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news covering the period of August 2020
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Monday, August 31
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $7.00/lb
($15,442/tonne). The London Metal Exchange is closed today, for a
national holiday, and will return tomorrow. SMM
reported nickel ended higher in China today, and Friday reported that
nickel ore inventories stored at Chinese ports
fell 36,000 wmt to 8.35 million wmt. Roskill analysts, in an article
linked below, stated ".... with a large nickel surplus looming for the
remainder of the year, underpinned by the impacts of COVID-19 on
demand, it is hard to see this price rise being sustained over the
remainder of the year." We really have yet to identify the key to this
most recent bullish run, other than Elon Musk drawing attention to the
industry in his now well known remarks. We hope we are wrong but it
seems this might be a case of the 'big boys', experienced in the
volatility of base metal trading, taking advantage of the sudden
attention, and drawing suckers bets from those chasing the bull. This
type of herd mentality seldom ends well and the 'big boys' will likely
be the drivers behind the drop that will eventually come. We discussed
Shanghai stockpiles on Friday and nickel ore stockpiles fell .004% last
week, not exactly what we would call 'concerning'. We want to thank our anonymous donor for supporting the month of
August. It's a special reader who supports the site out of their own
pocket, and we truly appreciate them. It's the last day of
the month, and a Monday to boot. Stay safe, and have a great week!
Average price of LME traded cash nickel
so far this month
- $6.57/lb (average for August)
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai copper posts longest monthly winning streak in 11 years - more
Friday's market review - Copper hits fresh 2-year high on
weak dollar, falling stocks - Copper hit its highest level since
mid-2018 on Friday as the dollar extended losses and visible
inventories pointed to a steady recovery in demand for the metal. - more
Stainless steel markets in ‘wait and see’ mode as September approaches
- Stainless steel markets are cautiously optimistic regarding demand in
the remainder of 2020. A steady, month-on-month, increase in activity
has been witnessed, following the easing of lockdown restrictions, in
many countries. - more
Metals demand outperforming GDP metrics, copper leads way - Roskill -
Metals demand is outperforming broader economic indicators, with copper
leading the way among base metals on a stimulus-fueled infrastructure
drive as economies recover from COVID-19, consultant Roskill said. - more
Taiwan’s Yusco hikes stainless steel prices for Sep to reflect surged
costs - Yieh United Steel Corp, a leading stainless steel mill in
Taiwan, announced its new prices for September today (August 28). - more
Nickel Monthly News For The Month Of August 2020 - Nickel spot prices
were higher again in August, and the LME inventory was slightly higher
than last month. - more
Often-overlooked duplex stainless steels better for corrosion
resistance - Duplex stainless steels, which have a higher chromium
content and lower nickel content, are more resistant to pitting and can
withstand higher temperatures, which make them a viable solution to
unique applications that have a higher likelihood of pitting, says
Chemical Corrosion Services consultant Simon Norton. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Did you know an employee hospitalization or death from covid can cause a workplace OSHA audit? - article from May
Friday, August 28
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $6.86/lb ($15,130/tonne). Indicators
at 6:55 am CST today show
nickel trading around $.14/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Thursday and end the week about where they did last week, just shy of
239,000 tonnes.We are
reading that some metals analysts are giving a reason for the bullish
nickel market as a drop in Chinese inventories. Shanghai Futures
Exchange publishes their nickel stockpile numbers each Friday. Today's
released numbers are 33,374 deliverable tonnes. This time last year, they
stood at 25,262 tonnes and they started the year at 37,304 tonnes.
China media is reporting Indonesia
President Widodo has ordered that the nickel ore industry in that
country must trade based on a benchmark price that will be set by the
government. It will be interesting to see how this works out and when
and if we find a story giving more details, we will link to it.
Indonesia wants to become a major player in the production of electric
vehicle batteries, so this move to remove some of the volatility in
nickel prices, may be to give that industry a boost.
London
metal markets are closed on Monday but we will post an update. Lot to
read today for those interested. While we may all have become numb to
the horror of nearly 180,000 Americans being killed since March, there
are still over 1000 of us dieing from this silent killer every day. So
stay and play safe, and enjoy your weekend.
Average price of LME traded cash nickel
so far this month
- $6.55/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper set for third straight weekly rise after Fed policy shift - more
Thursday's market review - Copper turns positive on U.S.
Fed address - Copper gained on Thursday, reversing earlier losses after
the U.S. Federal Reserve said it would promote higher inflation, a move
that could weaken the dollar and boost commodities priced in the
greenback. - more
Eramet: Operations at Indonesia's Weda Bay nickel smelter resume after
flood - Activities at Indonesia's Weda Bay smelter complex, one of the
country's main nickel processing hubs, returned to normal on Thursday
after being hit by floods a day earlier, its operator said. - more
Further call in New Caledonia to halt Vale sale - There is further
pushback in New Caledonia to the sale of the Brazilian-owned Vale
nickel plant to an Australian company. - more
Russia’s Non-Ferrous Metals Export Up Month-on-Month in June -
According to the RF Federal Customs Service, during January-June 2020
Russia exported some 1.1 mn tons of unwrought aluminum, down 33.5%
year-on-year. In terms of value, unwrought aluminum export dropped by
36.7% year-on-year down to $1.8 bn. - more
Boliden announces €40m nickel expansion in Finland - Swedish miner
Boliden has announced a €40-million expansion of its nickel operations
at Harjavalta, Finland. - more
Zebediela nickel project exploration work to recommence - Aim-listed
explorer and developer URU Metals reports that geological exploration
work will soon restart at its 100%-owned flagship Zebediela nickel
project, which is situated on the northern limb of the Bushveld Complex
in Limpopo, South Africa - more
Europe July 2020 - The European passenger plugin market is on fire,
having registered over 113,000 registrations in July (+213% YoY,
highest growth rate in 5 years), the market's second record performance
in a row, ... - more
New study discovers why 'nickel-rich' battery materials suffer from fatigue - more
France accused of being partial as New Caledonia independence vote
nears - New Caledonia's UNI pro-independence party alleges the French
state fails to be impartial in the lead-up to the October referendum on
independence. - more
Japan extracts cobalt, nickel from seabed - The Japan Oil, Gas &
Metals National Corporation (JOGMEC) has extracted oceanic crust
samples from the seabed that contain nickel and cobalt deposits. - more
Despite Progress in Some Areas, US Economy Still Far From Pre-Pandemic
Level - Most say the economy is growing again, yet scars are sure to
remain from the catastrophic April-June quarter. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Thursday, August 27
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $6.84/lb ($15,077/tonne). Indicators at 6:10 am CST today show
nickel trading around $.05/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose by
two lots on Wednesday and remain just above the 238,800 tonne level.
Nickel closed above the $15,000 tonne level yesterday, for the first
time this year, and remains above that level this morning.
$15,170/tonne is the next line of technical resistance, but its hard to
see that putting up much of a fight at this point. Most technical
signals remain bullish. LME nickel trading will end on Friday for the
month of August, as London markets are closed next Monday for Summer
Bank Holiday. It's Thursday and we are on the downhill slide. Stay
safe, and have a great day!
Average price of LME traded cash nickel
so far this month
- $6.53/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Nickel hits 9-month high on demand boost, supply worries - more
Wednesday's market review - Copper rises towards two-year
high as inventories fall, shares gain - Copper prices pushed towards a
two-year high reached earlier this month on Wednesday as inventories in
the London Metal Exchange (LME) system fell to the lowest in 14 years
and stock markets rose. - more
Tsingshan's Indonesia Weda Bay halts nickel smelting due to floods - PT
Indonesia Weda Bay Industrial Park (IWIP), operator of the nickel
smelting facility controlled by China's Tsingshan Holding Group and
France's Eramet, said it was halting operations due to flooding. - more
China becomes net steel importer in July for 2nd month in a row - China
became a net importer of steel for the second consecutive month in
July, despite crude steel production rising 9% year on year during the
month, according to customs data released Aug. 26. - more
Notice of initiation of an expiry review of the anti-dumping measures
applicable to imports of stainless steel cold-rolled flat products
originating in the People’s Republic of China and Taiwan - pdf here
Local firms still not aware of anti-dumping investigations - While
local export products have been facing more anti-dumping investigations
and tax evasion cases in foreign countries, Vietnamese enterprises are
still unaware of the risk. - more
Tesla Battery Day Gets Livestream Next Month - One of the biggest
events for Tesla is the company’s Battery Day, which was set to be held
way back in May or June. - more
Twin Metals critics laud Pebble Mine decision - Local business owners
and wilderness advocates are calling on the Trump administration to
take a skeptical look at the proposed Twin Metals copper-nickel mine
just upstream of the Boundary Waters, and they’re citing the
administration’s recent about-face on an equally controversial copper
mine in southwest Alaska as justification. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Google searches for ‘panic attack,’ ‘anxiety attack’ hit all-time high during coronavirus pandemic - more(most
of us might be bor-vid, but not everyone is. Lot of very nervous parents
sending their kids to school these days. Have you identified how your
company can offer safety and security to your customers?) Learning from COVID-19: What’s Next for Your Supply Chain? - more
Wednesday, August 26
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $6.77/lb ($14,923/tonne). Indicators at 6:15 am CST today show
nickel trading around $.08/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Tuesday and started today just over the 238,800 tonne level. Nickel is
trading over the $15,000/tonne level this morning, for the first time
since mid-November of last year. At that time, the market was
recovering from a "Indonesia won't be shipping anymore ore" panic
driven bull run, that had ended abruptly the prior September, with
nickel failing to beat the $18,000/tonne level. We are now in an "Elon
wants more nickel" bullish run, although nickel stockpiles have yet to
reflect any reason for overly optimistic traders. Keep in mind that
every bull run has its reasons and fervent believers - and every bear
market is a reflection of those reasons, hopes or fears, not quite
panning out. WorldSteel published its July estimates yesterday. China's
crude steel production was up 9.1% compared to July 2019, and for
increases, that was about it. The U.S. was down 29.4%, the EU down
24.4%, and India down 24.6%. But.... the future has to be better and
Elon wants more nickel, so buyers are buying what buyers buy. It's
another hump day, the last for August. Enjoy your day and have a
wonderful day!
Average price of LME traded cash nickel
so far this month
- $6.52/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper rises as investors cheer trade talk, COVID-19 treatment progress - more
Tuesday's market review - Copper supported by low stocks
and weaker dollar - Copper prices steadied on Tuesday as uncertainty
about demand prospects triggered some profit taking, while historically
low inventories and a weaker dollar provided support. - more
China Baowu Steel to take control of stainless steelmaker TISCO - China
Baowu Steel Group, the country’s top steelmaker by output, has agreed
to take a controlling stake in Taiyuan Iron & Steel (Group) Co Ltd
(TISCO) in the latest consolidation of the country’s mammoth steel
sector. - more
Steel Imports Down 19% Year-to-Date Through July 2020 - Based on
preliminary Census Bureau data, the American Iron and Steel Institute
(AISI) reported today that the U.S. imported a total of 2,690,000 net
tons (NT) of steel in July 2020, including 1,367,000 net tons (NT) of
finished steel (up 92.0% and 3.6%, respectively, vs. June final data).
- more
Ring Of Fire and SSM Plant Still A Go With No Delays As Per C19 - If
you were wondering ; the Ring of Fire and Sault Ste. Marie’s chosen
location regarding the proposed ferrochrome plant have not been
blindsided by the Pandemic. - more
WA miners fret over Queensland virus spread - Western Australia’s
resources industry is preparing for the possibility of a hard border
closure in Queensland, its biggest source of essential fly-in, fly-out
workers. - more
Rare and valuable plants that naturally “mine” large quantities of
nickel are thought to be hiding in Indonesia’s forests – but it is a
race to discover them before they are wiped out. - more
Video Exclusive: ID Chats With Fastenal CEO About NHL-MRO Deal - On
Aug. 19, Fastenal announced that it is the NHL's new MRO partner
through 2024. Here, CEO Dan Florness talks with ID's Mike Hockett about
how the deal happened and how Fastenal will make it work. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Fauci says Pence listens to him even though he's 'the skunk at the picnic' - more
Tuesday, August 25
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $6.76/lb ($14,906/tonne). Indicators at 6:15 am CST today show
nickel trading around $.01/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and started today just under the 238,500 tonne level. Nickel
bulls are staring hard at the $15,000/tonne level this morning, but
have yet to test the level. Shanghai metals markets ended mostly lower
for a second day, with nickel ending higher again. World Steel
Association is out with July production numbers and with little else in
the industry to talk about, the Elon Musk nickel challenge is still
getting a lot of ink. Nickel may be borrowing some momentum from
copper, which Reuters reports, is seeing inventory levels at 13 year
lows. We don't follow copper, but the old timers will tell you there
was a time, not so long ago, when copper was looked to as a gauge of
the economy. That is, back when fundamentals meant something. Not much
news, but we leave you with what we found. Stay safe and enjoy your
Tuesday!
Average price of LME traded cash nickel
so far this month
- $6.50/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper slips as uncertainty triggers some profit taking - more
Monday's market review - Copper rises as LME inventories
dwindle to 13-year low - Copper prices rose on Monday as stockpiles in
the London Metal Exchange (LME) warehouse system fell below 100,000
tonnes for the first time since 2007 and the approval of a coronavirus
treatment in the United States boosted equities. - more
July 2020 crude steel production - World crude steel production for the
64 countries reporting to the World Steel Association (worldsteel) was
152.7 million tonnes (Mt) in July 2020, a 2.5% decrease compared to
July 2019. - more
Elon Musk Thinks Nickel Is The New Gold: Here’s Why - Tesla CEO Elon
Musk emphasizes the importance of the nickel element in every
opportunity he finds. - more
Tesla CEO Elon Musk Promises to Generously Reward Anyone Who Can Supply Him this New ‘Fool’s Gold’ - more
Courtesy AISI - In the week ending on August 22, 2020, domestic raw
steel production was 1,412,000 net tons while the capability
utilization rate was 63.0 percent. Production was 1,841,000 net tons in
the week ending August 22, 2019 while the capability utilization then
was 79.1 percent. The current week production represents a 23.3 percent
decrease from the same period in the previous year. Production for the
week ending August 22, 2020 is up 2.5 percent from the previous week
ending August 15, 2020 when production was 1,377,000 net tons and the
rate of capability utilization was 61.5 percent. - more
Nickel mined in Cuba enters a world of secrecy when it leaves the
island, because it is illegal in the United States to use any product
containing nickel mined in Cuba. And why that matters for U.S.
importers, distributors, and customers in the last year - read here(it
is nearly impossible to determine where the nickel in your stainless
steel came from - and these days, that could be a very good thing.)
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, August 24
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $6.65/lb ($14,660/tonne). Indicators
at 6:15 am CST today show
nickel trading around $.11/lb higher. Stockpiles of nickel went unchanged on Friday and start the week just over the 238,900 tonne level.
U.S. stainless steel surcharges are
out for September and for 304 stainless, they are the highest this
year, while 316 remains below pre-covid levels. Apparently this is due
to an increase in their surcharge formula, as even their surcharge
sheets confirm that nickel averaged lower this month than in January,
with the surcharge for nickel coming out higher. Chrome is averaging
higher than it did in January as well. Not much in the world of news
today. Shanghai nickel ended higher overnight, with their other base
metals ending mostly lower. LME base metals are all higher so far this
morning. Markets are higher across the board this morning on news the
Trump administration may order the FDA to grant emergency approval to a
University of Oxford vaccine so that it is released prior to the
election. Is this the same President that recently signed an order
'deferring' payroll taxes and then told Americans they could keep the
money if he is reelected? In most corners of the world that is called
bribery, but here in America, we call it politics. Haven't heard that
remark repeated since. Daily new cases of covid continue to decline in
the US, based on the seven day average. With schools and colleges
reopening, most expect those numbers to rise in the coming weeks. Daily
deaths also continue a slow slide, and hopefully, that trend will
continue. Nickel is trading at 2020 highs and the bull appears to have
the $15,000/tonne level in its sites. It's the last week of August and
the last week to meet any personal goals you had set for the month.
Stay safe and have a great week!
Average price of LME traded cash nickel
so far this month
- $6.48/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper rises as inventories slip to 13-year low - more
Friday's market review - Copper slips as global economy
struggles, weekly gain in sight - Copper fell on Friday as concerns
mounted over the recovery of some of the world’s largest economies, but
rising Chinese demand and low inventories kept prices on track for a
weekly gain. - more
Elon Musk Is Going To Have a Hard Time Finding Clean Nickel - Elon Musk
promises a “giant contract” with the miner that can supply nickel for
Tesla Inc. batteries at low cost with minimal environmental impact, yet
the industry’s messy track record may make that deal difficult to
clinch. - more
Indonesia's biggest nickel smelter says output not disrupted by worker
protest - Operations at Indonesia's largest nickel smelting facility
were not disrupted by worker protests outside the plant on Saturday
over shifts during the coronavirus pandemic, a spokesman for PT
Indonesia Morowali Industrial Park (IMIP) said on Monday. - more
Profit Drivers to Maximize Manufacturing Recovery - Despite the ongoing
ambiguity, many manufacturers are not just surviving, but thriving by
asking questions focused on innovation and collaboration. - more
Unemployment Applications Reflect Painful US Economy Progression - more
Metal fabricators: Share your success, for the sake of manufacturing - more
Broken links: supply chain management amid global disruption - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Friday, August 21
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $6.64/lb ($14,635/tonne). Indicators at 6:20 am CST today show
nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today's session just under the 239,000 tonne
level. Cancelled warrants jumped to 24.99% yesterday, which could mean
a surge in orders. Yesterday, when we linked to the story about New
Guinea blocking entry to Chinese nickel mine workers because they had
been immunized, we thought the story might be a stretch, as we could
find no other outlet carrying the story. Well after we posted, the
story blew up, at least in that region of the world.
You might think that immunizing your workers, to protect them, would be
an admirable thing to do, with the pandemic already having visited some
mines in Papau. But apparently someone at the mine let officials in
that country know that we have a group of Chinese workers arriving this
week, and oh by the way, they might show up as positive for the
covid-19 as they were immunized prior to leaving. If one thinks about
that for a moment, one might understand why Papau said 'hold the boat',
or in this case, 'the plane'. It's hard enough to know who to believe
these days, but does anyone know if a person can be 'positive' for
covid-19, and not be contagious? If so, how does science decide who is
'false positive' due to an immunization, and who really had the virus?
This situation had brought to light another interesting scenario that
the world will have to confront in the upcoming months. China is doing
what is best for its citizens, and in response Papau is doing what it
feels is best for its citizens. Neither should be questioned for their
motive, and the confusion is understandable. Other than this little
diplomatic crisis, caused by some nickel mine workers just trying to
get to work, industry news was rather light this morning. Enjoy your
weekend, stay safe, and we hope to see you back here again next week.
Average price of LME traded cash nickel
so far this month
-
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai aluminium touches 28-month high on demand hopes - more
Thursday's market review - Copper prices falter on demand
doubts and profit-taking - Copper prices fell on Thursday as
profit-taking on Federal Reserve policymakers’ concern about U.S.
growth was reinforced by doubts over whether a recent price rally was
justified by the fundamentals. - more
PNG Cancels flight Carrying Chinese Mine Workers - A flight from China,
scheduled to arrive today in Port Moresby, was cancelled by Controller
David Manning. - more
China faces questions over 'vaccinated' workers sent overseas - more
China’s crude stainless steel output goes up in Jul m-o-m, y-o-y -
According to statistics, the output of crude stainless steel from
China’s 32 stainless steel mills totaled around 2.7 million tons in
July, up by 7.68% compared to the previous month and 2% from the same
month a year ago. - more
German battery recycling project awarded $1 million in public funding -
The Ministry of Economic Affairs, Labor and Housing of the German state
of Baden-Württemberg has announced it will finance a two-year project
aimed at investigating how to best reclaim battery electrodes. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Column: I had COVID-19, and these are the things nobody tells you - more
Thursday, August 20
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $6.68/lb ($14,725/tonne). Indicators at 6:20 am CST today show
nickel trading around $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Wednesday and started today just over the 239,300 tonne level. Chinese
traders took nickel lower after the Fed revealed on Wednesday, it
wasn't as enthusiastic about a quick rebound in the US economy, as
traders appeared to be. The U.S. Dollar bounced on the news, and at
least for the moment, the Fed has taken some of the air out of the
bull's balloon. London traders, at least so far, dropped nickel lower
in overnight futures, but have recovered most of that this morning. The
WBMS reports the nickel industry was in supply surplus the first six
months of 2020; by 31 kt. We would note that LME stockpiles numbers
grew from 150,690 tonnes to 233,898 during that same period. New
Caledonia natives, who made raids on the Goro plant when it was under
construction, now are protesting Vale's decision to sell it. Go figure.
And the Daily Mail is throwing a fit about Chinese nickel workers in
Papau New Guinea being immunized for covid. Based on their web page, we
are not real sure if this is a news site; rather it appears they are
trying to make noise to get us to click on their site so they can sell
stuff in an overabundance of adds. We, of course, added a link to the
site like dopes - because in that mess of adds, is a story we could
find no one else telling today. Trust us, we tried. And with the year
just barely over half way over, a pandemic killing hundreds of
thousands, and sickening far more, with extreme weather events bearing
a resemblance to "Biblical proportion", with all the lost jobs, and
unpaid bills, and spreading hunger in some areas... with all this we
find out yesterday that we came close to being hit by a Tesla sized
asteroid. The fact that one that size almost hit us is not the bad part
of this story - as had it hit our atmosphere, it would have burnt up
and likely made a heck of a light show. That part of this story that is
rather unnerving, is no one saw this asteroid coming, until after it
had already passed the planet. Stay safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $6.62/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper tracks equities, other risky assets lower on dovish Fed - more
Wednesday's market review - Copper rallies to highest
since 2018 on weak dollar and falling output - Copper prices rallied to
their highest in over two years on Wednesday, boosted by a weaker
dollar, low stocks and falling output. - more
January to June 2020 Metals Balances - (excerpt) The nickel market was
in surplus during January to June 2020 with production exceeding
apparent demand by 31 kt. In the whole of 2019, the calculated deficit
was 26.9 kt. - more
Global crude steel output to fall as China widens its gap with others,
says BHP - Global crude steel production will decline this year by 6
percent, even as leading producer China widens its lead in production
over other countries helped by a smart recovery of its economy from the
pandemic, Australian mining major BHP has said. - more
Guinea pigs: China uses trial COVID-19 vaccine on miners in PNG as
state-owned companies are used for mass scientific experiments - China
may have already trialled a coronavirus vaccine on miners at a site in
Papua New Guinea, using workers at companies owned by the communist
state as lab rats - more
New Caledonia's FLNKS backs Kanak opposition to Vale sale - Leaders of
New Caledonia's pro-independence FLNKS movement say they back Kanak
chiefs opposed to the sale of the Vale nickel plant. - more
BHP, the world’s largest miner, backs away from coal projects - BHP,
which is based in Melbourne, Australia, said Tuesday that it will try
to sell its 80% stake in the BHP Mitsui Coal joint venture, which owns
two Queensland mines that produce lower-quality coking coal, which is
used for steelmaking. It’s also looking to offload its thermal coal
assets in Australia and Colombia. - more
Distributor Pandemic Index Holds Steady, Just Above Breakeven - Now
with 26 weeks of data, the index shows a six-month snapshot of how
year-over-year weekly sales have fared for a pool of 12 varying
distributors. - more
US Economic Indicators:Manufacturing Production & Capacity by Major Industries - pdf here
Virus News and Numbers
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, August 19
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $6.65/lb ($14,670/tonne). Indicators at 6:15 am CST today show
nickel trading around $.05/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose
slightly on Tuesday and started today's session just under the 238,600
tonne level. This week is starting to show a stark reversal of what
typically happens in the nickel industry. Typically, LME traders are
followed by Shanghai traders, with an occasional refusal to play ball
by the latter. This week, however, Shanghai traders turned bullish
Monday with such gusto, LME traders seem to be having difficulty
playing catch-up. Thus, we are watching LME nickel prices jump this
week. Except for the overbought signals, technical indicators remain
very bullish. And a second close above what we thought would put up
more of a fight, $14.500/tonne, indicates technically that the bull has
plenty of room to run. So, we suggest stainless steel producers and
consumers sit back, pour a mixed drink of Jack Daniels and
Alka-Seltzer, and wait for the bear to bite. And nickel producers,
enjoy the good times while they last. Because they don't forever. If
you don't believe me, BHP's new leadership announced this week that
they will putting an emphasis on nickel for their future growth. This
same company, in the last decade and under the old leadership, was
trying to unload their nickel mine's as it was an industry they were no
longer interested in being a major player in. Times change. And for
those having to source nickel, a little too extreme sometimes. Stay
safe and enjoy your hump day!
Average price of LME traded cash nickel
so far this month
- $6.44/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper jumps to highest in over two years as output falls - more
Tuesday's market review - Copper hits near four-week high
on Chinese recovery, weak dollar - Copper prices gained on Tuesday for
a third straight session, touching their highest in nearly four weeks,
lifted by optimism over economic recovery in top metals consumer China
and by a weaker dollar. - more
Top 9 Countries That Produce the Most Nickel in the World - Here we are
coming with a brand new article about another essential mineral after
gold, zinc, rare earth metals, and tungsten; let’s check out the list
of the top 9 countries that produce the most nickel in the world based
on Insider Monkey’s latest article, as usual. - more
Reprieve for molybdenum prices from China's import surge - An upsurge
in Chinese demand and imports of minor metal molybdenum have
revitalized prices of the stainless steel ingredient, but a reversal is
expected as local production ramps up after disruptions. - more
Largest shareholder in Russian nickel producer points to ‘destructive
behaviour’ of co-owners - Interros Holding, which manages 34.54 per
cent of shares in Russian mining giant Norilsk Nickel has said that one
of its fellow shareholders, Russian aluminum giant Rusal, is attempting
to exploit a recent fuel spill in order to place pressure on Norilsk
Nickel to push through a new shareholder agreement that would guarantee
Rusal the highest dividend payout. - more
Iron ore futures advance on China steel demand, spot price at 13-month
high - Iron ore futures firmed on Tuesday, gaining as much as $3 a
tonne, on expectations that steel usage in China would remain robust in
the coming months and offset sluggish demand overseas. - more
Steel market wrestles with slow recovery - Steel industry sentiment
took a more pessimistic turn in July and August as COVID-19 continued
to outsmart government and health officials who can’t seem to unite on
a strategy that will stem the spread of the virus. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, August 18
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $6.63/lb ($14,610/tonne). Indicators at 6:15 am CST today show
nickel trading around $.04/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and started today's session just over the 238,500 tonne level.
After creeping up into the 24% range for the latter half of July,
cancelled warrants returned to the 23% range on the last day of that
month, and have remained there ever since. After dropping from a high
of 38%+ in March, cancelled warrants have remained within a tight
range. Having posted this blog since 2003, we do not remember the
volatility in cancelled warrants ever disappearing for this long. And
it is going to be hard to convince us of a major rebound in demand
recovery, until we see some of that volatility return to stockpiles.
Nickel rose again overnight in China markets, and is on the increase in
London this morning. The US Dollar continues to weaken, which is adding
positive momentum to base metals trading as well. We show nickel
trading, at the moment, at a level not seen since just before last
Thanksgiving. The level of resistance we were looking to put up a
fight, did only temporarily, and a second close above $14,500 today,
gives the bull more room to run - technically speaking. For those
looking for a reason why the bull is loose again, you will need to look
elsewhere. We don't spend a lot of time trying to explain that which is
unexplainable. Others have to create headlines every day and have to
come up with the 'why's'. If one really knew 'why' the market was
reacting as it was, they would be so wealthy from past trades, that
they really wouldn't care any longer what the market was doing. It's
Tuesday and for those that are suffering from bor-vid, please stay safe
and have a great day.
Average price of LME traded cash nickel
so far this month
- $6.43/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper gains for third session on Chinese recovery, weak dollar - more
Monday's market review - Nickel hits highest in nearly 9
months on Philippine supply concerns - Nickel prices surged to their
highest in nearly nine months on Monday on concern over supply from the
Philippines, the leading exporter of the stainless steel raw material.
- more
DMCI Mining reports increased shipments - DMCI Mining Corporation
reported that it shipped 853,197 wet metric tons (WMT) of nickel ore
from January to June, a 25 percent jump from 681,360 WMT compared to
the same period last year. - more
BHP pivots from coal, gas to copper, nickel - BHP has revealed close to
$US10 billion ($13.8 billion) worth of carbon intensive assets in four
Australian states are not part of its long-term plans, as new chief
Mike Henry continues his mission to reshape the company toward “future
facing'' commodities like oil, copper and nickel. - more
MySteel Global – China’s Jan-July steel output grows faster by 2.8% -
China’s crude steel output grew at a faster pace over January-July,
with the total tonnage up 2.8% on year to 593 million tonnes against
the yearly growth of 1.4% over the first half of 2020, according to the
latest data from the country’s National Bureau of Statistics (NBS). - more
Courtesy AISI - In the week ending on August 15, 2020, domestic raw
steel production was 1,377,000 net tons while the capability
utilization rate was 61.5 percent. Production was 1,841,000 net tons in
the week ending August 15, 2019 while the capability utilization then
was 79.1 percent. The current week production represents a 25.2 percent
decrease from the same period in the previous year. Production for the
week ending August 15, 2020 is up 1.7 percent from the previous week
ending August 8, 2020 when production was 1,354,000 net tons and the
rate of capability utilization was 60.4 percent. - more
A rush is on to mine the deep seabed, with effects on ocean life that
aren't well understood - Mining the ocean floor for submerged minerals
is a little-known, experimental industry. But soon it will take place
on the deep seabed, which belongs to everyone, according to
international law. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Are Financially Distressed Areas More Affected by COVID-19? - more
Monday, August 17
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $6.52/lb ($14,365/tonne). Indicators at 6:15 am CST today show
nickel trading around $.11/lb
higher. Stockpiles of nickel stored in LME licensed warehouses remained
flat on Monday and started the week just over the 238,600 tonne level.
Nickel jumped in Asian markets overnight, with Chinese business media
crediting the news of a Chinese vaccine being patented in that country.
On the other hand, Reuters is crediting this report "Nickel content of
ores extracted by miners in the Philippines, the world’s biggest
exporter of the material, dropped 28% year-on-year to 102,310 tonnes in
the first half of 2020, data from the Mines and Geosciences Bureau
showed." with causing the jump. You can decide, but we seriously doubt
the Philippines shipments totals had anything to do with other base
metals ending higher in China overnight, nor did they have a lot to do
with Chinese equity markets ending higher. News of a vaccine right now,
when it seems to carry more legitimacy than Russia's last announcement,
is going to be seen as bullish by the markets. And while American
politicians may squirm at the news of potential Chinese success, those
of us not running for reelection and getting real tired of walking
around looking like a masked bandit, hope its the first of many success
stories. The kicker to the nickel industry, is the same day nickel
traders are successfully pushing above the $14,500/tonne level on
vaccine or supply news, it is being reported that a Chinese company is
developing an EV battery that will not use nickel. if they are
successful, this will be a huge kick in the pants to the industry, and
with Elon Musk's latest remarks ringing in our ears, his interest in
the 'problem' of high nickel prices implies a willingness on his part
to look at other options. Been an interesting Monday already and the
eastern sky has yet to release the sun. We are in a new week and
starting the last half of the work month. Stay safe and have a great
day!
Average price of LME traded cash nickel
so far this month
- $6.41/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Nickel rises as ore supply from Philippines falls - more
Friday's market review - Copper gains on China data, heads
for weekly rise - Copper rose on Friday as industrial data from top
consumer China pointed to a steady economic recovery, helping fuel the
first weekly gain in about a month. - more
BNC is nickel price conundrum - Bindura Nickel Corporation (BNC) may
have to rethink its smelter restart plans given the poor outlook of
global nickel prices. - more
China's CATL is developing new EV battery with no nickel, cobalt, exec
says - China's Contemporary Amperex Technology Co Ltd (CATL), a Tesla
supplier, is developing a new type of electric vehicle (EV) battery
that contains no nickel or cobalt, a company executive said on
Saturday. - more
China’s iron ore port congestion to ease by end of August - The China
Iron and Steel Association (CISA) expects the current iron ore
discharging difficulties and congestion issues at Chinese ports to ease
by mid- or late-August with the improving weather and the coronavirus
spread being under control, the association shared in a WeChat post on
August 11. - more
How to keep employees focused during a pandemic - Events of the past
few months have been disruptive for all manufacturers and fabricators,
and the next few months may be just as disruptive. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Friday, August 14
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $6.40/lb ($14,100/tonne). Indicators at 7:30 am CST today show
nickel trading around $.10/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose
over 1000 tonnes for a second consecutive day on Thursday, and started
today's session just over the 238,600 tonne level. Base metals are all
trading higher this morning, with China data encouraging, and the U.S.
Dollar continuing its fall. Month will hit the half way point this
weekend. If you have 1 minute and 37 seconds free, we invite you to
review a video clip by Outokumpu on Vimeo (video here).
Absolutely beautiful - with more to come in the upcoming weeks. Lot of
news and reports below for your weekend reading. Stay safe and have a
great weekend.
Average price of LME traded cash nickel
so far this month
- $6.41/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper gains on China data but heading for weekly loss - more
Thursday's market review - Copper slips on weak Chinese
demand, Chile turns on supply taps - Copper prices eased on Thursday as
concerns over supply from South America receded and seasonally weak
demand in top consumer China resurfaced. - more
BIR: Global stainless steel demand expected to slide by 12% in Q2 -
According to the Bureau of International Recycling (BIR)’s Stainless
Steel & Special Alloys Committee, global stainless steel demand was
expected to drop by 12% in the second quarter of this year, reaching
11.9 million tons. - more
Philippine nickel miners see 2020 back on track after virus hit H1
sales - The two biggest nickel miners in the Philippines do not expect
further major disruptions to their operations this year, after posting
lower first-half ore sales due to lockdown measures aimed at containing
the coronavirus. - more
Surge in China’s stainless steel output revives nickel market, but
surplus a cause for worry - Rapidly rising stainless steel production
in top consumer China has helped to preserve demand and prices of key
ingredient nickel, but analysts still expect a supply overhang of the
metal valued for its anti-corrosive properties. - more
TISCO plans to build iron-nickel & short-process stainless steel
project in Indonesia - Taiyuan Iron and Steel (Group) Co., Ltd. (TISCO)
signed a planning contract with China Metallurgical East for a project
short-process stainless steel in Indonesia. - more
Assessing the Pandemic Impact on Wholesale Distribution's 4 Major Segments - SAP's
Magnus Meier discusses COVID-19's various impacts on wholesale
distribution's four largest segments: Health care, industrial, food
service and high-tech. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Chinese cities find virus in Brazilian chicken wings, Ecuadorian shrimp packaging - more
States’ rush to reopen slowed U.S. recovery, Boston Fed chief says - more
Thursday, August 13
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $6.46/lb ($14,245/tonne). Indicators at 6:20 am CST today show
nickel trading around $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouses jumped on
Wednesday and started today's session, just over the 237,200 tonne
level. That's the biggest one day gain recorded since early May.
Another quiet news day with nickel doing a lot of nothing over the past
24 hours. Posted a link in other news below about Elon Musk's new truck
prototype. As well as his future starship he tested again last week, Mr
Musk, or his engineers, are very fond of stainless steel. Stay safe and
have a great day!!
Average price of LME traded cash nickel
so far this month
- $6.41/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper dips on tepid Chinese demand, U.S. stimulus uncertainty - more
Wednesday's market review - Copper rises as stocks and oil
rally, dollar slips - Copper rose on Wednesday as stock markets
rallied, oil prices climbed and the dollar weakened, though lackluster
factory data in Europe fed concerns that demand will remain weak and
the market oversupplied. - more
Russia's Rusal posts H1 net loss, sees weak aluminium prices in 2020
- Russian aluminium giant Rusal said on Thursday its recurring net loss
totalled $76 million in the first half of 2020 after a profit of $666
million a year ago as the novel coronavirus outbreak hit demand. - more
Horizonte Minerals secures $325 mln in financing for Brazil nickel
project - Horizonte Minerals said on Wednesday it has secured a $325
million syndicated loan to help fund construction of a nickel mine in
Brazil, and is in advanced talks to secure a further $115 million from
offtakes and equity by the end of the year. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Pompeo: Chinese threat may be worse than a 'Cold War 2.0' - more(with tensions on the rise, where is your inventory originating from?)
Wednesday, August 12
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $6.50/lb ($14,330/tonne). Indicators at 6:10 am CST today show
nickel trading around $.07/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started the day, for the third consecutive day, just under
the 235,900 tonne level. Nickel appears to be looking at the
$14,000/tonne level for support, testing it earlier in today's session.
News is quiet today, as the typical beginning of the month news rush
starts to ebb. Stay safe out there, and have a great hump day!
Average price of LME traded cash nickel
so far this month
- $6.40/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper falls on U.S. stimulus uncertainty, firmer dollar - more
Tuesday's market review - Copper dips as U.S.-China
tensions simmer, economy weighs - Copper dipped on Tuesday as investors
worried about U.S.-China tensions and the economic impact of the
COVID-19 pandemic. - more
Stainless surge revives nickel market, but surplus still looms -
Rapidly rising stainless steel production in top consumer China has
helped to preserve demand and prices of key ingredient nickel, but
analysts still expect a supply overhang of the metal valued for its
anti-corrosive properties. - more
Russia's Nornickel H1 profit slides as it sets aside $2 bln for fuel
spill claim - Russia’s Norilsk Nickel said on Tuesday its net profit
plunged in the first six months of 2020 after setting aside $2.1
billion in reserves for an environmental damage claim after a major
fuel spill in the Arctic. - more
DMCI net income falls 62% to P1.4 B in first semester - Diversified
engineering conglomerate DMCI Holdings, Inc. posted a 62 percent drop
in consolidated net income to P1.4 billion in the second quarter of
2020 from P3.7 billion during the same period last year. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, August 11
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $6.48/lb ($14,280/tonne). Indicators at 6:10 am CST today show
nickel trading around $.05/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell by
one lot yesterday and start the day about where the did yesterday, just
under the 235,900 tonne level. Nickel continues a slow retreat this
morning, but its way too early to say the bull has been fenced. He is
resting, but the bears have yet to put a rope on him. US Dollar is back
down this morning, which is giving base metals some support. In Europe,
Outokumpu expects 3rd quarter demand for stainless steel to fall. And
in Russia, shareholders of Nornickel are being told their money is
appreciated, but opinions are not. Stainless steel scrap in the U.S.
and futures on SHFE in China are both off recent highs. Stay safe and
have a great day!
Average price of LME traded cash nickel
so far this month
- $6.40/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - LME copper eases on stronger dollar, rising Sino-U.S. tension - more
Monday's market review - Copper rallies as spotlight
shifts back to stronger demand - Copper prices recovered on Monday as
the market turned its attention back to robust economic growth and
demand in China and expectations of an upturn at manufacturing
companies in Europe and the United States. - more
Outokumpu foresees drop in Q3 stainless steel delivery - Because
of the low demand in Europe and the impact of the Covid-19 epidemic
impact, Outokumpu forecasted that its stainless steel deliveries will
decrease by 10% in the third quarter compared to the previous
quarter. - more
Russia's Nornickel no longer needs shareholder agreement, says co-owner
- An eight-year-old shareholder agreement signed by Russian mining
giant Norilsk Nickel’s major owners has become a relic of the past
which the $44 billion miner does not need, Vladimir Potanin, its
largest shareholder, told Reuters. - more
Norilsk – the “diamond” of the Russian North: the city’s history,
the health and life expectancy of Norilsk residents, its areas and the
sights - more
Noront fired up to resume work in Ring of Fire - “Timmins stands to be
one of the major hubs and centres that will support the Ring of Fire
development in future years" - Alan Coutts - more
U.S. Metal Manufacturers Statement on Section 232 Aluminum Tariffs on
Canada - The last 24 hours is more evidence of why the reliance on
tariffs as a trade policy was largely abandoned in the 1930s. Hours
after President Trump reimposed 10% Section 232 tariffs on aluminum
imports from Canada, ..... - more
Courtesy AISI - In the week ending on August 8, 2020, domestic raw
steel production was 1,354,000 net tons while the capability
utilization rate was 60.4 percent. Production was 1,841,000 net tons in
the week ending August 8, 2019 while the capability utilization then
was 79.1 percent. The current week production represents a 26.5 percent
decrease from the same period in the previous year. Production for the
week ending August 8, 2020 is up 2.0 percent from the previous week
ending August 1, 2020 when production was 1,328,000 net tons and the
rate of capability utilization was 59.3 percent. - more
June Metalworking Orders Spike 56% from May - Year-over-year and
year-to-date orders were still down through June, but regardless, it
was quite a rebound month. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, August 10
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $6.51/lb ($14,360/tonne). Indicators at 6:10 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Friday and start the week just under the 235,900 tonne level. Nickel is
quiet in London this morning, with nickel down slightly, possibly on a
stronger US Dollar. Traders appear to be in a holding pattern this
morning, either waiting on a report, someone else to blink first, or
American traders to start their day. Mysteel is reporting that at the
end of July,
nickel ore inventory levels at 13 ports in China were down 44% from the
beginning of the year. The world recorded its 20 millionth covid-19
victim over the weekend, with the U.S. claiming a little over 25% of
that total. India has bumped the U.S from the top spot in daily new
cases over the past few days. Lot of apprehension out there, with
schools opening back up. There are thousands of professionals around
the world, working around the clock, creating vaccine's to beat this
bug into submission. And another day means we are one day closer to
that victory. Keep your spirits up, protect yourself and those around
you, and 2020 will soon be little more than a memory. Stay safe and
have a great week!
Average price of LME traded cash nickel
so far this month
- $6.40/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai copper at 1-month low on Sino-U.S. rift, stimulus uncertainty - more
Friday's market review - Copper drops to one-month low on
profit-taking, higher dollar - Copper prices fell to one-month lows on
Friday as a higher dollar triggered profit-taking on long positions,
but expectations of stronger growth and demand around the world limited
losses. - more
COVID-19 turns Indonesian ore export ban into curse for nickel market: S&P - The
global primary nickel market will reach its first surplus in five years
and prices will drop 7% year-over-year, according to recent market
research by S&P Global Market Intelligence. - more
Munali Nickel Mine suppliers complain over non-payments - Zambian
suppliers to Mabiza Resources Limited have complained of harsh
conditions and non-payment for the services rendered to the mine. - more
Russian Arctic peoples appeal to Elon Musk for Nornickel boycott - A
group of indigenous people in Russia are asking Tesla’s Elon Musk to
stop buying supplies from miner MMC Norilsk Nickel until the company
compensates them for environmental damage to their ancestral lands. - more
China's July iron ore imports hit record high on robust demand -
China’s iron ore imports in July surged to a record, up 24% from a year
earlier, customs data showed on Friday, driven by shipments from miners
and resilient demand as the economy bounced back after disruptions from
the coronavirus pandemic. - more
Distributor Pandemic Lessons and Silver Lining - COVID-19
has hammered manufacturing on an unprecedented scale. And yet, it's
effectively shown the dire need for technology in distribution. - more
Canada to Impose $3.6B in Retaliatory Tariffs on US - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
Resurgence - how is your state faring? - more
Coronavirus: Chinese firm signs deal to get access to promising Oxford University vaccine - more
Tracking the COVID-19 Economy with the Weekly Economic Index - more
Within days of the largest retail stores in the United States,
including Walmart, launching mask policies for all customers, the
curve in daily new cases peaked and began to fall. Coincidence?
Friday, August 7
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $6.57/lb ($14,480/tonne). Indicators at 7:20 am CST today show
nickel trading around $.04/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Thursday and now totals just shy of the 236,300 tonne level. Lot of
news for your weekend, so we leave you with it. Stay safe and have a
great weekend!
Average price of LME traded cash nickel
so far this month
- $6.37/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper slides on profit-taking, demand hopes bolster sentiment - more
SMM Evening Comments - no update posted
Barchart 304 Stainless Steel Scrap Index - $.2521/lb
SHFE Stainless Steel Futures - 14,860
US Exports of Stainless Steel Mill Products - more
Thursday's market review - Copper drifts lower as surplus
looms - Copper prices drifted lower on Thursday as investors questioned
whether demand would improve enough to extend a rally beyond two-year
highs reached last month. - more
SA ferrochrome output facing major wipe-out amid unstinting Eskom
tariff inflation - Eskom price inflation could result in serious
curtailments of Glencore’s South African ferrochrome business, the
group said today. - more
U.S. exports of Stainless steel wire decreased 5.90 percent from $67.83
million to $63.83 million through the first six months of 2020 when
compared to the same period the previous year, according to WorldCity
analysis of the latest U.S. Census Bureau data. - more
U.S. exports of Stainless steel, not less than
600mm wide decreased 31.67 percent from $418.61 million to $286.03
million through the first six months of 2020 - more
U.S. imports of Stainless steel wire decreased
28.81 percent from $108.85 million to $77.49 million through the first
six months of 2020 - more
U.S. imports of Stainless steel, not less than
600mm wide decreased 16.63 percent from $316.95 million to $264.23
million through the first six months of 2020 - more
U.S. exports of Misc. stainless steel bars,
rods decreased 14.02 percent from $188.75 million to $162.29 million
through the first six months of 2020 - more
U.S. imports of Misc. stainless steel bars,
rods decreased 29.37 percent from $288.86 million to $204.02 million
through the first six months of 2020 - more
U.S. exports of Nickel decreased 26.79 percent from $151.63 million to $111.01 million through the first six months of 2020 - more
U.S. imports of Nickel decreased 6.46 percent from $671.81 million to $628.42 million through the first six months of 2020 - more
Protesting Indonesian students write to Chinese ambassador threatening
to deport workers - The students have been protesting since March over
the phased arrival of 500 Chinese nationals to work at nickel smelter
projects in Sulawesi. - more
Sumitomo predicts record annual loss as COVID-19 hits nickel project -
Japanese trading house Sumitomo Corp <8053.T> on Friday forecast
a record net loss of 150 billion yen ($1.4 billion) for the year to
March due to hefty one-off losses including a writedown on its Ambatovy
nickel project in Madagascar amid the COVID-19 shock. - more
Aperam: EU’s current quota to bring huge import pressure to H2 market -
The European Commission decided to make country quotas for each
quarter; however, Aperam, a stainless steel manufacturer bases in
Luxembourg, though that the commission had to adjust the quotas measure
in line with the demand situation in the European market caused by the
COVID-19 epidemic. - more
New Caledonia nickel ore sale denounced - A pro-independence party in
New Caledonia has added its voice against this week's government
decision to allow nickel ore exports. - more
North American companies eager to answer Tesla boss Elon Musk's call to
action for nickel - Nickel companies in North America got a shot in the
arm after Tesla Inc CEO Elon Musk urged miners to produce more nickel,
a key ingredient in the batteries that power the company's electric
cars. - more
World steel production slumps in H1 2020 in the wake of coronavirus
pandemic - Steel market fundamentals weakened considerably in the first
half of 2020, due to the spread of the coronavirus. - more
It’s Time for Glencore to Embrace Change - Ivan Glasenberg has
built up a formidable commodities giant. The Glencore chief executive
officer’s resolute belief in the counter-cyclical value of a trading
business paid off in the first half of 2020, with an oil bonanza that
helped ease blows dealt by the coronavirus. - more
Minnesota Natural Wonder Is On Trump Team’s Hit List To Despoil - Trump
administration action that could spoil a Minnesota wilderness with
acidic damage for centuries would benefit the landlord of the
president's children. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
Resurgence - how is your state faring? - more
Thursday, August 6
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $6.54/lb ($14,415/tonne). Indicators at 6:10 am CST today show
nickel trading around $.02/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Wednesday and started today, just under the 235,900 tonne level. Nickel
has traded as high as $14,600/tonne this morning, but is currently
trading just south of $14,500/tonne. We are still curious if the
$14,500 level puts up any extended resistance, but with the momentum
nickel has at the moment, it's hard to see what might slow it down. The
Shanghai Metals Market apparently tired of trying to second guess
London Metal Exchange traders and played catch up overnight. The New
Caledonia government has approved requests to export low grade nickel
ore. With Indonesia no longer exporting, and the Philippines entering
their wet season, and thus not shipping, this nickel will be welcomed
by buyers. Since this type of nickel is some of the most dangerous
cargo to ship in the world, due to its moisture content, the longer
shipping route opens this supply up to serious logistical concerns. The
world passed the 19 million mark on diagnosed covid-19 cases yesterday,
and here in the States, someone will become the 5 millionth diagnosed
American sometime today. Stay safe and have a great day!
Average price of LME traded cash nickel
so far this month
- $6.32/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai base metals jump on Chinese demand, rising supply fears - more
SMM Evening Comments - no report
Barchart 304 Stainless Steel Scrap Index - $.2523/lb
SHFE Stainless Steel Futures - 14,640
U.S. International Trade in Goods and Services - pdf here
Yesterday's market review - Copper up on demand hopes,
sliding inventories - Copper prices rose on Wednesday as expectations
of stronger economic growth and demand due to central bank and
government stimulus, a lower dollar and sliding stocks boosted
sentiment. - more
China's crude stainless steel production increases in Jul m-o-m -
According to statistics, the production of crude stainless steel from
China’s 32 stainless steel plants totaled around 2.71 million tons in
July, up by 7.68% compared to the previous month and 2.00% from the
same month a year ago. - more
New Caledonia approves export of nickel ore - The New Caledonian
government has approved the export of nickel ore after being lobbied by
two nickel companies seeking to sell low-grade ore. - more
Hard data for first quarter of 2020 underlines severe impact of
COVID-19 pandemic on European steel - The COVID-19 pandemic has slashed
steel consumption forecasts as well as the overall economic outlook
across the EU and the world. - more
Nickel 'battery' demand on the rise - Nickel Bulls are really putting
the work in recovering an impressive 22.5% from the pandemic March
lows. - more
Giga Metals aims to develop world’s first carbon-neutral mine - Giga
Metals announced that, together with Greg Dipple of the University of
British Columbia, the company is working towards developing the world’s
first carbon-neutral mine. - more(Paging Elon Musk! You rang?)
Arctic wastewater dump near Russia's Norilsk was toxic, says Greenpeace
- Water samples taken by Greenpeace in Russia’s Arctic at the site of a
wastewater dump by mining giant Norilsk Nickel contained 50 times the
permitted level of toxic substances, the environmental campaign group
said on Wednesday. - more
Fastener Distributor Index Slows Slight July Slowdown, But Still
Expanding - The latest index was positively led by strong sales,
distributor inventories and pricing, while hurt by employment and
customer inventories. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
Resurgence - how is your state faring? - more
Wednesday, August 5
Daily Nickel/Stainless Steel Briefing
Nickel closed yesterday's trading
session at $6.40/lb ($14,120/tonne). Indicators at 6:05 am CST today show
nickel trading around $.07/lb higher.
Stockpiles of nickel stored in LME licensed warehouses rose on
Monday and started today's session just under the 235,500 tonne level.
Nickel closed well above the $14,000/tonne level yesterday, and so far
today, appears to have no intention of giving that level up. At the
moment, nickel is trading around $14,300 per tonne.Technical signals
are nearly all flashing buy and traders are apparently listening. The
U.S. Dollar has resumed falling, which is helping base metals in
general. Nickel, at this point, does not appear to need a falling
Dollar to do anything except add momentum. The bull is loose and for
traders and cowboys alike, trying to catch and control him at this
point, is dangerous. Even professional bull fighters know when to get
out of the way. Stainless steel users, and now EV battery consumers,
like Mr Musk, must sit on the sidelines and wonder when and where this
stampede will end. Slow news day, so we leave you with what we found.
Stay safe and have a wonderful'hump day'.
Average price of LME traded cash nickel
so far this month
- $6.25/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper edges lower as output from Chile, Peru rises - more
SMM Evening Comments - no report posted
Barchart 304 Stainless Steel Scrap Index - $.2522/lb
SHFE Stainless Steel Futures - 14,550
U.S. Manufacturers' Shipments, Inventories, and Orders - pdf here
United States IBD/TIPP Economic Optimism Index - more
Yesterday's market review - Aluminium leaps to highest
since January as demand rebounds - Aluminum prices rose to their
highest since January on Tuesday as strong factory data, a resurgent
auto market and rising Chinese demand fueled expectations of a
tightening market. - more
Tesla CEO's challenge sets stage for starring performance from nickel -
Are we about to see 2017's lithium boom repeated in the nickel market?
Based on the recent comments of Tesla chief executive Elon Musk, we
just might. - more
Chinese Worker Facing Trial in Indonesia over Fatal Accident - A
Chinese national who works at a nickel smelter in Indonesia’s Southeast
Sulawesi province will stand trial on charges of involuntary
manslaughter after he allegedly drove a truck over and killed a
colleague last month, police said Tuesday. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
Resurgence - how is your state faring? - more
Tuesday, August 4
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $6.35/lb ($13,955/tonne). Indicators at 6:10 am CST today show
nickel trading around $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose by a
single tonne on Monday and remains just under the 235,300 tonne level.
Nickel traded over the $14,.000/tonne level yesterday, for the first
time since January. If traders can successfully beat this level, we
feel the next big hurdle the market must beat is the $14,500/tonne
level. In 2019, nickel peaked on August 1st and began a slide that did
not end until the end of March of this year. Except for little run in
early December, that peaked out just shy of the $14,500 tonne level.
Might mean absolutely nothing, but for the technical traders, it could
tell us this was the best charge the bulls could pull off in a
pre-covid bear market. In the mean time, traders have to beat the
$14,000/tonne level, and based on the positive trend nickel has been on
since late March, the market has yet to lose momentum. India has passed
the United States the last few days in new daily covid cases and deaths. This
is a record no one wants but we here in the States, are glad to be rid
of. Permanently, we hope. Stay safe, and have a great day!
Average price of LME traded cash nickel
so far this month
- $6.21/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper eases as investors eye next cue - more
Monday's market review - Copper rebounds from three-week
low on strong China data - Copper prices bounced off three-week lows on
Monday after robust factory data in China raised hopes of recovering
demand in the world’s top metals consumer. - more
Vale keeping safety in mind during Voisey's Bay ramp-up: Nain mayor -
As the province moves through the different levels of COVID-19
restrictions, businesses that had slowed down or ceased production are
ramping back up again, including the mine in Voisey’s Bay. - more
Tree leaves dying days after massive air-pollution cloud - “Back
to the 90s, when businesses shit on the laws,” is just one of many
comments after people started to post photos of dying trees on
Region51’s Vkontakte page in Murmansk this weekend. - more
Courtesy AISI - In the week ending on August 1, 2020, domestic raw
steel production was 1,328,000 net tons while the capability
utilization rate was 59.3 percent. Production was 1,846,000 net tons in
the week ending August 1, 2019 while the capability utilization then
was 79.3 percent. The current week production represents a 28.1 percent
decrease from the same period in the previous year. Production for the
week ending August 1, 2020 is up 0.6 percent from the previous week
ending July 25, 2020 when production was 1,320,000 net tons and the
rate of capability utilization was 58.9 percent. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
Resurgence - how is your state faring? - more
Monday, August 3
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $6.25/lb ($13,780/tonne). Indicators at 6:15 am CST today show
nickel trading around $.03/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose
slightly on Friday and start the new month just under the 235,300 tonne
level. For the month of July, LME numbers rose 260 whole tonnes, making
it a month where supply and demand were about the same. Sherritt is
warning of a coming shortage in nickel based on the fact nickel prices
are a level that is discouraging mining companies from making long
range investments into new mines. This is a rather safe
prediction as it is part of the nickel cycle, and one we already
experience earlier this century. Then we saw nickel prices hit well
over $20/lb and if hadn't been for the Chinese coming up with a way to
use what was then called 'pig nickel', it could have gone much higher.
It's a new month and a new sponsor who wished to remain anonymous. We
want to thank him as well as our July sponsor, Duraloy. The Disney
saying above, erroneously credited to others, reminds us that there is
good in bad, joy in sorrow, beauty in ugly, and opportunity in
adversity. In these difficult and challenging times, thoughts like this
are easy to forget. It;s a new week, a new month, and a new
opportunity. Opportunity for what is up to you. The winners are on the
move, so decide today if you want to lead or follow. Stay safe and have
a great day and may August be a wonderful month for you.
Average price of LME traded cash nickel
so far this month
- $6.05/lb (July average)
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper hits three-week low on demand fears and firmer dollar - more
Friday's market review - Copper dips on month-end
profit-taking, firmer dollar - Copper prices dipped on Friday as
speculators locked in profits after July recorded a fourth straight
month of gains for the metal amid a recovery in top consumer China. - more
China's crude stainless steel output declines in H1 2020 y-o-y -
According to the latest statistics, China's crude stainless steel
output in the first half of the year decreased by 393,100 tons or 2.74%
compared with the same period of 2019. - more
Global Top 20 June 2020 - Registrations were down 22% in June, which if
isolation sounds bad, the truth is that the 230.000 units registered
last month represented the 3rd best result in the last 18 months and a
new year best, so one can hardly complain, especially considering that
the second half of the year has great growth prospects, which might
even turn around the YTD numbers, currently down by 16% YoY. - more
Global passenger EV sales forecast to reach 6.2 million units by 2024: MI - more
200 suppliers threaten to grab Munali Nickel Mine assets over $18m debt
- Over 200 contractors have threatened to take the law into their own
hands and confiscate whatever assets they can to recover the US $18
million owed to them by Mabiza Resources, operators of Munali Nickel
Mine in Southern Province. - more
Mining sector adjusts operations amid Covid-19 - Mining companies are
being forced to adjust their operations so as to remain afloat despite
the threat of Covid-19, as well as keeping focused towards attaining
the US$12 billion mining economy by 2023. - more
How Manufacturing HR Can Reduce Risk as COVID Reshapes Employee
Interaction - As manufacturing human resources professionals cope with
fear and uncertainty across their workforce, they must focus on three
key areas. - more
US Wages, Benefits Grew at Slowest Pace in 3 Years in Q2 - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
Resurgence - how is your state faring? - more
(all
ton listings are metric tons = 2204.622 pounds ) Updated Monday thru
Thursday before 7 am CST, Friday version before 8 am CST - DisclaimerOriginal content and opinions copyright
www.estainlesssteel.com. All prices shown on
this page are indications only. Please note - for real time and
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prices, LME requires a user subscribe to an authorized LME vendor.
Daily Nickel/Stainless Steel Briefing 
($15,442/tonne). The London Metal Exchange is closed today, for a
national holiday, and will return tomorrow. SMM
reported nickel ended higher in China today, and Friday reported that
nickel ore inventories stored at Chinese ports
fell 36,000 wmt to 8.35 million wmt. Roskill analysts, in an article
linked below, stated ".... with a large nickel surplus looming for the
remainder of the year, underpinned by the impacts of COVID-19 on
demand, it is hard to see this price rise being sustained over the
remainder of the year." We really have yet to identify the key to this
most recent bullish run, other than Elon Musk drawing attention to the
industry in his now well known remarks. We hope we are wrong but it
seems this might be a case of the 'big boys', experienced in the
volatility of base metal trading, taking advantage of the sudden
attention, and drawing suckers bets from those chasing the bull. This
type of herd mentality seldom ends well and the 'big boys' will likely
be the drivers behind the drop that will eventually come. We discussed
Shanghai stockpiles on Friday and nickel ore stockpiles fell .004% last
week, not exactly what we would call 'concerning'. We want to thank our anonymous donor for supporting the month of
August. It's a special reader who supports the site out of their own
pocket, and we truly appreciate them. It's the last day of
the month, and a Monday to boot. Stay safe, and have a great week!
Reports
Why Stainless Steel 
Friday's market review - Copper hits fresh 2-year high on
weak dollar, falling stocks - Copper hit its highest level since
mid-2018 on Friday as the dollar extended losses and visible
inventories pointed to a steady recovery in demand for the metal. - 
Stainless steel markets in ‘wait and see’ mode as September approaches
- Stainless steel markets are cautiously optimistic regarding demand in
the remainder of 2020. A steady, month-on-month, increase in activity
has been witnessed, following the easing of lockdown restrictions, in
many countries. - 
Taiwan’s Yusco hikes stainless steel prices for Sep to reflect surged
costs - Yieh United Steel Corp, a leading stainless steel mill in
Taiwan, announced its new prices for September today (August 28). - 
Eramet: Operations at Indonesia's Weda Bay nickel smelter resume after
flood - Activities at Indonesia's Weda Bay smelter complex, one of the
country's main nickel processing hubs, returned to normal on Thursday
after being hit by floods a day earlier, its operator said. - 
Russia’s Non-Ferrous Metals Export Up Month-on-Month in June -
According to the RF Federal Customs Service, during January-June 2020
Russia exported some 1.1 mn tons of unwrought aluminum, down 33.5%
year-on-year. In terms of value, unwrought aluminum export dropped by
36.7% year-on-year down to $1.8 bn. - 
Boliden announces €40m nickel expansion in Finland - Swedish miner
Boliden has announced a €40-million expansion of its nickel operations
at Harjavalta, Finland. - 
Zebediela nickel project exploration work to recommence - Aim-listed
explorer and developer URU Metals reports that geological exploration
work will soon restart at its 100%-owned flagship Zebediela nickel
project, which is situated on the northern limb of the Bushveld Complex
in Limpopo, South Africa - 
Europe July 2020 - The European passenger plugin market is on fire,
having registered over 113,000 registrations in July (+213% YoY,
highest growth rate in 5 years), the market's second record performance
in a row, ... - 
Japan extracts cobalt, nickel from seabed - The Japan Oil, Gas &
Metals National Corporation (JOGMEC) has extracted oceanic crust
samples from the seabed that contain nickel and cobalt deposits. - 
Despite Progress in Some Areas, US Economy Still Far From Pre-Pandemic
Level - Most say the economy is growing again, yet scars are sure to
remain from the catastrophic April-June quarter. - 
China becomes net steel importer in July for 2nd month in a row - China
became a net importer of steel for the second consecutive month in
July, despite crude steel production rising 9% year on year during the
month, according to customs data released Aug. 26. - 
Notice of initiation of an expiry review of the anti-dumping measures
applicable to imports of stainless steel cold-rolled flat products
originating in the People’s Republic of China and Taiwan - 
Local firms still not aware of anti-dumping investigations - While
local export products have been facing more anti-dumping investigations
and tax evasion cases in foreign countries, Vietnamese enterprises are
still unaware of the risk. - 
Ring Of Fire and SSM Plant Still A Go With No Delays As Per C19 - If
you were wondering ; the Ring of Fire and Sault Ste. Marie’s chosen
location regarding the proposed ferrochrome plant have not been
blindsided by the Pandemic. - 
WA miners fret over Queensland virus spread - Western Australia’s
resources industry is preparing for the possibility of a hard border
closure in Queensland, its biggest source of essential fly-in, fly-out
workers. - 
Video Exclusive: ID Chats With Fastenal CEO About NHL-MRO Deal - On
Aug. 19, Fastenal announced that it is the NHL's new MRO partner
through 2024. Here, CEO Dan Florness talks with ID's Mike Hockett about
how the deal happened and how Fastenal will make it work. - 
July 2020 crude steel production - World crude steel production for the
64 countries reporting to the World Steel Association (worldsteel) was
152.7 million tonnes (Mt) in July 2020, a 2.5% decrease compared to
July 2019. - 
Nickel mined in Cuba enters a world of secrecy when it leaves the
island, because it is illegal in the United States to use any product
containing nickel mined in Cuba. And why that matters for U.S.
importers, distributors, and customers in the last year - 
PNG Cancels flight Carrying Chinese Mine Workers - A flight from China,
scheduled to arrive today in Port Moresby, was cancelled by Controller
David Manning. - 
German battery recycling project awarded $1 million in public funding -
The Ministry of Economic Affairs, Labor and Housing of the German state
of Baden-Württemberg has announced it will finance a two-year project
aimed at investigating how to best reclaim battery electrodes. - 
Global crude steel output to fall as China widens its gap with others,
says BHP - Global crude steel production will decline this year by 6
percent, even as leading producer China widens its lead in production
over other countries helped by a smart recovery of its economy from the
pandemic, Australian mining major BHP has said. - 
DMCI Mining reports increased shipments - DMCI Mining Corporation
reported that it shipped 853,197 wet metric tons (WMT) of nickel ore
from January to June, a 25 percent jump from 681,360 WMT compared to
the same period last year. - 
BNC is nickel price conundrum - Bindura Nickel Corporation (BNC) may
have to rethink its smelter restart plans given the poor outlook of
global nickel prices. - 
Horizonte Minerals secures $325 mln in financing for Brazil nickel
project - Horizonte Minerals said on Wednesday it has secured a $325
million syndicated loan to help fund construction of a nickel mine in
Brazil, and is in advanced talks to secure a further $115 million from
offtakes and equity by the end of the year. - 
Munali Nickel Mine suppliers complain over non-payments - Zambian
suppliers to Mabiza Resources Limited have complained of harsh
conditions and non-payment for the services rendered to the mine. - 
Sumitomo predicts record annual loss as COVID-19 hits nickel project -
Japanese trading house Sumitomo Corp <8053.T> on Friday forecast
a record net loss of 150 billion yen ($1.4 billion) for the year to
March due to hefty one-off losses including a writedown on its Ambatovy
nickel project in Madagascar amid the COVID-19 shock. - 
It’s Time for Glencore to Embrace Change - Ivan Glasenberg has
built up a formidable commodities giant. The Glencore chief executive
officer’s resolute belief in the counter-cyclical value of a trading
business paid off in the first half of 2020, with an oil bonanza that
helped ease blows dealt by the coronavirus. - 
