne). Indicators at 6:00 am CST today show
nickel trading around $.25/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Tuesday and started today just under the 72,900 tonne level. Cancelled
warrants, that were running at over 52% before last months trading
fiasco, registered just over the 14% level yesterday and are still
trending lower. Nickel is trading lower today, most likely on concerns
about Chinese demand after the National Development and Reform
Commission announced yesterday it would see steel production in 2022
was lower than 2021 (article here).
When it comes to base metals demand, China matters. So traders pay
close attention to what is happening there. And right now, there are
concerning signals flashing. The country is dealing with its biggest
single test of its covid-zero policy since the beginning of the
pandemic. And the war in Ukraine and its close relationship with
Russia, is starting to tarnish its worldwide reputation. Here are the
answers from yesterday's question.
According to a 1192 Harvard study, a 1% increase in sales price will
increase profits by 11.1%. A 1% reduction in variable cost will
increase profits by 7.8%, a 1% increase in volume will
increase profits by 3.3%, and a 1% reduction in fixed costs will
increase profits by 2.3% (source).
Every sales commission we have ever been party to personally, was based
on increase in volume. How hard would it have been to mark up a
generally marked up X1.43 item (30%) by X1.45 (31%) instead? This is
the old way of marking up, and as we are of the experienced age, the
way we learned. To put it in today's perspective, how hard would it
have been to divide a cost by .70 or .69, thus making the same 31%
profit instead of 30%. Stay safe out there and enjoy your hump day!
Average price of LME traded cash nickel
so far this month
- $15.12/lb
Reports
Reuters metals morning - Copper retreats as firmer dollar, China lockdowns weigh - more
Tuesday's market review - Copper lifted to two-week
peak on China stimulus hopes - Copper prices rose to their highest in
two weeks on Tuesday, buoyed by hopes that more economic stimulus from
China would boost demand from the world’s top consumer of the metal. - more
How metals markets can limit future debacles - European metal trading
is getting an overdue spring clean. A month after the London Metal
Exchange (LME) suspended nickel transactions and cancelled trades amid
an epic short squeeze, the Bank of England, the Financial Conduct
Authority and the LME itself have launched reviews into what went
wrong. - more
GSSE: India's stainless steel demand to grow by 19.5%-21% in FY22 - The
three-day Global Stainless Steel Expo (GSSE) 2022 kicked off last
Tuesday at the Jio World Convention Centre in Mumbai. - more
Eramet's New Caledonia nickel smelter to use floating power unit - SLN,
the New Caledonian nickel producer controlled by Eramet, announced on
Tuesday plans to hire a floating power unit for its smelter to cover
its needs pending the replacement of the Pacific territory’s aging
central power plant. - more
Bukaka Builds $2 Billion Nickel Smelter Powered by River Water - Bukaka
Teknik Utama is spending about $2 billion to build nickel smelters
powered by river water, as the engineering company seeks to enter the
booming electric-vehicle battery industry. - more
Courtesy AISI - In the week ending on April 16, 2022, domestic raw
steel production was 1,766,000 net tons while the capability
utilization rate was 80.9 percent. Production was 1,834,000 net tons in
the week ending April 16, 2021 while the capability utilization then
was 80.8 percent. - more
Why Elon Musk Turned to Stainless Steel for SpaceX's Starship Mars Rocket - more (originally using 301, SpaceX announced a shift to 304L in 2020)
Tuesday, April 19
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $15.15/lb
($33,410/tonne). Indicators at 6:00 am CST today show
nickel trading around $.03/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
over the break and starts the shortened week just over the 72,500 tonne
level. Levels are still ahead for the month. LME is not playing follow
the leader this morning, at least yet, with Shanghai nickel prices
trading higher by nearly 16% since last Monday., and nearly 7% since
LME went on holiday break. Shanghai traders are said to be trading on
hopes of future government stimulus and increased demand, but in the
mean time, they have a strict zero covid policy to overcome. The rest
of the world has a war that, while still regional, has global economic
implications. According to China's National Bureau of Statistics,
crude steel production fell by 10.1% during the first three months of
2022, year on year, while its industrial production rose 5% and their
GDP rose 4.8%. Here is a test for you managers and something of
interest in sales. According to a study by Harvard years ago, rank the
following steps in order of highest financial return. Increase in sales
volume by 1%, increase in price by 1%, reduction in variable cost by
1%, or reduction in fixed cost by 1%? Rank these four profit strategies
by highest return and we will have the finding of the Harvard study for
you tomorrow. You may be surprised. It's the second half of the fourth
month of 2022. Stay safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $15.11/lb
Reports
Reuters metals morning - Supply woes, China stimulus hopes boost copper, zinc prices - more
Monday's market review - Copper prices supported by
hopes for more China stimulus - Copper prices inched up on Thursday on
expectations for higher demand from an injection of stimulus from top
metals consumer China. - more
Trading metals is still a mess. It's not just about nickel - more
Taiwan's Yusco Mar revenue up - Yieh United Steel Corp. (Yusco), a
leading stainless steel mill in Taiwan, reported its revenue amounted
to around NT$5.14 billion in March, rising by 9.78% from the same time
last year. - more
Volkswagen reaps unexpected $3.8 billion windfall on nickel price spike
- Volkswagen AG’s commodity trading profits are outshining car making
earnings after the company’s nickel hedging position surged in value
following last month’s historic short squeeze. - more
SunSirs: The Price of Stainless Steel Was Up Slightly This Week (April
11-15) - According to the price monitoring of SunSirs, the stainless
steel fluctuated slightly this week. As of April 15, the price of spot
304/2B stainless steel plate 1.0*1219*2438 (tolerance 0.91) was
18,398.33 yuan/ton, compared with the price of 18,531.67 yuan/ton at
the beginning of the week, fell 0.72%, and was up 32.76% year-on-year.
- more
The Liquidity of Refined Nickel Has Not Been Improved as the Supply was Affected By the Tight Downstream Raw Materials - more
SS Spots and Futures Prices Dropped in a Sluggish Market - more
Stainless Steel Spot Discounts Appeared amid High SS Contract Prices - more
Indonesia March exports, imports hit record highs amid commodity boom -
Indonesia's exports and imports hit record highs in March amid
commodity price rises due to the impacts of the Ukraine war, helping
the resource-rich country book a larger-than-expected trade surplus,
statistics bureau data showed on Monday. - more
The sleeping giant awakens: Indonesia reopens to the world - more
Russia’s stainless steel imports down 39 percent in March from February
- In March this year, Russia’s stainless steel imports totaled 27,910
mt, down 39 percent compared to February and decreasing by 20 percent
year on year, according to Russia-based SpetsStal Association. - more
U.S. banks' commodity trading exposures rise on Russia conflict - Wall
Street banks' commodities trading exposures are rising, which could
leave them vulnerable to large swings in asset values following
Russia's invasion of Ukraine, first quarter earnings disclosures
showed. - more
Global demand growth plunges on Ukraine war: worldsteel - Worldsteel
has revised down its 2022 global steel demand growth forecast to 0.4%
on-year, giving 1.84 billion tonnes. - more
The war in Ukraine is seriously changing the rules of the game in the global long products market: IREPAS - more
Rivian CEO Warns of Looming Electric-Vehicle Battery Shortage - Rivian
Automotive Inc. Chief Executive RJ Scaringe is warning that the au to
industry could soon face a looming shortage of battery supplies for
electric vehicles—a challenge that he says could surpass the current
computer-chip shortage. - more
Russia-Ukraine war causes steel shortage in Finland - The Finnish
construction industry is experiencing unprecedented difficulties due to
the crisis in Ukraine. - more
Nickel closed Thursday's trading
session at $15.15/lb
($33,410/tonne). The London Metal Exchange is closed today for Good
Friday and Monday for Easter. Our next update will be posted on
Tuesday, the 19th. Stay safe out there and have a wonderful weekend!
Average price of LME traded cash nickel
so far this month
- $15.11/lb
Reports
Reuters metals morning - Shanghai copper hits over 1-month high on China stimulus hopes, tight supply - more
Thursday's market review - Copper prices supported
by hopes for more China stimulus - Copper prices edged up on
Thursday, buoyed by expectations for higher demand on the back of an
injection of stimulus from top metals consumer China. - more
worldsteel Short Range Outlook April 2022 - The World Steel Association
(worldsteel) today released its Short Range Outlook (SRO) for 2022 and
2023. worldsteel forecasts that steel demand will grow by 0.4% in 2022
to reach 1,840.2 Mt after increasing by 2.7% in 2021. - more
Euranimi requests to suspend EU safeguard measures on stainless steel
CRC from Asia - Euranimi, the European Association of Non-Integrated
Metal Importers and Distributors, submitted an application to the EU
for suspending safeguard measures in certain stainless steel
cold-rolled coils from Asia in order to release the supply pressure of
steel plates in Europe’s market and avoid the prices hike. - more
India intends to significantly increase the consumption of stainless
steel - India is the world's second-largest crude steel producer with a
January-November 2021 production of 104.91 million tonnes. - more
About 100 Russian metal traders agreed to limit the markup on metal
products to 12% - The Ministry of Industry and Trade of Russia has
published a list of accredited distributors, trading houses and metal
service companies that will limit the margin on the sale of products to
12%. - more
Posco Chemical close to tripling battery cathode production - Posco
Chemical was close to finishing the third and fourth phases of
expansion of its battery cathode plant in Gwangyang, South Korea,
TheElec has learned. - more
Nickel closed Wednesday's trading
session at $15.00/lb ($33,060/tonne). Indicators at 6:10 am CST today show
nickel trading around $.16/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today at the 72,600 tonne level. Cancelled
warrants were at 15.03% yesterday. Nickel continues to rise as shortage
of some forms of stainless steel, particularly slab, help feed future
demand hopes. We received an email from a reader, who wanted to defend
the 200 series stainless steel grade. It
was not our intention yesterday to disrespect 200 series stainless -
only the inappropriate use of it. If we go to a restaurant and order a
steak, we do not want the cook to disguise a chicken and sell it to us
as steak. Engineers are paid big bucks and have the responsibility to
determine what grade of stainless steel is best for an individual
application. A stainless supplier, foreign or domestic, trying to
improve their profit margin by misrepresenting 200 series as 300
series,
is unethical and in most cases, illegal. 200 series has a place in the
stainless steel
industry, as does 400 series. For many years though, the magnetic test
was a simple, albeit only partially effective, way of telling if one
was getting a 300 series austenitic stainless product. 200 series is
also non magnetic and if you don't think this has not been taken
advantage of, talk to your stainless steel scrap dealer. Stay safe out
there and have a great day!
Average price of LME traded cash nickel
so far this month
- $15.11/lb
Reports
Reuters metals morning - Copper gains on tight supply, zinc slips from 5-week peak - more
Wednesday's market review - Zinc soars as smelters
duel rising costs, inventories fall - Zinc prices climbed to their
highest in more than a month on Wednesday as inventories fell and
smelters in Europe battled rising prices for energy, risking further
output cuts. - more
Analysis: 'Black swan' LME nickel chaos shows regulators still missing
market risks - Last month's chaos in London Metal Exchange nickel
trading has shone a light on the failure of a core reform from the
global financial crisis to help regulators quickly spot destabilising
risks in markets. - more
JPMorgan Results Marred by $524 Million Loss Tied to Russia - more
India’s Jindal Stainless sees 23% rise in sales volume in FY 2021-22 -
India’s Jindal Stainless Limited achieved total sales of 1,011,292 mt
in the fiscal year 2021-22, up 23 percent year on year, a company
statement said on Tuesday, April 12. - more
India’s steel ministry asks to lift basic tariffs on ferronickel - more
Turning nickel into EV batteries: Indonesia wants to take its mining
industry to the next level - To boost its economy, Indonesia wants to
move away from exporting raw materials, to focus instead on developing
its downstream industries. - more
The Ukrainian metallurgical lobby has suspended membership in the World
Steel Association - The association of Ukrainian metallurgical and
mining enterprises will not take part in any Worldsteel body while
Russian associations and companies are present. - more
Nickel closed Tuesday's trading
session at $14.76/lb ($32,530/tonne). Indicators at 6:00 am CST today show
nickel trading around $.24/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started today just under the 72,900 tonne level. Although
nickel trading continues to trade volatile, it has been rather subdued
this week, by recent standards. With the Russian invasion of Ukraine
continuing, and the covid outbreak in China worsening, that volatility
will likely continue. China's zero covid tolerance is starting to cause
some internal stress, with leaked video's showing protests coming
dangerously close to civil unrest. Their internal supply chains are
being stressed beyond capacities, and large cities are running out of
food. One of our long time readers wrote to remind us of
the increased possibility of 300 series stainless items being secretly
switched to 200 series, because of the high cost of nickel. 200 series
replaces the nickel with less expensive manganese and is NOT a
recommended
substitute in most applications. The infamous story of air conditioning
units falling out of Chinese skyscraper windows comes to mind. It is
hard to detect, being non
magnetic, so it is easy for unscrupulous manufacturers to make
the switch without raising suspicion. Something to keep in mind when
receiving 300 series stainless product in the coming months and we
appreciate our reader for reminding us of this activity. Stay safe out
there and enjoy your hump day!
Average price of LME traded cash nickel
so far this month
- $15.13/lb
Reports
Reuters metals morning - Shanghai zinc soars to near 15-yr high, nickel climbs on supply risks - more
Tuesday's market review - Shortages, low inventories
boost zinc prices - Zinc prices climbed on Tuesday to their highest in
more than a week as dwindling inventories and shortages, particularly
in Europe where record-high power prices have led to large output cuts,
spurred buying. - more
Taiwan’s stainless steel mills gains from higher prices & sales -
Benefiting from higher stainless steel prices and sales volume,
Taiwan’s stainless steel mills, including Yieh Hsing, Tang Eng, Ta
Chen, and Froch, have increased their performance in March. - more
Vanishing LME shadow stocks add to metals market turmoil - The total
amount of registered metal in the London Metal Exchange's (LME) global
warehouse network fell below 1 million tonnes in March. - more
Strict COVID-19 Lockdown Impacts Port Operations at Shanghai -
Despite early official denials, the COVID-19 lockdown in Shanghai is
having a significant effect on shipping operations around Hangzhou Bay,
home to the largest concentration of container terminals in the world.
- more
Three Ways Industrial Distributors Should Be Using Mobile Barcoding - more
Courtesy AISI - In the week ending on April 9, 2022, domestic raw steel
production was 1,739,000 net tons while the capability utilization rate
was 79.7 percent. Production was 1,787,000 net tons in the week ending
April 9, 2021 while the capability utilization then was 78.8 percent.
The current week production represents a 2.7 percent decrease from the
same period in the previous year. - more
Nickel closed Monday's trading
session at $14.71/lb ($32,440/tonne). Indicators at 6:00 am CST today show
nickel trading around $.18/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and started today just over the 73,200 tonne level. Nickel fell
yesterday, but is trading higher this morning. Its a case of the
Ukraine invasion by Russia versus the Chinese counter attack on covid
that seems to be guiding nickel trading from a fundamental point of
view. Sometimes, trading actually considers the fundamentals. Really,
it does. Stay safe out there and have a great Tuesday!
Average price of LME traded cash nickel
so far this month
- $15.19/lb
Reports
Reuters metals morning - Shanghai aluminium sinks to 3-month low as demand woes linger - more
Monday's market review - China demand angst hits
aluminum prices - Aluminum prices fell to their lowest in more than
three weeks on Monday as COVID-19 lockdowns in top consumer China
fueled worries about slowing demand for industrial metals. - more
Explainer: LME under the regulatory spotlight after nickel debacle -
Britain's Financial Conduct Authority (FCA) and the Bank of England
(BoE) have announced a rare joint intervention into what happened on
the London Metal Exchange's nickel market (LME). - more
Nickel drama spurs Chicago exchange bid to grab trading From LME - more
China's 304 stainless steel price in Foshan keeps stable - Currently,
spot prices of stainless steel in Foshan markets are stable. Also, the
price spread between steel mills has kept narrowing. - more
As nickel prices soar due to war, here’s what Indian steel makers are
doing to cushion impact - The Russia-Ukraine war has sent global
commodity prices in a tizzy. The prices of nickel, in particular, have
shot through the roof, given that Russia is a major producer, and the
effects are being felt all over the world. - more
China Port Congestion Worsens as 477 Ships Wait to Berth - Dotting the
sea off Chinese ports are 477 bulk cargo ships waiting to deliver
resources from metal ore to grain into the country. - more
China’s Covid outbreak worsens as Shanghai cases top 26,000 - more
Giga Shanghai Still Shut Down For Production - more
White House points to Minnesota mine for electric vehicle production as
environmentalists raise concerns - President Joe Biden recently invoked
the Defense Production Act in order to increase the mining of critical
minerals that can be used to power electric vehicles. - more
Nickel closed Friday's trading
session at $15.37/lb ($33,890/tonne). Indicators at 6:00 am CST today show
nickel trading around $.41/lb
lower. Stockpiles of nickel stored in LME licensed warehouse fell on
Friday and started this week just over the 73,450 tonne level. Nickel
is trading lower this morning, and while the media appears to be
blaming the falling Euro, we note that the Euro is actually trading off
last weeks lows today. Some of the step back might have something to do
with the article we posted below titled 'Big Short keeps nickel market
on edge.....". And then again, maybe not. We suspect it has more to do
with China's battle with the omicron strain, and the negative effect on
demand that that battle is causing. It's a new week and the second full
week of the second quarter of the second year of the 2020's. Stay safe
out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $15.23/lb
Reports
Reuters metals morning - China demand angst hits aluminum prices - more
Friday's market review - Copper bounces on tight
supplies, China stimulus hopes - Copper prices rebounded on Friday
after two days of declines, bolstered by tight supply, hopes of more
Chinese stimulus and firmer oil prices. - more
Big Short keeps nickel market on edge one month after squeeze - The
world’s main nickel market is broken and no one seems to know how to
put it back together. - more
Stainless steel industry perseveres in challenging conditions - Despite
significant challenges, such as the Covid-19 pandemic and its ripple
effects, the stainless steel sector has shown adaptivity, innovation
and resilience. - more
Russian nickel, palladium, chromium exports a headache for Germany -
Russian gas and oil are by far the most significant exports Moscow
sells to Germany. - more
Miner Western Areas hits 4-year high as IGO raises offer to $939
million - Western Areas Ltd agreed to a revised takeover offer from
nickel-lithium miner IGO Ltd on Monday that valued the Australian
nickel producer at A$1.26 billion ($939 million), lifting its shares to
their highest level since April 2018. - more
Nickel closed Thursday's trading
session at $15.34/lb ($33,820/tonne). Indicators at 6:30 am CST today show
nickel trading around $.25/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and ended that day just below the 73,700 tonne level.
Cancelled warrants has fallen to below 17% today, well off the 52%+ it
was at before the great trading debacle of 2022 happened. Does this
mean demand has fallen off - or that the big players are too leery to
buy nickel and secretly move it around the world to disguise actual
demand? We suspect a little of both. As it stands this morning, nickel
stockpiles have grown so far this month. Nickel traders remain bullish,
with Wednesday's price pause, now history. Japan reports they are
paying historically high prices for ferrochrome. For those who follow
surcharges religiously, they noticed ferrochrome prices soared last
month. Stay safe out there and have a restful, or exciting weekend! Or
both.
Average price of LME traded cash nickel
so far this month
- $15.18/lb
Reports
Reuters metals morning - Shanghai aluminium slips to over 3-week low as demand concerns weigh - more
Thursday's market review - Aluminium sinks to lowest
in three weeks on demand worries - Aluminum prices sank to the lowest
in three weeks on Thursday and other industrial metals also fell on
worries that lockdowns in China and tighter monetary policies will
crimp metals demand. - more
(re-post) China's Insider Influence Over Metals Trading Creates
Advantage For Its Domestic Enterprises - Chinese stainless steel giant
Tsingshan Holding Group (THG) has for many years relied on short
selling to reduce its future costs for nickel, a key component of
stainless steel and a major ingredient in lithium-ion batteries. - more
LME Risks More Squeezes as Metal Stockpiles Hit Lowest in Decades - more
SunSirs: The Spot Price of Stainless Steel Was Basically Stable on
April 7 - According to the price monitoring of SunSirs, on the 7th, the
spot price of stainless steel was mainly stable, with a quotation of
18,765 RMB/ton, a year-on-year increase of 35.16%. - more
Japan’s ferrochrome price soars to historical high on Russia’s stagnant
supply - Japan’s purchase prices of ferrochrome, a raw material of
stainless steel, soared to a historical high due to the stagnant supply
in Russia and the tight supply and demand in Europe. - more
Analysts adjust higher metal price assumptions on Russia-Ukraine
conflict - Several analysts have adjusted higher their metal price
assumptions for 2022 as the February Russian invasion of Ukraine drags
on, wreaking havoc on global metals and mineral supply chains. - more
Column: U.S. uses Cold War powers to secure battery metals supply -
U.S. President Joe Biden has invoked the Defense Production Act (DPA)
to accelerate the build-out of a domestic battery materials supply
chain. - more
Trafigura set to take zinc out of LME system, fuelling concern -sources
- Commodity trader Trafigura and other firms are moving to take large
amounts of zinc out of London Metal Exchange approved warehouses in
Asia, sources familiar with the matter said, fuelling concern about
more problems at the exchange after chaotic nickel trading last month.
- more
Posco Chemical starts building high-nickel cathode plant - Posco
Chemical, a chemical and battery materials producer under steel giant
Posco Group, said Thursday that it had kicked off construction for a
new plant that can produce 30,000 metric tons of high-purity nickel
cathodes, a key material used in electric vehicle batteries. - more
Nickel closed Wednesday's trading
session at $15.19/lb ($33,495/tonne). Indicators at 6:00 am CST today show
nickel trading
unchanged. Stockpiles of nickel stored in LME licensed warehouses rose
for a third time this month and started today's session just under the
74,200 tonne level. Nickel closed a few dollars a tonne lower
yesterday, after a few Fed officials made hawkish comments about
inflation, which in turn hurt the Euro, which in turn put pressure on
traded base metal prices. So far this morning, nickel continues to
trade sideways. Chinese stainless steel prices are sneaking higher
again, after taking a pause for the covid cause. Lockdowns in that
country are continuing and the one in Shanghai is becoming very
unpopular with the general population. Stay safe out there and have a
great day!
Average price of LME traded cash nickel
so far this month
- $15.18/lb
Reports
Reuters metals morning - Aluminium hits 3-week low on China's COVID curbs, hawkish Fed - more
Wednesday's market review - Copper prices fall as
hawkish Fed boosts the dollar - Copper prices fell on Wednesday as
fears of rapid U.S. interest rate rises, slowing economic growth and
more sanctions on Russia dented risk appetite and sent the dollar to
its strongest level in almost two years. - more
China’s steel prices seen keeping upward trend on positive market
expectations – MySteel - China’s steel prices are expected to continue
trending upward, underpinned by positive market expectations on the
recovering downstream demand and decreased steel output resulting from
the restrained raw material supply, MySteel Research and consulting
said in its latest weekly report. - more
German steel market expects significant decrease in inventory, output:
survey - German steel producers, traders, and buyers were heard almost
consistently bullish on pricing over April, with a unanimous
expectation that production and inventory levels were going to drop,
according to S&P Global Commodity Insights monthly steel sentiment
survey data. - more
BHP’s Nickel West to be fully powered by renewables - BHP has secured
enough renewable energy to cover 100% of the power requirements of
three of its major nickel operations in Western Australia, following
the signing of a new agreement with Italy’s Enel Green Power. - more
Temiskaming battery recycler inks deal with Glencore - Temiskaming
refinery owners Electra Battery Materials have secured an international
buyer for the valuable metals to be recovered from the battery
recycling business the company intends to launch next year in
northeastern Ontario. - more
Courtesy AISI - In the week ending on April 2, 2022, domestic raw steel
production was 1,724,000 net tons while the capability utilization rate
was 79.3 percent. Production was 1,787,000 net tons in the week ending
April 2, 2021 while the capability utilization then was 78.8 percent.
The current week production represents a 3.5 percent decrease from the
same period in the previous year. - more
‘The metals we mine are the metals you use’ - The fight over the future
of the proposed Twin Metals copper-nickel mine continues unabated,
despite the recent cancellation of mineral leases critical to the
project and proposed mineral withdrawal. - more
Nickel closed Tuesday's trading
session at $15.20/lb ($33,520/tonne). Indicators at 6:00 am CST today show
nickel trading around $.21/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose for
a second time this month on Tuesday and started today just over the
73,900 tonne level. So far, March is showing growth in LME nickel
stockpiles. Nickel continues its March bullish streak, gaining every
day this month .... so far. China markets returned today, with nickel
cathodes for the domestic market falling. Shanghai extended its mass
lockdown yesterday, and traders there are concerned about the effect on
nickel demand. JP Morgan is apparently reviewing its commodity business
and considering putting some distance between itself and nickel
trading. Stay safe out there and have a great hump day!
Average price of LME traded cash nickel
so far this month
- $15.16/lb
Reports
Reuters metals morning - LME base metals slip on dollar strength, China demand woes - more
Tuesday's market review - Copper touches four-week
peak on supply concerns - Copper prices touched a four-week high on
Tuesday as a fall in output from top producer Chile and pressure for
more sanctions on Russia, another large producer, raised supply risks.
- more
Column: Mass exit from nickel market opens up a volatility trap - The
good news for the London Metal Exchange (LME) is that its nickel
contract is trading again after last month's chaotic suspension. - more
Global nickel smelting up in March despite Ukraine, satellite data
shows - Global nickel smelting activity climbed in March, including in
major producer Russia despite the Ukraine conflict, data from satellite
surveillance of nickel plants showed. - more
JPMorgan reviews commodity exposure after nickel chaos - JPMorgan Chase
& Co. is reviewing its business with some commodity customers
following the contraction of short nickel positions last month, a move
that threatens to remove more liquidity from the sector. - more
Global molybdenum usage rises as the world begins easing out of the
pandemic, while production falls in 2021 - Global production of
molybdenum was 575.8 million pounds in 2021, a fall of 4% from 602.4
million pounds in 2020, figures released by the International
Molybdenum Association (IMOA) show. - more
Nickel closed Monday's trading
session at $15.13/lb ($33,350/tonne). Indicators at 6:00 am CST today show
nickel trading around $.43/lb higher.
Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and ended that session just over the 72,900 tonne level. China
reopens for business tomorrow after an extended holiday weekend
and
Shanghai nickel traders have some catching up to do. Nickel is up today
as the rumors fly about possible sanctions on Russian nickel. Same
rumors as before but the West is running out of things to sanction. Lot
of
news below so we leave you with it. Stay safe out there and have a
great day!
Average price of LME traded cash nickel
so far this month
- $15.08/lb
Reports
Reuters metals morning - Falling stockpiles push zinc prices to 4-week high - more
Monday's market review - Falling stockpiles push
zinc prices to 4-week high - Zinc prices rose to their highest in
four weeks on Monday as a rapid fall in the amount of metal available
in the London Metal Exchange (LME) warehouse system added to fears of
supply shortages. - more
Universal Stainless Announces Base Price Increase on Plate Products -
Universal Stainless & Alloy Products, Inc. today
announced a base price increase of 7% to 12% on plate products. The
increase goes into effect immediately for all new orders. Current
material and energy surcharges will remain in effect. - more
Day drinking, ‘Big Shot’ and billions of dollars: How the nickel market
imploded - When a trade jumps by 250% over the course of days,
investors typically pop bottles of champagne. - more
UK regulators will review the LME's messy halt to
nickel trading, after it triggered outrage by canceling $3.9 billion in
trades - more
US DOC to continue AD orders on stainless plate in coil from three
countries - The US Department of Commerce (DOC) has announced the final
results of the sunset reviews of the antidumping (AD) duty orders on
stainless steel plate in coils from Belgium, South Africa and Taiwan. -
more
Unsanctioned Russian oligarch Prokhorov flees to Israel, gets
citizenship - report - Prokhorov's name is not mentioned on the lists
of sanctioned oligarchs compiled by the United States or any other
Western nation. - more
Metals world agonizes over war but keeps buying from Russia - Last
month, 13 copper-industry representatives at the London Metal Exchange
were asked whether Russian metal should be blocked from its warehouses.
- more
Top Nickel Producing Countries in 2021 - according to USGS Minerals Commodity Summary (source)
Indonesia (1 million mt)
Philippines (370,000 mt)
Russia (250,000 mt)
New Caledonia (190,000 mt)
Australia (160,000 mt)
Canada (130,000 mt)
China (120,000 mt)
Brazil (100,000 mt)
Other countries (428,000 mt)
(note - there are numerous articles out there giving the U.S. the 9th place. This is a ridiculous claim)
Mining Secrets: Solway-Linked Companies Moved Nearly $2 Billion in
Suspicious Funds - Solway was labeled a “high-risk” client over suspect
transactions, while companies tied to the mining group and its
executives were reported to U.S. regulators. - more
Solway Investment Group firmly rejects the false and defamatory allegations - more
“Mining Secrets”: When there is strength in numbers - more
Mining Secrets: Data Leak Reveals Aggressive Tactics of Mining Giant in Guatemala - more
In Guatemala, the “Devil’s Metal” Is Ravaging Local Environments - more
Nickel closed Friday's trading
session at $15.07/lb ($33,230/tonne). Indicators at 6:00 am CST today show
nickel trading around $.42/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Friday and started the week just under the 73,400 tonne level.
Cancelled warrants fell below 23% as well. Here are your averages costs
for the month of March,
compared to February. Nickel - $14.45/lb up from $10.96/lb,
Chromium - $9.50/lb up from $5.93/lb, Molybdenum - $19.45/lb up from
$19.16/lb. Chinese markets are closed for their Qingming Festival thru
tomorrow, with much of Shanghai still on covid lockdown. The UK
Financial Conduct Authority and the Bank of England announced they will
be looking into the recent LME debacle - their statement below. It's a
new day, week, and month. Stay safe out there and have a great week!
Average price of LME traded cash nickel
so far this month
- $14.88/lb
Reports
Reuters metals morning - Copper prices dip on firm dollar and China demand worries - more
Friday's market review - Copper pressured by soft
China data and Shanghai lockdowns - Copper prices retreated on Friday
on concern that weak factory activity and COVID-19 lockdowns in top
metals market China will dampen demand. - more
LME nickel volumes tumbled 28% in March amid shutdown - Nickel volumes
on the London Metal Exchange (LME) slid 28% month-on-month in March
during a period of chaotic trading that included a shutdown, data
showed on Friday. - more
LME’s nickel rout: the world’s metals trading hub grapples for its mojo after unprecedented trading snafu - more
London Metal Exchange bans some Russian metal from British warehouses - more
Stuttering LME nickel trade throws confusion over physical market - more
LME introduces 15% daily price limits for all metals - more
UK regulators to review LME halt to chaotic trading - more
London Metal Exchange faces FCA and Bank of England investigation over nickel market shutdown - more
Joint statement from UK Financial Regulation Authorities on London Metal Exchange and LME Clear - more
Carmakers will “need to become miners” – Benchmark - Benchmark Mineral
Intelligence’s inaugural Battery Megafactories Europe 2022 event in
Berlin concluded with a stark warning to automakers. - more
Biden looks to jump-start mining for crucial battery metals with new
executive order - Whether President Joe Biden’s Defense Production Act
works as intended and jump-starts the mining of metals for batteries
crucial to the country’s clean energy transition won’t be known for
years, according to industry experts. - more
Easier said than done: National self-sufficiency in a changed world - more
UN Seabed-Mining Watchdog Doing Business “Behind Closed Doors” - The
UN-affiliated organization that oversees deep-sea mining, a
controversial new industry, has been accused of failings of
transparency after an independent body responsible for reporting on
negotiations was kicked out. - more
Nickel closed Thursday's trading
session at $14.63/lb ($32,250/tonne). Indicators at 6:45 am CST today show
nickel trading $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and ended that session, and the month, just under the 72,400
tonne level. Nickel is quiet this morning, and off earlier lows.
Trading is almost, dare we say, boring. Nickel
ended the first quarter of 2022 up from $20,757/tonne, where it ended
the final day of 2021. Great for those who own
nickel, not so much for those who use it. Shanghai nickel rose
overnight, breaking with its 'follow the leader LME pattern'. Part of
the reason could be, that for those manufacturers not shut down by
Covid lockdowns, demand, especially to Europe, looks good. The war in
Ukraine and the sanctions on Russian steel, have left many European's
scrambling for new suppliers, with China ready and willing to fill the
void. Just a reminder that this
news page is published
daily in 2022 thanks to P.A. Inc of Houston, Texas. Please give them a
visit if you have a need for corrosion resistant and specialty alloy
piping products and we thank them for their continued support. It's a
new month, a new quarter, and the last day of the week. Stay safe out
there and have a great weekend!
Average price of LME traded cash nickel
so far this month
- $15.47/lb (March average)
Reports
Reuters metals morning - Copper pressured by soft China data and Shanghai lockdowns - more
Thursday's market review - Aluminium heads for
biggest quarterly gain since 1988 - Aluminum prices were on track to
register their biggest quarterly gain since 1988 on Thursday, driven up
by supply disruptions and increased production costs resulting from
Russia’s invasion of Ukraine. - more
Budget 2022-23: No respite for stainless-steel producers - The
revocation of countervailing duty against subsidised Chinese Stainless
Steel imports will hurt the Indian players. - more
China’s steel sector PMI declines in March amid spread of Covid-19 - In
March this year, the purchasing managers index (PMI) for the Chinese
steel sector was at 44.3 percent, down 3.0 percentage points compared
to February, as announced by the China Steel Logistics Committee
(CSLC), which is part of the China Federation of Logistics and
Purchasing (CFLP). - more
Coronavirus: Shanghai lockdown heaps pressure on China’s GDP growth, with ‘more uncertainties’ to come - more
Shanxi Taigang Stainless Steel to build 700,000-ton electric furnace
smelting stainless steel production line - In order to realize the
adjustment of product structure and maintain its leading advantage in
the stainless steel market, Shanxi Taigang Stainless Steel, one of the
biggest and most famous stainless steel making groups in China, planned
to relocate and replace its 90t electric furnace to build a new
stainless steel production line. - more
Would Minnesota mining end U.S. reliance on Russian nickel? Experts say
probably not - The usual arguments for copper-nickel mining in
Minnesota are largely economic. Mining creates local jobs. It generates
wealth for the state. - more
Twin Metals testifies in Washington for domestic mineral needs - more
Democrats go big on mining. Will there be a backlash? - more
The US could suspend trade relations with Russia. Here's
what it means for supply chains - Legislation that would revoke
Russia's "most favored nation" trading status sets the stage for
broader U.S. sanctions - more
German steelmakers warn against Russian gas embargo - more
Nickel producers confident they can fill gap if Russian supply is cut off - more
(all
ton listings are metric tons = 2204.622 pounds ) Updated Monday thru
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Daily Nickel/Stainless Steel Briefing 
($32,975/tonne). Indicators at 6:00 am CST today show
nickel trading around $.16/lb 
Reports
Shanghai Metals Market
London Metals Market
India's stainless steel demand to exceed 6 million tons in 2030 -
India's stainless steel production capacity, including flat products,
long products, etc., totaled about 6.5 million tons, of which flat
products account for 5 million tons. - 
Vale divestment plan for steelmaker CSP, bauxite miner MRN 'ongoing' -
(quote) The company believes it would be able to more than double its
nickel production for the right incentive; it will also be able to
produce green nickel for energy transition, said Deshnee Naidoo,
executive vice-president, base metals. - 
Maximizing new laws in leading innovation - TWO recently enacted laws
have been met with excitement by the business community. First is
Republic Act 11659, which amends the nearly century-old Public Service
Act that was passed during the Commonwealth era. - 
India Still Doesn’t Want Tesla Importing Cars From China - Tesla wants
to enter the Indian car market but can’t because it apparently is in a
stalemate with the local government. - 
25,000 miners told to use harmful McIntyre Powder fail to get Ontario
apology - Friends, family and advocates for the 25,000 miners who were
forced to inhale McIntyre Powder walked away from the Legislative
Assembly on Thursday without the Ontario apology they were expecting. -
Other News
Слава Україні! - 
($33,555/tonne). Indicators at 6:00 am CST today show
nickel trading around $.17/lb 
Global nickel demand to increase to 3.02 mln tonnes in 2022 -INSG -
Global demand for nickel is expected to increase to 3.02 million tonnes
in 2022 from 2.78 million tonnes in 2021, the International Nickel
Study Group (INSG) said on Wednesday. - 
Vale Indonesia, Huayou sign deal to build Pomalaa nickel plant
-statement - PT Vale Indonesia Tbk together with Zhejiang Huayou Cobalt
Company Limited, yesterday have signed a Framework Cooperation
Agreement for developing a High-Pressure Acid Leaching processing
facility in Pomalaa, Kolaka, Southeast Sulawesi. - 
European stainless coil hikes again, pricing formula questioned -
European stainless steel hot and cold rolled coil prices are increasing
due to hiking alloy surcharges. Contract prices remain firm amid
continued short supply, Kallanish hears from market sources. - 
Global metal prices forecast to rise by 16% in 2022, ease next year -
Global metal prices are projected to increase 16 percent in 2022 and
ease somewhat in 2023, but risks to the outlook are skewed to the
upside, emanating from further disruptions of commodity flows into and
out of Russia, the World Bank said in its latest Commodity Markets
Outlook. - 
Global Supply Chain Crisis Flares Up Where It All Began - China’s
stringent rules to curb COVID-19 are about to unleash another wave of
summer chaos on supply chains between Asia, the U.S. and Europe. - 
Russia's Nornickel Q1 nickel output up, palladium down - Russian metals
producer Nornickel said on Monday its first-quarter nickel production
rose year-on-year due to the recovery of its two mines after flooding
in 2021, while palladium output fell due to a high base effect. - 
Courtesy AISI - In the week ending on April 23, 2022, domestic raw
steel production was 1,784,000 net tons while the capability
utilization rate was 81.7 percent. Production was 1,834,000 net tons in
the week ending April 23, 2021 while the capability utilization then
was 80.8 percent. - 
S.Korea POSCO Holdings sees record Q1 profit as Ukraine crisis drives
up steel prices - South Korea's POSCO Holdings reported on Monday a
better-than-expected 44% surge in first-quarter operating profit as
higher revenue from rising steel demand in the opening months of 2022
outpaced stiff raw material costs. - 
Temporary anti-dumping tax imposed on welding materials imported from
Malaysia, Thailand, China - The Ministry of Industry and Trade (MoIT)
has issued Decision No. 706/QD-BCT on the imposition of temporary
anti-dumping tax rates on some types of welding materials of the
Malaysian, Thai and Chinese origins. - 
Japanese crude steel output up 8.9% in March from February - In March
this year, Japanese crude steel production was up by 8.9 percent
compared to the previous month and fell by 4.3 percent compared to
March 2021, totaling 7.95 million mt, according to the data released by
the Japan Iron and Steel Federation (JISF). - 
German
fabricators call for cooperation in price wave - Fabricators and
processors on various levels of steel and metals products need to go
shoulder-to-shoulder with their business partners through times of
erratic price leaps, says their German federation WSM. - 
Eramet's New Caledonia nickel smelter to use floating power unit - SLN,
the New Caledonian nickel producer controlled by Eramet, announced on
Tuesday plans to hire a floating power unit for its smelter to cover
its needs pending the replacement of the Pacific territory’s aging
central power plant. - 
Global demand growth plunges on Ukraine war: worldsteel - Worldsteel
has revised down its 2022 global steel demand growth forecast to 0.4%
on-year, giving 1.84 billion tonnes. - 
Russia-Ukraine war causes steel shortage in Finland - The Finnish
construction industry is experiencing unprecedented difficulties due to
the crisis in Ukraine. - 
Stainless steel industry perseveres in challenging conditions - Despite
significant challenges, such as the Covid-19 pandemic and its ripple
effects, the stainless steel sector has shown adaptivity, innovation
and resilience. - 
Miner Western Areas hits 4-year high as IGO raises offer to $939
million - Western Areas Ltd agreed to a revised takeover offer from
nickel-lithium miner IGO Ltd on Monday that valued the Australian
nickel producer at A$1.26 billion ($939 million), lifting its shares to
their highest level since April 2018. - 
Trafigura set to take zinc out of LME system, fuelling concern -sources
- Commodity trader Trafigura and other firms are moving to take large
amounts of zinc out of London Metal Exchange approved warehouses in
Asia, sources familiar with the matter said, fuelling concern about
more problems at the exchange after chaotic nickel trading last month.
- 
Mining Secrets: Solway-Linked Companies Moved Nearly $2 Billion in
Suspicious Funds - Solway was labeled a “high-risk” client over suspect
transactions, while companies tied to the mining group and its
executives were reported to U.S. regulators. -
