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LME nickel prices and news

Stainless Steel News and Nickel Prices

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Daily Nickel Market News & Stainless Steel Prices

Nickel Prices and Stainless Steel Market

Thursday, August 30

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Wednesday's trading session at $6.12/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose by 12 tonnes yesterday and started today, as yesterday, just under the 240,700 tonne level. Nickel continues to trade around the 200 day MVA currently at $6.12/lb. Stainless steel price indexes in China show prices running about 3% higher than this time last year, and up 3/4 of 1% in the last month. The steel price index however shows steel prices in a decline since the 21st, after seeing large gains prior. The Euro continues to make slight daily gains against the US Dollar, after bottoming out for the year on August 15th. Not much in the way of news today, as the summer vacation season comes to an end. Based on history, September can be less than kind for nickel prices, so with long term fundamentals pulling on one end, and questions about short term fundamentals pulling on the other, the last third of 2018 could prove challenging to forecast..... as if they weren't anyway. This is our last update for the week and final update for August. US markets are closed Monday for Labor Day so our next update will be Tuesday, September 4th. Have a safe and very relaxing weekend.
  • Average price of cash nickel so far this month - $6.11/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Aluminium slips from 2-month high as U.S. eases metal import quotas - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • US goes to WTO to challenge Russian response to Trump's steel tariffs - more
  • Stocks Drop as Trade Worries Linger; Dollar Steady: Markets Wrap - more

     Wednesday's market review - Worries over Chinese demand weigh on copper prices - Copper prices eased on Wednesday due to worries about demand in top consumer China after a state planning official said there were increasing risks to growth in the second half of the year. - more

      Global Nickel Market Suffered Shortfall in H1 2018 - WBMS estimated the mine production during the six-month period at 1.027 million tonnes. - more

      The Chinese Dream - China is a country of superlatives, of enormous capacities and gargantuan appetites. With an estimated population approaching 1.4 billion and a mid-ranking GDP per capita of $8,582 in 2017, it cannot be anything but. - download free Platts report here

      Global Steel Prices Stabilise Amid Uncertain Outlook - The consensus view of global steel market participants is that they are uncertain about the future direction of domestic pricing. - more

      African Battery Metals shifts focus to nickel/cobalt, relinquishes Sierra Leone projects - Aim-listed African Battery Metals has decided to relinquish its interests in gold and iron-ore projects in Sierra Leone to focus on its newly acquired nickel and cobalt projects in Cameroon and Côte d’Ivoire. - more

     Battle brewing over mine south of Bancroft - There’s a battle brewing in this tiny cottage community south of Bancroft over a proposed nickel, cobalt and copper mine. - more

     New Caledonia: boycotts and blockade - Preparations are under way for New Caledonia’s historic independence referendum just two months away. - 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • 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 29

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Tuesday's trading session at $6.20/lb . Indicators at 6:10 am CST today show 3 month nickel trading around $.06/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today's session just under the 240,700 tonne level. Nickel closed slightly higher yesterday, but shy of the 200 day MVA line. This morning, the trading price has moved lower once again. Lot of speculation out there is as the business media tries to add reason to the unreasonable. In our opinion, the market peaked on June the 5th, and has been in a summer slump since. This could continue into the fall months, or end abruptly. Traders need to keep in mind that nickel is the only LME metal with solid price gains so far this year, so there is likely some hesitation to 'push ones luck'. The fundamentals remain positive, so don't be surprised if we see some volatility return to the market in the near future. The US and the President have a pretty important election coming up in November, that could turn the next two years into a mandate - or a lame duck session. In the mean time, trade war concerns are hog tieing metals markets.
  • Average price of cash nickel so far this month - $6.11/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - London copper slips on China demand risks, firmer dollar - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Now is the Time to Prepare for Profits in the New Energy Paradigm - more
  • Stocks Give Up Gains as Treasuries Rise; Euro Dips: Markets Wrap - more

     Tuesday's market review - Copper hits 2-week high encouraged by U.S.-Mexico deal, lower dollar - Copper prices climbed to two-week highs on Tuesday as the U.S.-Mexico trade deal raised hopes for an agreement between the United States and China and as the dollar slipped. - more

      Care to Contango? - Finished nickel demand is forecast to continue growing strongly at 7.6% to 2.36Mt in 2018, following a 7.8% increase in 2017. Demand is forecast to lift another 3.4% in 2019. - more

     Four things that need to happen before PolyMet mine's future can be written - PolyMet Mining moved a tiny step closer to its goal of opening the first copper-nickel mine in Minnesota last week when the state Department of Natural Resources declined an environmental group's petition for additional environmental review on the proposed mine. - more

      Noront continues research into Sault, Timmins - Negotiations are continuing between Noront Resources and Algoma to determine whether an agreement can be reached that would see the development of a ferrochrome facility on the steelmaker’s property. - more

     (Press Release) For the month of September 2018, North American Stainless will maintain the fuel surcharge of 26% for stainless flat and long products. - 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • 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 28

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Friday's trading session at $6.09/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.05/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and Friday and started this shortened week just under the 241,500 tonne level. Since our last update, nickel slipped back below the 200 day MVA once again, and therefore out of the narrower channel. On Thursday, the 10 day MVA also moved below the 200 day moving average, with the 30 day MVA threatening to follow suit. Technically, all this is bearish. The fundamentals, however, remain bullish. Traders appear to be taking the new Mexico-US trade agreement with a grain of salt, looking north to our relations with Canada as more important to metals demand ....and supply. Also, while answering reporters question during the Mexico announcement, Trump stated the “It’s just not the right time to talk right now, to be honest with China.” We are watching nickel trade in a range we saw last in late January, and if the market gets any more bearish, we could see any gains that nickel prices have made this year, quickly evaporate. As for today, and since mid July, traders appear to be looking at the 200 day MVA as both a line of support, and resistance. Have a great week!
  • Average price of cash nickel so far this month - $6.11/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Copper drops as U.S.-China trade tensions cloud demand outlook - more
  • Reuters Daily Inside Metals - pdf here
  • U.S. Imports of Stainless Steel Mill Products - more
  • July 2018 crude steel production - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Steel Imports Down 10% Year-to-Date - more
  • Nickel stocks get a boost as Twiggy injects more cash in Poseidon - more
  • Stocks Edge Higher After Mexico Deal; Dollar Slips: Markets Wrap - more
  • El Niño WATCH continues - more

     Overnight market review - Shanghai zinc prices climb for 6th day as inventories plunge - Shanghai base metal prices rose on Monday, with zinc climbing for a sixth day and hitting a two-week high as inventories in China languish at their lowest in a decade. - more

     Friday's market review - Copper rises on weaker dollar but trade war drags on - Copper rose on Friday, clocking its first weekly gain in four on a softer dollar, though worries about Chinese demand are expected to cap gains as the country’s trade dispute with the United States drags on. - more

      Price of Ni-base CR SST in East Asia Shows No Sign of Recovery - It has been almost one month since a multiple number of state-run steel makers in China, including Taiyuan Kron and Steel ('Taiyuan'), have requested the Chinese government to conduct an anti-dumping (AD) investigation on stainless steel (SST), hot-rolled steel coil (HRC), and heavy plate imported from Indonesia, Japan, South Korea, and the EU. No visible changes have occurred to the SST market so far. - more

      Stainless steel producers hopeful of Govt removing duty on ferro nickel - Stainless steel industry body ISSDA is expecting the government to look into the demands of local players to remove 2.5 per cent basic customs duty on import of ferro nickel and stainless steel scrap - more

      Meet the Canadian miner that plans to shake up the nickel industry - If Royal Nickel Canada succeeds, it would show how Chinese demand for raw materials can stimulate the expansion of Canadian mining - more

     The Outlook for Nickel Miners - In January of 2016 a Reuters Poll of analysts covering the base metals index (aluminum, copper, lead, nickel, and tin) saw a majority predicting an end to the price rout in the index that commenced in 2011. - more

     Courtesy AISI - In the week ending on August 25, 2018, domestic raw steel production was 1,858,000 net tons while the capability utilization rate was 79.3 percent. Production was 1,767,000 net tons in the week ending August 25, 2017 while the capability utilization then was 75.8 percent. The current week production represents a 5.1 percent increase from the same period in the previous year. Production for the week ending August 25, 2018 is down 0.3 percent from the previous week ending August 18, 2018 when production was 1,864,000 net tons and the rate of capability utilization was 79.5 percent. - 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • 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 23

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Wednesday's trading session at $6.13/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.12/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Wednesday and started today's session just under the 243,600 tonne level. Traded nickel prices have fallen back below the 200 day MVA today, and have dragged the 10 day below the 200 day as well. This is another bearish signal from a technical stand point. From a fundamental stand point, the news remains tilted to the bullish side, where the ever dwindling stockpiles are the primary focus. The threat to the 'rate' of  that decrease appears to be a potential slowdown in China. A Chinese stimulus package would encourage traders, but some economists say it would help steady their economy at best, yet not help it recover into stronger growth. So that is your primary threat to nickel consumption at the time. If we can get this tariff war behind us, then the long term outlook for nickel remains positive. US stainless steel surcharges for September have been updated (here). They are down for a second month, and basically back to May levels. LME markets will be closed on Monday for Summer Bank Holiday so our next update will be on Tuesday the 28th. Have a safe and relaxing weekend!
  • Average price of cash nickel so far this month - $6.12/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Copper drops for 2nd day as trade war escalates - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • U.S., China Impose New Tariffs on Each Other as Talks Resume - more
  • Dollar Climbs, Stocks Steady Ahead of Jackson Hole: Markets Wrap - more

     Wednesday's market review - Copper down as hopes for progress on trade dispute fade - Copper prices slipped on Wednesday as worries about demand resurfaced ahead of trade talks between the United States and China that are seen as unlikely to yield progress. - more

      European stainless steel alloy surcharges down again in September - Monthly alloy surcharges on austenitic grades of stainless steel flat-rolled products in Europe are set to fall for a second successive month in September, first mill announcements indicated. - more

      PolyMet still facing hurdles to proposed mine - With the prospect that the Department of Natural Resources could grant provisional approval of a permit-to-mine for the proposed PolyMet copper-nickel mine near Babbitt and Hoyt Lakes later this fall, many residents of those communities are anticipating potential new employment opportunities. - more

      Galileo eyes shallow nickel targets at Nightmarch - The Mark Creasy-backed Galileo Mining says it has pinpointed shallow nickel-copper-cobalt targets at its flagship Fraser Range project, with similarities to the prominent prospector’s Nova and Silver Knight discoveries. - 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • 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 22

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Tuesday's trading session at $6.23/lb . Indicators at 6:55 am CST today show 3 month nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and started today's session just under the 243,700 tonne level. Metals recent bullish run could be in trouble, or at the very least, showing signs of losing some of its earlier enthusiasm. Business media seems to be blaming President Trump's potential legal problems as a reason. We don't buy that but feel the optimism behind the US and China economic meetings is beginning to wain. Not a lot of business news so far this week. Summer season in its last few weeks. We made our update by our promised time of 8 am CST but we know our regular readers are used to seeing our morning post uploaded by 6:30 am, so like you, we feel like we are running behind. Still suffering the after effects of the flu, so please bear with us.
  • Average price of cash nickel so far this month - $6.12/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Copper slides as hopes for progress on trade dispute fade - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • US senators call for tough policy on Rusal; Treasury says Deripaska is target - more
  • U.S. Futures Slip on Trump Legal Woes; Euro Rises: Markets Wrap - more

     Tuesday's market review - Copper climbs to one-week high as dollar slides - Copper climbed to one-week highs on Tuesday as funds cut bets on lower prices and the dollar retreated from recent highs while the market waited for talks on the U.S.-China trade dispute. - more

      WBMS January to June 2018 Metals Balances - The Nickel market was in deficit during January to June 2018 with apparent demand exceeding production by 22 kt. In the whole of 2017 the calculated deficit was 76.0 kt. Reported stocks held in the LME at the end of June 2018 were 95 kt lower than at the end of the previous year. Refined production in January to June 2018 totalled 934.3 kt and demand was 956.1 kt. - source

      Talks held over New Caledonia mine closure - A first meeting has been held in New Caledonia between traditional leaders and a group of protesters blocking the Kouaoua mining site. - more

     FNI nickel-ore output in H1 down by 19% - Global Ferronickel Holdings Inc. (FNI) said its nickel-ore shipment in the first half fell by 19 percent to 1.55 million wet metric tons (WMT) as the firm shifted to higher-grade minerals to capitalize better prices in 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • 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 21

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Monday's trading session at $6.15/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell overnight and stated today's session just under the 245,100 tonne level. Nickel continues to climb back from last weeks meltdown. We show the 100 day MVA around $6.44/lb so that is where we put resistance. That gives nickel plenty of room to roam, should it continue its current upward trend. All eyes remain on the scheduled talks between the US and China.
  • Average price of cash nickel so far this month - $6.11/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - London copper above $6,000/T; up 2nd day as base metals rally - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Trump Accuses China, EU of Currency Manipulation - more
  • Dollar Weakens on Trump Fed Remarks; Stocks Climb: Markets Wrap - more

     Monday's market review - Copper rises on hopes of U.S.-China trade progress - Copper edged higher on Monday, bouncing back from its third straight week of losses in a sign of market optimism over planned trade talks between China and the United States and a view that the recent decline in metals was overdone. - more

     (written last Thursday) Is the metals rout signal or noise? The zinc perspective: Andy Home - The London Metal Exchange (LME) base metals markets were a scene of carnage on Wednesday. - more

      Price of HC FeCr in China Continues Tapering down = Price in main production area is CNY300 cheaper than prior month = The price of high-carbon ferro-chrome in the Chinese domestic market began to drop in July, and continues tapering down in early August as well. - more

      Indonesian Ni-base HRC to Taiwan Reaches 60,000 Tons - According to informed sources, the export volume of nickel (Ni)-base stainless steel (SST) hot-rolled coil (HRC) from Indonesia to Taiwan has recently reached 60,000 tons per month. It was reported as 20,000 tons per month only a few months ago, but seems to have tripled at a stretch. - more

     Good news for nickel; cobalt not so much as China battery giant reveals plans - China’s biggest lithium battery maker has announced it will need less cobalt next year — though it will increase its use of nickel. - more

     No current sale process for Nickel West - There has been market talk that BHP is running a fresh sale process for Nickel West, but CEO Andrew Mackenzie said today that was not the case. - more

      Ex Glencore bosses try to snatch nickel asset - Mining giants Glencore and Barrick could have a prospective nickel and cobalt project taken from under their nose, if plans being hatched by ASX-listed Jervois Mining come to fruition. - more

      Courtesy AISI - In the week ending on August 18, 2018, domestic raw steel production was 1,864,000 net tons while the capability utilization rate was 79.5 percent. Production was 1,767,000 net tons in the week ending August 18, 2017 while the capability utilization then was 75.8 percent. The current week production represents a 5.5 percent increase from the same period in the previous year. Production for the week ending August 18, 2018 is up 0.5 percent from the previous week ending August 11, 2018 when production was 1,855,000 net tons and the rate of capability utilization was 79.1 percent. - 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • 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 20

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  •    Thanks to an apparent virus picked up over the weekend, we are unable to update the news site beyond the basics today. We apologize for this inconvenience, and really hope tomorrow brings a resumption of health .... and updates.
  • Three month nickel closed Friday's trading session at $6.11/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.05/lb higher. Stockpiles of nickel stored in LME licenses warehouses fell on both Thursday and Friay and started the week just over the 246,500 tonne level. Low level talks between China and the US were announced last Thursday, and metals have been rising ever since. Nickel is trading back in its 100 day to 200 day MVA channel.
  • Average price of cash nickel so far this month - $6.11/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Copper rises on hopes of U.S.-China trade progress - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here

     Friday's market review - Copper posts biggest weekly fall since early July - - Copper inched lower on Friday, posting its largest weekly fall since early July as strikes, including at the world's largest mine, seemed mostly resolved but a weaker dollar provided some support. - 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • 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 16

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Wednesday's trading session at $5.83/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.15/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today's session just over the 247,500 tonne level. Nickel had a really bad day yesterday, with nickel hitting and eventually closing at levels not seen since early April. This is a second close below support, and because of this, that line, today at $6.11/lb, now becomes a minor line of resistance. That is if you are a technicals trader. On a fundamentals side, the market had turned toxic with a constant stream of tariff's and counter tariff's, political moves and reprisals, causing traders to wonder if the world was shooting itself in the foot. Today, LME traders are once again leading, disregarding the fall in overnight Shanghai prices. At the moment, nickel has rebounded nicely, but has a ways to go before it can claim a complete recovery from yesterday's rout. The market is bearish in the short term, neutral for the mid term, and remains bullish for the long term. The 30 day MVA, which isn't near as volatile as the 10 day, has been in  a decline since late June, possibly reflecting the markets anticipation of the typically slower summer season. If that is true, then the pickup in the nickel market in September could potentially turn the tables, or at the very least, add some stability. That is subject to the unpredictable and ever present threat of future tweet. This is our last update for the week, so we wish each of you a safe and relaxing weekend and invite you back next week.
  • Average price of cash nickel so far this month - $6.13/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Base metals claw back ground on fresh U.S.-China trade talks - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Ukraine's Jan-Jul imports of nickel ore up 13.4% to 891,670 million mt on year - more
  • The Man Who Triggered a $10 Billion Commodity Collapse Finally Speaks - more
  • Best commodity bets? Exposed to China and less open to trade: Russell - more
  • Dollar Drops With Treasuries on Trade-Talk Plans: Markets Wrap - more

     Wednesday's market review - Global growth concerns hit prices of industrial metals - Industrial metal prices tumbled on Wednesday on concerns about the hit to global growth and demand from trade disputes and political tensions, as well as a stronger dollar. - more

  • Metals Poisoned by Turkey Contagion as Copper Nears Bear Market - more

      Commentary: Nickel is dancing to a new electric (vehicle) beat - The world used almost 2.2 million tonnes of nickel last year. Around two thirds of that metal was absorbed by the stainless steel industry, which uses it as a key alloying agent. - more

      Indonesia temporarily revokes nickel ore, bauxite export permits of 4 miners - Indonesian government temporarily revoked nickel ore and bauxite export permits of four companies citing zero progress in smelter development, energy ministry data showed on Thursday. - more

      Mediation call after New Caledonia mine closure - New Caledonia's environmentalist group Rheebu Nuu has called for mediation over this week's closure of the nickel mine in Kouaoua - more

      US may impose duties on Indian steel imports - The Trump administration may impose antidumping duty and countervailing duty on imports of stainless steel flanges from India citing unfair pricing of these products even as the two countries chalk out a way to resolve their bilateral trade issues. - 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • 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 15

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Tuesday's trading session at $6.09/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.16/lb lower. Stockpiles of nickel stored in LME approved warehouses fell slightly on Tuesday and started today's session just over the 248,300 tonne level. Thru the end of July,we witnessed an average daily decline of 764.3 tonnes per day, bringing stockpiles down from 366,612 tonnes to 254,262. As of today, we have seen stockpiles decline by an average of 701.45 tonnes, reflecting the summer slowdown ... but not by much. If nickel stockpiles were to continue to decline by this month's levels, we would see LME stockpiles disappear in 354 working days - or around February 2020. That is using the slowest month of declines we have seen thus far this year. Using the average of the first seven months of the year, would knock a couple of months off that estimate - or December of next year. That is for those of you still interested in the fundamentals. For those interested in the technicals, nickle appears to be in trouble. Closing below the 200 day MVA and line of support yesterday, nickel is dropping like a rock this morning A second close below support will send a negative short term technical signal to the market. All base metals are falling this morning, with most in the 2 to 3% negative range at the moment. This appears to be mostly a follow the leader move of the Shanghai Futures Exchange significant drop overnight. LME traders are used to seeing traders on the Shanghai market play follow the leaders to them, so when the tables turn, it draws a lot of attention. The US Dollar is also trading at an annual high, adding negative pressure on trading as well. At the moment, LME traders are trading at levels not seen since early April of this year.
  • Average price of cash nickel so far this month - $6.16/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - LME copper hits 1-yr low as Chile mine union plans to avert strike - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Stocks Decline as Caution Lingers; Lira Advances: Markets Wrap - more

     Tuesday's market review - China data increases pressure on copper price - Copper fell on Tuesday towards the one-year lows of last month as sentiment already floored by the Turkish lira crisis took another knock from data suggesting weaker demand in China. - more

      New Caledonia party wants Paris to act over mine woes - The Caledonia Together party has called on the French state to take urgent action after the SLN nickel company closed its mining operations in Kouaoua. - more

     Pramod Mittal, daughter quit Gontermann-Peipers Board - Pramod Mittal, the younger brother of global steel tycoon Laxmi Mittal, has quit from the listed Indian corporate's that controlled by his Ispat group. - 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • 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 14

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Monday's trading session at $6.15/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.05/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today just over the 248,700 tonne level. Nickel fell sharply yesterday, and today is trying to hold itself inside the larger 100 and 200 day MVA channel. At the moment, trading is slightly below this channel , with the 200 day at $6.10/lb. We fell out and below this channel for three sessions a few weeks back, but the market was able to keep from closing two consecutive times below, so its support power was confirmed. We appear to be testing that again. SLN has stopped its production of nickel in New Caledonia due to an environmental protest there, and declared force majeure. Norilsk has added its voice to nickel mines expecting prices to increase in the future, thanks to the expected electric car boom. The average price for cash nickel for the first seven months of 2018 has been $6.29/lb, higher than its averaged the last three years, but still much lower than it averaged in 2014..
  • Average price of cash nickel so far this month - $6.17/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - China data increases pressure on copper price - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • (SO) NBS: China’s crude steel output up 6.3 percent in January-July
  • Stocks Rebound as Turkey Calms; Dollar Declines: Markets Wrap - more
  • Little change in the tropical Pacific; El Niño remains possible in 2018 - more

     Monday's market review - Copper falls as Turkish crisis sweeps through markets - Copper prices moved lower on Monday as a currency crisis engulfing Turkey rippled across markets and prompted investors to dump riskier assets. - more

      New Caledonia protest prompts SLN mine closure - The SLN nickel company in New Caledonia has decided to close indefinitely its mining site at Kouaoua, saying security can no longer be assured for its staff and its installations. - more

      Electric car bets boosting nickel demand, Nornickel says - Expectations of a boom in demand for electric vehicles are leading investors and battery makers to stockpile nickel and helping to fuel a spike in global prices of the metal, Russian mining company Norilsk Nickel said on Monday. - more

      How Canada’s Mining Sector Impacts the Economy - Canada is a mining nation. From the Rockies to the Canadian Shield, and from the Plains and to the North, the variety of geology that exists in the country is immense – and this has created a large and unique opportunity for groundbreaking mineral discoveries. - more

      Courtesy AISI - In the week ending on August 11, 2018, domestic raw steel production was 1,855,000 net tons while the capability utilization rate was 79.1 percent. Production was 1,767,000 net tons in the week ending August 11, 2017 while the capability utilization then was 75.8 percent. The current week production represents a 5.0 percent increase from the same period in the previous year. Production for the week ending August 11, 2018 is up 1.5 percent from the previous week ending August 4, 2018 when production was 1,828,000 net tons and the rate of capability utilization was 78.0 percent. - 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • 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 13

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Friday's trading session at $6.27/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Thursday and Friday and started this week just under the 248,800 tonne level. Nickel seems to be using the 60 day MVA line as a guide, or at least it did the latter part of last week. For the last three days of the week, nickel closed near the still sagging average line. More tariff news is causing concern in the market, with China announcing new reciprocal tariff's late last week. In Russia, Putin apparently has turned his eyes on his mining oligarch's as a potential source for new revenue. Russia's ruble took a tumble last week, after Washington announced new sanctions against the Russian leader for the poisoning incident in England. Should be a quiet week with nickel prices, but that is more of a hope than based on the reality of the times. From a technical standpoint, with nickel hugging the 60 day MVA, which is nearing the 10 day MVA, we have a potential squeeze setting up. If this happens we could see nickel make a sudden 'break out' movement in either direction. Don't really see this happening but its worth mentioning, since sometimes the market needs very little motivation to make a move. Hope the week is a good and profitable one for you.
  • Average price of cash nickel so far this month - $6.16/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - London copper sags as dollar strengthens on Turkish crisis - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Base Metals Focus: TRICs make it tricky! - more
  • What's driving China's record steel production? - more
  • Market views mixed on impact of China's 25% tariff on US ferrous scrap - more
  • Bayer sued over Essure contraceptive that allegedly caused nickel poisoning - more
  • Stocks, EM Currencies Drop as Turkey Fever Spreads: Markets Wrap - more

     Yesterday's market review - Copper gives up gains as dollar rises to 13-month high - London copper prices gave up early gains to trade lower on Friday, weighed down by a stronger dollar and slumping equities, even as the prospect of strikes at copper mines in Chile drew nearer. - more

      Putin wants $7.5 billion Russian miners tax discussed, shares drop - Vladimir Putin has ordered that a proposal to raise 500 billion roubles ($7.5 billion) a year from metal and mining firms be looked at, but the Russian president has not decided whether to approve the plan by a Kremlin economic aide. - more

      Major fire in Port of Antwerp triggers disaster plan - A major fire in the port of Antwerp has been brought under control, the port authority said, but could go on burning for the rest of the week. - more

      No end in sight for New Caledonia nickel protest - There is no end in sight to a protest in the north of New Caledonia which has paralysed the nickel mine at Kouaoua. - more

     Russian revelation behind nickel boom - Legendary mining scientist Roy Woodall used his Kalgoorlie-Boulder Walk of Fame plaque unveiling yesterday to tell the story of how “secret Russian technology” smuggled into Australia helped him discover the Goldfields’ rich nickel deposits. - 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • 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 9

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Wednesday's trading session at $6.37/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Wednesday and now total just over the 249,700 tonne level. While no different than any other total, nickel falling below the 250,000 tonne level is a psychological barrier than has now been busted. The last time we recorded the 250,000 tonne total was back on November 27, 2013, and at that time, we were on the way up. That was 5 years ago, and 5 years prior to that, stockpiles were running under 50,000 tonnes, and were recovering from 2007, when nickel stockpiles, for all practical purposes, ran out. So from 2007 until June 2015, when stockpiles maxed out at 470,000+ tonnes, we were on the increase in stockpiles numbers. The decreases began in the fall of 2015, and we are currently in year three of declining stockpiles. There is no reason whatsoever to think the decline in stockpile numbers will stop anytime soon. Nickel closed above the $14,000/tonne level yesterday, and unless something turns the market negative today, it should do so for a second time today. Not sure how important that is technically to computer driven trades, but it is another psychologically important level for human traders. As far as we know, there are no operating nickel mines within the borders of the United States. A Chilean based company wants to build an open pit copper and nickel mine in northeastern Minnesota and after years of legal wrangling, the Vice President has announced in a political rally ,that the state will get one and they can "bank on it". This is our last update for the week, and we wish each of you a safe and entertaining weekend, and invite you back next week.
  • Average price of cash nickel so far this month - $6.13/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Shanghai aluminium jumps to near 2-month closing high on Alcoa strike - more
  • Reuters Daily Inside Metals - pdf here
  • U.S. Exports of Stainless Steel Mill Products - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Commentary: Has no-one told the steel market there's a trade war on? - more
  • China Announces Date to Match $16 Billion U.S. Tariffs - more

     Wednesday's market review - Copper ends flat but trade war pressure builds - Copper ended mostly unchanged on Wednesday as the United States geared up to begin collecting tariffs on a further $16 billion of Chinese goods later this month but a weaker dollar stemmed losses. - more

     China's AD Investigation on HR SST Affecting Taiwan and S. Korea - It has been 10 days since Ministry of Commerce of the People's Republic of China began its anti-dumping (AD) investigation on hot-rolled (HR) stainless steel (SST) and semimanufactures from Indonesia, Japan, South Korea, and the EU. - more

      More tension at New Caledonian nickel company - There is fresh tension at a mining site of the SLN nickel company in the north of New Caledonia. According to local meda reports, access to the mine at Kouaoua is being blocked by about 40 people opposed to expanded exploitation despite its approval by the provincial government. - more

     Pence promises growth for copper-nickel in stumping for Stauber - Vice President Mike Pence blew in and out of Duluth on Wednesday, Aug. 8, in less than four hours, promising while he was there to capitalize on an economy growing in chunks, he said, for the first time in 16 years. - more

      Arsenic, nickel released from grill racks, German authority finds - Some enamelled racks for use with gas or charcoal grills could be releasing unsafe levels of nickel and arsenic into food, according to a report from German authorities. - 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • 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 8

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Tuesday's trading session at $6.28/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and started today just over the 250,500 tonne level. Nickel is on the 'after conference' bull run we expected, and is now trading above the 10, 30 and 200 day moving averages, with $6.45/lb on the 100 day the final to beat. Having traded below $13,100/tonne on Friday, today's trading above $14,000 gives one an idea of the bullish run the conference has given. With tariff talks expected to pick up in the next few days, the 100 day line of resistance may hold a little longer - or not. Speaking of the conference, Diggers & Dealers ended in Australia today, with nickel's forecasted bright future the main topic of discussion.  Here is an example of what and why traders are talking about nickel. In 2015, in the month of June, the world saw nearly 44,000 electric vehicle sold worldwide. In June 2016, that number stood near 70,000, and by 2017, the number jumped to over 102,000. This June, the world saw nearly 158,000 electric vehicles sold. Those vehicles need batteries, and batteries need nickel. Lots of it. And oil is playing right into the electric vehicle market's appeal again, so don't expect sales to slump anytime soon.
  • Average price of cash nickel so far this month - $6.09/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Copper gains as dollar rally wanes, nickel hits 1-week high - more
  • Reuters Daily Inside Metals - pdf here
  • Diggers & Dealers Twitter- here / Australia media coverage - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • S & P - China's July steel exports drop 15% on month, on year at 5.886 mil mt - more
  • Don’t hold your breath - 2+42 Chinese steel-producing cities - more
  • Stocks Mixed Amid New Trade Duties; Dollar Steady: Markets Wrap - more

     Tuesday's market review - Zinc, copper gain on short-covering amid optimism on China - Base metals rose on Tuesday on short-covering amid optimism top consumer China will prop up its economy with stimulus measures and that the country’s currency is stabilising. - more

      The price of nickel could double as demand grows for stainless steel and batteries - Nickel miners are a lot more optimistic about the market than they have been in a long time thanks to strong demand for stainless steel and lithium-ion batteries to power electric cars. - more

      LME Ni Average Price in July Down by 9% from Prior Month = Declining trend continues, and price drops to the US$13,200 range = LME monthly average nickel price in July 2018 was Cash seller: US$13,772.05 per ton (US$6.247 per lb) and 3-month seller: US$13,868.86 per ton (US$6.291 per lb). - more

      Market intelligence from China - August 8, 2018 - The port inventory of nickel ore has been climbing since July 2018, and 3Q is the peak season for the supply of nickel ore from the Philippines. - more

      Nickel’s steely resolve shines through for miners at this year’s Diggers & Dealers - As the global economic outlook continues to improve, the unmissable overarching theme at this year’s Diggers & Dealers has been nickel’s turnaround, with most analysts, miners and explorers alike believing the commodity’s upturn has only just begun. - more

  • Nickel West D-day nearing - more
  • BHP boosts nickel mining - more

      Philippine miner Nickel Asia holds H1 ore shipments steady at 8.89 mil wmt - Nickel Asia sold 8.89 million wet mt of ore from its four operating mines in the first six months of the year, relatively stable from 8.92 mil wmt a year earlier, the miner said Monday in a filing to the Philippines Stock Exchange. - more

  • Nickel Asia founder Zamora retires - more

      Merafe production of ferrochrome hit hard by rising costs - Merafe Resources said yesterday that ferrochrome production from its Glencore-Merafe chrome venture fell 2.3 percent in the six months to end June to 211000 tons as costs per ton increased 4.8percent from December. - 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • 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 7

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Monday's trading session at $6.21/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.09/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today just over the 251,400 tonne level. Nickel closed above support ( 200 day MVA) for a second session yesterday, which has sent a positive technical signal to the market. Nickel is trading back in the channel between the 200 day MVA ($6.08/lb) and the 100 day MVA ($6.45/lb). For the most part, nickel has traded in this channel since early July, having tested resistance a couple of times since. Diggers & Dealers has completed Day 2 - for detailed coverage here are a few links - Diggers & Dealers Twitter- here / Australia media coverage - more  Other than news from the conference, industry news is on the light side. Stainless steel prices in China are running 3.68% higher than this time last year, and 1.1% higher than last month, according to a Chinese steel index we follow. Steel, in the same period, is up 14.5% and 2.28%.
  • Average price of cash nickel so far this month - $6.05/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Copper rises on softer dollar, but trade woes weigh on market - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Russia's Rusal shuts down Nadvoitsky plant due to U.S. sanctions - more
  • Stocks Jump as Focus Turns to Results; Dollar Dips: Markets Wrap - more

     Monday's market review - Growth worries see copper retreat further - Copper prices slid on Monday due to worries about the damage to global economic growth from the trade dispute between the United States and its trading partners and a stronger dollar. - more

      Safeguard quotas provide little support to EU stainless prices - Looser than expected provisional safeguard measures will provide little support for European prices near-term. - more

      Miners Set to Spend $11 Billion in Search of the Next Jackpot - Miners and investors are poring over satellite images, tracking drilling rigs and quizzing company executives for clues on whether the sector’s heavyweights are close to a new jackpot discovery. - more

     Diggers & Dealers: BHP reveals 2040 vision for Nickel West - BHP’s Nickel West business unit is progressing a series of mine developments in Western Australia to strengthen supply for the battery materials sector. - more

  • World’s top miner charges into cobalt - more

     Market Trend of Import of Ferroalloy as of 31 July 2018 = Anticipation of price hike of EMM is enhanced in China = In China, alteration of export procedures effective from August 1 was officially announced last week, but many of the shippers have yet to cope with this, and the shipment of the contract balance in August has a likelihood of being delayed. - more

      Courtesy AISI - In the week ending on August 4, 2018, domestic raw steel production was 1,828,000 net tons while the capability utilization rate was 78.0 percent. Production was 1,752,000 net tons in the week ending August 4, 2017 while the capability utilization then was 75.2 percent. The current week production represents a 4.3 percent increase from the same period in the previous year. Production for the week ending August 4, 2018 is down 0.4 percent from the previous week ending July 28, 2018 when production was 1,836,000 net tons and the rate of capability utilization was 78.3 percent. - source

  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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • 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 6

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Friday's trading session at $6.00/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.08/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and Friday and started the week just over the 251,800 tonne level. Nickel is trading below $6/lb for the first time since late March. Nickel has traded below, along, and just over the 200 day moving average for the last three sessions, closing below it last Thursday, just above it on Friday, and now trading back below it this morning. Technical traders would see this as a very bearish signal. With Diggers & Dealers going on in Australia this week, we doubt bearish is a term they will be using often there. (Follow the meeting tweet here) After trying to dump nickel all together last year, BHP is apparently going 'whole hog' the other way this year, announcing it wants to be able to provide all the nickel to the battery-grade nickel sulphate plant it is constructing, and is back to exploring for future nickel mine sites in Australia. More news that would not be seen as bearish by most. Hard to see where nickel might end this week. The short and mid term trends remain negative. Technicals could turn bullish if nickel traders are able to climb above the 200 MVA and stay there, which at the moment, looks doubtful. Industry meetings like Diggers & Dealers tend to give metals a boost, especially when the fundamentals look as positive as they do now. So who knows - this is why traders scurry and nickel producers and consumers worry.
  • Average price of cash nickel so far this month - $6.07/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - LME copper slips on firmer dollar after China tariff response - more
  • Reuters Daily Inside Metals - pdf here
  • U.S. Imports of Stainless Steel Mill Products - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • (SO) China’s stainless steel output rises by 13.23 percent in H1
  • Nickel, Copper, Cobalt to Be 'Big Winners' in Energy Storage, IGO CEO Says - video here
  • Stocks Mixed as Trade Gloom Endures; Pound Falls: Markets Wrap - more

     Friday's market review - Copper edges higher but still on path to end the week lower - Copper turned positive on Friday as the dollar lost ground after weaker-than-expected U.S jobs data, but the metal was still on track to end the week lower as trade tensions between the United States and China weighed. - more

      LME warehousing shrinks, casualties mount: Andy Home - The business of providing warehousing services to the London Metal Exchange (LME) is becoming brutal. - more

      Sumitomo says Ambatovy to miss FY18/19 nickel output target of 48,000 T - Japanese trading house Sumitomo Corp expects that nickel output at its Ambatovy project in Madagascar will likely fall short of its earlier target of 48,000 tonnes in the year to March 2019, its chief financial officer said on Friday. - more

      BHP boosts nickel mining, exploration investment amid electric vehicle boom - Global miner BHP is plowing more investment into nickel mine development and exploration in Western Australia, seeking to secure its own supply of a key material in batteries needed to meet booming demand for electric cars. - more

      China Interested in Building Nickel Factory in North Maluku - Minister of Industry Airlangga Hartarto said that Chinese investors are interested in building a nickel factory in North Halmahera, North Maluku, to process the nickel that is a component of a lithium battery. - more

      Worker dies in Noumea nickel smelter mishap - A worker died in an accident at a nickel smelter in the New Caledonian capital of Noumea on Monday, said the plant's operator Societe le Nickel, a subsidiary of French conglomerate Eramet SA. - more

      Press Release - For the month of August 2018, North American Stainless will maintain the fuel surcharge of 26% for stainless flat and long products. The surcharge rate is considered a maximum level for August, and will be reviewed monthly. - source

      Independence Group readies for charge into nickel processing - Mid-tier miner Independence Group has started eyeing off sites for a large-scale processing plant to produce nickel sulphate for battery manufacturers. - 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • 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 2

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Wednesday's trading session at $6.16/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.02/lb lower. Stockpiles of nickel stored in LME approved warehouses fell slightly on Wednesday and started todays session just under the 254,100 tonne level. After teasing the high end of the 100 day to 200 day moving average channel nickel has been trading in, yesterday's threat from the Trump administration saw the trading price of nickel fall over 3% where it now hugs the low end of the range. The 200 day MVA stands at $6.07/lb today, and that is your major technical support. It has already been tested a few times in the last 24 hours and so far, has held. For now, nickel's momentary peak above the $14,000/tonne level is over. Industry news has quieted significantly since the calendar turned to August, and this is seasonably typical. This is our last update for the week, and we hope each of you has a safe and relaxing weekend. We invite you to check in with us next week as we continue to follow nickel, and its effect on stainless steel pricing.  
  • Average price of cash nickel so far this month - $6.25/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Copper prices drop further despite Escondida strike vote - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Get used to low-grade iron ore discounts, WA miners told as China clears the air - more
  • China's Steelmakers Are Smashing Production Records - more
  • Fire knocks out furnace at Nucor steel plate mill in Longview, Texas - more
  • Ask the Doctors: Allergic reactions to nickel are quite common - more
  • Stocks Slump as Trade Fears Return; Dollar Climbs: Markets Wrap - more

     Wednesday's market review - Copper slides on new trade tensions, worries on China growth - Copper and other base metals slipped on Wednesday on fears of slower demand due to renewed U.S.-China trade tensions and worries about slowing growth in top metals consumer China. - more

      ArcelorMittal ups steel consumption forecast to 2-3% for 2018  - Based on the ongoing positive economic outlook ArcelorMittal (AM) reviewed its forecast of the apparent steel consumption growth for 2018 to 2-3% from 1.5-2.5%, the company said in its Outlook and Guidance statement on Wednesday. - more

      LME to trial electronic closing prices for nickel next year - The London Metal Exchange (LME) launched on Wednesday a consultation to trial in the first quarter of next year the use of its electronic system to determine closing prices of the three-month nickel contract instead of open outcry. - more

       Mincor Grows Australian Nickel Presence with Cassini Resource - A new indicated and inferred resource for Mincor’s Cassini prospect has boosted the mineral resource for the company’s Kambalda holdings to 118,000 tonnes of contained nickel. - more

     Clive Palmer mocks Chinese conglomerate CITIC over mine closure threats - Clive Palmer has mocked giant Chinese conglomerate CITIC Ltd over claims it could shut down the $US12 billion ($16.2 billion) Sino Iron operations in Western Australia. - 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • 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 1

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Tuesday's trading session at $6.36/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.08/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started the new month just under the 254,300 tonne level. On this day last year, stockpiles of nickel monitored by the LME totalled 372,936 tonnes. But here is the kicker. They were still growing, and would not peak out until they hit 389,154 tonnes on August 31st. Thus the decline we have all been monitoring has been been taking place over the last eleven months. It will be interesting to note where they stand at the end of this month and a full 12 months of decline. Yesterday, the commodities headlines where positive based on the rumors that the US was working with China to resolve their trade issues. That ended overnight, and now both sides are back to saber rattling, with Trump officials expected to announce new tariff's as early as today. Nickel ended yesterday's session over the $14,000/tonne level for the first time since July 9th, but continues to trade within the 100 and 200 day moving averages. It is also trading inside the 10 and 30 day moving averages, which are setting up another potential squeeze play, but traders may ignore that one. It's a new month and may it be a successful one for our readers.
  • Average price of cash nickel so far this month - $6.25/lb (average for July)
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - London copper starts August weaker on U.S. tariff threat - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • China vows retaliation if Trump slaps 25 pct tariff on $200 bln of Chinese imports - more
  • Stocks Turn Lower as Trade Fears Hit Commodities: Markets Wrap - more

     Tuesday's market review - Copper rallies on report U.S., China to restart trade talks - Copper prices climbed on Tuesday as the market took heart from a report that the United States and China are looking to resolve trade differences, while labour negotiations at major producer Codelco helped lift sentiment. - more

      EU Safeguard Measures Influence Stainless Steel Purchasing Behaviour - The EU’s recently announced temporary quotas and tariffs on steel imports, arising from the Commission’s safeguarding investigation, might have been expected to push prices of stainless steel upward, in the European market. - more

     Nickel price increases likely to put pressure on plastic automotive components says UK manufacturer - A UK manufacturer of a metal-plated plastic automotive components says the increasing price of nickel is likely to put pressure on the price of parts. - more

     Courtesy AISI - In the week ending on July 28, 2018, domestic raw steel production was 1,836,000 net tons while the capability utilization rate was 78.3 percent. Production was 1,733,000 net tons in the week ending July 28, 2017 while the capability utilization then was 74.3 percent. The current week production represents a 5.9 percent increase from the same period in the previous year. Production for the week ending July 28, 2018 is up 1.2 percent from the previous week ending July 21, 2018 when production was 1,815,000 net tons and the rate of capability utilization was 77.4 percent. - more

     Dangerous sulfur dioxide levels at Kola nickel plant are dropping, cheering environmentalists - Dangerous emissions from the Kola Mining and Metallurgy Company dropped by nearly 9 percent during 2017, says data from the company, marking, according to its figures, a significant drop in pollution over the previous year. - 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • 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

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"A Guide To LME Trading"...pdf here (all ton listings are metric tons = 2204.622 pounds ) Updated Monday thru Thursday before 8 am CST - Disclaimer Original 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.

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