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
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)
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
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)
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
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
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
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)
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
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)
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
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)
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
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)
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
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)
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
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
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)
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
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
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
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
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)
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
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)
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
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)
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
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)
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
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)
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
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)
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
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
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
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
Economic Stats and Prices (posted in Friday edition)
Tuesday, April 4
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
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)
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
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
(all
ton listings are metric tons = 2204.622 pounds ) Updated Monday thru
Thursday before 7 am CST, Friday version before 8 am CST - DisclaimerOriginal content and opinions copyright
www.estainlesssteel.com. All prices shown on
this page are indications only. Please note - for real time and
official LME
prices, LME requires a user subscribe to an authorized LME vendor.
Daily Nickel/Stainless Steel Briefing 
($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.
Reports
Shanghai Metals Market
London Metals Market
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. - 
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. - 
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. - 
Other News
Слава Україні! - 
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. - 
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%. - 
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. - 
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. - 
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. - 
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. - 
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. - 
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. - 
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. - 
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. - 
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. - 
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 - 
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. - 
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. - 
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 -
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. - 
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. - 
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. - 
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. - 
