This page is archived news covering the period of April 2022
If you are looking for current daily market news, please visit here.


Stainless Steel News and Nickel Prices



Please visit our 2022 news page sponsor - P A Inc is keeping this daily news site free for visitors










Friday, April 29

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5087
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Commodity prices increases return - more
  • Productivity and Costs by Industry: Manufacturing and Mining Industries - pdf here
  • Glencore 1st Quarter Production Report - pdf here
  • Eramet 1st Quarter Production Report - pdf here
  • Nickel Mines 1st Quarter Production Report - pdf here
  • Lundin Mining 1st Quarter Production Report - pdf here
  • Gross Domestic Product, First Quarter 2022 - more
  • MINE Magazine May 2002 - online here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Russian tycoon Tinkov sells stake in TCS Group to billionaire Potanin - more
  • Indonesia’s palm oil export ban takes effect as supply pressures mount - more
  • The messy irony behind Indonesia’s move to ban palm oil exports - more
  • Germany drops opposition, paves way for EU Russian oil embargo - more
  • Ruby Princess Draws Attention with 253 COVID Cases in Five Weeks  - more
  • Grainger Earnings Jump 50% in Q1 - more
  • Frequent Policy U-Turns Threaten Indonesia's Economic Ambitions - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Thursday, April 28

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5125
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Vale Performance 1Q 2002 - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Redirection of Russian steel exports to Asia may not happen due to logistics - more
  • Supply resilience is key to avoiding a global recession - more
  • Indonesia stuns markets as it widens ban to include CPO, refined palm oil - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Wednesday, April 27

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5125
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • US Economic Indicators: Durable Goods Orders & Shipments - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Tuesday, April 26

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5106
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Commodity Price Forecasts Raised As Supply Fears Grow and China Slows - pdf here
  • U.S. Imports for Consumption of Steel Products March 2022 - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Indonesian palm oil export ban could ‘lead to unrest’ as food inflation hits Asia, Africa - more
  • China trade: imports of US soybeans rise as Ukraine war, South America drought limit sources - more
  • U.S. Businesses See Record Price Growth, Backlogs in April - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Monday, April 25

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5042
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Cleveland-Cliffs Reports First-Quarter 2022 Results - pdf here
  • Where does US get its steel? - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Chip-Starved Firms Are Scavenging Silicon From Washing Machines - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Friday, April 22

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5042
  • 304 SS Scrap Prices Local (updated bi-weekly) - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Texas Governor’s Border Slowdown Cost $4 Billion, Research Shows - more
  • Robot Truckers Could Replace 500K U.S. Jobs - more
  • World awaits China’s decision on how to handle its Russian ‘grey rhino’ - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more
       300 vs 200 series stainless steels, which alternative suits? - more

Thursday, April 21

LME nickel prices  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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5085
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Federal Reserve Beige Book - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Wednesday, April 20

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5085
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Understanding the CRU Index and Steel Prices - more
  • Global Economic Indicators: Global Manufacturing PMIs - pdf here
  • The Monthly Metric: Freight Cost Per Unit - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

  • Vale Indonesia's Q1 nickel matte output drops 9% Y/Y - 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

   Other News

  • Reuters The Day Ahead - pdf here
  • Three Keys for Achieving Supply Chain Resilience - more
  • Steel prices stall as demand from manufacturers begins to soften again - more
  • Indonesia’s EV dream gets $15 bln spark of reality - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - 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

LME nickel prices  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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5064
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • US Economic Indicators: Manufacturing Production & Capacity by Major Industries - pdf here
  • US Economic Indicators: Industrial Production - pdf here
  • SFSA Casteel Reporter – April 2022 - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • China-EU trade: commercial ties ‘hard to break’ despite disagreement over Ukraine war - more
  • How one job shop used social media to hire more skilled workers - more
  • Texas halts all Mexican truck inspections after border chaos - more
  • Report casts doubt on Chinese debt-trap threat to Kenya’s Mombasa port - more
  • Molybdenum, zinc, and nickel join the Copper Mark’s assurance framework - more
  • Scrap Market Report The Scrap Upheaval - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Friday, April 15

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.4961
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • IHS Weekly Pricing Pulse - more
  • U.S. Import and Export Price Indexes - pdf here
  • Manufacturers Sales - more
  • Producer Price Index: Externally Threaded Fasteners - more
  • Nickel Magazine Vol 37 No 1 2022 - pdf here
  • Canadian Mining Journal - online here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Here’s How China’s Lockdowns Are Rippling Through Economy - more
  • Fastenal Beats Estimates, Posts Sizable Gains in All Categories - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Thursday, April 14

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5009
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Producer Price Index - pdf here
  • Truck Tonnage Index - more
  • US DOT February 2022 Freight Transportation Services Index - more
  • Producer Price Index by Industry: Truck Transportation - more
  • Producer Price Index by Commodity: Steel Wire, Stainless Steel - more
  • Producer Price Index by Industry: Corrugated Shipping Containers- more
  • Producer Price Index by Commodity: Corrugated Paperboard - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • China trade: unexpected fall in imports amid coronavirus, Ukraine war raises alarm for export machine - more
  • With Shanghai at a standstill, supply chain problems are compounding - more
  • Truck Blockade at U.S.-Mexico Border Imperils $440 Billion Trade - more
  • China’s exports to Russia slump after Ukraine invasion - more
  • Wholesale Prices Surge 11.2% in March - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Wednesday, April 13

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5009
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • The State of Steel April 2022 - more
  • Consumer Price Index - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Tuesday, April 12

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.4988
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • The Commodities Feed: China Covid risks linger - pdf here
  • The Weekly JMP Report - more
  • Desjardin's Commodity Trends - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Interpipe resumes steel production in Dnipro, Nikopol and Novomoskovsk - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Monday, April 11

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.4780
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • United States Imports of Nickel - more
  • Recycling Today - online here
  • U.S. Economy in a Snapshot - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • World food prices hit record high over Ukraine war; risk of malnutrition, UN says - more
  • Congress Makes Russia a Pariah on Trade, Adds Pressure on Putin - more
  • US warns citizens traveling to China of risk of family separations and strict Covid-19 controls - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Friday, April 8

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.4780
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Weekly Pricing Pulse: Commodity prices up as supply concerns continue - more
  • Aton Commodity Monitor - pdf here
  • March 2022 Fastener Distributor Index - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Senate unanimously votes to suspend trade relations with Russia - more
  • Angst over steel tariffs continues to grow for metal manufacturing industries - more
  • Global diesel supply tightens as buyers turn Russian barrels away - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Thursday, April 7

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.4832
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Tamarack Nickel Project Presentation - pdf here
  • US Trade Numbers for stainless - more
  • US Trade Numbers for nickel - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • U.S. Supply Chain Pressures Soar to a Record, Index Shows - more
  • China’s European firms warn ‘on-off economy’, Covid lockdowns cloud business outlook - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Wednesday, April 6

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.4832
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Distributor's Link Magazine Spring 2022 - online here
  • U.S. Imports for Consumption of Steel Products Feb 2022 - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Survey: Indonesians’ view of China worsens compared with 11 years ago - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Tuesday, April 5

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.4816
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Global Economic Indicators: Global Manufacturing PMIs - pdf here
  • US Economic Indicators: Durable Goods Orders & Shipments - pdf here
  • Metalforming Magazine April 2022 - online here
  • Australian Resources and Energy Quarterly: March 2022 - more
  • How Bad Are Weather Disasters for Banks? - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more
  • The Warsaw Institute Review - pdf here

Monday, April 4

LME nickel prices  Daily Nickel/Stainless Steel Briefing

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.533
  • 304 SS Scrap Prices Local (updated bi-weekly) - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Friday, April 1 (April Fool's Day)

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5333
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Global Economic Indicators: Global Manufacturing PMIs - pdf here
  • US Economic Indicators: Industrial Production - pdf here
  • Moly Review - Issue 1 - 2022 - pdf here
  • ASSDA New Blog Entries - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Britain to maintain anti-dumping provisions on some Chinese, Russian steel - more
  • China-Australia relations: Canberra investing more on trade diversification in the face of Beijing’s ‘economic coercion’ - more
  • As Shanghai expands COVID lockdown, life on hold in city of 26 million - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here


March Archives


Chart temporarily down

Nickel Graph Temporarily Down

Chart temporarily down


Translate this page to French | German | Spanish | Italian | Portuguese | Chinese | Japanese | Korean | Russian


(all ton listings are metric tons = 2204.622 pounds ) Updated Monday thru Thursday before 7 am CST, Friday version before 8 am CST - Disclaimer Original 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.



Price of Nickel

Nickel Graph Temporarily Down

Daily Commodity Prices

Site Pages

2022
January February March
April May

2021
January February March
April May June July August
September October
November December

2020
January February March
April May June July August
September October
November December

2019 and prior