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Friday, August 29
US
markets are closed on Monday for the Labor Day holiday. Our next update will
be on Tuesday. Have a safe and relaxing weekend.
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Dow Jones is reporting three month nickel closed Thursday's trading session
at $8.48/lb
. Indicators
at 6:40 am CST today show 3 month nickel trading around $.05/lb
lower but recovering
at the moment, with other London traded base metals trading mostly higher.
Stockpiles of nickel stored in LME approved warehouses rose yet again on
Thursday and warehouses reported 329,136 tonnes to end the month. That's
again of 13,338 tonnes for August 2014. That compares to a gain of 9,042
tonnes in August 2013, and a monthly gain of 3,996 tonnes in August 2012.
Technically, the trend over the last three days of trading has been weak,
but over the last 24 hours of trading, we have seen a triple bottom, which
nickel is now bouncing off of. We put strong support at $7.84/lb and resistance
at $8.55/lb. Geopolitical tensions are back in the headlines, with a new
Russian incursion into Ukraine. In the short term, the reaction on metals
has been limited. In the long term, this could offer further support to nickel,
since many fear that new sanctions against Russia could include nickel imports
from Russia, or Putin could limit exports of nickel from his country
in a counter reaction to new sanctions. You had no idea that stainless steel
could be so complicated, did you? Have we mentioned how electricity shortages
in South Africa affect ferrochrome, and eventually, your stainless? That's
more of a summer problem for them, and its winter there, so we will save
that for a later date. Enjoy your weekend. Monday starts a new week and a
new month.
Average price of cash nickel so far this month - $8.43/lb
Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb
/ avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
China may lose position as copper price driver -
more
Commodities trading the latest move by Shanghai to talk up free trade zone
-
more
Hudson Bay trip a highlight of latest Ice Road Truckers season -
more
Goldman Sachs
sees nickel price rally continuing into 2015 - US investment bank Goldman
Sachs said the refined nickel market has shifted from a major surplus in
2013 to a much smaller surplus in 2014, according to a research note Thursday,
adding that prices are likely to continue to rally into 2015. -
more
Base metals
roundup: Zinc and nickel poised to move dramatically higher in 2015 - Scotiabank
commodities specialist Patricia Mohr says a cyclical recovery in zinc and
nickel is underway, leading to dramatically higher prices in 2015. (See below
for information about specific zinc and nickel stocks). -
more
BIR Stainless
Steel World Mirror August 2014 - Global: The following article is based on
the latest Stainless Steel & Special Alloys World Mirror produced by
the BIR world recycling organisation for the benefit of its members. -
more
Nickel
gains mass production - One third of global, produce of Nickel disappeared
in just a few days. Nickel prices rose so suddenly, when the investor’s
hoped a sudden decline. Even so, Chinese Nickel Pig Iron (NPI) has been stocking
the metal.-
more
Zimbabwe:
BNC Seeks National Project Status Nod - Bindura Nickel Corporation has approached
Government with a request for its smelter restart project to be granted national
project status. -
more
Bindura Nickel to restart smelter, refinery - Bindura Nickel Corporation
(BNC) says the setting-up of a smelter is imminent as the mining firm is
now in advanced talks with government to attain permission for the restart
of the plant. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Thursday, August 28
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Dow Jones is reporting three month nickel closed Wednesday's trading session
at $8.56/lb
. Indicators
at 6:40 am CST today show 3 month nickel trading around $.04/lb
lower, with other
London traded base metals trading mixed and quieter. Stockpiles of nickel
stored in LME licenses warehouses rose to another record high on Wednesday,
and now totals 326,922 tonnes. Our persistent teasing about the 'chicken
little' 'doom and gloom' forecasts of nickel shortages in the face of constantly
rising and record breaking stockpiles, appears to be gaining company from
a few of the metals analysts themselves these days. We have been wanting
to publish some numbers, and now that a few experts are confirming that our
suspicions aren't completely daft, here is what we came up with for your
consideration, obtained from SMM and LME past statistics. SMM reports that
China's pig iron production, during the month of July 2014, was equivalent
to 36,000 tonnes of nickel, compared to 34,000 tonnes during the same month
last year. So China produced more nickel from laterite ore in July of this
year, than last, when there was no ban on ore exports from China's number
one supplier, Indonesia. With none coming in from Indonesia these days, one
might expect the stockpiles of nickel ore in China to be dropping quickly.
In fact, according to the SMM website, nickel ore inventories at the five
major ports rose from 14.14 million tonnes, reported on June 30th of this
year, to 14.72 million tonnes on August 1st. What? How is this possible?
And while this was going on in China, LME stockpiles rose from 305,256 on
July 1st to 317,628 tonnes, as reported on August 1st. Buckle up people -
shortages are a' coming ..... someday. Wish more of the experts would start
talking about the cyclical nature of supply and demand for commodities and
in particular, nickel. Everyone wants to talk about Indonesia's ban on nickel
ore and its potential effect on pig nickel production, but we don't hear
anyone talking about all the new nickel mines that have started producing
over the last few years. They were called 'mega mines' when we didn't have
300,000+ tonnes of nickel sitting around. Now that we do, it's like they
don't exist. We don't hear names like Ravensthorpe, Goro, Ramu, or Ambatovy,
unless they break down, or the natives get restless. These mines weren't
producing nickel a few years ago and one might think, they still don't, with
as much as they are mentioned by the experts these days. Will the Indonesia
ban have an effect? In our opinion, yes, eventually. Will it produce the
serious shortages that some are predicting? Very doubtful. It's called boom
and bust and right now, we are in a boom time for production of nickel,
compliments of 2007 when we were in a bust (using more nickel than we could
produce) - and while the Indonesia ore ban is throwing a cog into the
wheel, it is by no means, shutting down the boom times yet. Heck, even
the Fenix mine in Guatemala started producing nickel this year. Fenix! They
haven't produced nickel there in 30 years. So while we expect the Indonesia ore ban to have an effect someday, and this is the slow period for stainless steel production in China, much of what we are hearing is being said to pump up the price, and traders love a could scare to trade on.
Average price of cash nickel so far this month - $8.43/lb
Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb
/ avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(SSY) The Chinese domestic price for hot rolled band fell by $7/t at the
end of August to $445/t, its lowest price since early November 2009, the
latest World Steel Dynamics€™ Steelbenchmarker shows. The Western
European HRB price also declined sharply, falling $8/t to $568/t, while the
US price was down $3/t at $746/t.
Scotiabank
foresees dramatic rise in Zinc and Nickel prices - As per the latest analyst
report from Scotiabank, the cyclical recovery in base metal sector is likely
to result in dramatic rise in zinc and nickel prices over the next two years.
-
more
Who Is Getting Rich From Nickel's Wild Ride? - “It is a curious
situation,” says Stephen Briggs, BNP Paribas’ wise man of metals,
from his perch observing the London Metals Exchange. -
more
US judge
rules LME out of case as 'organ' of British government - A judge has dismissed
London Metal Exchange as a defendant from US antitrust litigation accusing
banks and commodity companies of conspiring to drive up aluminium prices
by restricting supply, hurting manufacturers and purchasers. -
more
Dominican Republic lawmakers back park in area where Canadian company seeks
to mine - Lawmakers in the Dominican Republic approved a plan Wednesday to
create a national park in an area where a Canadian company has sought to
expand mining operations. -
more
U.S. needs
more domestic mining - To get an idea of how dependent America is on imported
minerals and metals for modern technology, I pointed out nearly a year ago
how important rare-earth elements were to our country and noted that we were
100 percent dependent on imports with China controlling 96 percent of the
world market. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Wednesday, August 27
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Dow Jones is reporting three month nickel closed Tuesday's trading session
at $8.59/lb. Indicators at
6:40 am CST today show 3 month nickel trading around $.07/lb
lower, with other
London traded base metals trading mixed and quietly. Stockpiles of nickel
stored in LME licensed warehouses rose to anther record high on Tuesday and
now total 326,446 tonnes. Nickel continues to trade rangebound, up yesterday,
and back down today. Nothing in the headlines this morning to give the market
a nudge, although a lower Euro is adding negative pressure.
Average price of cash nickel so far this month - $8.43/lb
Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb
/ avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(AM) Chinese refined nickel and nickel alloy imports up by 57.34% MOM in
July
(Yieh) According to data released by China Customs, the country’s imports
of high carbon ferrochrome totaled 137,531 tons in July, increasing by 24.6%
year on year.
(SSY) China's daily crude steel output rose to 2.335 Mt in the period 11-20
August, according to data from the China Iron and Steel Association reported
by CUsteel. This is up from 2.325 Mt in the preceding 10 days and compares
with 2.118 Mt for the same period in 2013.
Chinese puzzle: steel output up but coal supply down -
more
Citrine Predicts
Nickel, Zinc Deficits - Commodities hedge fund Citrine Capital Management
hopes to profit from a shortage of nickel and zinc next year. -
more
Glencore,
Chinese in talks for Nickel West - Two front-runners have emerged in the
contest for Nickel West, with vendor BHP Billiton in advanced talks with
China's largest nickel refiner Jinchuan Group and commodities trading giant
Glencore.-
more
Making
the most out of metal - Founded well before recycling was a concept,
Italy’s Metal Group has grown to be one the leading players in the recovery
and re-use of scrap metal. -
more
Talks
urged ahead of New Caledonia summit - The new French High Commissioner to
New Caledonia says there should be discussions in the territory before the
signatories of the Noumea Accord meet in Paris in October. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Tuesday, August 26
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Dow Jones is reporting three month nickel closed Friday's trading session
at $8.50/lb
. Indicators
at 6:40 am CST today show 3 month nickel trading around $.05/lb
higher, with other
London traded base metals trading mostly higher, but fading. Stockpiles of
nickel stored in LME licenses warehouses rose to another record high over
the weekend, and now total 326,220 tonnes. One year ago today, stockpiles
in LME warehouses totaled 210,060 tonnes. Last weeks break outside the high
side of the trading triangle has yet to do anything to the market except
potentially add a sliding support level. The technical signal was positive,
but a new rally has yet to take place, and momentum is fading. The market
has traded sideways so long, that the 10, 30 and 100 day moving averages
are within $100/tonne of one another and on course to merge.
Average price of cash nickel so far this month - $8.42/lb
Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb
/ avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(SSY) Chinese imports of bauxite, alumina, steel scrap, fertilizer and wood
pulp, together with nickel, manganese, copper and chromium ores, totalled
14.4 Mt in July, the highest total since January 2014 when Indonesia introduced
a ban on the export of unprocessed mineral ores. Bauxite imports from India
were 0.9 Mt in July, the highest since July 2013, although total bauxite
imports were still around half the level they were a year ago. Nickel ore
imports from the Philippines also had a strong month, rising 27% year-on-year
to 5.0 Mt.
(SSY) Of the 82.5 Mt or iron ore imported into China in July some 50.4 Mt
of iron ore was shipped from Australia, up 33% year-on-year and an all-time
high, according to data from China Customs. Cargoes from Sierra Leone, Liberia
and Mauritania combined also increased sharply, rising 33% to 2.8 Mt. Imports
from Brazil and South Africa rose slightly, to 14.1 Mt and 4.3 Mt, up 7%
and 3%, respectively, while those from Canada dropped by 24% to 0.9 Mt.
(AM) Chinese nickel ore/concentrate imports up by 38.65% MOM in July
(AM) China's exports of stainless steel up by 12.6% m-o-m in July
Macquarie forecasts nickel to reach $25,000/tonne in 2015
Iron Ore Risks Extending Drop to Lowest Since 2009 -
more
El Nino Seen Delayed to End of Year as Australia Stays on Watch -
more
Little change in the tropical Pacific Ocean -
more
Taiwan’s Fastener Export to the US Grows Sharply -
more
Hedge fund
Citrine Picks Nickel as Best Base Metal Wager - Zinc and nickel will probably
lead advances in base metals next year as global demand outstrips production,
according to Paul Crone, chief investment officer at Citrine Capital Management
LLC. Futures climbed. -
more
Twin Metals
announces lay-offs - Ely-based Twin Metals Minnesota announced Monday they
will trim their workforce by 16 positions. -
more
Courtesy AISI
- In the week ending August 23, 2014, domestic raw steel production was 1,932,000
net tons while the capability utilization rate was 80.3 percent. Production
was 1,858,000 net tons in the week ending August 23, 2013, while the capability
utilization then was 77.6 percent. The current week production represents
a 4.0 percent increase from the same period in the previous year. Production
for the week ending August 23, 2014 is up 0.7 percent from the previous week
ending August 16, 2014 when production was 1,919,000 net tons and the rate
of capability utilization was 79.8 percent.
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Monday, August 25
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Dow Jones is reporting three month nickel closed Thursday's trading session
at $8.56/lb
. The
London Metal Exchange is closed today for England's Summer Bank Holiday.
Stockpiles of nickel stored in LME licensed warehouses rose to another record
high Friday, totaling 325,788 tonnes on Thursday. Nickel did very little
on Friday, as traders prepared for an extended weekend.
Average price of cash nickel so far this month - $8.42/lb
Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb
/ avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(SMM) Nickel ore inventories at China’s five major ports totaled 14.91
million tonnes last week, down 290,000 tonnes on a weekly basis, Shanghai
Metals Market data shows.
(smh) The global nickel market had a 1800 tonne surplus in June in contrast
to a 3300 tonne deficit the month earlier.
(MF) Baosteel Stainless hikes stainless HRC prices for September
Iron ore price slips nearer to $US90 a tonne threshold -
more
Rising nickel stocks keep bull story under wraps: Andy Home - For a
market supposedly facing an imminent and dramatic supply shortfall, there
sure is a lot of nickel around. -
more
Emissions
from Russia’s nickel industry increases - Sulphur dioxide pollution
significantly up from Kola GMK’s smelters in Nikel and Monchegorsk.
Norwegians measure more heavy metals in freshwater fish near the border.
-
more
North American
Stainless Press Release - Effective with shipments October 1, 2014, North
American Stainless will increase prices for Cold Roll grades in 200, 300,
and 430 series. This will be achieved by reducing the functional discount
by 2% points and the applicable polish discounts by 10% for Standard # 4
finish and 20% for Appliance finish.
LME Ni
Inventory Exceeds 320,000 Tons and Still Increases = Currently 324,984 tons,
and increasing trend in designated warehouses in Asian region continues =
LME nickel inventory made a record of 324,984 tons at the time of trade closing
on August 15 (= at the time of trade opening on August 18), and updated an
all-time high record. -
more
Higher
nickel prices boost Western Areas profit - Improved nickel prices have resulted
in ASX-listed Western Areas reporting a significant increase in sales revenue
and profit for the 2014 financial year ended June, compared with the 2013
financial year. -
more
China's crude
steel output to reach 830 million tonnes in 2014 - CISA - Mr Wang Xiaoqi
vice chairman of the China Iron and Steel Association said that in the first
seven months of the current year China's average daily crude steel output
exceeded 2.2 million tonnes and so China's overall crude steel output in
the current year is expected to reach 830 million tonnes. -
more
Nunavik
mine site turbine ready to catch wind - The construction of Nunavik’s
newest and possibly tallest structure is complete — a hulking 120-metre
(393 foot) high wind turbine, with blades extending 40 metres from the
turbine’s centre. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Thursday, August 21
We
will be traveling on Friday and our next update will be Monday morning. Have
a safe and relaxing weekend.
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Dow Jones is reporting three month nickel closed Wednesday's trading session
at $8.60/lb
. Indicators
at 6:40 am CST today show 3 month nickel trading around $.03/lb
lower, with other
London traded base metals trading lower as well. Stockpiles of nickel stored
in LME approved warehouses fell on Wednesday and now total just over the
324700 tonne level. It is worth noting this is the first 3 day stretch where
a new record high has not been set since min July, when we began setting
all time record highs nearly every day. Yesterday, we mentioned the technical
triangle that was forming. Later in the day, nickel rose above and closed
outside that triangle. This morning, trading has so far been choppy, with
the triangle appearing to act as support. This could mean one of two things.
Either the technical signal is actually working and a second close above
could mean higher prices in the days ahead. Or, traders are trying to keep
nickel above the triangle more out of desperation, than reality. We have
seen this happen before during this bull market and it tends to cost the
bulls some profits when it fails. So once again, the market gives us the
would of, could of, should of scenario that makes trading a gamble. And once
again, buyers of nickel grow ulcers. We are on the road tomorrow, so our
next update will be on Monday.
Average price of cash nickel so far this month - $8.41/lb
Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb
/ avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
U.S. Fastener Trade in H1 2014 Shows Dual Growth -
more
Molybdenum production and use fall slightly - Global use of molybdenum in
the first quarter of 2014 decreased to 136.1 million pounds, down 2% from
138.2 million pounds in the previous quarter but 7% higher than the same
quarter in 2013, figures released today by the International Molybdenum
Association (IMOA) show. -
more
China's Trade
of Molybdenum in Jan-Jun 2014 = As compared with year-earlier period, export
is up by 92% and import is up by 77%= According to the calculation to figure
out volumes in pure Mo equivalent based on China's customs statistics, the
export volume in the period from January to June in 2014 was 8.8909 million
lbs (up by 91.7% from the year-earlier period) and the import volume was
9.8738 million lbs (up by 68.8% ditto). -
more
Snub
adds to Nickel West stress - The decision to leave Nickel West out of BHP
Billiton's second-tier asset spin-off makes it even more critical for the
business to secure offtake deals with Western Areas or Sirius Resources,
according to Deutsche Bank analysts. -
more
China
says Australian tycoon's attack 'irrational and absurd' - China's foreign
ministry has condemned a verbal attack by Australian mining mogul and politician
Clive Palmer as irrational and absurd, after the businessman described China's
government as "bastards" who shoot their own people. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Wednesday, August 20
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Dow Jones is reporting three month nickel closed Tuesday's trading session
at $8.46/lb
. Indicators
at 6:50 am CST today show 3 month nickel trading around $.10/lb
higher, with other
London traded base metals trading higher as well. Stockpiles of nickel stored
in LME licensed warehouses rose on Tuesday, and now totals just over the
324,800 tonne level, shy of a new record. Three month nickel is trading above
the 10 and 100 day moving averages again, negating yesterday's negative signal.
We are also seeing some evidence of a trading triangle forming, with recent
trading highs and lows gradually growing tighter. For traders and consumers
alike, a triangle can potentially mean a major move up or down, depending
on which side of the triangle the market moves. Right now, today's trading
is staying within the triangle and testing the high side. Triangles are common
in rangebound markets, and like any other technical signal, it can potentially
mean a lot - or little, depending on the mood of the market. And while some
like Norilsk Nickel would like us all to believe nickel is trading too cheap,
the market is nervous about when the deficit in the nickel market will actually
happen.
Average price of cash nickel so far this month - $8.40/lb
Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb
/ avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(SSY) According to data from the China Iron and Steel Association, reported
by Reuters, Chinese daily crude steel output for 1-10 August 2014 was 2.325
Mt, up from 2.269 Mt in the last 10 days of July.
China Port Seen as Economic Barometer Plans Cargo Record -
more
No production
cut by large steelmakers in China - CISA - According to data from the China
Iron and Steel Association, daily crude steel output from China's large steel
mills rebounded 3.6% in the first 10 days of August to 1.812 million tonnes
adding to concerns about oversupply. -
more
China Molybdenum
looks for more overseas mining acquisitions - China Molybdenum, the mainland's
biggest producer of the metal, is seeking more acquisitions after the success
of its US$820 million purchase of a Rio Tinto Group copper mine in Australia.
-
more
Glencore
Starts $1 Billion Buyback as CEO Says Boom Isn’t Over - Glencore Plc’s
billionaire Chief Executive Officer, Ivan Glasenberg, underscored his belief
in the longevity of the global commodities boom by beating his biggest rivals
in handing out surplus cash to investors. -
more
Reliance
on cost-cutting the real BHP story: Clyde Russell - BHP Billiton's plans
to spin-off unwanted assets may have received a tepid welcome from investors,
but the real news from the mining giant's results is the limits to cost-cutting.
-
more
BHP Billiton to create a new company to simplify operations -
more
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Tuesday, August 19
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Dow Jones is reporting three month nickel closed Monday's trading session
at $8.39/lb
. Indicators
at 6:40 am CST today show 3 month nickel trading around $.05/lb
higher, with other
London traded base metals trading higher as well. Stockpiles of nickel stored
in LME approved warehouses fell for only the the third time this month, and
now total just over the 325,650 tonne level. Three month nickel closed below
its 100 day moving average yesterday for the first time since February, and
is trading below that level today. This could potentially send the market
a negative signal, as the 10, 30 and 100 day moving averages look too potentially
merge in the near future. The short term trend remains sideways for now,
while the long term trend remains positive.
Average price of cash nickel so far this month - $8.40/lb
Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb
/ avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(SSY) US industrial production rose by 5.0% year-on-year in July 2014, according
to data from the US Federal Reserve. This is the largest increase since April
2012.
(SSY) Year-on-year GDP growth in the Eurozone and the EU in the 2q14 as a
whole both slowed by 0.2 percentage points from the annual growth rate of
the 1q, to 0.7% and 1.2%, respectively, according to data from Eurostat.
CWT Commodities considers legal action amid Qingdao port probe -
more
Anixter International Leadership Selling Stock
- more
Chart of the
day: Prepare for a pullback in mainland metals and mining stocks - Asian
equity markets have all but closed the sentiment gap with mainland stocks
over the past month, suggesting stiffening headwinds in coming weeks after
weeks of strong capital inflows. -
more
WTO Rules
China's Export Restriction on Mo, W & Rare Earth as Violation = Removal
of export duty from 2015 becomes more likely = On August 7, the WTO Appellate
Body released its report that it ruled the export restriction on molybdenum,
tungsten and rare earths implemented by China as violation. -
more
BHP Discards
Poised to Become Mining’s Biggest Spinoff - BHP Billiton Ltd. (BHP)
announced what’s poised to be the biggest spinoff in the mining industry,
separating aluminum, coal and silver assets to create a company valued at
about $15 billion after it begins trading next year. -
more
BHP Billiton lifts annual profit to $US13.83 billion, confirms spin-off -
BHP Billiton has posted a strong lift in annual profit, at it announced the
spin-off of its nickel and manganese assets to focus on iron ore, petroleum,
copper and coal. -
more
Courtesy AISI
- In the week ending August 16, 2014, domestic raw steel production was 1,919,000
net tons while the capability utilization rate was 79.8 percent. Production
was 1,858,000 net tons in the week ending August 16, 2013, while the capability
utilization then was 77.6 percent. The current week production represents
a 3.3 percent increase from the same period in the previous year. Production
for the week ending August 16, 2014 is up 1.2 percent from the previous week
ending August 9, 2014 when production was 1,896,000 net tons and the rate
of capability utilization was 78.8 percent.
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Monday, August 18
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Dow Jones is reporting three month nickel closed Friday's trading session
at $8.47/lb. Indicators at
6:40 am CST today show 3 month nickel trading around $.06/lb
lower, with other
London traded base metals tradng mostly lower as well. Stockpiles of nickel
stored in LME licensed warehouses rose to another all time record high on
Friday, and now total 324,984 tonnes. Stockpiles have set records on every
businss day this month so far, less two. SMM reports nickel ore stockpiles
at five major ports rose over the last week. Nickel continues to trade
rangebound, as it has all month. For all practical purposes, nickel has traded
mostly between $8.34/lb and $8.57/lb since the end of July.
Average price of cash nickel so far this month - $8.41/lb
Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb
/ avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(SMM) Inbound shipments of nickel ore to the Port of Guangdong were 255,000
tonnes, valued 190 million yuan, during the first six months of 2014, down
91.2% from a year ago, China Customs Statistics reported.
(SMM) Nickel ore inventories at China’s five major ports increased to
15.20 million tonnes last week, up by 200,000 tonnes, Shanghai Metals Market
data showed.
Standard Bank writes off US$80m for Qingdao metal financing exposure -
more
Metal prices
to continue to decline near-term - Commerzbank - Over the past few days,
base metal prices have declined somewhat and according to Barbara Lambrecht,
analyst at Commerzbank, this correction looks set to continue in the near
term, even though the trend of supply and demand argues for higher prices.
-
more
BHP set
to jettison assets as miner sharpens focus - BHP Billiton is set to unwind
what's left of its 2001 merger with South Africa's Billiton on Tuesday, bundling
the remaining assets into a new company to be handed to shareholders so it
can focus on its core businesses. -
more
BHP Billiton sets scene for mining disposals as commodity boom ends -
more
Top Myths
About Stainless Steel - Stainless steel is a family of engineering materials
that is widely used in industry. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Friday, August 15
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Dow Jones reports three month nickel closed Thursday's trading session at
$8.44/lb. Indicators
at 6:30 am CST today show 3 month nickel trading around $.04/lb
higher, with other
London traded base metals trading slightly higher as well. Stockpiles of
nickel stored in LME licensed warehouses continue to break records on a daily
basis, and after a nearly 2000 tonne gain on Thursday, your new all time
record high is 322,728 tonnes. European GDP numbers were horrible yesterday,
showing no improvement during the last quarter. In typical fashion, bad economic
news might just be so bad that its good for the markets, as more stimulus
measures will now be discussed. Stimulus measures, while doing little to
improve the overall economic picture, have successfully enriched those savvy
enough, and wealthy enough, to play the markets. US economic reports today
should prove more favorable, and while traders were disappointed in Chinese
GDP numbers earlier this week, their 9% growth rate is the envy of the world.
Nickel stockpiles continue to grow, as nickel miners push as much nickel
into the market as they can, taking advantage of higher prices. The market
remains in a surplus situation but traders continue to bet on the coning
deficit market. When will it arrive - weeks, months, years? Or will it ever
truly materialize? That is the bet keeping the nickel market jumping these
days. Have a safe and restful weekend!
Average price of cash nickel so far this month -$8.41/lb
Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb
/ avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
El Nino’s Delay Spurs Memories of 2012 When It Never Came -
more
BHP Eyes
Split From Billiton Assets in Mine Spinoff Plan - BHP Billiton Ltd. (BHP)
may announce a spinoff of assets estimated to be worth as much as $12 billion
next week, as the world’s biggest mining company casts aside operations
acquired in the 2001 purchase of Billiton Plc. -
more
No Easy Decisions for BHP’s Nickel Business -
more
China
taps Singapore in push to boost pricing power in metals - Chinese metals
traders have opened offices and hired top talent in Singapore over the past
year, aiming to capture opportunities created by the exit of a string of
Western banks from the global commodities trading business. -
more
Public will
see benefits of mining law, says Bougainville Admin. - The Chief Administrator
in the Papua New Guinea province of Bougainville says once the public are
informed about a new mining law, they will see the protections it offers.
-
more
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Thursday, August 14
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Dow Jones is reporting three month nickel closed Wednesday's trading session
at $8.47/lb. Indicators
at 6:40 am CST today show 3 month nickel trading around $.03/lb
higher, with other
London traded base metals trading mixed. Stockpiles of nickel stored in LME
licensed warehouses broke yet another record on Wednesday and now totals
320,754 tonnes. Nickel is finding support on news that newly elected President
Widodo announced he had no plans to overturn the nickel ore export ban to
Japanese official yesterday. Nickel once again runs the risk of dropping
below its 100 moving day average today, but if recent history carries forward,
then if the traded price does fall below the line, we can expect a sharp
bounce to follow. If no such bounce happens, we could see a negative signal
carry into trading. And while we have seen two trading house give short term
nickel a bearish signal, we feel no such signal is present yet, and that
short term nickel trend remains sideways and signals remain neutral.
Average price of cash nickel so far this month - $8.41/lb
Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb
/ avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(SSY) China's crude steel production fell to a 5-month low of 68.3 Mt in
July 2013, although it was still up 1.0 Mt year-on-year, according to official
statistics. Chinese crude steel production for the year to July totalled
480.3 Mt, up 13.6 Mt year-on-year.
Indonesia's
ore exports ban stays under Widodo - Indonesia's ban on ore exports will
remain in place under the next government as the curbs spur as much as US$18
billion in investment in processing plants by 2017, according to the Energy
and Mineral Resources Ministry. -
more
Zimbabwe:
Bindura Nickel Corporation - Is There Still More Runway? - Missing a stock
that grows at double digits in three months can be annoying. But snoozing
while a company doubles in price can leave you distraught. Nothing, though,
compares to Bindura Nickel Corporation's 400 percent jump. Not in a year,
but in only three months. -
more
National message
for PolyMet delivered - The PolyMet copper/nickel/precious metals project
near Hoyt Lakes got some positive national attention last weekend. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Wednesday, August 13
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Dow Jones is reporting three month nickel closed Tuesday's trading session
at $8.53/lb. Indicators at
6:40 am CST today show 3 month nickel trading
flat and little changed,
with other London traded base metals trading mostly lower, but quietly as
well. Stockpiles of nickel stored in LME licensed warehouses rose to another
record high yesterday, with the total now at 320,448 tonnes. Cancelled warrants
slipped below 29% today for the first time since October of last year. Note
the articles below about the meeting between Japanese Foreign Minister Fumio
Kishida and Indonesia's President-Elect Joko Widodo. Among numerous topics
discussed, the mineral ore ban came up and President Widodo did not appear
to leave the door open for change anytime soon. Nickel traded strongly yesterday,
rising against the headwind of a lower Euro. And considering the news from
China, that credit has fallen in that country to levels not seen since the
recession ended, it is holding up well. The short term trend for nickel remains
sideways.
Average price of cash nickel so far this month - $8.41/lb
Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb
/ avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
Indonesia
Holding Firm on Ore Ban Amid More Investments - Indonesia’s ban on ore
exports will remain in place under the next government as the curbs spur
as much as $18 billion in investment in processing plants by 2017, said the
Energy and Mineral Resources Ministry. -
more
Russia’s
stainless steel imports increased by 2.4% - According to Spetsstal’s
expert appraisal, the volume of Russian imports of the main types of stainless
steel products in the first half of 2014, if compared with the equal period
of 2013, increased by 2.4% and amounted to 124.2 thousand tons. -
more
The share of Ukraine accounted 66.7% of the total volume of Russian exports
of stainless steel - According to experts of the SPETSSTAL Association, in
the period from January to June 2014, the volume of Russian exports of the
main types of stainless steel products, compared with the same period of
the previous year, decreased by 65.9% and amounted to 4839 tons. -
more
Glencore
posts solid growth in copper; nickel, zinc output dip - Mining company Glencore
posted a 13 percent increase in first-half copper output, in line with market
forecasts and boosted by growth at its African and South American mines but
its zinc and nickel production dipped. -
more
Japan’s
Kishida approaches Jokowi on ore export ban - Japanese Foreign Minister Fumio
Kishida met with president-elect Joko “Jokowi” Widodo during a
brief visit to Jakarta on Tuesday to call for a review of the country’s
mineral export ban, which has hit the Japanese smelting industry hard. -
more
Jokowi Asks for Japan’s Help on Infrastructure Projects - President-Elect
Joko Widodo asked Japan to help Indonesia develop its maritime sector and
other infrastructure projects, following a meeting with visiting Japanese
Foreign Minister Fumio Kishida at City Hall on Tuesday. -
more
Indonesian
nickel ban resonates globally - Indonesia’s ban on nickel ore exports
is resonating globally as prices climb to the highest since 2012, prompting
companies from Avebury Nickel Mines Ltd. to Poseidon Nickel Ltd. to restart
operations at idled mines. -
more
The Thames
Barrier: Stainless Steel performs after more than 30 years - Case Study Release:
The Thames Barrier stands guard astride the river in a location which is
classified as ‘corrosive’ because temperature and humidity levels
are sufficient to activate salt deposits on a regular basis. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Tuesday, August 12
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Dow Jones is reporting three month nickel closed Monday's trading session
at $8.46/lb. Indicators at
6:35 am CST today show 3 month nickel trading around $.14/lb
higher, with other
London traded base metals trading higher as well. Stockpiles of nickel stored
in LME approved warehouses set a new record high on Monday and now total
319,590 tonnes. While trading higher today, technical charts reveal 3 month
nickel's 10 day moving average is in jeopardy of slipping below its 100 moving
day average for the first time since February. If it happens, this will send
a negative signal to the market, although the uncertainty surrounding the
fundamental picture down the line, will keep the market propped
up. Stochastic numbers show nickel is moving out of over bought territory,
although just barely, while RSI numbers hover around the 50 reading. Momentum
and directional movement are sending no signals. Interesting to see what
happens to BHP's Nickel West mine in the coming months. WIth the price of
nickel up, and some analysts saying this will last for some time, you would
think a good producing nickel mine with excellent infrastructure up for sale
would generate a lot of interest. And according to a Reuters report last
Tuesday, BHP's Nickel West mine was generating some interest. But on Friday,
Business News Australia was reporting BHP may shut the mine down due to
lacklustre bidding. Glencore withdrew from the bidding process last
month. By the way, the fifth largest producer of nickel in the world would
like to make you a deal - as it apparently has so much faith in the future
of nickel - that it is selling off its nickel division, including Nickel
West in Australia, and the Cerro Matoso mine and refinery in Colombia. Apparently
Avebury Nickel Mines Ltd. and Poseidon Nickel Ltd. have more faith int eh
future of nickel prices, and both have announced their intention to
re-open mothballed nickel mines.
Average price of cash nickel so far this month - $8.35/lb
Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb
/ avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(Bloomberg) [Nickel]Prices are still too low given the market is set to shift
to a deficit and the metal should trade at $20,000 to $25,000 so unprofitable
producers break even, according to Anton Berlin, head of strategic marketing
at Moscow-based Norilsk.
(MEPS) MEPS predicts global stainless steel output to hit 40.2 million ton
in 2014, up 5.7% YOY
2014 US Fastener Export Rate Nears Import Gains -
more
El Nino Signs Re-Emerge as Weakening Trade Winds Warm Pacific -
more
Sucden Nickel
Analysis and Forecast Q3 2014 - Nickel prices stormed ahead at the start
of the year in reaction to Indonesia implementing its ban on ore exports.
-
more
Nickel’s 56% Rally Spurs Mine Restarts Amid Ore Ban - Indonesia’s
ban on nickel ore exports is resonating globally as prices climb to the highest
since 2012, prompting companies from Avebury Nickel Mines Ltd. to Poseidon
Nickel Ltd. to restart operations at idled mines. -
more
Probe
call over New Caledonia nickel deal - New Caledonia's president, Cynthia
Ligeard, has called for inquiry into last April's deal between the southern
province and two major nickel companies to explore a huge ore deposit. -
more
Allegations fly in New Caledonia over nickel deal -
audio here
MCC roll
out their favourite cheerleader to apologize - Kurumbukari landowners in
the Bundi district of Madang have apologized to Ramu NiCo Management for
the mob attack on KBK Mine last Monday. -
more
Courtesy AISI
- In the week ending August 9, 2014, domestic raw steel production was 1,896,000
net tons while the capability utilization rate was 78.8 percent. Production
was 1,858,000 net tons in the week ending August 9, 2013, while the capability
utilization then was 77.6 percent. The current week production represents
a 2.0 percent increase from the same period in the previous year. Production
for the week ending August 9, 2014 is down 0.3 percent from the previous
week ending August 2, 2014 when production was 1,901,000 net tons and the
rate of capability utilization was 79.0 percent.
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Monday, August 11
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Dow Jones is reporting three month nickel closed Friday's trading session
at $8.41/lb. Indicators
at 6:40 am CST today show 3 month nickel trading around $.01/lb
higher, with other
London traded base metals trading higher, but quietly as well. Stockpiles
of nickel store in LME licensed warehouse fell slightly on Friday and ended
the week at 318,750 tonnes. This is only the second recorded drop this month,
with all other trading sessions seeing new all time record highs set. Geopolitics
- with little economic news out today, the markets are watching political
tensions around the world warily. Russia ended military exercises near the
Ukrainian border. In Iraq, US jets have begun to bomb ISIS forces and drop
supplies to besieged refugees, while in Baghdad, Prime Minister Maliki is
refusing to step down and is now using the military to help him keep his
power. Libya and Syria are imploding. Nickel mines are, or have in the last
few weeks, faced protests in Guatemala, Dominica Republic, Papau New Guinea,
New Caledonia, and the Philippines. But cheer up. It's only Monday.
Average price of cash nickel so far this month - $8.38/lb
Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb
/ avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
EU Renews Tariffs on Stainless Steel Screws from Taiwan -
more
Indonesia
ban on nickel ore, bauxite exports to stay - officials - Indonesia has no
plans to wind back a seven-month old ban on exports of unprocessed nickel
ore and bauxite that has led to billions of dollars in planned investments
in smelters, top government officials said. -
more
China's
Production of Stainless Crude Steel in H1 10.687 Mil. Tons = Up by 21% from
year-earlier period and production of Ni-type makes all-time high on quarterly
basis = Stainless Steel Council of China Special Steel Enterprises Association
announces China's production of stainless crude steel in the first half (January
- June) of 2014 was 10.687 million tons, up by 21.2% from the year-earlier
period. -
more
Tata Steel
closes Bamnipal plan - Tata Steel has shut down its 50,000 tonnes per annum
ferroalloys plant at Bamnipal in Keonjhar district of Odisha due to
unavailability of raw material. -
more
Five arrested
over attack at PNG's Ramu nickel mine - Papua New Guinea police have arrested
five men in connection with the raid and destruction of properties last week
at the Ramu Nickel's Kurumbukari mine site in Madang. -
more
Production At Ramu Nickel Mine Restarts After Attack - The Chinese-owned
Ramu nickel mine in Papua New Guinea has resumed production three days after
an attack by armed villagers forced work to a halt. -
more
Residents
protest water - Hundreds of residents from Harapan and Pasi-Pasi villages
in East Luwu regency, South Sulawesi, have staged a protest against nickel
mining company PT Vale Indonesia for allegedly polluting the Lampia Sea with
an oil spill. -
more
New
Caledonia probes new Vale incident - Reports from New Caledonia say an
investigation has been opened after an incident at the Vale nickel plant.
-
more
Workers
oppose mine closure - Thousands of mine workers staged a protest caravan
here during the weekend to press their demand to re-open four mining companies
ordered closed by the Department of Environment and Natural Resources (DENR),
organizers said on Sunday. -
more
China's steel
industry burdened by overcapacity, workers baulk at shutting plants - The
mainland's chronically oversupplied steel sector will take years to restore
balance in the demand-supply equation, and this will come about from bankruptcies
of privately owned firms, amid weak demand and prices, tighter pollution
controls and stringent credit conditions. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Friday, August 8
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Dow Jones is reporting three month nickel closed Thursday's trading session
at $8.56/lb. Indicators at
6:40 am CST today show 3 month nickel trading around $.06/lb
lower, with other
London traded base metals trading mostly lower as well. Stockpiles of nickel
stored in LME licensed warehouses rose to yet another all time record high
yesterday and now total 318,798 tonnes. According to Shanghai Metals Market,
stockpiles of nickel ore in that country rose as well over the last week,
up 280,000 tonnes to 15 million tonnes. Norilsk is reportedly telling those
who will listen, that nickel prices are currently too low and that the industry
will face a serious deficit sometime mid next year. Apparently the record
breaking growth in world stockpiles has pushed the inevitable forecasted
shortage down the road a tad. The Sydney Morning Herald reported last Friday,
that sources close to Norilsk Nickel stated that the company has begun to
move some of their foreign exchange currency away from the US Dollar to the
Hong Kong Dollar. This is evidence that Russian oligarchs are growing
increasingly nervous about economic sanctions. And while news agencies grasp
for reasons to explain why on any day that nickel prices are rising, nickel
has now bounced off the support level of around $8.30/lb twice and maintains
its sideways trend. Have a safe and relaxing weekend!
Average price of cash nickel so far this month - $8.37/lb
Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb
/ avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
CISA members' crude steel production declined sharply during late-July -
more
Small Chinese importers delay term copper shipments amid lending cuts -
more
New
Caledonia nickel deal cancelled - The new president of New Caledonia's southern
province has cancelled a deal with two major nickel companies to explore
a huge ore deposit. -
more
New Caledonian local govt axes nickel exploration venture - radio -
more
China's PNG
nickel mine shutdown unlikely to impact 2014 output - A Chinese-owned nickel
mine in Papua New Guinea, which was shut for a few days following an attack
by armed villagers, should still be able to meet its target of 22,000 tonnes
of nickel in 2014, the mine's minority partner said on Friday. -
more
Papua New Guinea villagers storm nickel mine, injure five Chinese workers
-
more
New Bougainville
mining law a world first - A new mining law in the autonomous Papua New Guinea
province of Bougainville ensures that landowners have will own the resources
on their land. -
more
Nickel
Asia readying for diversification into renewables - Mining firm Nickel Asia
Corp is all set to diversify into the green power business through the
acquisition of a controlling stake in a local renewable energy firm. -
more
China Steel
Exports Surging to Record as Demand at Home Wanes - China’s exports
of steel products during the first seven months of the year have surged to
a record as domestic consumption falls amid increasing demand from the U.S.
and Europe. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Thursday, August 7
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Dow Jones is reporting three month nickel closed Wednesday's trading session
at $8.50/lb
. Indicators
at 7:00 am CST today show 3 month nickel trading around $.09/lb
higher, with other
London traded base metals trading mostly lower. Stockpiles of nickel stored
in LME licensed warehouses rose to another record high yesterday, and now
totals 318,114 tonnes. Nickel spiked this morning on a Reuters report, published
about 8 hours ago, that Ramu had shut down its operation due to an attack.
For those regular readers of this blog, we posted a link to a Papau blog
that reported much the same, 24 hours ago. By the time Reuters picked up
the story, operations had pretty well resumed, so they have recently reported
that operations have reopened. Nickel initially plummeted on this news, but
it is bouncing off support his morning, and traders know that they need to
keep the traded price above this level, or we could get a bearish technical
signal. While Ramu is only targeted to produce 22,000 tonnes of nickel this
year, traders have shifted their attention this morning back to Russia, who
responded to new sanctions yesterday, buy setting some of their own. With
a tit for tat ongoing, some traders are concerned Norilsk will eventually
get dragged into this. Bloomberg is reporting "Nickel inventories should
start to fall by the middle of next year as stainless-steel producers in
China are forced to switch from using nickel-pig iron to other forms of nickel
and ultimately the refined metal, according to Standard Chartered. High
stockpiles will probably cap prices until a shortage takes hold, National
Australia Bank Ltd. said in a report Aug. 4." Norilsk is reportedly reporting
that they feel stockpiles will begin to fall by the end of this year. Only
time will tell who is right.
Average price of cash nickel so far this month - $8.33/lb
Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb
/ avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(FW) USITC (United States International Trade Commission) concluded in its
sunset review on July 22 that the U.S. AD measures on China's steel bolts
will continue. The Commission explains that cancelling the measures may again
lead to tangible damage to related U.S. industries. According to the U.S.
trade remedy, the anti-dumping rate of steel bolts is 47.37% to 206%.
China's Ramu
nickel mine in PNG restarts after attacks - embassy - A Chinese-owned nickel
mine in Papua New Guinea has resumed production three days after an attack
by armed villagers forced work to halt, a Chinese embassy official in the
South Pacific country said on Thursday. -
more
PNG’s Ramu Nickel Mine Closed After Attack - Ramu NiCo’s Kurumbukari
mine in Madang has been forced to close after a group of villagers damaged
properties worth millions of kina on Monday. -
more
MCC faces the cost of its appalling mismanagement of a flawed mine - The
attack on the multi-million kina Ramu nickel project has placed the company
under immense financial pressure and the developer has been forced to cut
costs. -
more
Nickel
Stockpiles at Record High as China Turns Exporter - Nickel inventories in
warehouses monitored by the London Metal Exchange extended gains to a record
after China, the biggest producer and consumer, shipped more metal out than
it imported amid a financing scandal. -
more
BCL smelter
expected back in operation this week - The BCL has been operating for a month
now without a smelter as it has been offline for 35 days since the 1st of
July due to remedial work that was carried out on it. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Wednesday, August 6
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Dow Jones is reporting three month nickel closed Tuesday's trading session
at $8.38/lb. Indicators at
6:50 am CST today show 3 month nickel trading around $.01/lb
lower, with other
London traded base metals also trading lower. Stockpiles of nickel stored
in LME licensed warehouses rose to an all time record high for a second
consecutive day and now total 317,874 tonnes. SMM reports nickel ore
inventories at China’s top five ports rose 167,000 tonnes and totaled
14.72 million tonnes in the week ending August 1st. After setting all time
record high on 13 of 23 trading sessions last month, new records have been
set on three of the four trading sessions this month. Cancelled warrants
fell below the 30% level today, for the first time since November of last
year. Nickel support still shows at $8.23/lb and held after being tested
earlier this week. Nickel's short term trend remains neutral while long term
looks positive. Nickel is currently trading almost 15% off its 52 week high,
and over 38% off its 52 week low. We feel commodity traders are watching
equity markets nervously, with US markets signaling a correction may be in
the works.
Average price of cash nickel so far this month - $8.34/lb
Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb
/ avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
BHP Vows to Prevent Port Hedland Strike as Union Cites Impasse -
more
Glencore PLC Downgraded by Bank of America to Underperform -
more
Western
Areas expects higher nickel concentrate prices in new offtake deal - Australia's
Western Areas expects higher prices for the nickel concentrate it is offering
after its current offtake deal expires in December, given tight global supply
and strong interest from China despite that country's credit crisis. -
more
Miners face increasing risk of default with volatile commodity prices - A
Moody's report reveals a rising risk of default for some smaller miners,
amid volatile commodity prices. -
more
Ramu mine
closes after attack - Ramu NiCo’s Kurumbukari mine in Madang Province
remains closed today after being attacked by armed villagers on Monday, causing
damages to properties worth millions of kina. -
more
15,000 Oregonians
sign petition opposing nickel project - More than 15,000 petition signatures,
in favor of a mineral withdrawal for public lands in southwest Oregon watersheds,
were delivered Tuesday to the U.S. Forest Service and the Bureau of Land
Management to be presented to the U.S. Secretaries of Interior and Agriculture.
-
more
Goldman
Sees Iron Ore Rout in 2015 as Supply Growth Quickens - Iron ore will extend
a drop through 2015 when an increase in seaborne supply that’s spurred
a global glut is set to accelerate, said Goldman Sachs Group Inc. -
more
Steel Imports
Up Sharply in First Half - For the first six months of 2014, total U.S. steel
imports hit 20.9 million net tons, a 33 percent increase from first-half
2013, while finished steel imports totaled 15.6 million net tons, up 26 percent.
Imports' share of the U.S. finished steel market is around 27 percent, year
to date, according to Commerce Department data. -
more
Courtesy AISI
- In the week ending August 2, 2014, domestic raw steel production was 1,901,000
net tons while the capability utilization rate was 79.0 percent. Production
was 1,856,000 net tons in the week ending August 2, 2013, while the capability
utilization then was 77.4 percent. The current week production represents
a 2.4 percent increase from the same period in the previous year. Production
for the week ending August 2, 2014 is down 1.0 percent from the previous
week ending July 26, 2014 when production was 1,920,000 net tons and the
rate of capability utilization was 79.8 percent.
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Monday and Tuesday, August 4 &
5
We
are traveling today and tomorrow and our next update will be on Wednesday.
Three month nickel closed Friday's trading at
$8.36/lb, and is so far trading flat
this morning.
Friday, August 1
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Dow Jones is reporting three month nickel closed Thursday's trading session
at $8.39/lb. Indicators
at 6:45 am CST today show 3 month nickel trading around $.06/lb
lower, with other
London traded base metals also trading lower. Stockpiles of nickel stored
in LME licensed warehouses broke another record on Thursday, gaining another
1830 tonnes to close at 317,628 tonnes. Nickel got whacked yesterday, thanks
primarily due to a nervousness amongst traders that the free money from the
US Fed may be drying up sooner than expected, thanks to strong economic news
yesterday. A strong US July employment report today could intensify those
fears, and metals are down again this morning. We read an analysis about
the nickel industry that we felt was somewhat misleading this week and would
like to post a reminder to others who may be making decision based on reports
you might read. Laterite ore from Indonesia is a far cry from refined
nickel from say, Canada. If you imported 1,000,000 tons of ore from Indonesia
containing 2% nickel, that is equivalent to around 20,000 tons of refined
nickel. Keeping this in mind, for every 1,000,000 tons of nickel ore that
is no longer being imported from Indonesia due to the export ban, the market
must find another 20,000 tons of refined nickel to make up the sudden deficit.
And for every quarter the price of nickel increases, how much do mines in
the rest of the world increase production? Have a safe and relaxing
weekend.
Average price of cash nickel so far this month - n/a
Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb
/ avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
Worldwide Stainless
Steel Output To Top 40 Million Tonnes in 2014 - Global crude stainless steel
production is predicted to reach a new record annual total of 40.2 million
tonnes, in 2014 as reported by MEPS. -
more
North American
Stainless PR - For the month of August 2014, North American Stainless will
maintain the fuel surcharge at 33% for stainless flat and long products.
The surcharge rate is considered a maximum level for August and will be reviewed
monthly.
Vale tells
analysts to end fixation on China, iron-ore price - Analysts following Brazil's
Vale should stop obsessing over iron ore prices and Chinese demand to focus
instead on the company's other divisions and cost cuts, one of the miner's
top executives said on Thursday. -
more
Singapore's
regulator seeks China commodity lending data-sources - The Monetary Authority
of Singapore (MAS) has sought information from some Singapore-based lenders
about their Chinese clients and loan exposure to China amid an investigation
into a suspected commodity financing fraud at China's Qingdao port. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
"A Guide To LME
Trading"...pdf here(all ton listings are metric
tons = 2204.622 pounds ) Updated daily before 8 am CST weekdays -
DisclaimerOriginal content and opinions copyright
www.estainlesssteel.com. All prices shown on this page
are indications only. Note - For real time and official LME prices, LME requires
a user subscribe to an authorized LME vendor.
US
markets are closed on Monday for the Labor Day holiday. Our next update will
be on Tuesday. Have a safe and relaxing weekend.
Daily
Nickel/Stainless Steel Briefing
(8:00 AM CST is 1PM in London)
. Indicators
at 6:40 am CST today show 3 month nickel trading around $.05/lb
Reports
Commodity/Economic Comments
Goldman Sachs
sees nickel price rally continuing into 2015 - US investment bank Goldman
Sachs said the refined nickel market has shifted from a major surplus in
2013 to a much smaller surplus in 2014, according to a research note Thursday,
adding that prices are likely to continue to rally into 2015. -
BIR Stainless
Steel World Mirror August 2014 - Global: The following article is based on
the latest Stainless Steel & Special Alloys World Mirror produced by
the BIR world recycling organisation for the benefit of its members. -
Zimbabwe:
BNC Seeks National Project Status Nod - Bindura Nickel Corporation has approached
Government with a request for its smelter restart project to be granted national
project status. -
Morning Nickel
Price Statistics & Figures
Who Is Getting Rich From Nickel's Wild Ride? - “It is a curious
situation,” says Stephen Briggs, BNP Paribas’ wise man of metals,
from his perch observing the London Metals Exchange. -
Dominican Republic lawmakers back park in area where Canadian company seeks
to mine - Lawmakers in the Dominican Republic approved a plan Wednesday to
create a national park in an area where a Canadian company has sought to
expand mining operations. -
U.S. needs
more domestic mining - To get an idea of how dependent America is on imported
minerals and metals for modern technology, I pointed out nearly a year ago
how important rare-earth elements were to our country and noted that we were
100 percent dependent on imports with China controlling 96 percent of the
world market. -
Glencore,
Chinese in talks for Nickel West - Two front-runners have emerged in the
contest for Nickel West, with vendor BHP Billiton in advanced talks with
China's largest nickel refiner Jinchuan Group and commodities trading giant
Glencore.-
Talks
urged ahead of New Caledonia summit - The new French High Commissioner to
New Caledonia says there should be discussions in the territory before the
signatories of the Noumea Accord meet in Paris in October. -
Emissions
from Russia’s nickel industry increases - Sulphur dioxide pollution
significantly up from Kola GMK’s smelters in Nikel and Monchegorsk.
Norwegians measure more heavy metals in freshwater fish near the border.
-
China's crude
steel output to reach 830 million tonnes in 2014 - CISA - Mr Wang Xiaoqi
vice chairman of the China Iron and Steel Association said that in the first
seven months of the current year China's average daily crude steel output
exceeded 2.2 million tonnes and so China's overall crude steel output in
the current year is expected to reach 830 million tonnes. -
Nunavik
mine site turbine ready to catch wind - The construction of Nunavik’s
newest and possibly tallest structure is complete — a hulking 120-metre
(393 foot) high wind turbine, with blades extending 40 metres from the
turbine’s centre. -
Glencore
Starts $1 Billion Buyback as CEO Says Boom Isn’t Over - Glencore Plc’s
billionaire Chief Executive Officer, Ivan Glasenberg, underscored his belief
in the longevity of the global commodities boom by beating his biggest rivals
in handing out surplus cash to investors. -
China
taps Singapore in push to boost pricing power in metals - Chinese metals
traders have opened offices and hired top talent in Singapore over the past
year, aiming to capture opportunities created by the exit of a string of
Western banks from the global commodities trading business. -
Public will
see benefits of mining law, says Bougainville Admin. - The Chief Administrator
in the Papua New Guinea province of Bougainville says once the public are
informed about a new mining law, they will see the protections it offers.
-
Indonesia's
ore exports ban stays under Widodo - Indonesia's ban on ore exports will
remain in place under the next government as the curbs spur as much as US$18
billion in investment in processing plants by 2017, according to the Energy
and Mineral Resources Ministry. -
Tata Steel
closes Bamnipal plan - Tata Steel has shut down its 50,000 tonnes per annum
ferroalloys plant at Bamnipal in Keonjhar district of Odisha due to
unavailability of raw material. -
Workers
oppose mine closure - Thousands of mine workers staged a protest caravan
here during the weekend to press their demand to re-open four mining companies
ordered closed by the Department of Environment and Natural Resources (DENR),
organizers said on Sunday. -
BCL smelter
expected back in operation this week - The BCL has been operating for a month
now without a smelter as it has been offline for 35 days since the 1st of
July due to remedial work that was carried out on it. -
Worldwide Stainless
Steel Output To Top 40 Million Tonnes in 2014 - Global crude stainless steel
production is predicted to reach a new record annual total of 40.2 million
tonnes, in 2014 as reported by MEPS. -
Vale tells
analysts to end fixation on China, iron-ore price - Analysts following Brazil's
Vale should stop obsessing over iron ore prices and Chinese demand to focus
instead on the company's other divisions and cost cuts, one of the miner's
top executives said on Thursday. -
