This page is archived news covering the period of April 2023
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Stainless Steel News and Nickel Prices



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Friday, April 28

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $10.91/lb ($24,060/tonne) Indicators at 6:40 am CST today show nickel trading around $.08/lb lower. Shanghai nickel closed higher at 182,320 y/t. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday, and started today's session just over the 39,900 tonne level. We believe this is the first time since November 2007 LME stockpiles have registered below the 40,000 tonne level.  Note the article below on the "massive supply glut" in nickel this year, and another forecast of a huge price drop in traded nickel in a separate article. And yesterday, seemingly in defiance, nickel rose and stockpiles fell at the London Metal Exchange. Disconnect? It's another day, another week, another month, with 1/3 of 2023 now in the bag. Our next update will be Tuesday, May 2nd, as most of the world, including England, is on holiday Monday for May Day. Stay safe out there, and enjoy your weekend, extended or not.
  • Average price of LME traded cash nickel so far this month - $10.78/lb

  Reports

  • Reuters metals morning - Copper nudges higher but remains set for monthly loss - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • Productivity and Costs by Industry: Manufacturing and Mining Industries - pdf here
  • US Economic Indicators: Industrial Production - pdf here
  • Mine Magazine May 2023 - 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 rebounds from near four-month low on China, strong dollar - Copper prices rebounded after slumping to their lowest in nearly four months on Thursday after U.S. economic data spurred gains in the dollar and investors worried about demand in top metals consumer China. - more

     Column: Nickel faces huge supply glut as Indonesian output booms - The nickel market is facing a massive supply glut this year as surging Indonesian production continues to outpace global demand. - more

    China's BTR sees nickel price falling two-thirds to $8,000 a tonne - BTR New Material Group sees the price of nickel falling by about two-thirds, an executive from the Chinese battery material supplier said, a prediction that if fulfilled, points to sharply lower battery costs that could benefit firms like Tesla. - more

     Chinese steel enterprises’ losses amount to RMB 4.84 billion in Q1 - In the January-March period this year, of the 41 industrial sectors in China, 10 witnessed year-on-year increases in gross profit, while 28 saw decreases in gross profit, though one shifted from profit to loss, and one posted a stable gross profit, as announced by China's National Bureau of Statistics (NBS) on April 27. - more

  • China's steel market expected to stabilize in Q2 - more
     2 dead in collapsed dump site at Indonesia nickel plant -  Two bodies have been recovered following the collapse of a nickel waste disposal site in Indonesia, in the latest of a series of deadly accidents at Chinese-owned nickel smelting plants on the Southeast Asian country’s Sulawesi island, officials said Friday. - more

   Other News

  • Complacency about cybersecurity should be a crime in manufacturing - more
  • China police question staff at US firm Bain & Company - more

  Economic Stats and Prices (posted in Friday edition)

  • 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

Thursday, April 27

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $10.70/lb ($23,590/tonne). Indicators at 6:00 am CST today show nickel trading around $.09/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and ended yesterday's session just over the 40,000 tonne level. Shanghai nickel ended slightly lower overnight, down to 179,420 tonne. LME warehouses totals are at their lowest level in many years, but the nervousness that this might have caused in past years, has yet to show itself.  You would be hard pressed to find someone who would claim we are in a deficit situation in the world this year, regardless of what LME stockpile numbers might be telling us. Lot of news below. China steel production remains soft, and the Philippines, with its on again, off again, love affair with nickel processors, is now loving them and wanting more to love them back. Could be a little jealous of how Indonesia went from being a slight factor in world nickel production to a world leader in just a few years. Speaking of Indonesia, they want a piece of the Inflation Reduction Act. Stay safe out there and have a great day! Two working days left in April.
  • Average price of LME traded cash nickel so far this month - $10.78/lb

  Reports

  • Reuters metals morning - Copper eases on tepid China demand, interest rate worries - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - 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 

    Wednesday's market review - Copper recovers on weaker dollar; global growth concerns cap gains - Copper prices in London rose on Wednesday as support from a weaker dollar helped to halt a five-session run of declines. - more

     China’s stainless steel imports, exports drop in Q1 y-o-y - According to statistics, China’s stainless steel imports amounted to around 461,000 tons in the first quarter of this year, dropping by 51.2% compared to the same period a year ago. - more

     Philippines to woo investors in nickel ore processing - minister - The Philippines is working to woo investment into its domestic nickel processing sector, the environment minister said on Thursday, as the resource-rich country looks to squeeze value out of its metals and minerals industry. - more
  • Philippines’ PGMC starts shipping nickel ore to China - more

     CISA: Finished steel prices in China rise in March, but start to soften - In March this year, finished steel prices in China indicated an overall uptrend, though steel prices started to shift to a soft trend, as announced by the China Iron and Steel Association (CISA). - more

  • China steel association urges steelmakers to cut output after price drops - more
  • Sluggish China steel demand drags iron ore lower - more

     Swedish steelmaker SSAB buoyed by smaller than expected profit fall - Swedish steelmaker SSAB reported a smaller than expected fall in first-quarter earnings on Wednesday, sending its shares up by more than 4%. - more

     Indonesia wants to sell nickel to the US, but first it should scrap its export bans - Indonesia has signaled its intention to negotiate a critical minerals trade deal with the United States. - more

   Other News

  • How Bed Bath & Beyond lost its suppliers’ trust — and doomed itself - more
  • Jobless young Chinese seek solace in temples, tale of failed scholar - more

  Economic Stats and Prices (posted in Friday edition)

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

Wednesday, April 26

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday's trading session at $10.56/lb ($23,275/tonne). Indicators at 6:00 am CST today show nickel trading around $.19/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today's session just over the 40,800 tonne level. Shanghai nickel closed lower overnight, at 179,570 y/t. LME nickel fell sharply yesterday, losing over $1000/tonne at one point, and is bouncing today, gaining back about half what it lost yesterday. This appears to be mostly due to the rebound in the Euro from yesterday's drop. The International Nickel Study Group reports that while demand for nickel will increase this year, an increase in supply will more than offset the new demand. Stay safe out there and enjoy your hump day!
  • Average price of LME traded cash nickel so far this month - $10.78/lb

  Reports

  • Reuters metals morning - Copper prices edge higher; demand concerns in China cap gains - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • Cliffs Q1 2023 Quarterly Results - 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 - Weak Chinese demand drags on industrial metals - Copper prices fell to their lowest in six weeks on Tuesday, pressured by weak Chinese demand, a stronger dollar and a sharp rise in inventories in the London Metal Exchange (LME) warehouse system. - more

    Nickel demand to increase to 3.13 mln T in 2023, supply to increase to 3.37 mln T - INSG - Global demand for nickel is expected to increase to 3.13 million tonnes in 2023 versus 2.96 million in 2022, the International Nickel Study Group (INSG) said on Tuesday.  - more

    Thyssenkrupp's new CEO faces impossible task: selling steel - Thyssenkrupp's incoming chief executive faces the same task his three predecessors failed to get done: divesting its 200-year-old steel business on which the iconic German conglomerate was built. - more

    Taiwan's stainless steel mills to announce new prices for May this week - Taiwan's leading stainless steel mills will announce the new prices for May this week. Due to weak demand, it is not easy for the mills to decide the new prices. - more

    Finland's Fortum begins battery material recovery from EV 'black mass' -  Finnish utility Fortum said on Tuesday it has begun recovering raw materials from the "black mass" of electric vehicle batteries at its new recycling facility in Finland. - more

    Courtesy AISI - In the week ending on April 22, 2023, domestic raw steel production was 1,700,000 net tons while the capability utilization rate was 75.6 percent. Production was 1,788,000 net tons in the week ending April 22, 2022 while the capability utilization then was 81.9 percent. - more

   Other News

  • America fails the civilization test - more
  • ArcelorMittal to restart burned-out blast furnace at Dunkirk at the end of May - more
  • Vietnam, Taiwan boost share of shipments to U.S. as China loses out - more
  • 3M to Lay Off 6,000 Workers - more

  Economic Stats and Prices (posted in Friday edition)

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

Tuesday, April 25

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Monday's trading session at $11.08/lb ($24,425/.tonne). Indicators at 6:00 am CST today show nickel trading around $.07/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today just over the 40,900 tonne level. Shanghai nickel rose overnight, up to 183,140 y/t. LME nickel traded quietly yesterday, ending only slightly lower. It's trading lower again this morning, but without much enthusiasm. Another forecast from March we overlooked posted below. U.S. stainless steel surcharges for May are updated here. China stainless steel prices rose, then retreated last week, with signals mixed on demand. And many LME brokers made lots of money last year, regardless of the freeze and cancelled trades last March. Well, isn't that special. And they said volatility doesn't pay. Stay safe out there and have a great Tuesday! 
  • Average price of LME traded cash nickel so far this month - $10.78/lb

  Reports

  • Reuters metals morning - Copper muted as traders weigh China demand, eye data before Fed meeting - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • The State of Steel April 2023 - 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 

    Monday's market review - China demand blues push copper prices to more than two-week low - Copper prices fell to more than a two-week low on Monday as the market focused on lackluster demand in top consumer China, while a softer dollar helped to cap losses. - more

     LME brokers see big gains in 2022 from volatility after nickel debacle - Most brokers and banks trading on the London Metal Exchange (LME) had a bumper year in 2022 in a highly-volatile market, but a provision by JP Morgan due to a nickel crisis weighed on its profits, according to results and industry sources. - more
  • Commodity prices forecast to be strong in 2023 - more

     SunSirs: Stainless Steel Rebounded from Low Levels This Week and Then Fell Back - According to the price monitoring of SunSirs, stainless steel rose first and then fell this week. - more

  • China’s stainless steel price up drives Asia's cold-rolled price to stabilize - more
     Indonesian projects to boost nickel supply - Indonesia emerged as a key player in the energy transition space after imposing an export ban on unprocessed nickel ore in 2020. - more

     Sherritt Reports Fatality at its Moa Joint Venture Mine - Sherritt International Corporation regrets to announce the death of an employee at the Moa Joint Venture mine due to a vehicle-related accident. - more

   Other News

  Economic Stats and Prices (posted in Friday edition)

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

Monday, April 24

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $11.09/lb ($24,450/tonne). Indicators at 6:00 am CST today show nickel trading around $.06/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started this week just under the 41,100 tonne level. Shanghai nickel closed lower overnight, at 181,900 y/t. Nickel is quiet for the most part this morning, after a roller coaster of a price ride last week. World steel production for March was up 1.7% compared to March 2022, but a year to date comparison shows steel production through March was down .1% compared to the same period last year. For the YTD comparison, only the Asia and Oceania region remains positive, with Europe leading the negative percentiles. And CME says it is not looking to compete with the LME in nickel contracts. This is a reversal of an earlier report. It's the beginning of the last week of the first third of the year. Stay safe out there and have a great Monday - and week!
  • Average price of LME traded cash nickel so far this month - $10.77/lb

  Reports

  • Reuters metals morning - China demand blues push copper to lowest in more than two weeks - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • ING Our global economic and financial forecasts - 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 on track for 2.6% weekly loss on global demand fears - Copper prices extended losses on Friday and were on track for a 2.6% weekly decline on concern over global economic growth and demand in China, the world’s biggest metals consumer. -  more

       March 2023 crude steel production - World crude steel production for the 63 countries reporting to the World Steel Association (worldsteel) was 165.1 million tonnes (Mt) in March 2023, a 1.7% increase compared to March 2022. - more

     CME Group not planning to launch nickel contract to rival LME - FT - CME Group Inc, the world's largest derivatives exchange, is not planning to launch a nickel contract to rival the London Metal Exchange (LME), Terry Duffy, chair and Chief Executive of the group, told the Financial Times on Monday. - more

     Taiwan's stainless steel finished wire imports in Mar hit second lowest monthly volume since last year - Affected by the weak demand, Taiwan's import volume of stainless steel finished wire was less than 450 tons in March, which was the second-lowest monthly volume since last year. - more

     Stainless Steel Sheet and Strip From the People's Republic of China: Final Scope Ruling and Final Affirmative Determination of Circumvention for Exports From the Socialist Republic of Vietnam; Correction - On March 29 and 30, 2023, the U.S. Department of Commerce (Commerce) inadvertently published duplicate copies of a Federal Register notice. This notice serves as a notification of, and correction to, this inadvertent duplicate publication. - pdf here

     Nickel Asia to open two more Philippine mines, eyes power unit IPO - Nickel Asia Corp, the Philippines' biggest nickel ore producer, expects to bring two more mines into production in three years and will assess the feasibility of building another processing plant, its chief executive said on Monday. - more

    Russia’s billionaires added $152b to their wealth over past year - Russia's richest people added $152 billion to their wealth over the past year, buoyed by high prices for natural resources and rebounding from the huge loss of fortunes they experienced just after the Ukraine war began, reports Reuters citing Forbes Russia. - more

   Other News

  • Czech metallurgical plant in Ostrava faces shutdown due to "difficulties in the market" - more

  Economic Stats and Prices (posted in Friday edition)

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

Friday, April 21

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $11.37/lb ($25,065/tonne). Indicators at 6:00 am CST today show nickel trading around $.18/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Thursday and started the last day of the trading week just over the 41,100 tonne level. Shanghai nickel fell overnight to 189,510 y/t, and effective next week, we will be doing our monthly switch to a different contract, which reads 185,200 today. LME nickel bears have apparently corralled the bulls, at least for the time being. Nickel is close to reaching the $24,500 tonne level - a point it freefell too and then bounced off of just two days ago. These thousand dollar swings, whether accomplished within a few hours or a few days, are giving stainless steel producers the proverbial 'upset stomach'. Very slow news day but we linked to what we found for you below. Stay safe out there and have a great weekend!
  • Average price of LME traded cash nickel so far this month - $10.74/lb

  Reports

  • Reuters metals morning - Copper set for weekly losses amid demand worries - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • US Economic Indicators: Durable Goods Orders & Shipments - pdf here
  • SFSA Casteel Reporter – April 2023 - 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 slips on interest rate, Chinese demand jitters - Copper prices fell on Thursday on uncertainty over further U.S. rate hikes and a sluggish recovery of demand in China, while zinc hit a five-month low after a ramp-up in inventories. - more

     Credit Suisse thinks nickel prices will tumble in 2023 - Credit Suisse expects nickel prices to subside over the forecast period as it forecasts a growing nickel surplus driven by Indonesian output. - more

     LME appoints Williamson as interim board chairman - The London Metal Exchange (LME) has appointed John Williamson, currently its non-executive director, as interim board chairman starting on April 28, the world's oldest exchange and largest market for industrial metals said on Friday.- more

   Tesla to feel commodity cost pain until second half of 2023 - A recent pullback in commodity prices will aid Tesla Inc's (TSLA.O) bruised margins only in the second half of the year, signalling more near-term pain for the electric-car maker which has been cutting prices to prop up sales. - more

  Economic Stats and Prices (posted in Friday edition)

  • 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

Thursday, April 20

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $11.62/lb ($25,628/tonne). Indicators at 6:00 am CST today show nickel trading around $.05/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today's session just over the 41,500 tonne levels. Shanghai nickel closed lower for a second session in the last three, down to 195,680 y/t. It is not exactly a typical day to see nickel traders drive the price of nickel down over $1000/tonne before lunch time in London, but it is even more unique to see that price recover all of the $1000 it had lost before closing time. If you need a clear definition of volatility, see Wednesday's trading. It was definitely a tale of two halves and while the bears owned the AM, the bulls returned in the PM. So far today, the market is far less volatile and the bulls are coasting. The INSG reported nickel was in surplus for the first two months of the year, while the EU announced it was extending anti dumping measures against one of its own on hot rolled coils of stainless steel. It's Thursday and we are on the downhill slide. Stay safe out there and have a great pre-Friday.
  • Average price of LME traded cash nickel so far this month - $10.67/lb

  Reports

  • Reuters metals morning - Copper falls after Fed policymaker signals more rate hikes - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - 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 falls as markets fret over interest rates - Copper prices fell on Wednesday as expectations of further interest rate rises turned investors cautious, pressuring growth-linked assets and boosting the dollar. - more

     Global nickel market in 20,800 tonne surplus in February - The global nickel market had a surplus of 20,800 tonnes in February, compared with a deficit of 1,700 tonnes in the same month last year, data from the International Nickel Study Group (INSG) showed on Wednesday. - more

     EU sets AD duty on stainless HRC from Turkey - The European Commission has announced that it has extended the antidumping measures on imports of stainless steel hot rolled coils (SSHR) from Indonesia to imports of SSHR from Turkey to protect EU producers of SSHR from unfair competition. - more

     China's Huayou seeks to build nickel ore processing plant in Philippines - sources - China's Zhejiang Huayou Cobalt Co Ltd is looking to build the Philippines' third nickel ore processing facility in partnership with a Philippine miner, two industry sources with knowledge of the proposal said on Wednesday. - more

   Other News

  • India's JSW Steel plans to sell specialty steel to Russia -company source - more
  • China sourcing tied to largest supply chain risks of 2023: report - more
  • Solar tariffs up to 254% risk return in Congress anti-China push - more

  Economic Stats and Prices (posted in Friday edition)

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

Wednesday, April 19

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday's trading session at $11.59/lb ($25,555/tonne). Indicators at 6:00 am CST today show nickel trading around $.34/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today just over the 21,700 tonne level. Shanghai nickel decided LME traders were not going to take its hint to pause yesterday and jumped to 195,910 y/t overnight. In fact, LME took the hint, but waited until today to start a correction. All metals are down as the Euro slumps against the US Dollar, with nickel falling back well below the $25,000 tonne level. Lot of news, and a couple were new to us. From a murdered journalist in Columbia who was investigating the Cerro Matoso nickel mine, to the United States once again getting its hands dirty in the now named Fenix nickel mine in Guatemala. A Chinese company wants to build a stainless steel plant in Vietnam, something we are and likely will see more of, as China continues to clamp down on pollution emitting factories. Sir Mick Davis wants to get back in the mining game and has money to spend. And more. Stay safe out there and enjoy your hump day!
  • Average price of LME traded cash nickel so far this month -

  Reports

  • Reuters metals morning - Copper subdued as Fed outlook weighs, tin retreats - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • Nickel Magazine - pdf here
  • China Industrial Production - chart 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 gains after strong Chinese growth data - Copper prices rose on Tuesday after data revealed faster-than-expected economic growth in top consumer China, while tin rose for a second day on concern over supply from Myanmar. - more

     worldsteel Short Range Outlook April 2023 - The World Steel Association (worldsteel) has today released its Short Range Outlook (SRO) steel demand forecast for 2023 and 2024. worldsteel forecasts that this year, demand will see a 2.3% rebound to reach 1,822.3 Mt. - more

      China’s crude steel output rises by 6.1 percent in Q1 - In the January-March period this year, China’s outputs of pig iron, crude steel and finished steel amounted to 219.83 million mt, 261.56 million mt and 332.59 million mt, increasing by 7.6 percent, 6.1 percent and 5.8 percent, respectively, year on year, as announced by China's National Bureau of Statistics (NBS). - more
  • Chinese cold-rolled & hot-rolled stainless steel prices modulate differently - more
      China’s Yongjin Metal to build new stainless steel plant in Vietnam - Yongjin Metal, a China-based stainless steel supplier, announced that it would invest US$125 million to build a precision stainless steel plant in Vietnam - more

      Mining Veteran Mick Davis Raises $590 Million for Metals Fund - Mining veteran Mick Davis’s investment firm raised $590 million as the dealmaker steps up his hunt for the metals needed for the energy transition. - more

      Exclusive: U.S. Role in Notorious Nickel Mine Deal Revealed - The U.S. government is supporting a Canadian company to acquire a controversial nickel mine in Guatemala, according to a memo obtained by Newsweek. - more

      Exclusive: Nickel mine in Colombia destroying biodiversity and health - Thirty media outlets in the Forbidden Stories consortium of investigative journalists, including FRANCE 24, are continuing the work of Colombian journalist Rafael Moreno, who was murdered in October 2022. - more

  • The Hidden Story of a Notorious Guatemalan Nickel Mine  - more

      Courtesy AISI - In the week ending on April 15, 2023, domestic raw steel production was 1,687,000 net tons while the capability utilization rate was 75.0 percent. Production was 1,788,000 net tons in the week ending April 15, 2022 while the capability utilization then was 81.9 percent.  - more

   Other News

  • Access to geopolitically-friendly critical elements supply chain vital for EV makers - more

  Economic Stats and Prices (posted in Friday edition)

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

Tuesday, April 18

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Monday's trading session at $11.17/lb ($24,635/tonne). Indicators at 6:00 am CST today show nickel trading around $.17/lb higher, and over the $25,000/tonne level. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today's session just over the 41,450 tonne level. Shanghai nickel fell overnight, down to 188,720 y/t. Nickel's run with the bulls has yet to slow, although the $25,000 tonne level could trigger a momentum shift .... or not. Shanghai traders are apparently wondering what this run is all about, as are many consumers, and their traded price retreated overnight. There is evidence presented below that the stainless steel industry globally is on the rebound, although indicators in China are mixed. Stay safe out there and have a great day!
  • Average price of LME traded cash nickel so far this month - $10.55/lb

  Reports

  • Reuters metals morning - Shanghai tin surges up to 10.5% on Myanmar supply threat - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - 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 - Tin jumps 10% on news of mining ban in major producer Myanmar - Tin prices soared on Monday to their highest in nearly two months as news of a mining ban in Myanmar, a major producer of the soldering metal, fueled worries about shortages. - more

    Nickel prices will likely head south despite a decline in inventories - The outlook for nickel prices is bearish despite its stocks on the London Metal Exchange (LME) dropping by over 40 per cent year-on-year to 43,000 tonnes as of April 4. - more

     Taiwan's stainless steel prices rise with prices rebound in China - Market participants pointed out that after two months of weak demand, many steel mills cut production and continued price-fixing, leading to a rebound in the market. - more

     Global stainless steel market warming up - Asian regions, including Taiwan, are now increasing stainless steel prices after China’s market has picked up, and this momentum will also expand to the European and North American markets. - more

     Iron ore drops as Chinese steel demand remains weak - Iron ore fell as investors took stock of weak steel demand in China and the reopening of a key export port in Australia. - more

  • China's steel margins pressured by higher output, slow demand recovery - more
  • China Has Sewn Up a Critical Metals Market - more

    Russia’s stainless steel imports up 84 percent in Mar from Feb - In March this year, Russia’s stainless steel imports totaled 39,940 mt, up by 84.0 percent compared to the previous month, according to Russia-based SpetsStal Association. - more

   Will we have enough nickel for our EVs in 2030? - Nickel demand is increasing with the shift to electric vehicles. Let’s take a look at what is happening with this commodity. - more

   Other News

  • The advantages of using stainless steel in bus structures. A study by supplier Outokumpu with Munich University - more
  • Only 10 electric vehicles qualify for full $7,500 US tax credit - more

  Economic Stats and Prices (posted in Friday edition)

  • 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

Monday, April 17

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $10.98/lb ($24,200/tonne). Indicators at 6:00 am CST today show nickel trading around $.31/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and started the week just under the 41,500 tonne level. Shanghai nickel rose overnight, up to 195,100 y/.t. US Dollar is a tad stronger this morning, but you wouldn't know it looking at nickel trading. Nickel is in a bull run and there is no use trying to understand why. LME announced they will get their day in court in late June to answer to lawsuits about their handling of the "March nickel debacle". It's a new week and new opportunities for success are out there for the taking. Stay safe and have a great week!
  • Average price of LME traded cash nickel so far this month - $10.48/lb

  Reports

  • Reuters metals morning - London copper inches higher on low inventories - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • US Economic Indicators: Industrial Production - pdf here
  • Producer Price Index by Industry: Truck Transportation - graph here
  • Producer Price Index by Commodity: Externally Threaded Fasteners - graph here
  • Producer Price Index by Industry: Corrugated and Solid Fiber Box Manufacturing - graph 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 prices retreat from 7-week high after dollar bounces - Copper prices in London reversed from a seven-week high on Friday, shrugging off support from tightening inventories as the U.S. dollar bounced and investors took the opportunity to lock in profits from the metal’s 2.6% weekly gain. - more

     LME volumes still subdued a year after nickel crisis: Andy Home - A year on from the nickel crisis the London Metal Exchange (LME) is still struggling to regain trading momentum. - more

     LME trial over nickel trading debacle set for June 20-22 - A lawsuit bought by Elliott Associates and Jane Street Global Trading against the London Metal Exchange (LME) for canceling nickel trades will to be heard in a London court on June 20-22, the LME said on its website. - more

     Race to the bottom for deep-sea minerals centers on tiny Nauru - Nauru is calling for the rapid electrification of the world's economy to stem climate-warming carbon emissions - a step that requires more minerals - more

  • Factbox: The main players in the push towards deep-sea mining - more

   Other News

  • Volkswagen to partner on Indonesia EV battery ecosystem -minister - more
  • Fastenal Sales Up 9% in First Three Months of 2023 - more
  • Climate change: Chinese scientists say ‘flash droughts’ are becoming the new normal - more
  • China vows not to sell arms to any party in Ukraine war - more
  • India, Russia in talks on free trade deal - more
  • Moscow's now selling more crude than it was before invading Ukraine - more

  Economic Stats and Prices (posted in Friday edition)

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

Friday, April 14

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $10.75/lb ($23,690/tonne). Indicators at 7:00 am CST today show nickel trading around $.33/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose slightly on Thursday and started today just over the 41,100 tonne level. Shanghai nickel joined the bullish run on the LME overnight, closing up at 185,250 y./t. LME nickel is on a tear this morning and we aren't sure if this is a case of short covering or if the bulls feel, after four straight days closing in the black, they have a momentum shift. Stay tuned. In the mean time, we have industry news below. Stay safe and have a great weekend!
  • Average price of LME traded cash nickel so far this month - $10.41/lb

  Reports

  • Reuters metals morning - Copper prices head for weekly gain, after touching 7-week high - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • February 2023 Freight Transportation Services 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 - Copper hits two-week high on strong Chinese data and weak dollar - Copper prices hit a two-week high on Thursday, buoyed by upbeat trade data from top metals consumer China and a weaker dollar after U.S. data raised hopes the Federal Reserve would halt interest rate hikes. - more

     SunSirs: No Real Increase in Demand for Stainless Steel - The latest price of stainless steel (4-12): 15400 RMB / ton, the market outlook is bullish. Analysis points: On the 12th, the current price of stainless steel futures rebounded from a low level, rising by about 3% in a single day. - more

  • China's stainless steel market rebounds - more
     JPMorgan drops, cuts credit to Indian metals clients - broker - JPMorgan Chase & Co has dropped or cut credit lines to a large number of Indian metals clients, sending them looking for new brokers, the head of Nanhua Financial UK told Reuters. - more

     BHP wins over shareholders of Australia's Oz Minerals in $6.4 billion deal - Top global miner BHP Group has won over Oz Minerals' shareholders as expected to go ahead with a A$9.6 billion ($6.4 billion) takeover of the Australian copper producer. - more

     Indonesia’s nickel boom tests Western green sensibilities - In a miserable year for initial public offerings, Indonesia’s capital is turning heads. The Jakarta Stock Exchange enjoyed record IPO volumes in the first quarter. - more

     Japan's Mitsubishi Corp looks to invest in nickel, lithium projects - Japanese trading house Mitsubishi Corp (8058.T) is looking to invest in nickel and lithium projects to meet growing demand for electric vehicle (EV) batteries, while boosting its copper output, the head of its metal operations said on Thursday. - more

   Other News

  • The most efficient and advanced stainless steel plant - more
  • Analysis: Race to the bottom for deep-sea minerals centers on tiny Nauru - more

  Economic Stats and Prices (posted in Friday edition)

  • 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

Thursday, April 13

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $10.70/lb ($23,590/tonne). Indicators at 6:00 am CST today show nickel trading around $.06/lb lower. Stockpiles of nickel stored in LME licensed wasrehouses fell on Wednesday and started today's session at the 41,100 tonne level. Shanghai nickel slipped overnight, down to 181,290 y/t. Nickel started lower yesterday, but ended higher, and this morning, we are starting lower again. Ending lower, we will see if Shanghai plays trend setter today, or has to play catchup tonight. After our first good news day in awhile, we are experiencing the boomerang effect this morning. Stay safe out there and have a great day!
  • Average price of LME traded cash nickel so far this month - $10.39/lb

  Reports

  • Reuters metals morning - Copper climbs on strong Chinese data and weak dollar - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - 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 rises after cooler than expected U.S. inflation data - Copper prices rose on Wednesday as lower than expected U.S. inflation numbers suggested interest rates there may not have to rise too much further. - more

     International partnerships critical to critical minerals - King - Federal Resources Minister Madeleine King has highlighted the importance of international partnerships, specifically those with Japan and the US, in developing Australia’s critical minerals industry. - more

   Other News

  • Chinese woman dies of H3N8, marking first known human fatality from bird flu strain - more
  • CDC Issues Warning as Two African Countries Fight Spread of Marburg Virus - more
  • How the Russia-Ukraine war is turning natural gas into the 'new oil' - more

  Economic Stats and Prices (posted in Friday edition)

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

Wednesday, April 12

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday's trading session at $10.687/lb ($23,550/tonne). Indicators at 6:00 am CST today show nickel trading around $.22/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today's session just over the 41,350 tonne level. Shanghai nickel closed higher overnight, up to 182,460 y/t. LME trading is giving up most of yesterday's gains and heading back to the apparently psychologically important $23,000 tonne level. Stainless prices continue to slide in China, although we hear export prices may be increasing. Ferrochrome there is down due to low stainless steel demand. A move by Global Commodiities could potentially 'corner the pricing market' for nickel, making LME pricing irrelevant. Article below. And the Fastener Distributor Index signals a slowing in manufacturing. Hey, we are just excited to be able to point you to some industry news. Stay safe out there and have a great  hump day!
  • Average price of LME traded cash nickel so far this month - $10.39/lb

  Reports

  • Reuters metals morning - Copper eases as supply, macro-economic pressure weigh - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • Fastener Distributor 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 - Copper firms, but China data weighs ahead of US inflation reading - Copper prices rose as the dollar softened on Tuesday, though Chinese data signaling weak economic activity capped gains ahead of U.S. inflation data that could yield clues to U.S. interest rates. - more

     Global Commodities' Indonesian nickel indices plan may be a game-changer - An exclusive deal that will lead to the development and marketing of indices for Indonesian nickel, signed by UK-based Global Commodities Holdings Limited (GCHL), could change the landscape for referencing nickel prices, industry sources say. - more

     China's ferrochrome oversupply due to low demand - Due to less demand shown by downstream users, China's ferrochrome production capacity faces oversupply, causing the fundamental support to become weak. - more

     How Indonesia Used Chinese Industrial Investments to Turn Nickel into the New Gold - China’s Belt and Road Initiative helped build an industrial complex in Indonesia—but contestations at the local and national levels compelled Chinese players to adapt to rapidly shifting Indonesian cross-currents. - more

     SunSirs: Stainless Steel Continued to Decline Slightly This Week (April 3-7) - According to the price monitoring of SunSirs, stainless steel continued to decline slightly this week. - more

     Courtesy AISI - In the week ending on April 8, 2023, domestic raw steel production was 1,675,000 net tons while the capability utilization rate was 74.4 percent. Production was 1,788,000 net tons in the week ending April 8, 2022 while the capability utilization then was 81.9 percent. - more

   Other News

  • Exclusive: General Motors moves deeper into mining with EnergyX lithium investment - more
  • IMF Lowered Global Economic Growth Forecast for 2023-2024, Warns of Further Impact from Banking Crisis - more

  Economic Stats and Prices (posted in Friday edition)

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

Tuesday, April 11

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Monday's trading session untraded and remained at Thursday's close of $10.32/lb ($22,755/tonne). Indicators at 6:00 am CST today show nickel trading around $.18/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose last Thursday and started this week's first session near the 42,150 tonne level. Shanghai nickel closed higher overnight, at 180,000 y/t. LME traders have returned to trading after an extended weekend and are apparently in a bullish mood; or they really want to hold onto the $23,000 tonne level. Time will tell. Fitch has lowered their forecast for nickel prices, while JJN reports nickel was the worst quarter one. And it looks like Taiwanese exports of stainless steel sheet and strip in coils to the US, are about to be hit with anti-dumping tariff's. Stay safe out there and have a great Tuesday.
  • Average price of LME traded cash nickel so far this month - $10.46/lb

  Reports

  • Reuters metals morning - Copper prices reach one-week high on US dollar weakness -  more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • Recycling Today Magazine - 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 

    Monday's market review -  N/A

    Fitch Solutions revises down 2023 nickel price forecast - Fitch Solutions is revising down its nickel price forecast for 2023 to $26,500/tonne from $30,000/t as global production volumes rise while the market remains in surplus, Kallanish notes. - more
  • JJN: Nickel Was The Worst-Performing LME Metal In Q1 - more

     Exclusive: China's Metals Output in March - (excerpt) Stainless steel mills cut production intensively in the month, sending NPI prices into a nosedive, which forced the NPI plants to reduce the production. - more

     US makes preliminary result of AD duty administrative review on stainless steel sheet and strip in coils from Taiwan - According to the preliminary results of the anti-dumping (AD) duty administrative review, the US Department of Commerce (USDOC) preliminarily determined that sales of stainless steel sheet and strip in coils from Taiwan have been made at less than normal value during the period of review, July 1, 2021, through June 30, 2022. - more

     China's huge steel capacity hampers the steel market, analysts expect more cuts - China will soon commission more than 200 million tons per year of new liquid steel smelting capacity through swaps. The NDRC is asking major Chinese steel mills for input on production cuts. - more

   Other News

  • LA, Long Beach Port Terminals Reopen as Dockworkers Return - more

  Economic Stats and Prices (posted in Friday edition)

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

Monday, April 10

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session untraded and remained at $10.32/lb ($22,755/tonne). LME markets remain closed on Monday as Londoner's celebrate the Easter holiday. Trading there will resume tomorrow. Overnight Shanghai nickel fell slightly, to 178,530 y/t. Stay safe out there and have a great Monday,
  • Average price of LME traded cash nickel so far this month - $10.46/lb

  Reports

  • Reuters metals morning - Shanghai copper marginally rises as stronger dollar caps gains - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - 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 - Shanghai copper set for weekly losses amid economic headwinds  -  Copper prices in Shanghai nudged up on Friday, amid quiet trading ahead of the U.S. non-farm payrolls report, but the metal was headed for a slight weekly loss under macro economic pressure. - more

    Credit Suisse analysts warn of lithium and nickel price slide due to oversupply - Credit Suisse analysts are betting on a price slide in so-called “future-facing” commodities such as lithium and nickel due to a major build up in batteries, which could see demand fall in the coming year. - more

     European buyers expect 1 million tonne HRC shortage due to ArcelorMittal fires - European steel buyers expect HRC supply to get increasingly tight in the summer months due to the recent fires at ArcelorMittal’s Spanish and French sites, sources told Fastmarkets on Tuesday April 4. - more

     Indonesia to propose limited free trade deal with US on critical minerals - Indonesia will propose a free trade agreement for some minerals shipped to the United States so that companies in the electric vehicle battery supply chain operating in the country can benefit from U.S. tax credits, a senior minister said on Monday. - more

     Los Angeles, Long Beach port terminals shut down due to labor issues - Several logistics providers are warning customers of missed truck appointments and other disruptions ahead of Easter weekend. - more

     Tesla to build Shanghai factory to make Megapack batteries, Xinhua reports -  Tesla Inc will build a factory in Shanghai to make the Megapack energy storage product, Chinese state media outlet Xinhua reported on Sunday. - more

   Other News


  Economic Stats and Prices (posted in Friday edition)

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

Friday, April 7

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $10.32/lb ($22,755/tonne). London markets are closed today and will be so again on Monday for Good Friday and Easter. Shanghai nickel jumped overnight, gaining back the 3% it lost the day prior. This is not a case of follow the leader as LME nickel only gained slightly in yesterday's trading. Another quiet day in the news department. Stay safe out there and enjoy your weekend!
  • Average price of LME traded cash nickel so far this month - $10.40/lb

  Reports

  • Reuters metals morning - Shanghai copper set for weekly losses amid economic headwinds - more
  • Refinitiv Inside Commodities - holiday
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - 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 steadies on optimism over China and technical buying - Copper prices ticked higher on Thursday, boosted by optimism over recovering demand in top metals consumer China as speculators acted on upbeat technical signals. - more

     Trafigura COO Wainwright to retire in 2024 - Trafigura’s long-serving Chief Operating Officer Mike Wainwright will retire next year, a company representative said. - more

     USA Imports/Exports Statistics for Nickel (here) Stainless Steel (here) - search your item in search bar

   Tesla to use iron-based batteries in Semi electric trucks and affordable electric car - Tesla Inc said it plans to expand the use of cheaper, iron-based batteries to a version of its Semi heavy electric trucks and an affordable electric vehicle. - more

   Other News

  • The China-brokered Saudi-Iran deal has big repercussions for the Middle East - and the U.S. - more
  • Melting permafrost may release industrial pollutants at Arctic sites: study  - more

  Economic Stats and Prices (posted in Friday edition)

  • 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

Thursday, April 6

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $10.29/lb ($22,675/tonne). Indicators at 6:00 am CST today show nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today just over the 42,000 tonne level. Shanghai nickel played catch up overnight and dropped to 173,350 y/t. Nickel is trading back below the $23,000 tonne level, and while it went this low a few times last month, it bounced when it got down to the $22,700/tonne area. We are now in that bounce area again, so time will tell. One of these days, we will have a lot of industry news to point you too, but that is not today. Stay safe out there and have a great Thursday!
  • Average price of LME traded cash nickel so far this month - $10.46/lb

  Reports

  • Reuters metals morning - Copper climbs on tightening inventory, recession fears cap gains - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - 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 rise supported by lower inventories - Copper prices in London rose on Wednesday due to support from lower inventories and despite continuing concerns about global economic growth and a stronger dollar. - more

     Nickel could average $US32,000 in years to come - While the nickel price has continued its downward trend towards $US20,000 per tonne (t) in recent weeks, the long-term outlook for the base metal is much brighter. - more

     Gupta seeks extension to challenge freezing order in Trafigura case - Prateek Gupta's lawyers are seeking an extension of a deadline to challenge a $625 million global freezing order imposed by a London Court on the Indian businessman and his firms until June, a spokesperson said on Wednesday. - more

   Elon Musk Makes Plea to Mine More Nickel - The production of electric vehicles (EVs) is near the forefront of the energy transition, and automaker Tesla is well aware of this. - more

   Other News

  • China Strikes Back at U.S. Chip Maker - more
  • February 2023 Trade Gap is $70.5 Billion - more

  Economic Stats and Prices (posted in Friday edition)

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

Wednesday, April 5

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday's trading session at $10.48/lb ($23,095/tonne). Indicators at 6:00 am CST today show nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and ended that session just below the 42,200 tonne level. China markets were closed overnight for their Qingming Festival. Not a lot of news out there so far today, so we leave you with what we found. Stay safe out there and have a great hump day!
  • Average price of LME traded cash nickel so far this month - $10.54/lb

  Reports

  • Reuters metals morning - Copper hits over 1-week low; China closed for holiday - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - closed
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • Cleveland Cliffs Investor Presentation - pdf here
  • 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 dragged down by global growth worries - Copper fell on Tuesday as weak U.S. economic data stoked concerns about the outlook for global growth and metals demand. - more

     Talon Metals anticipates Tesla contract this year - Talon Metals is seeking to secure the deal between the company and Tesla Motors. At a recent community meeting in Tamarack, Chief External Affairs Officer Todd Malan said Talon is “making good progress” with Tesla to sign a “definitive contract later this year.” - more

     Courtesy AISI - In the week ending on April 1, 2023, domestic raw steel production was 1,658,000 net tons while the capability utilization rate was 74.2 percent. Production was 1,721,000 net tons in the week ending April 1, 2022 while the capability utilization then was 79.1 percent.  - more

     Australia nickel miner Chalice in talks with automakers on minority stake - Chalice Mining Ltd  is in talks with parties including global automakers about taking a minority stake in the company as it develops its Julimar nickel discovery in Western Australia and potentially builds a chemicals plant, its CEO said. - more

     Strong El Nino May Hamper Indonesian Rupiah, Favours Chinese Yuan - In recent times, commodity prices have dropped substantially from the peaks seen during the pandemic. - more

   Other News

  • How Britain lost British Steel - more

  Economic Stats and Prices (posted in Friday edition)


Tuesday, April 4

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Monday's trading session at $10.59/lb ($23,340/tonne). Indicators at 6:00 am CST today show nickel trading around $.13/lb higher. Stockpiles of nickel stored in LME approved warehouses fell slightly on Monday and started today's session just over the 43,000 tonne level. Shanghai nickel appears to be back to following the LME leader and fell overnight to 176,860 y/t. Euro is climbing against the US Dollar, and this is helping commodity traders be bullish. Your average costs for the month of March, compared to February are as follows - Nickel - $10.56/lb down from $12.10/lb in February; Ferrochrome - $5.10/lb down from $5.25/lb; Molybdenum - $31.97/lb, down from $37.69/lb. WSA reports stainless steel melt production was down over 5% last year., while the IMOA reports molybdenum production was down 1% in 2022. The U.S. manufacturing PMI was down in March, while stainless steel futures stopped falling in China. And if that news isn't cheery enough for you, a deadly bacteria from India is spreading thru the U.S., but is nothing compared to the spread of a deadly fungus. With the corona"virus" still killing Americans, one might wonder what tomorrow holds. Well, we have some good news. The sun will come up tomorrow, and you will have to go to work. So stay safe out there and enjoy your Tuesday.
  • Average price of LME traded cash nickel so far this month - $10.69/lb

  Reports

  • Reuters metals morning - Base metals mixed as investors assess demand outlook, supply uncertainty - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • Global Economic Indicators: Global Manufacturing PMIs - 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 - Copper falls after oil price surge, weak Chinese factory data - Copper prices eased on Monday as higher oil prices stoked fears about inflation and higher interest rates in the United States and as manufacturing activity in top consumer China stalled. - more

  • The 'Devil's Metal' Vanishes, Precious Metals Shine And Energy Dims: Commodities Quarterly Wrap - more
      Will Stainless Steel Futures Prices Stop Plunging amid Massive Production Cuts? - Following the intensive production cuts of multiple stainless steel plants, another plant in east China, according to SMM survey, also suspended its production recently and planned to be closed for 10 days, affecting roughly 20,000 mt of 300-series stainless steel output. - more

       2022 Stainless steel melt shop production decreases by 5.2% to 55.3 million tons - The world stainless association has released figures for the full year of 2022 showing that stainless steel melt shop production decreased by 5.2% year–on–year to 55.3 million metric tons. - more

       Global molybdenum usage rises, while production falls in 2022 - Global production of molybdenum was at 577.8 million pounds in 2022, a fall of 1% from 581.4 million pounds in 2021, figures released by the International Molybdenum Association (IMOA) show. - more

     ISM reports that manufacturing output declines for fifth consecutive month in March - The report’s key metric, the PMI, at 46.3 (a reading of 50 or higher indicates growth), was down 1.4% compared to February, contracting, at a faster rate, for the fifth consecutive month. - more

     Stainless Steel Production in the country - This information was given by the Union Minister of State for Steel and Rural Development, Shri Faggan Singh Kulaste, in a written reply in the Rajya Sabha today. - more

     Australia critical mineral export revenue to match coal by 2028 - govt report - Revenue from Australia's exports of critical minerals like lithium and nickel will nearly equal the current second-biggest export earner coal by 2028 as the global energy transition gathers pace, the government said in an update of its five-year outlook. - more

   Other News

  • Drug-Resistant Bacteria Tied to Products Imported from India - more
  • Mincor Resources urges shareholders to back Wyloo's takeover offer - more
  • Nevada has the highest case count of Candida auris fungus in US - more
  • Former 'CHiPs' and 'Black Sheep Squadron' Actress Denise DuBarry Hay Dies at 63 from Rare Illness - more

  Economic Stats and Prices (posted in Friday edition)

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

Monday, April 3

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $10.77/lb ($23,750/tonne). Indicators at 6:00 am CST today show nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME licensed warehouse fell on Friday and started the new month just over the 43,050 tonne level. For the month, nickel stockpiles fell just a little over 1000 tonnes and we see that as basically unchanged. Shanghai nickel followed LME's Friday gain, and rose to 179,900 y/t overnight. Of the three PMI's we have updated (here), China and Europe are lower and Japan rose slightly. Only China remains above the 50 threshold. US will post later today. It's the start of a new month and quarter and full of opportunities and potentially, some new challenges. Stay safe out there and have a great week.
  • Average price of LME traded cash nickel so far this month - $10.57/lb (average March)

  Reports

  • Reuters metals morning - Dollar, weak China industrial activity pressure copper - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • University of Michigan: Consumer Sentiment - graph 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 

    Friday's market review - Copper chalks up second quarterly gain as China recovers - Copper prices edged lower on Friday but were still up about 7.5% over the first quarter as demand in top consumer China recovered from last year’s slump, with many analysts predicting further gains to come. - more

     London Metal Exchange aims at nickel market reboot: Andy Home - A year after the implosion of the London nickel market, the London Metal Exchange (LME) has unveiled its “Action Plan” for reviving the contract’s flagging fortunes. - more

     EU stainless sector facing reduced demand and prices - Hopes of a second quarter recovery in the European stainless steel market are fading. Stockists and distributors in the region report a weak demand outlook, following relatively low sales volumes in the first three months of 2023. - more

     China’s steel sector PMI decreases in Mar - In March this year, the purchasing managers index (PMI) for the Chinese steel sector was at 48.4 percent, down 1.7 percentage points compared to February this year .... - more

     Jefferies Group Adjusts Base Metals Price Forecast for 2023 - (excerpt) Jefferies raised its 2023 nickel price forecast to $9.89 per pound from $9.81 per pound. - more

     Australia, China still keen on resuming trade and investment after diplomatic thaw: mining tycoon - There have been many ‘expressions of interest’ by Chinese businesses to work with Australia, mining billionaire Andrew Forrest says at Boao Forum - more

   Other News

  • The critical role of China in the global energy transition - more
  • Blog: Megatrends and their impact on the global steel industry - more
  • 3 years later: How COVID-19 exposed the vulnerability of suppliers and workers to the power of big buyers - more
  • Indonesia lowers VAT on electric vehicles to 1% - more
  • Wyloo won't increase Mincor bid - more

  Economic Stats and Prices (posted in Friday edition)

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


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(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.



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