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Stainless Steel News and Nickel Prices



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Thursday, August 18

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $9.93/lb ($21,900/tonne). Indicators at 6:00 am CST today show nickel trading around $.19/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Wednesday and were at 175,00 tonnes this morning. Nickel bounced higher in the last few hours, but we are unable to find any "reason" to explain the sudden move higher. It has erased earlier declines and puts the price back in the region we have seen it trading at for the last few days. News is light today, although the WBMS is reporting the nickel market was in deficit for the first six months of 2022, albeit by less than 50 kt. Yesterday when we mentioned power shortages different countries were facing, we failed to mention the most immediate problem Europe is facing. Before the war, Germany was getting over 55% of its natural gas from Russian, and Europe as a whole, was buying around 40% from Russia. Since Russia decided it was due for another land grab and invaded Ukraine, it has used its natural gas as a tool to combat European sanctions (see Outokumpu concerns). With winter approaching and demand set to increase, Europe has grown far too dependent on a nation for energy that has reminded the world yet again, that any 'new world order' for the 21st century remains an unachieved, and some might easily claim, unobtainable goal. Stay safe out there and have a great day!
  • Average price of LME traded cash nickel so far this month - $10.13/lb

  Reports

  • Reuters metals morning - Industrial metals prices fall on U.S. rate hike concerns - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.2676
  • 304 SS Scrap Prices Local (updated bi-weekly) - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Wednesday's market review - Aluminium climbs on smelter shutdown, others slide - Aluminum prices advanced on Wednesday after news that a European smelter will close due to high power prices, boosting worries about potential shortages. - more

     Hong Kong exchange sees further headwinds after first-half profit drop - The operator of the Hong Kong Stock Exchange flagged continued pressures from global political tensions and other negative factors as it posted a 27% fall in first-half profit on Wednesday. - more

     Monsters of Rock: Much ado about nickel – why LME’s Russian ban won’t shift prices - Experts say a ban on Russian nickel in the LME’s London warehouses will do little to shift the goalposts as the market looks for signs of positivity for battery metals. - more

      January to June 2022 Metals Balances - (excerpt) The nickel market was in deficit during January to June 2022 with apparent demand exceeding production by 49.8 kt. In the whole of 2021, the calculated deficit was 146.8 kt. - more

     The new imperative for green commodities - Producers of steel, aluminum, cement, kerosene, polypropylene, and other bulk commodities need to decarbonize to meet net-zero goals. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • The Disconnect between Productivity and Profits in U.S. Oil and Gas Extraction - more
  • Column: Wall St sees China slump as pump relief, to a point - more

  Economic Stats and Prices (Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Wednesday, August 17

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday's trading session at $10.07/lb ($22,210/tonne). Indicators at 6:00 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and ended that session just over the 56,000 tonne level. Nickel bounced slightly from its Monday plunge, and so far today, the market appears to be quiet. The LME announced yesterday it was banning Russian nickel from their UK warehouses. Power shortages, which has been a problem for years in South Africa, has become an annual challenge for China, and a new problem for Europe this year. The ramifications to the individual economies and their metal producing and consuming industries is obvious, while power shortages in years past has had a detrimental effect on ferrochrome production in South Africa. China reports that production of 300 series stainless in that country was 18.8% lower in July, compared to July 2021. That is a huge drop in nickel consumption, which makes us wonder even more about this forecasted surplus this year. LME stockpiles of nickel are down over 7,000 tonnes from this day last month. Stay safe out there today and have a great hump day!
  • Average price of LME traded cash nickel so far this month - $10.14/lb

  Reports

  • Reuters metals morning - Aluminium climbs on smelter shutdown, fears of shortages - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.2706
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • China Industrial Production Operation in July of 2022 - more
  • China Energy Production in July of 2022 - more
  • Industrial Production: Manufacturing: Raw Steel - chart here
  • United States Indicators - more
  • US Economic Indicators: Industrial Production - pdf here
  • US Economic Indicators: Manufacturing Production & Capacity by Major Industries - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Tuesday's market review - Zinc hits two-month peak as Nyrstar shutdown stokes supply fears - Zinc prices hit their strongest in two months on Tuesday after production was suspended at a Dutch smelter because of high power prices, stoking fears of shortages. - more

     London Metal Exchange suspends Russian nickel from UK warehouses - The London Metal Exchange on Tuesday banned Russian nickel from its approved warehouses in Britain unless it was exported before July 20. - more

     EU distributors’ flats shipments down in January-June - According to the latest report issued by the association of European steel and metal distributors EUROMETAL, in the January-June period of the current year steel shipments to end-user segments by European flat steel service centers (SSCs) dropped by 1.1 percent year on year, after increasing by 0.1 percent year on year in the January-May period. - more

     China’s 300 series stainless steel production expected to rebound in Aug - According to statistics, China’s stainless steel production totaled roughly 2.37 million tons in July this year, dropping by 10.4% compared to the preceding month and by 18.8% from the same month a year earlier. - more

     Will announced steel price hikes stick? - Even with optimism in the metalworking industry and strong demand for products, no one is sure - more

     Baowu Steel Group intends to acquire some stainless steel assets from Tsingshan Holding Group - It was disclosed that Baowu Steel Group, the largest crude steel producer in the world, might acquire controlling stakes in part of Tsingshan Holding Group’s integrated production lines in Morowali Industrial Park in Indonesia's Central Sulawesi province. - more

   Column: U.S. hits the EV accelerator to cut Chinese metals ties - The Inflation Reduction Act (IRA) includes the "largest investment ever in combating the existential crisis of climate change", according to President Joe Biden, who will sign the bill into law later on Tuesday. - more

   Other News

  Economic Stats and Prices (Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Tuesday, August 16

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Monday's trading session at $9.99/lb ($22,030/tonne). Indicators at 6:00 am CST today show nickel trading around $.13/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose for a second day on Monday and ended that session just over the 56,300 tonne level. We posted a link yesterday but forgot to mention China is experiencing power cuts again. Considering their steel industry was already feeling the pressure of a slowing economy, this may afford them some temporary cover, and help dwindle existing supplies. Or it could just be another anchor slowing the ship. Either way, it will likely affect their stainless steel production for the next month or so. Reuters is reporting trading volumes on the London Metal Exchange remain subdued, and were 40% lower in July. The Baltic Dry Index is running at its lowest since January, but this is another of those numbers we older guys won't let go, and mean far less than they once did. Lot below so we leave you with it. Stay safe out there and have a great day!
  • Average price of LME traded cash nickel so far this month - $10.08/lb

  Reports

  • Reuters metals morning - Zinc hits two-month peak on fears of shortages after Nyrstar move - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.2676
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • China Industrial Production - chart here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Monday's market review - Weak China data sparks industrial metals sell-off  -  Industrial metal prices fell on Monday as concerns about demand in China surfaced due to weak economic data and a firmer dollar, but interest rate cuts by the country’s central bank provided some support. - more

  • Commodities cool off as China’s economy shows signs of concern - more
     China’s stainless steel inventory drops due to reduction in arrivals =- According to statistics on August 11, China’s social inventories of stainless steel have been dropping for three consecutive weeks, of which the decrease in Foshan was the biggest, mainly the reduction in arrivals. - more
  • China's Tsingshan considers selling Indonesian assets to Baowu - sources - more
  • SMM Exclusive: Tracking the Impacts of Power Rationing on Metals Industry amid High Temperatures - more
     LME nickel volumes plunge with exchange still hostage to March trading fiasco - The volume of nickel traded on the London Metal Exchange (LME) dropped more than 40% in July as funds, consumers and producers continued to shun the market - months after trade was suspended for more than a week in March as prices dramatically spiked. - more

     China’s crude steel output decreases by 6.4 percent in January-July - In the January-July period of the current year, China’s outputs of pig iron, crude steel and finished steel amounted to 510.9 million mt, 609.28 million mt and 776.5 million mt, decreasing by 3.6 percent, 6.4 percent and 4.6 percent, respectively, year on year, as announced by China's National Bureau of Statistics (NBS). - more

     Courtesy AISI - In the week ending on August 13, 2022, domestic raw steel production was 1,742,000 net tons while the capability utilization rate was 79.0 percent. Production was 1,872,000 net tons in the week ending August 13, 2021 while the capability utilization then was 84.8 percent. - more

     Giga Metals, Mitsubishi to jointly develop Turnagain nickel deposit in Canada - Junior Giga Metals and global trading and investment firm Mitsubishi Corporation agreed on Monday to form a joint venture company, Hard Creek Nickel Corp, to develop the Turnagain nickel-cobalt deposit in northern British Columbia. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Measuring uncertainty: Overall economic policy vs. monetary policy - more
  • Vale fined $17 million for misleading information about Brumadinho dam - more
  • Freight truck drivers not driving max hours - more
  • U.S. Consumers Are Reluctant to Order Mission Critical Items for Delivery - more
  • Baltic Dry Index Falls to Lowest Level Since January - more
  • Cutting Tool Orders Up Nearly 8% in 1st Half of 2022 - more

  Economic Stats and Prices (Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Monday, August 15

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $10.49/lb ($23,130/tonne). Indicators at 6:00 am CST today show nickel trading around $.56/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose slightly on Friday and started this week, just under the 56,200 tonne level. Nickel ended Friday lower, and this caught Shanghai traders off guard. After spending the week on the charge, Shanghai nickel fell 4% overnight, with London's retreat continuing this morning, currently down over 5% on the session. China surprised markets today with an unexpected rate cut as released data shows the entire economy is slowing in China (data release here). Two key words in that last statement. "Slowing economy in China" is bad news for commodities. "Surprised markets" typically become volatile markets temporarily, reacting in knee jerk fashion. At the moment, we are back to where nickel was trading during July, so we wouldn't pay too much attention to the 'daily noise'. Stay safe out there and have a great week.
  • Average price of LME traded cash nickel so far this month - $10.15/lb

  Reports

  • Reuters metals morning - Weak China data sparks industrial metals sell-off - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.2496
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • SMM Steel Futures - chart here
  • U.S. Economy in a Snapshot - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Friday's market review - Softer copper still set for weekly gain on peak-inflation bets - Copper fell on Friday as the dollar strengthened and data showed a decline in Chinese bank lending, but prices were still set to end the week up 3% as bets that U.S. inflation may have peaked powered a broad shift towards riskier assets. - more

     China expands power restrictions as heatwave drives demand to record levels - Major manufacturing hubs such as Jiangsu and Anhui have introduced power restrictions on some steel mills and copper plants - more
  • SunSirs: Stainless Steel Prices Ran Weakly and Steadily This Week - more
  • Billionaire Behind Big Nickel Short Plans to Sell Steel Assets - more
     Deteriorating prices, inflation a 'double whammy' for North American steel market: Stelco CEO - Deteriorating pricing and demand coupled with inflationary pressure on input costs is a "double whammy" for North American flat-rolled steelmakers, making this downturn different from previous troughs, Stelco CEO Alan Kestenbaum said Aug. 11. - more

     Jindal Stainless to set up green hydrogen plant - Jindal Stainless Limited (JSL) has partnered with Hygenco India Private Limited to set up a green hydrogen plant. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Rail carloads—at 230,573—saw a 1.6% annual increase. Intermodal containers and trailers—at 265,953 units—were off 3.4% annually - more

  Economic Stats and Prices (on Friday's edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Friday, August 12

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $10.69/lb ($23,565/tonne). Indicators at 6:40 am CST today show nickel trading around $.04/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today's session just over the 56,100 tonne level. After a couple of very positive trading days, nickel is trading quieter today. Shanghai markets continued to trade higher overnight, for a third consecutive day. Typically, we say Shanghai plays follow the LME leader, but in this case, it appears Shanghai jumped the gun on their Wednesday morning, and LME has been playing catch up since. Overnight there, nickel was up over 4%, after jumps of 3.5% and 6% in the preceding days. We will see if that ends today. News is a bit on the pessimistic side today, but we give you what we find. European steel production down, and Chinese construction steel production down and expected to stay down for while. On the positive side, wholesale inflation fell for the first time in two years. Some reports out yesterday - producer price indexes for items you might be interested in linked below. It's Friday and that means the weekend is right around the corner. Next week we start the second half of August already (what happened to the first half?). Stay safe out there and have an enjoyable and relaxing weekend!
  • Average price of LME traded cash nickel so far this month - $10.11/lb

  Reports

  • Reuters metals morning - Risk-on rally pushes copper towards a 3.5% weekly gain - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.25
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  •  Truck Tonnage Index - chart here
  • Producer Price Index by Commodity: Steel Wire, Stainless Steel - chart here
  • Producer Price Index by Commodity: Steel Pipe and Tube, Stainless Steel - chart here
  • Producer Price Index by Industry: Truck Transportation - chart here
  • Producer Price Index by Commodity: Externally Threaded Fasteners - chart here
  • Producer Price Index by Industry: Corrugated and Solid Fiber Box Manufacturing - chart here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Thursday's market review - Copper rises to 6-week high on U.S. rate hike optimism - Copper prices hit a six-week high on Thursday as bets the U.S. Federal Reserve will ease the pace of interest rate rises pushed up riskier assets and weakened the dollar, making dollar-priced metals cheaper for buyers with other currencies. - more

     European steelmakers cut production amid weak steel demand  - A number of European steelmakers have decided to cut production by idling blast furnaces during the summer period, cutting production as steel demand remains weak. - more

     China's construction steel demand likely to remain low for rest of 2022 - China's domestic demand for construction steel is likely to remain low for the rest of 2022, market participants told S&P Global Commodity Insights, with the key indicator of excavator sales declining for the fourth straight month in July. - more

   Miners face supply chain overhaul to meet U.S. EV credit deadline - Miners will struggle to expand operations in the United States in record time to meet a deadline for sourcing key minerals domestically or from select countries as set out by a bill likely to be passed on Friday, companies and industry watchers said. - more

    FED - The costs of the Great Inflation: More frequent and deeper recessions - Inflation is at a 40-year high—as measured by either the consumer price index or the personal consumption expenditures price index. - more

  • U.S. Wholesale Inflation Fell in July for 1st Time in 2 Years - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Trucking wages jump in 2021 as shortage, supply chain issues increase demand - more
  • Recycling of Plastic Waste Used to Make Low-Cost Fuel Cells - more
  • From Twinkies to Nutter Butters, snack food production hampered by lack of ingredients - more

  Economic Stats and Prices (Friday edition)

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Thursday, August 11

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $10.21/lb ($22,500/tonne). Indicators at 6:55 am CST today show nickel trading around $.39/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose slightly on Wednesday and ended that session just below the 56,300 tonne level. Inflation numbers out of the U.S., while still high, did not grow in July, and that has traders betting the Fed may not need to raise interest rates at all, or as high as earlier expected. Nearly everything is trading higher today, after a hike yesterday. Inflation has soured otherwise positive economic news, and some SKU's, like food prices, continue to increase, while fuel prices decreased. Our update is out late today due to an inability to connect to the internet and we apologize for that. Stay safe out there and enjoy your Thursday!
  • Average price of LME traded cash nickel so far this month - $10.06/lb

  Reports

  • Reuters metals morning - Copper rises to 6-week high on U.S. rate hike optimism - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.2397
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Current US Inflation Rates: 2000-2022 - more
  • Truck Tonnage Index - more
  • Recycling Today August 2022 - online here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Wednesday's market review - Copper hits 5-week high after U.S. data undershoots, dollar slides - Copper prices jumped on Wednesday to the highest in over five weeks after data showed U.S. inflation was weaker than expected, stoking hopes that interest rate hikes would be less aggressive and easing fears of a recession. - more

    Stainless demand weak, nickel prices to decline: Eramet - Nickel and ferronickel prices are seen declining in the second half of the year despite the expected favourable seasonality. - more

   Even Ford's Electric F-150 Just Got a Massive Price Hike - It's Ford's way or the highway. - Tesla’s Cybertruck isn’t the only EV truck that just got a price hike: now, Ford says the fully electric model of its flagship pickup, the F-150 Lightning, is also going to get a substantial price hike, too. - more

  • Billionaires are Searching for ‘Green’ Minerals Under Greenland’s Melting Ice - more

   Other News

  • Reuters The Day Ahead - pdf here
  • U.S. Inflation Slows from 40-Year Peak - more

  Economic Stats and Prices (Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Wednesday, August 10

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday's trading session at $9.82/lb ($21,655/tonne). Indicators at 6:00 am CST today show nickel trading around $.10/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today's session just over the 56,200 tonne level. While nickel ended trading slightly higher using Reuters unofficial numbers, 'officially' it ended lower to keep its August losing streak intact. This morning shows no change. Inflation, Recession, Ukraine, Taiwan, Covid, Monkeypox .... plenty of news out there to stress the long term investor. But for many business', there has never been better times. Prices and profits have, in some cases, never been higher. And the potential is out there for many more to make the same claim. So stay safe and have a great - and successful - hump day!
  • Average price of LME traded cash nickel so far this month - $'0.12/lb

  Reports

  • Reuters metals morning - Copper prices dip on softened sentiment as China inflation picks up - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.2406
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Fastener Distributor Index - pdf here
  • US Trade Numbers Nickel - more
  • US Trade Numbers Stainless Steel - more
  • Diggers & Dealers Mining Forum Presentations Videos - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Tuesday's market review - Copper prices get a boost from improving data - Copper hovered near one-month highs on Tuesday as improving demand prospects due to stronger than expected data from the United States and top consumer China were reinforced by a lower dollar. - more

     US steelworkers union lauds bill’s focus on building North American production - United Steelworkers union (USW) International President Thomas Conway said on Monday the US climate, tax and health bill will create new opportunities for US companies and union members. - more

     Domestic Stainless Steel Output is Expected to Increase Slightly in August -  According to SMM survey, the domestic stainless steel output in July totalled about 2.3705 million mt, down 273,800 mt or 10.35% MoM and 18.76% YoY. - more

     Analysis: BHP needs to pay more for EV, clean energy metals as it returns to deal making - BHP must shell out more if it wants to snap up assets like those of OZ Minerals - a play on the future of electrification and decarbonisation, analysts and bankers said, after the miner's unsolicited bid for the nickel and copper company was rebuffed. - more

     Indonesian Govt Criticized Over Tesla US$5 Bln Nickel Deal -  Indonesian Initiative for Sustainable Mining researcher Jannus TH Siahaan in a statement on Tuesday criticized the government for giving an international corporation a free pass to purchase Indonesian nickel without having to take ecological responsibility. - more
  • Tesla's US$5 billion nickel supply deal won't reduce its reliance on China or advance its new EV tax credit eligibility - more

     Botswana to produce battery metals - As electric vehicles are moving steadily into the spotlight, Botswana is set to start producing battery metals, an official said Monday. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • J.P. Morgan's Kolanovic tilts to commodities from stocks - more
  • Why Warehouse Managers Need to Keep a Keen Ear for Workers’ Everyday Problems - more

  Economic Stats and Prices (Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more
    Stainless steel in street furniture - more

Tuesday, August 9

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Monday's trading session at $9.81/lb ($21,625/tonne). Indicators at 6:00 am CST today show nickel trading around $.04/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and ended that session, just below the 56,400 tonne level. Stockpile numbers continue to slide, as does the traded price of nickel. There have been six trading days concluded so far this month, and every one of them have ended lower than the prior day. For the calendar year, LME cash nickel is now trading flat. Not a lot of news out there. Economic news for the U.S. is mixed, with inflationary pressure overshadowing more positive factors. An article from the Fed below discusses where we are at in the recession status. Stay safe out there and enjoy your Tuesday!
  • Average price of LME traded cash nickel so far this month - $10.19/lb

  Reports

  • Reuters metals morning - Copper gets helping hand from improving data - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.2546
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Cliffs Corporate Video - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Monday's market review - Copper supported by hopes interest rates may soon peak - Copper prices rose on Monday, supported by rising imports of the industrial metal by top consumer China and on hopes that interest rates may peak soon after rapid increases aimed at curbing inflation. - more

     World steel prices have moved from a protracted fall to growth - Steel prices slightly up on maintenance shutdowns and China trade data. - more

     China reduced steel exports in July by one million tons or 12% - In seven months of 2022, China exported 40.073 million tons of steel, which is 6.9% less than in the same period last year. - more

     Courtesy AISI - In the week ending on August 6, 2022, domestic raw steel production was 1,723,000 net tons while the capability utilization rate was 78.2 percent. Production was 1,869,000 net tons in the week ending August 6, 2021 while the capability utilization then was 84.7 percent. - more

    Are we in a recession (yet)? - It’s natural to want to know where you stand in the economy and get ahead of any big changes. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Record July Puts Port of Savannah on Pace for 6 Million TEUs - more
  • China exports to Russia boom in return to near pre-war highs - more

  Economic Stats and Prices (Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Monday, August 8

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $10.06/lb ($22,180/tonne). Indicators at 6:00 am CST today show nickel trading around $.17/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and ended last week just over the 57,250 tonne level. Nickel traders may be wondering if Shanghai knows something they don't, as nickel there fell sharply overnight. We aren't seeing anything price affecting in the news beyond the announcement by China it was extending the military drills around Taiwan. Originally, they were to end Sunday. OZ Minerals said no thank you to a $5+ billion dollar offer. If you had money invested in Russian energy or banks on Friday, chances are you're invested for the long term - story below. And Tesla, rumored to be thinking about building EV cars in Indonesia, has apparently settled on buying $5 billion worth of nickel from the country. $5 billion dollars is a popular number today. Stay safe out there and have a great week!
  • Average price of LME traded cash nickel so far this month - $10.26/lb

  Reports

  • Reuters metals morning - Copper edges higher as low inventories cushion recession worries - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.2549
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • S&P Weekly Pricing Pulse - more
  • United States Imports of Nickel June 2022 - chart here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Friday's market review - Copper extends recovery as global recession fears abate - Copper continued to rebound on Friday as fears of a global recession eased after strong U.S. jobs data and investors focused on low inventories and threats to supply. - more

     Stable container demand in China expected to increase usage of stainless steel - After shipping fees in China decreased, the situation of container surplus kept increasing. Because the global market reopened and port congestion gradually eased, the demand for logistics and containers went down. - more

     Outokumpu Q2 stainless steel deliveries fall 3.7% on year to 603,000 mt - Stainless steel producer Outokumpu delivered 603,000 mt of stainless steel in the second quarter, down 3.7% quarter on quarter, the company said Aug. 4. - more

   Tesla supplier Talon Metals on Manchin EV Bill, Tesla & more - Tesla supplier, Talon Metals gave Teslarati an exclusive interview and we talked about the Manchin EV Bill, Tesla and more. - more
  • Indonesia says Tesla strikes $5 bln deal to buy nickel products - media - more

     Russia bans Western investors from selling banking, key energy stakes - Russia has banned investors from so-called unfriendly countries from selling shares in key energy projects and banks until the end of the year, stepping up pressure in the sanctions stand-off with the West, Reuters reports. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • BHP rebuffed in $5.8 bln takeover bid for OZ Minerals - more

  Economic Stats and Prices (Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Friday, August 5

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $10.08/lb ($22,230/tonne). Indicators at 6:50 am CST today show nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and ended that session just over the 57,600 tonne level. The media is buzzing as the consequences from the Nancy Pelosi visit to Taiwan are starting to be felt. So far, the reaction has been limited to a show of force by their military, and sanctions against the U.S. As Australia can tell the world, China, and possibly Chinese culture as a whole, put a lot of stock in being respected. Their 'we butt out of your business, you butt out of ours' philosophy is being severely tested by those who like to, as we call it, 'poke the bear'. The newest sanctions against China for their treatment of the Uyghur Muslims is another finger in the eye, as was the U.S. Senator this week that voted no against Sweden and Finland joining NATO because, according to him, China is our "greatest foreign adversary". In light of Russia's ongoing activities in Ukraine and past actions in the last two decades against other neighboring countries, forcing these two neutral countries to seek the protection of the NATO alliance, the insultive nature of this remark becomes obvious. It's time the rhetoric from the political leaders tones down. China's recent power outages, were caused in part, by their past reaction to the Australian claim that covid was caused by an accident at Wuhan, and embargoes they oput in place against Australian coal in response. Thanks to a change in the Australian government, those two are finally talking again. Insults, whether verbal or physical, are in no ones best interest, and like orgasms, they don't last very long. And yet, both can have long lasting consequences. World leaders - we ask "Babes, barbs or bombs"? It's Friday! Stay safe out there and have a safe and great weekend.
  • Average price of LME traded cash nickel so far this month - $10.31/lb

  Reports

  • Reuters metals morning - Copper firms as recession fears abate - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.2460
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • US Economic Indicators: Durable Goods Orders & Shipments - pdf here
  • U.S. Imports for Consumption of Steel Products June 2022 - pdf here
  • June 2022 Trade Gap is $79.6 Billion - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Thursday's market review - Copper rebounds as weaker dollar spurs short-covering - Copper and other base metal prices rebounded on Thursday as the dollar weakened, forcing speculators to scramble to buy back their bearish positions. - more

     Column: Indonesian tax will shake up the nickel export mix again - Indonesia's planning to reshape the global nickel market again. The country is the world's largest and fastest-growing producer of nickel, used in both stainless steel and electric vehicle (EV) batteries. - more

    Stainless steel performance market remains uncertain after nickel prices rise in past half month - The nickel futures prices at the London Metal Exchange (LME) reached US$25,000/ton on August 1, which grew by about 30% from the middle of July. - more

     CISA mills’ daily steel output down 7.25 percent in late July - The China Iron and Steel Association (CISA) has announced that in late July (July 21-31) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 1.8902 million mt, down 7.25 percent compared to mid-July (July 11-20) this year. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Surging Retail Inventories Are Swamping U.S. Warehouses - more
  • US crackdown on Chinese solar means sales recovery ruled out - more
  • Pandemic Wage Pressures - more
  • Trouble in EV paradise - more
  • US stuck in a 'horrible plateau' of COVID-19 deaths, experts say. Here's why - more

  Economic Stats and Prices (Friday edition)

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Thursday, August 4

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $10.12/lb ($22,315/tonne). Indicators at 6:00 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Wednesday and started today at the 57,900 tonne level. Nickel continues its slow price decline, thanks in part to the Pelosi visit to Taiwan and the tension it has caused. China imported over 2/3 of its total imports of high carbon ferrochrome in the first six months of 2022, from two countries - 41+% from South Africa, and 25+% from Kazakhstan. The next quarter came from India - 14+% and Zimbabwe - 12+%. About a dozen countries made up the balance. It's the first Thursday of August. Stay safe out there and have a great day!
  • Average price of LME traded cash nickel so far this month - $10.41/lb

  Reports

  • Reuters metals morning - London copper falls for 4th session on demand worries - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.2466
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • US Monthly GDP Index for June 2022 - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Wednesday's market review - Copper drops on China tensions, prospect of more interest rate hikes - Copper prices eased on Wednesday as worries about tensions between the United States and top metals consumer China added to concern that more interest rate hikes would depress global economic activity. - more

    Will High-Carbon Ferrochrome Price End its Three-Month Long Downward Trend approaching the Peak Season? - The prices of high-carbon ferrochrome dropped sharply in July, and the average price in Inner Mongolia fell 900 yuan/mt (Cr 50%) throughout the month. - more

     Fuel for Thought: Commodity supercycle theory will struggle to pass ultimate economic test - The commodity market boom is over. Energy, metals and agriculture prices have all tumbled from their March peak on inflationary recession fears amid a slew of economic warning signs, but a commodity bust is far from inevitable. - more

     China: Steel association sets up iron ore committee to push for resources stability - The China Iron and Steel Association (CISA) plans to set up a committee to strengthen research on iron ore, the official website of the CISA said on Sunday, one week after the launch of a state-owned mineral resources group. - more

    OFAC designates steel giant MMK in latest Russian sanctions - The Treasury Department’s Office of Foreign Assets Control (OFAC) on Tuesday designated one of the world’s largest steel-producing companies as part of its latest round of sanctions against Russia in response to the country’s invasion of Ukraine. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • China hits Taiwan with trade curbs amid tensions over Pelosi - more
  • Fire Blamed on E-Scooter Battery Kills Woman, 5-Year-Old - more
  • Total Household Debt Surpasses $16 trillion in Q2 2022; Mortgage, Auto Loan, and Credit Card Balances Increase - more

  Economic Stats and Prices (Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more


Wednesday, August 3

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday's trading session at $10.23/lb ($22,545/tonne). Indicators at 6:00 am CST today show nickel trading around $.02/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell slightly lower yesterday ad ended that session at the 57,900 tonne level. Nickel ended lower yesterday as traders wearily watched how China might react to the visit by Nancy Pelosi to Taiwan. Nornickel has raised its estimate of the nickel surplus this year to 75,000 tonnes, and says most of that will be low grade nickel from Indonesia. Not sure that is a number that is published so this may be one of those predictions hard to prove wrong. And before you run out and buy a new electric car based on the new program the Democrats are looking to pass, read the article below about where the battery has to be made - and why it probably isn't. Stay safe out there and have a great hump day!
  • Average price of LME traded cash nickel so far this month - $10.63/lb

  Reports

  • Reuters metals morning - London base metals slide on economic concerns, hawkish Fed views - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.2531
  • 304 SS Scrap Prices Local (updated bi-weekly) - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Tuesday's market review - Copper falls as U.S.-China tension pushes investors to safer assets - Copper edged lower on Tuesday alongside global equities as tensions between China and the United States and a run of weak economic data pushed investors to safer assets. - more

    Nornickel raises estimate of nickel surplus in 2022 to 75,000 tonnes, affirms palladium forecast - Nornickel has raised its estimate for the surplus on the nickel market in 2022 to 75,000 tonnes and expects this surplus to widen to 150,000 tonnes in 2023. - more

     Diggers & Dealers 2022: Chalice boss predicts big shortfall in battery metals - Chalice Mining boss Alex Dorsch has echoed calls for automakers and original equipment manufacturers to invest directly in early-stage explorers, insisting there will not be enough metals to meet the world’s decarbonisation goals. - more

     BHP to boost nickel exploration spending amid EV boom - BHP Group will increase its spending on nickel exploration over the next two years to meet growing demand for the raw material used in making electric vehicle batteries, the chief of its nickel operations said on Wednesday. - more

     Nornickel reduces nickel, palladium sales in H1 as supply chains disrupted - Russian metals producer Nornickel said on Tuesday that its sales of nickel, palladium and platinum fell in the first half of 2022 due to disrupted supply chains, while net profit rose by 18% to $5.1 billion due to a stronger rouble. - more

   EV tax credits could stall out on lack of US battery supply - Rules call for US-made batteries and domestically sourced minerals, but there won’t be enough of either if EV sales take off. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Did the US economy contract over the first half of 2022? It’s a tale of two measures - more
  • Historically Low Delinquency Rates Coming to an End - more

  Economic Stats and Prices (Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Tuesday, August 2

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Monday's trading session at $10.73/lb ($23,650/tonne). Indicators at 6:00 am CST today show nickel trading around $.27/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Monday and started today just over the 57,900 tonne level. In Shanghai overnight, stainless steel futures rose by 3% while nickel fell by 3%, an obvious disconnect. Markets around the world are wearily watching how China might react if US House Majority Leader Nancy Pelosi visits Taiwan. This political stunt proves nothing, and is just another example of us "poking the bear". Our reaction to the Russian invasion of Ukraine has told the world how we will respond to expansion thru military aggression, so pretending to do otherwise, is wasting news print. Your author, having grown up with the Soviet Union daily threatening the free world with nuclear weapons, and daring the world to say 'boo', who now looks to Europe as this same threat with a new name, attacks a democratic neighbor, has to wonder when he missed the memo that suddenly made this country a non issue and the Chinese our new mortal enemy. Who has threatened us with a nuclear attack - recently? Who has aggressively attacked multiple neighbors - just in the 20th century? Can the same be said about the other? We think not. Here are your averages for July. compared with June. Nickel - $9.74/lb down from $11.71/lb; Chrome - $7.50/lb down from $8.63/lb; Molybdenum - $16.38/lb down from $17.69/lb. Stay safe out there and have a great Tuesday!
  • Average price of LME traded cash nickel so far this month - $10.90/lb

  Reports

  • Reuters metals morning - Base metals fall as Taiwan tensions dent risk sentiment - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.2429
  • 304 SS Scrap Prices Local (updated bi-weekly) - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Monday's market review - Copper hits 4-week high but factory slowdown points to weak demand - Copper prices reached a four-week high on Monday, helped by a weaker dollar, but prices fell back later in the day as data revealed a global slowdown in manufacturing activity, a key source of metals demand. - more

     China's crude stainless steel output decreases in H1 y-o-y - According to statistics from the Stainless Steel Branch of China Special Steel Enterprises Association, China’s crude stainless steel output totaled around 16.35 million tons in the first half of this year, decreasing by 5.26% compared to the same period a year ago. - more

     Indonesia’s stainless steel semi-finished products & plate exports slide in May m-o-m - According to statistics, Indonesia’s ferronickel exports totaled around 483,000 tons in May, up by 6.5% compared to the preceding month. The exports in the first five months of this year amounted to roughly 2.12 million tons. - more

     Russia’s stainless steel imports down 24 percent in June from May - In June this year, Russia’s stainless steel imports totaled 28,950 mt, down 24.0 percent compared to May, according to Russia-based SpetsStal Association. - more

     Not enough women: miners meet in Australia under a cloud after sexism report -  top mining conference kicked off in West Australia this week with an address by global investor and economist Dambisa Moyo, the first woman to deliver the keynote in the forum's three decade history. - more

     Courtesy AISI - In the week ending on July 30, 2022, domestic raw steel production was 1,727,000 net tons while the capability utilization rate was 78.4 percent. Production was 1,862,000 net tons in the week ending July 30, 2021 while the capability utilization then was 84.4 percent. - more

   Other News

  Economic Stats and Prices (Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more
  • The History of Stainless Steel in the United States - more

Monday, August 1

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $10.75/lb ($23,700/tonne). Indicators at 6:00 am CST today show nickel trading around $.29/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose slightly on Friday and started August just under the 58,000 tonne level. Nickel is sharply higher this morning, as bullish traders take the price to a level we haven't seen since June. Was July the bottom of the bear market? Or are traders now betting the forecasted nickel surplus may not materialize for a second year? Indonesia is said to be considering taxing all exported nickel. That is apparently the nickel that they haven't already banned from being exported. It's a new month, with new goals and expectations. Sales are higher everywhere, thanks to higher prices masking any potential real organic growth. If your people aren't hitting sales goals these days, and you have plenty of inventory to sell, then something is seriously wrong. Stay safe out there and have a great month.
  • Average price of LME traded cash nickel so far this month - $9.74/lb (average July)

  Reports

  • Reuters metals morning - Copper rises on falling inventories despite weak China data - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.2436
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Global Economic Indicators: Global Manufacturing PMIs - pdf here
  • US Economic Indicators: Industrial Production - pdf here
  • University of Michigan: Consumer Sentiment - more
  • United States Indicators - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Friday's market review - Copper touches three-week peak on U.S. rates, supply worries - Copper prices touched their highest levels in three weeks on Friday amid renewed supply concerns and after U.S. central bank authorities signaled slower interest rate rises. - more

     China’s stainless steel output down 5.26 percent in H1 - In the first half of this year, China’s stainless steel output amounted to 16.354 million mt, down 908,000 mt or 5.26 percent year on year, according to the Stainless Steel Council of China Special Steel Enterprises Association (CSSC). - more
  • Steel industry in for a new phase of evolution - more
  • SunSirs: Stainless Steel Prices Fell Weakly in July - more
     Acerinox Q2 stainless steel output drops 8% on year - Spanish stainless steel group Acerinox’s second quarter melt shop output fell 8% year on year to 601,000 mt as demand for inventory building slowed into the third quarter, the company reported July 28. - more

     Indonesia to issue nickel export tax rules in Q3 -official -  Indonesia plans to issue a nickel export tax policy in the third quarter of the year, as authorities seek to boost revenue from exports while encouraging more domestic production of higher-value products, a senior official said on Monday. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • U.S. Economy Shrinks Again, Ringing Recession Alarms - more

  Economic Stats and Prices (Friday edition)

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more


July Archives


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(all ton listings are metric tons = 2204.622 pounds ) Updated Monday thru Thursday before 7 am CST, Friday version before 8 am CST - Disclaimer Original content and opinions copyright www.estainlesssteel.com. All prices shown on this page are indications only. Please note - for real time and official LME prices, LME requires a user subscribe to an authorized LME vendor.



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