Nickel closed Wednesday's trading
session at $9.37/lb ($20,655/tonne). Indicators
at 5:40 am CST today show
nickel trading around $.08/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell by
two lots on Wednesday and started today just under the 37,200 tonne
level. Shanghai nickel retreated overnight, down to 164,840 y/t. Nickel
continues to retreat this week, even in the face of a rebounding Euro.
Quiet news day to end the month of August, as US markets prepare for
their Labor Day weekend. Stay safe out there, have a great Thursday and
we will see you next month ..... tomorrow.
Average price of LME traded cash nickel
so far this month
- $9.30/lb
Reports
Reuters metals morning - London copper set for first monthly fall since May as China data disappoints - more
Chinese steel demand declining less than data suggests, says Vale
executive - Brazilian miner Vale SA sees declining steel demand in
China, the world's largest producer, but the situation is not as dire
as some indicators suggest, the miner's vice president of iron ore
solutions told Reuters. - more
Yusco raises stainless steel prices for Sep due to increased production
costs - Yieh United Steel Corp. (Yusco), a leading stainless steel mill
in Taiwan, announced its new prices for September. - more
China
may see less stringent steel output controls in 2023 even as cuts widen
- China’s Hunan and Shanxi provinces recently announced steel output
cut plans for 2023, and the country’s largest steelmaking hub Hebei is
expected to make a similar move soon, sources told S&P Global
Commodity Insights Aug. 29. - more
US Steel signs confidentiality agreements with numerous bidders - US
Steel Corporation has stated in a letter to its stockholders that it is
evaluating multiple purchase bids for the company from credible buyers
and ... - more
Other News
Economic
Stats and Prices (posted in Friday
edition)
Nickel closed Tuesday's trading
session at $9.39/lb ($20,700/tonne). Indicators
at 5:50 am CST today show
nickel trading around $.12/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Tuesday and now reads just over the 37,200 tonne level. Shanghai nickel
rose overnight, to 165,800 y/t. Indonesia is importing nickel ore from
the Philippines to keep its smelters supplied, a major embarrassment
for the world's largest producer. This could account for the rise in
LME nickel prices last week. Now that this is being made public, we
suspect the Indonesia government will expedite a fix. China is cutting
rates on mortgage rates in an attempt to stabilize their real estate
markets, military officials in the African nation of Gabon decided they
did not like election results in that country and have seized power,
and Hurricane Idalia, now a category 4 storm, is hitting the Florida
coast this morning. Stay safe out there and have a great hump day!
Average price of LME traded cash nickel
so far this month
- $9.31/lb
Reports
Reuters metals morning - Copper recoils on unease over soft economic data - more
Tuesday's market review - Copper gains after China's move to support
housing market - Copper prices rose on Tuesday as the dollar weakened
and funds cut bets on lower prices after top consumer China moved to
boost its struggling housing and stock markets. - more
LME clearing house cuts size of minimum default fund - The clearing
house of the London Metal Exchange (LME) said on Tuesday it would cut
the size of its default fund, reflecting a lower level of risk over the
previous six months. - more
Taiwan’s Yusco & Tang Eng expected to hike price by NT$3,000/ton
for Sep - Yieh United Steel Corp. (Yusco) and Tang Eng Iron Works Co.,
Ltd. (Tang Eng), the major upstream stainless steel suppliers in
Taiwan, will announce their new prices for September this week. - more
Taiwan’s stainless steel prices forecasted to rise for Sep - more
China’s net stainless steel exports down 5.79 percent in July - In July
this year, China's stainless steel imports amounted to 136,800 mt, up
15.87 percent month on month, while down 23.32 percent year on year,
... - more
China’s stainless steel imports & exports rise in Jul m-o-m - more
Indonesian nickel smelters turn to Philippines for ore as local supply
tightens - Nickel smelters in top producer Indonesia are making rare
purchases of ore from the Philippines to ease tight supplies, people
familiar with the matter said, upending trade flows of the raw material
and pushing up costs across the supply chain. - more
Indonesia must seize opportunities to become developed: President - more
Courtesy AISI - In the week ending on August 26, 2023, domestic raw
steel production was 1,733,000 net tons while the capability
utilization rate was 76.2 percent. Production was 1,719,000 net tons in
the week ending August 26, 2022 while the capability utilization then
was 78.0 percent.- more
In the “Galapagos of Asia,” angry Philippine islanders fight the great nickel rush - “It’s
very ironic that, in order to mitigate the impact of global warming,
you have to cut down our trees … just to support the initiatives of
Elon Musk.” - more
Other News
Factbox: What are global companies saying about China's economy? - more
Explaining the Fed’s recent conventional and unconventional monetary policy - more
China says open for business, sidesteps US 'uninvestible' comment - more
Economic
Stats and Prices (posted in Friday
edition)
Nickel closed Friday's trading
session at $9.45/lb ($20,830/tonne). Indicators
at 6:00 am CST today show
nickel trading around $.05/lb
lower. Stockpiles of nickel stored in LME licensed warehouses went
unchanged for the fourth time this month and remains just over the
36,900 tonne level.Shanghai nickel fell to 167,070 on Monday and
164,950 y/t overnight. While LME nickel is lower this morning, the
market remains quiet, with neither side showing directional momentum.
Speaking of going no where fast, LME nickel stockpiles were reported at
their lowest this year on June 19th, as 36,810 tonnes at 8.10%
cancelled warrants (its lowest in many years). Today, they are at
36,936 tonnes and 2.37% cancelled warrants. The daily total has been
reported in the 37,000 tonne level the entire summer. In our nearly two
decades of reporting on the nickel market, the author has never seen
such "inaction" in LME stockpile numbers. It will be interesting to see
if this inactivity ends after the courts rule on the March 2022 debacle
suits, and confidence is potentially restored. Or if the relevance of
the LME has become permanently scarred. Whether active, or inactive,
nickel has continued to trade volatile at times, seemingly disconnected
from the reality of the world's market demand. Stay safe out there and
have a great Tuesday!
Average price of LME traded cash nickel
so far this month
- $9.31/lb
Reports
Reuters metals morning - Copper rises as dollar softens ahead of key US data - more
Surging chromium and molybdenum prices drive stainless steel mills to
hike prices - The prices of chromium and molybdenum have been
increasing recently. - more
Indonesia nickel mining quota delays due to switch back to old system -
official - Indonesia’s mining quota distribution has been delayed
having reverted to an older approval process due to an ongoing
investigation into illegal mining, a senior official said on Monday,
assuring there was sufficient nickel ore for smelters. - more
Indonesian Nickel "Boom", Will it Continue? - more
Russia’s stainless steel imports grow in Jul m-o-m, y-o-y - According
to statistics from the Russian Special Steel and Alloys Consumers and
Suppliers Association (USSA), .... - more
Turkey’s POSCO Assan reaches milestone of two millionth mt of stainless
steel - Turkey-based stainless steel producer POSCO Assan TST has
produced a total of two million mt of stainless steel in the 10 years
since it started ... - more
MOC: Average steel prices in China indicate a downtrend during August
14-20 - China's Ministry of Commerce (MOC) has announced that during
the August 14-20 period this year the overall average finished steel
prices in China ... - more
Other News
Finding minerals faster with AI: Investors flock to U.S. startup - more
What China’s economic troubles mean for the world - more
Chinese county offers 'cash reward' for couples if bride is aged 25 or younger - more
Economic
Stats and Prices (posted in Friday
edition)
Nickel closed Thursday's trading
session at $9.46/lb ($20,860/tonne). Indicators
at 7:00 am CST today show
nickel trading around $.01/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and now total just over the 36,900 tonne level. Shanghai
nickel rose overnight, to 169,500 y/t. LME nickel slipped yesterday,
but held its ground, which emboldened Shanghai traders overnight. A
Singapore commodity exchange has advised it will be introducing a new
nickel contract, to compete with the LME. Another trading house has
discovered some of their nickel inventory is merely bagged rocks. And
in other news this week, A Chinese nuclear submarine
reportedly sank with all hands on deck, or it didn't, Russian mercenary
group commander Yevgeniy Prigozhin died in a plane crash, most likely
at the command of Russian President Vladimir Putin, or maybe not. The
BRICS countries met in South Africa and invited Saudi Arabia, Iran,
Ethiopia, Egypt, Argentina and the United Arab Emirates to join their
group. China recently brokered an agreement between long time enemies
Iran and Saudi Arabia and India successfully landed a craft on the
moon, days after Russia failed to do so. Iran unveiled a drone capable
of striking Israel, while Europe and Canada burn, Asian countries
battle killer flooding, and COVID hospitilizations are on the rise -
again. Not a boring summer to say the least. The London Metal Exchange
is closed on Monday so our next update will be next Tuesday. Stay safe
out there and enjoy your weekend!
Average price of LME traded cash nickel
so far this month
- $9.30/lb
Reports
Reuters metals morning - Copper on track for strongest week in a month - more
LME nickel prices soar due to Indonesia’s suspension of new nickel
smelter construction - The LME nickel futures surged by US$452
yesterday (August 23), closing at US$20,956/ton. The spot price
increased by US$459, reaching US$20,722/ton. - more
China's CNGR starts nickel project in Indonesia, normal output set for Sep: source - more
Another metals trader says it has been hit by nickel fraud - Another
trading house has been stung after buying a cargo supposedly containing
nickel that turned out to be full of near-worthless rubble. - more
Russia’s stainless steel imports up 4.6 percent in July from June - In
July this year, Russia\u2019s stainless steel imports totaled 43,880
mt, up by 4.6 percent compared to the previous month and by 39.1
percent year on ..... - more
New Singapore commodity exchange aims to launch EV nickel contract this
year - A new Singapore-based commodities exchange aims to launch the
world's first futures contract for a type of nickel used in the booming
electric vehicles (EV) sector by the end of this year, an executive
said on Thursday. - more
22 major steel, mining projects underway across Iran - The head of Iran
International Engineering Company (IRITEC) has said that 22 major steel
and mining projects with a total investment of two billion dollars are
currently being implemented across the country, IRNA reported. - more
Esmark scraps bid for U.S. Steel - Privately held steel company Esmark
said on Wednesday it would not participate in the purchase process for
U.S. Steel Corp and respect the position of the United Steel Workers
union, which is supporting Cleveland-Cliffs' offer. - more
Other News
LME warehousers bet the great metals destock is over: Andy Home - more
Row erupts as Chinese nuclear sub 'crashes' near disputed waters - more
Major U.S. Retailers Returning to ‘Just-in-Time’ Supply Chain - more
Economic
Stats and Prices (posted in Friday
edition)
Nickel closed Wednesday's trading
session at $9.51/lb ($20,960/tonne). Indicators
at 6:00 am CST today show
nickel trading around $.16/lb
lower. Stockpiles of nickel stored in LME licensed warehouses went
unchanged for a third time this month and second time this week and
remain just over the 37,000 tonne level. Shanghai nickel followed LME
nickel higher on its first bullish day this week, but has been slipping
since, down to 167,980 y/t. LME nickel is down sharply this morning,
after hitting the $21,000 tonne level yesterday. Stay safe out there
and have a great Thursday!
Average price of LME traded cash nickel
so far this month
- $9.31/lb
Reports
Reuters metals morning - Shanghai copper near 3-week high on China demand hopes - more
China’s stainless steel export performance keeps stable - According to
Customs statistics, China’s stainless steel imports totaled around
137,000 tons in July, up by 15.9% compared to the previous month but
falling by 23.3% from the same period last year. - more
LME faces new nickel competitor: ‘The marketplace came to us’ - The
London Metal Exchange may soon face new competition in nickel trading.
Abaxx Technologies, a Toronto-based firm, is planning to set up a
commodities exchange in Singapore with nickel as a flagship product. - more
Indonesia's nickel prices surge amid probe into mining approvals -
Prices of nickel ore in top global producer Indonesia have surged about
10% in recent weeks, say local buyers, after an investigation into
mining quotas disrupted production of the metal used in stainless steel
and batteries. - more
July 2023 crude steel production - World crude steel production for the
63 countries reporting to the World Steel Association (worldsteel) was
158.5 million tonnes (Mt) in July 2023, a 6.6% increase compared to
July 2022. - more
China's crude steel output inches higher in August; doubts loom over output curbs - more
Centravis supplied stainless steel pipes to the Italian company Chesini
Meccanica - In the segment of pipes for automotive fuel systems, the
largest Ukrainian manufacturer of stainless pipes ranks second in the
world after the Swedish Sandvik. - more
Other News
Cleveland-Cliffs demands U.S. Steel to reveal all buyout offers - more
Teamsters Ratify Five-Year Contract with UPS - more
Economic
Stats and Prices (posted in Friday
edition)
Nickel closed Tuesday's trading
session at $9.31/lb ($20,520/tonne). Indicators
at 5:50 am CST today show
nickel trading around $.12/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell by
one lot yesterday and remain just over the 37,000 tonne level. Shanghai
nickel switched contracts, and nickel fell to 168,590 y/t. For
comparison, the contract we were following for the last month fell
slightly to 169,080 y/t. The Euro is down against the US Dollar this
morning, but you couldn't tell it by nickel. Either this is a short
squeeze, or the bulls are starting to bet things will get better as the
summer vacation season nears an end. We have seen it happen better, but
it's never predictable. Some significant bullish runs have started
around the first of September, but we suspect the nickel surplus will
keep any major turn in check. No one knows of course, and that is what
keeps the market interesting - or frustrating, depending on how its
outcome affects you. Stay safe out there and have a great hump day!
Average price of LME traded cash nickel
so far this month
- $9.31/lb
Reports
Reuters metals morning - Copper rises with improved Chinese demand prospects - more
Taiwan’s stainless steel prices for Sep may be supported by high raw
material prices - In spite of the dropped LME nickel price and the weak
market demand, China’s prices of ferronickel, high carbon ferrochrome,
and ferromolybdenum have risen sharply, leading to a surge in the
stainless steel price and cold-rolled coil prices in Asia. - more
SunSirs: Stainless Steel Slightly Increased This Week (August 14-18) -
According to the price monitoring of SunSirs, stainless steel slightly
increased this week. - more
EU mills expected to increase HRC offers despite limited demand -
European steelmakers are expected to increase hot-rolled coil prices in
September despite slow demand, sources said Aug. 21. - more
U.S. imports/exports of Nickel - more // U.S. imports/exports of Stainless steel - more // Search your item of interest in search bar of top of each page
Wujin Stainless Steel’s net profit up 123.29 percent in H1 - Jiangsu
Province-based Chinese stainless steel producer Wujin Stainless Steel
Pipe Group Co. Ltd has announced that its net profit in the first six
... - more
The Big Miners’ Bright Spot Looks Increasingly Dim - Key battery metal
nickel should help companies offset the decline of coal, but right now
it’s a tough market to be in. - more
Other News
Making sense of Tesla’s planned Indonesia investment - more
It’s confirmed: Nickel plays a vital role in an ancient chemical reaction - more
Economic
Stats and Prices (posted in Friday
edition)
Nickel closed Monday's trading
session at $9.13/lb ($20,130/tonne). Indicators
at 5:45 am CST today show
nickel trading around $.20/lb
higher. Stockpiles of nickel stored in LME licensed warehouses went
unchanged on Monday and remain just north of the 37,000 tonne level.
Shanghai nickel rose overnight, to 169,340 y/t. Nickel is up this
morning with the initial momentum coming from a softer Dollar. That has
since evaporated, so the momentum now could be a shift to forcing
shorts to cover their bets. China cut its prime lending rate overnight,
but not as much as traders had hoped and its impact is seen as minimal.
Lots of news today, so we leave you to it. Stay safe and have a great
Tuesday!
Average price of LME traded cash nickel
so far this month
- $9.32/lb
Global nickel market in 27,400t surplus in June – INSG - The global
nickel market had a surplus of 27,400 metric tons in June, compared
with a surplus of 16,200 tons in the same month last year, data from
the International Nickel Study Group (INSG) showed on Monday. - more
Taiwan's stainless steel prices expected to rise in Sep, downstream
buyers keep cautious - Amid the backdrop of the depreciating Taiwanese
Dollar and Taiwanese steel manufacturers being impacted by elevated
procurement costs of Indonesian materials, which pushed up raw material
expenses, stainless steel prices for September were expected to
increase further. - more
Column: BHP sees China commodity demand as stable. And that's the best
case - BHP Group reported its lowest annual profit in three years, but
the decline isn't the most worrying factor for the world's biggest
mining company. That prize goes to an increasingly uncertain outlook
for its key commodities. - more
Tsingshan starts 50,000-ton nickel plant in Indonesia -sources - Major
Chinese nickel maker Tsingshan Group has started commercial production
of refined nickel in Indonesia, three sources familiar with the
production told Reuters on Monday. - more
Jubilee Metals upbeat as chrome expansion continues amid high prices -
Jubilee Metals Group PLC said on Monday its chrome production plan
sought to take advantage of buoyant prices, and indicated that its
rollout of copper expansion in Zambia was progressing ahead of
schedule. - more
Chinese steel market under pressure as production strong, inventories
high - China's steel market has been under pressure in August, as steel
production has not shown signs of slowing despite sluggish end-user
demand, with trading sources expecting any upcoming government-mandated
steel output cuts in 2023 to be less stringent than 2022. - more
Courtesy AISI - In the week ending on August 19, 2023, domestic raw
steel production was 1,756,000 net tons while the capability
utilization rate was 77.2 percent. Production was 1,719,000 net tons in
the week ending August 19, 2022 while the capability utilization then
was 78.0 percent. - more
Other News
A starring role for stainless in the food; beverage sector - Stainless Steel World - more
Economic
Stats and Prices (posted in Friday
edition)
Nickel closed Friday's trading
session at $9.13/lb ($20,130/tonne). Indicators
at 5:50 am CST today show
nickel trading around $.05/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and ended the week just over the 37,000 tonne level. Shanghai
nickel fell back slightly overnight, to 166,620 y/t. LME nickel closed
above the $20,000 tonne level for a second consecutive session on
Friday, so last week saw a close above, two below, and then two above.
For those trading on signals, they are getting mixed. Not a lot of news
out there. China's property woes and slowing economy continue to get a
lot of investor attention. Stay safe out there and have a great week!
Average price of LME traded cash nickel
so far this month
- $9.33/lb
Reports
Reuters metals morning - Copper rebounds on low stocks; China concerns cap gains - more
Stanislav Kondrashov Telf AG: CBS Nickel – LME prices
slide as Chinese trade declines - In the latest edition of its monthly
Nickel Commodity Briefing Service (CBS), S&P Global Commodity
Insights is delving into the dynamic nickel market, Stanislav
Kondrashov tells Telf AG. - more
EU investigates stainless steel exports from Indonesia - The European
Commission has launched an anti-circumvention investigation into
imports of cold rolled stainless steel flat products of Indonesian
origin from Taiwan, Turkey and Vietnam. - more
EC launches anti-dumping, anti-subsidy investigations into Việt Nam’s cold-rolled stainless steel - more
Indonesian stainless steel exports investigated in EU - more
Indonesian ministry decries EU trade ‘colonialism’ amid biodiesel
investigation - Disputes between the two parties have developed into a
World Trade Organization tit for tat involving several of Indonesia’s
main commodities, such as biodiesel, steel and nickel. - more
Posco, MC to produce nickel for EV batteries in the Philippines - South
Korean battery materials producer Posco Future M Company has agreed to
set up a joint venture with a subsidiary of Philippine mining and
renewable energy company MC Group to produce raw materials for
automotive battery cathodes. - more
China’s steelmakers plan to reduce crude steel output in H2 - More
Chinese steelmakers are planning to reduce their crude steel output in
the remainder of the year, according to market resources. - more
Man injured in explosion at Musheerabad - A scrap vendor suffered
severe burn injuries during an explosion at a scrap yard in Musheerabad
on Saturday. - more
Other News
Commodities worth over $800m traded at IME in a week - more
Citi takes delivery of Russian-origin aluminum on LME -Bloomberg - more
Lakshmi Mittal plans to acquire one of the largest steel producers in the US - more
The dedollarization drive is facing a confidence crisis as the
yuan, ruble and Argentine peso simultaneously plummet, an analyst says
- more
Economic
Stats and Prices (posted in Friday
edition)
Nickel closed Thursday's trading
session at $9.20/lb ($20,280/tonne). Indicators
at 5:00 am CST today show
nickel trading around $.06/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and ended that session just over the 37,000 tonne level.
Shanghai nickel rose overnight, to 167,170 y/t. Nickel closed above the
$20,000 tonne level yesterday, after two consecutive closures below.
Overall sentiment remains bearish, but bulls are strongly resisting any
sharp moves south. Stay safe out there and enjoy your weekend!
Average price of LME traded cash nickel
so far this month
- $9.36/lb
Reports
Reuters metals morning - Copper rises on weaker dollar, but on track for weekly loss - more
How chrome mined in Zimbabwe impacts an entire community - It is not
every day you get the opportunity to tour a chrome mine in Zimbabwe as
a media correspondent. - more
Ford, partners pick Canada for $900 mln battery materials plant - A
consortium of Ford Motor Co (F.N) and South Korean companies on
Thursday said they would build a C$1.2 billion ($887 million)plant to
produce electric vehicle (EVs) battery materials in Becancour, Quebec,
a town seeking to become an EV-supply-chain hub, Canada's industry
ministry said. - more
Metals in meltdown: investors should buy now - Aluminium,
zinc and nickel have struggled over the past few months, says David J.
Stevenson. But the best time to scoop up shares in the companies that
mine them is when they are out of favour. - more
China’s Nickel Plants in Indonesia Created Needed Jobs, Plus Pollution - An
influx of Chinese investment into nickel-processing on the Indonesian
island of Sulawesi is sowing pollution while generating economic
opportunity. - more
Other News
China Demands US Lift Steel, Aluminum Tariffs After WTO Ruling -- Commodities Roundup - more
Canada wildfire: all 20,000 Yellowknife residents evacuating - more
Economic
Stats and Prices (posted in Friday
edition)
Nickel closed Wednesday's trading
session at $9.00/lb ($19,835/tonne). Indicators
at 6:00 am CST today show
nickel trading around $.16/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today's trading session just over the 37,100
tonne level. Shanghai nickel rose to 164,960 y/t overnight, basically
where it was on Tuesday morning. Much like yesterday, nickel is
bouncing over the $20,000 tonne this morning, and we will have to wait
to see if the bulls can close above for the day - unlike yesterday.
Technical indicators are sending a strong buy signal, but the general
mood remains bearish. With the LME seeing nickel close below the
$20,000 tonne level the last two sessions, we could see the market turn
volatile, as the bears become emboldened. Stay safe out there and have
a great Thursday!
Average price of LME traded cash nickel
so far this month
- $9.38/lb
Reports
Reuters metals morning - Copper bounces off 2-1/2 month low on China currency support - more
EU initiates circumvention investigations on Indonesian stainless CRC -
The European Commission has announced that it has initiated two
investigations concerning possible circumvention of the antidumping and
anti-subsidy ... - more
Taiwan’s stainless steel mills benefited from order diversions - The
stainless steel market has picked up after Tsingshan and Delong stopped
offering to control the price last week, and Indonesia Tsingshan also
again raised its export quotations. - more
Stainless steel prices continue to rise in Chinese market - China's
stainless steel industry heats up continuously, and Indonesian
Tsingshan has also increased its offer to the Taiwan market,
encouraging some local distributors to follow this trend. - more
European HRC prices stable amid negative sentiment - Domestic prices
for hot-rolled coil in Europe remained unchanged Aug. 15 due to the
seasonal activity slowdown. - more
U.S. Steel sale is a monumental moment for the steel industry - Will
this mean the end of unionized and nonunionized operations under one
roof? - more
Chinese duties on U.S. imports 'inconsistent' with WTO obligations:
panel - A World Trade Organization dispute settlement panel on
Wednesday found that China had acted inconsistently with its WTO
obligations by imposing additional duties on certain U.S. imports in
response to U.S. tariffs on steel and aluminum. - more
Video Presentation from the Diggers & Dealers Mining Forum - online here
Nickel closed Tuesday's trading
session at $8.97/lb ($19,770/tonne). Indicators at 6:50 am CST today show
nickel trading around $.14/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell by
two lots on Tuesday and started today's session just over the 17,150
tonne level. Shanghai nickel fell to 162,300 y/t overnight. After
closing below the $20,000 tonne level yesterday, nickel is bouncing
back over that level this morning. Nickel traded below the $20,000
tonne level for a short period back in June, but this is the first time
this year we show it closed below. The last time we traded around this
level in June, we saw the bulls force a bounce in the price, which took
a little over a month to fizzle completely out. All investor eyes
remain on the China property sector, while the rest of us just do our
daily thing. Stay safe out there and have a great hump day!
Average price of LME traded cash nickel
so far this month
- $9.42/lb
Reports
Reuters metals morning - Copper around 7-week low amid China economic weakness, higher stocks - more
Tuesday's market review - Copper hits 6-week low, other metals fall
after weak China data - Prices for copper and other base metals fell in
London on Tuesday, hurt by a worsening demand outlook from top consumer
China after the country released slower industrial output growth data
and falling investment in its property sector. - more
China’s 316L and duplex stainless steel prices surge due to higher
molybdenum price - On account of rising raw material prices, the prices
of China’s 316L and duplex stainless steel finished products increased,
and the market is becoming more bullish. - more
China’s crude steel output rises by 2.5 percent in January-July - In
the January-July period this year, China's outputs of pig iron, crude
steel and finished steel amounted to 528.92 million mt, 626.51 million
mt ... - more
Carmakers are desperate for nickel and have nowhere to look. It’s
spurring majors to invest big - Wyloo Metals boss Luca Giacovazzi says
EV makers are desperately short on nickel - more
HKEX remains committed to LME - CEO - Hong Kong Exchanges and Clearing
remains committed to the London Metal Exchange (LME), HKEX's CEO said
on Wednesday, dampening speculation it might sell the business
following a nickel trading debacle last year.- more
ITS State of Steel - Pricing - Are we at the bottom or not? Uncertainty says... I don't know! - more
Courtesy AISI - In the week ending on August 12, 2023, domestic raw
steel production was 1,737,000 net tons while the capability
utilization rate was 76.4 percent. Production was 1,719,000 net tons in
the week ending August 12, 2022 while the capability utilization then
was 78.0 percent. - more
Take a look at how chrome is mined in Zimbabwe and how it impacts an
entire community - It is not every day you get the opportunity to tour
a chrome mine in Zimbabwe as a media correspondent. I had the rare
opportunity to do just that last week with African Chrome Fields (ACF).
- more
Other News
FedEx plans layoffs at 5 facilities, impacting 843 employees - more
Staying Ahead of the Game: How Small and Medium-Sized Warehouses Can Thrive in a Competitive Market - more
Indonesia's Jokowi calls on successor to continue commodity downstreaming - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Monday's trading
session at $9.11/lb ($20,090/tonne). Indicators at 5:50 am CST today show
nickel trading around $.11/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Monday and started today's session just under the 37,200 tonne level.
Shanghai nickel rose slightly to 164,980 y/t overnight. Nickel is
trading back below the $20,000/tonne level this morning, with some
analysts blaming the real estate crisis in China for the bearish mood.
Stay safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $9.47/lb
Reports
Reuters metals morning - Copper rebounds on China rate cuts, softer dollar - more
Broker Sucden takes legal action against alleged Trafigura fraudster
Gupta - Commodity broker Sucden Financial Ltd has filed a court claim
against Indian businessman Prateek Gupta, whom global trader Trafigura
has accused of fraud of over half a billion dollars, London court
records showed. - more
SunSirs: Stainless Steel Slightly Increased This Week (August 7-11) -
According to the price monitoring of SunSirs, stainless steel first
fell and then rose this week. - more
Wujin Stainless to launch stainless steel seamless pipe project for high-end market - more
Indonesia says Tesla plans to invest in battery material facility -
Indonesia said on Monday that U.S. electric carmaker Tesla plans to
invest in the manufacturing of battery materials in the Southeast Asian
country and will make an announcement in the next few months. - more
The Four Biggest Hurdles in America's EV Transition - Investment
dollars from the Inflation Reduction Act alone won’t be enough to
overcome risks from labor, politics, private investment and public
demand. - more
Other News
Yellen warns of risks of over-concentration of clean energy supply chains - more
Miners face 'considerable challenges' meeting demand from US climate law - study - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Friday's trading
session at $9.19/lb ($20,260/tonne). Indicators at 6:00 am CST today show
nickel trading around $.07/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Friday and started this week just over the 37,000 tonne
level. The low for 2023 was 36,810 tonnes reported back on June 19th,
showing LME nickel stockpiles are going no where fast. Shanghai nickel
fell slightly lower overnight, to 164,710 y/t. The article on our
Friday report that started "Global stainless crude steel output jumped
by almost 25% year-on-year" returned a dead link. When we examined it
over the weekend, we discvovered the author had pulled the article as
it was a repost from 2020. For our daily readers, please disregard this
information as 'very' old news and not applicable to 2023. Here is a
link as a followup to our Friday comments on why China 'still' matters
when it comes to world stainless steel production. From May -China and
India together are forecast to generate about half of global growth
this year - IMF May artricle here. Stay safe out there and have a great week!
Average price of LME traded cash nickel
so far this month
- $9.52/lb
Reports
Reuters metals morning - Copper sinks to 5-week low as spotlight falls on China property - more
E United Group again proposes to acquire shares in Eng Iron, taking
more than half of domestic stainless steel market share - Yieh United
Steel Corp. (Yusco) and Yieh Phui Enterprise Co., Ltd. (Yieh Phui),
steel enterprises under E United Group, announced that the board of
directors decided to apply again to Taiwan’s Fair Trade Commission for
their plan to jointly operate Tang Eng Iron Works Co., Ltd. - more
Turkey’s basic metal output up 6.7 percent in June from May - According
to the data released by the Turkish Statistical Institute (TUIK), in
June this year Turkey's season and calendar adjusted monthly ..... - more
Germany: All-Electric Car Sales Share Improved To 20% In July 2023 - In
July, new passenger car registrations in Germany increased by 18
percent year-over-year to 243,277. - more
Other News
Steelmaker SSAB to furlough workers in Finland - more
Ukraine reduced the export of steel semi-finished products by 76% - more
Asia’s rice prices skyrocket after India’s export ban – as Thailand eyes an opportunity - more
Indonesia Extends Timeline for Carmakers to Qualify for EV Credits - more
US halts import of rare cargo of Polish wheat in Houston - more
China’s July automobile exports jump 63 per cent,
helping extend the lead over Japan as the world’s biggest
vehicle-exporting economy - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Thursday's trading
session at $9.27/lb ($20,440/tonne) and trading at 2023 lows. Indicators at 6:10 am CST today show
nickel trading around $.12/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Thursday and started today's session just under the 37,050 tonne level.
Shanghai nickel rose overnight, to 165,280 y/t. Business media seems to
be using the China property woes as the explanation for base metals
moves this week, up or down. If the market is up, it must be traders
speculating China is getting ready to stimulant the lagging property
market, and if it is down, as it has been all week for nickel, it must
be due to the woes of that same property market. Even President Biden
has gotten in on the game, calling China a ticking time bomb. While
bomb threats are no more than political bluster, China is facing some
economic headwinds that are causing concern amongst traders around the
world. Pre-covid, if you wanted to know how the world economy was
cranking you looked to China. Post covid, there has been a shift away
from China. Pre-Trump and covid, the world looked on China with
admiration and jealousy. Post-Trump, our new security threat, now
appears to be China. This while our old 'security threat', is invading
Ukraine. Go figure. Stay safe out there and have a great weekend!
Average price of LME traded cash nickel
so far this month
- $9.58/lb
Reports
Reuters metals morning - Most base metals fall on firm dollar, China property woes - more
Global stainless production continues registering record levels - Global
stainless crude steel output jumped by almost 25% year-on-year during
the first quarter to 14.5 million tonnes, according to International
Stainless Steel Forum (ISSF) data seen by Kallanish. - author pulled due to reporting a 2020 article
U.S. imports/exports of Nickel - more // U.S. imports/exports of Stainless steel - more
China’s 400 series stainless steel forecasted to maintain at high side
- At the beginning of August, parts of China’s steel mills announced to
cut their production or put it under maintenance. - more
US steel exports down 1.4 percent in June - According to export data
from the US Department of Commerce, monthly steel exports in June 2023
decreased 1.4 percent from May to total 817,691 mt. - more
Turkey’s HRC exports & stainless steel flat products imports
decrease in Jan-Jun y-o-y - According to the Turkish Statistical
Institute (TUIK), in the first six months, Turkey’s hot-rolled coil
(HRC) exports were about 700,000 tons, decreasing by 32% from the same
period a year ago. - more
Other News
U.S. hospital pharmacists ration drugs as shortages persist - survey - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Wednesday's trading
session at $9.31/lb ($20,525/tonne). Indicators at 5:45 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and ended that session just over the 36,900 tonne level.
Shanghai nickel fell overnight, to 163,950 y/t. The Euro is higher this
morning, but so far, nickel traders have yet to trade nickel higher.
Indonesia has arrested a former government official for allegedly
assisting in the illegal export of nickel, costing it millions in
export tax revenue. Stay safe out there and have a great Thursday!
Average price of LME traded cash nickel
so far this month
- $9.63/lb
Reports
Reuters metals morning - Copper rises as dollar weakens and China stimulus hopes persist - more
Wednesday's market review - Copper bounces on stimulus bets after China
sinks into deflation - Copper prices recovered on Wednesday from a
one-month low after data showing China fell into deflation fuelled
hopes for more stimulus in the world's top metals consumer. - more
State of the Economy. ‘India’s stainless steel industry set for robust
growth’ - Episode 76: Commodities - Subramani Ra Mancombu talks to
Rajesh Mohata, CEO & Executive Director, Jindal Lifestyle Ltd,
about the growing Indian stainless steel market - more
China's ferro molybdenum prices strengthen on better fundamentals -
Chinese prices of ferromolybdenum (FeMo) under Mysteel’s tracking
witnessed steeper on-week increase over July 31- August 4, chiefly
buoyed by the higher prices ... - more
SMM Exclusive: China's Metals Output In July And Forecast For August - more
Institutional Review: Nickel Prices To Remain Rangebound - In terms of
pure nickel, the import window continues to be closed; LME inventory
declines, and the spot discounts remain; the import volume of nickel
ore increased; domestic NPI production remains low, and the ample
supply has not changed. - more
Indonesia arrests former top official accused of aiding illegal mining
- Indonesia’a Attorney General Office (AGO) has arrested a former top
mining ministry official accused of facilitating unlawful mining of
nickel that caused a loss of 5.7 trillion rupiah ($375.25 million) in
state revenue. - more
Other News
4 supply chain insights for the second half of 2023 - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Tuesday's trading
session at $9.47/lb ($20,870/tonne). Indicators at 5:45 am CST today show
nickel trading around $.04/lb lower.
Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started today's trading session just under the 36,950 tonne
level. Shanghai nickel rose overnight, to 166,580 y/t. China may not be
making much more stainless steel than last year, according to earlier
reports, but they are exporting a lot more. As is India. And once upon
a time, Vale was the sole Indonesian nickel miner on Sulawesi Island.
Now it is the oldest and some wonder if Indonesia wants control of it.
Stay safe out there and have a great hump day!
Average price of LME traded cash nickel
so far this month
- $9.69/lb
Reports
Reuters metals morning - London copper rebounds from 1-month low as dollar eases - more
Tuesday's market review - Copper skids to lowest in
almost a month on Chinese trade data - Copper prices dropped to their
weakest in nearly a month on Tuesday after weak Chinese trade and auto
sales data heightened concern over demand from the world's biggest
metals consumer. - more
Taiwan’s Froch foresees active replenishment after stainless steel
price hikes - Taiwan’s major stainless steel mills, such as Yieh United
Steel Corp. (Yusco) and Walsin Lihwa, raised their prices by up to
NT$2,000/ton for August. - more
Asia’s stainless steel base price up last week - The base price of 304
stainless steel cold-rolled coil in Asia rose last week due to rising
nickel prices and stronger market sentiment. - more
China's steel export growth slows to 27.9 percent in January-July -
China's finished steel exports amounted to 50.892 million mt in the
January-July period this year, increasing by 27.9 percent year on year,
according to the latest data released by China's General Administration
of Customs (GACC) on August 8. - more
India’s steel exports up 35 percent in July, imports rise 32 percent -
India's finished steel exports in July this year have been
provisionally estimated at 513,000 mt, up 35 percent over the
corresponding month of the previous year,.... - more
Will the Indonesian Government Become Majority Shareholder of Nickel
Miner Vale Indonesia? - Over the past decade we have seen some examples
of protectionist tendencies in the mining sector of Indonesia. - more
Nickel closed Monday's trading
session at $9.60/lb ($21,160/tonne). Indicators at 5:45 am CST today show
nickel trading around $.12/lb
lower. Stockpiles of nickel stored in LME licensed warehouses went
unchanged on Monday and remain just below the 37,050 tonne level.
Shanghai nickel fell overnight, to 165,940 y/t. Nickel is trading
back below the $21,000 tonne level this morning, for the first time
since the 24th of July. Stay safe out there and have a great Tuesday!
Average price of LME traded cash nickel
so far this month
- $9.76/lb
Reports
Reuters metals morning - Copper skids to lowest in almost a month on Chinese trade data - more
Monday's market review - Surplus metal, weak demand
prospects weigh on copper - Copper prices sank on Monday as the
market fretted about surpluses of the industrial metal, rising stocks,
poor demand prospects in top consumer China and a firmer dollar. - more
India striving for solving concerns of stainless steel industry -
According to the Indian Stainless Steel Development Association
(ISSDA), India’s stainless steel consumption in the fiscal year 2023
grew nearly 10% year on year, reaching 4 million tons. - more
Glencore sticks to acquisition trail as earnings halve - Glencore said
it remains on the hunt for acquisitions, including a possible partial
or full takeover of Canada's Teck, even as it reported a halving in
earnings for the first half of the year on Tuesday and slashed
shareholder payouts. - more
Zimbabwe reaps rewards of mining beneficiation - The government has set
the stage for Zimbabwe to benefit from its huge natural resources by
putting in place policies and measures that outlaw exportation of
several minerals in their raw form. - more
Courtesy AISI - In the week ending on August 5, 2023, domestic raw
steel production was 1,727,000 net tons while the capability
utilization rate was 75.9 percent. Production was 1,720,000 net tons in
the week ending August 5, 2022 while the capability utilization then
was 78.0 percent. - more
Hot Rolled Stainless Steel vs Cold Rolled Stainless Steel – What’s the
Difference - Stainless steel is one of the world’s most versatile,
durable, and widely used materials. It’s corrosion-resistant,
heat-resistant, easily cleaned, and incredibly strong. - more
Other News
Explained: What Tesla’s New Home In Malaysia Means For Nickel-Rich Indonesia - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Friday's trading
session at $9.68/lb ($21,350/tonne). Indicators at 5:45 am CST today show
nickel trading around $.09/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and ended the week just under the 37,050 tonne level. Shanghai
nickel fell overnight, to 166,080 y/t. Here are your July averages
compared to June's averages - Nickel - $9.48
compared to $9.61/lb in June; Chrome - $4.95/lb compared to $4.95/lb in
June; and Molybdenum - $22.18/lb compared to $21.94/lb. Stay safe out
there and have a great week!
Average price of LME traded cash nickel
so far this month
- $9.79/lb
Friday's market review - Copper slips on firm dollar ahead of U.S.
data, China worries - Copper prices retreated on Friday, weighed down
by a firmer dollar ahead of U.S. jobs data and persistent worries about
weak demand in top metals consumer China. - more
Taiwan’s stainless steel 316 prices expected to be upheld by strong
molybdenum price - The price of ferromolybdenum prices continued to
rise. - more
India’s stainless steel consumption increases by 10% in FY 2022-23 -
India's stainless steel consumption grew by 10 percent to 4 million mt
in the fiscal year 2022-23, according to data released by the Indian
Stainless Steel Development Association (ISSDA) on Friday, August 4. - more
Could nickel reserves be the key to independence for New Caledonia? -
The South Pacific French territory of New Caledonia is a major producer
of nickel, a metal that is increasingly in demand around the world to
make electric car batteries. - more
Foreign shareholders plans to divest 14% stake in Vale Indonesia -
minister - Foreign shareholders in nickel miner Vale Indonesia are
planning to sell 14 per cent of their stake to a state company this
year to bring their holding below the maximum permitted for overseas
firms, mining minister Arifin Tasrif said on Friday. - more
Nearshoring tide growing in Mexico - Before 2020, anyone suggesting to
a manufacturer’s board of directors that they ditch China for Mexico
would likely have been shown the door, possibly to the sounds of
laughter. - more
Other News
Battery plants or bust: Why some think Ottawa's $30-billion EV bet puts Canada on the wrong track - more
China's steel sector invests US$100 billion in coal-fired power plants - more
Yellow shutdown may lead to sticker shock for shippers, analysts say - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Thursday's trading
session at $9.82/lb ($21,640/tonne). Indicators at 6:00 am CST today show
nickel trading around $.12/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Thursday and started today's trading session just over the 37,100 tonne
level. Shanghai nickel rose to 169,970 y/t overnight. Cancelled
warrants slipped to below 3% yesterday. Outokumpu is considering
building a hot roll mill here in the US, to augment it's cold roll mill
already operating in Alabama Stay safe out there and have a great weekend!
Average price of LME traded cash nickel
so far this month
- $9.88/lb
Reports
Reuters metals morning - Copper slips on firm dollar ahead of U.S. data, China worries - more
China nickel producers look to London exchange in dash for profit -
Chinese nickel producers are looking to list metal on the London Metal
Exchange (LME), two China-based industry analysts said, as they seek
improved access to global markets and rush to lock in profits while
they boost output. - more
JSL’s stainless steel sales grow in Q1 FY24 y-o-y - Jindal Stainless
Limited (JSL), the largest stainless steel manufacturer in India,
reported its stainless steel standalone sales totaled 548,613 tons in
the first quarter of the fiscal year 2024, rising by 54% compared to
the same period a year ago, driven up by government’s policy of
infrastructure and growth in the domestic market. - more
Italy’s CTA acquires 100% of Raccortubi to expand stainless steel
market - Commerciale Tubi Acciaio (CTA), a pipe company in Italy, has
completed the acquisition of 100% share capital of Raccortubi, a global
leader in supplying pipes, fittings, and flanges of stainless steel and
special alloys. - more
Outokumpu eyes US expansion in view of weakening European market -
Finnish stainless steel maker Outokumpu is looking to expand in the
United States and could build a hot rolling mill there, it said on
Thursday, after its second-quarter profit more than halved due to
weakness in its key European market. - more
Metals Traders Are Leaving Hedge Funds as Markets Disappoint - A series
of metal traders are leaving hedge funds — including some fairly new
hires — after the wild price swings that drew fresh money into the
sector in recent years have evaporated, leaving markets drifting
sideways. - more
Other News
Policy Watch: After fraught global meeting, future of deep-sea mining still hangs in balance - more
How China is fast-tracking high-speed rail with AI-powered builders - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Wednesday's trading
session at $9.80/lb ($21,600/tonne). Indicators at 5:45 am CST today show
nickel trading around $.06/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today just below the 37,000 tonne level. Shanghai
nickel followed LME's Wednesday drop overnight, falling to 167,580 y/t.
Lot of news below, from around the globe, so we leave you with it. Stay
safe out there and have a great Thursday!
Average price of LME traded cash nickel
so far this month
- $9.99/lb
Reports
Reuters metals morning - Copper rebounds after sell-off on US credit downgrade, steady dollar caps gains - more
Wednesday's market review - Copper extends losses on stronger dollar -
Copper prices extended losses in London on Wednesday as stronger U.S.
dollar as well as weak manufacturing data and a struggling property
sector in top consumer China soured sentiment. - more
China's molybdenum price to keep firm in short term - China's
ferromolybdenum prices continued to rise. The current market price
hiked by 3.1% compared to early July, mainly due to higher costs and
rising international molybdenum prices. - more
US stainless price gap with rest of the world starts to narrow - As
reported in early June, stainless steel prices in the United States
remain exceptionally high in comparison with those in the rest of the
world. - more
Turkey's CR stainless steel exports to EU under the spotlight - The
European Commission's Directorate-General for Trade has received a
complaint alleging that cold rolled stainless flat steel shipments from
Turkey, Taiwan and Vietnam are circumventing the antidumping .... - more
China’s crude stainless steel production grows in H1 y-o-y - According
to statistics from the Stainless Steel Branch of China Iron and Steel
Association, China’s crude stainless steel production amounted to
around 17.59 million tons in the first half of this year, up by 8.2%
compared to the same period a year ago. - more
Malaysia extends AD duties on CR stainless steel products from four
countries - The Malaysian Ministry of International Trade and Industry
(MITI) has announced that it has decided to extend the antidumping (AD)
duties on cold rolled stainless steel from .... - more
MN Supreme Court Rules Against Disputed Mine, Says State Pollution
Officials Hid EPA Warnings - The Minnesota Supreme Court on Wednesday
ruled that the state’s Pollution Control Agency improperly granted
permits to a fiercely contested copper-nickel mine and concealed
environmental concerns about the project, which critics say threatens
to pollute Lake Superior and hurt tribal lands. - more
Indonesia defends its curbs on nickel ore exports amid EU claim of
breach in international trade - Indonesia has stepped up its defence of
its nickel ore export curbs the European Union has protested against,
asserting its right to enhance value addition, boost its economy, and
create job opportunities by climbing the value chain. - more
Russia's Nornickel slashes 2023 investment forecast by around $1 bln -
Russian miner Nornickel said on Wednesday it had cut its 2023
investment forecast to $3.5-3.8 billion from $4.7 billion. - more
Russia's Nornickel makes Asia pivot as metals price drop hits H1 profits - more
Other News
Wage growth still exceeds 3 percent despite slowing in business survey measures - more
Canada's TMC to seek seabed mining license in 2024 - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Tuesday's trading
session at $10.14/lb ($22,360/tonne). Indicators at 5:50 am CST today show
nickel trading around $.23/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started today's session just over the 37,200 tonne level.
Shanghai nickel rose overnight, to 172,020 y/t. For the second month in
a row, all four of the PMI numbers we follow remain in contraction (here). Stainless steel production in China rose MOM and YOY in August. Stay safe out there and have a great hump day!
Average price of LME traded cash nickel
so far this month
- $10.14/lb
Reports
Reuters metals morning - Copper slips as traders await clarity on Chinese stimulus - more
POSCO maintains stainless steel prices for Aug to stabilize market -
South Korean steelmaker POSCO maintained stainless steel prices for
August in order to stabilize the market. - more
China’s scheduled crude stainless steel production grows in Aug m-o-m,
y-o-y - According to statistics, the scheduled production of crude
stainless steel in China’s 41 mills amounted to around 3.12 million
tons in July, rising by 2.7% compared to the previous month and by 24%
from the same month a year ago. - more
China’s steel sector PMI remains at 49.9 percent in July - In July this
year, the purchasing managers index (PMI) for the Chinese steel sector
was at 49.9 percent, remaining stable compared to June this year, as
announced by the China Steel Logistics Committee (CSLC),.... - more
French nickel production needs restructuring to face Chinese,
Indonesian competition - France’s nickel production is significantly
lagging behind its Indonesian and Chinese counterparts, and must be
both refinanced and restructured to meet EU critical raw materials
independence goals, a new government report reveals. - more
Other News
UPDATE 1-Indonesia's new export rule could boost FX supply by $9 billion per month - more
Watch: The Coming 'Apocalypse' In Fulfillment Centers - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Monday's trading
session at $10.13/lb ($22,330/tonne). Indicators at 5:50 am CST today show
nickel trading around $.16/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Monday and started the new month just over the 37,500 tonne
level. Shanghai backed off a little last night, down to 171,270 y/t.
Base metals are trading quietly this morning, with a lower Euro
stealing momentum, while nickel is bucking the trend and trading
noticeably higher. Not seeing any particular reason for the market to
be bullish, and trading well off the $21,000 tonne level for the last
week. August is typically the slowest news month for nickel and
stainless steel, but we will continue to give you what we find daily.
Stay safe out there and have a beautiful day!
Average price of LME traded cash nickel
so far this month
- $9.48/lb (July average)
Reports
Reuters metals morning - London copper dips on stronger dollar - more
Global molybdenum production and usage falls in Q1 2023 - The
International Stainless Steel Forum (ISSF) has released figures for Q1
2023 showing that global production of molybdenum fell by 3% to 146.8
million pounds (mlbs) and global usage of molybdenum fell by 8% to
144mlbs. - more
European stainless flats demand resumes, prices to increase - EUROMETAL
- European stainless steel coil prices have reached rock bottom and
will increase in new contracts, sources tell Kallanish. - more
Stainless steel mills push for price rises - Market conditions in the
global stainless steel sector remain uncertain as the second half of
2023 begins. - more
Specialty Metals Update - Mixed Bag For Stainless - The environment for
specialty metals, like beauty, is truly in the eye of the beholder. - more
China's weak PMI means good news for commodities, for now: Russell -
Bad news for China's economy appears to spell good news for
commodities, with prices of copper and iron ore gaining on hopes for
new stimulus measures after yet another weak indicator. - more
WTO: China’s AD measure on Japan’s stainless steel products
inconsistent with WTO agreements - On July 28, 2023, the World Trade
Organization (WTO) adopted a decision of its Dispute Settlement Body
(DSB) regarding a penal report on China’s anti-dumping (AD) measures on
stainless steel products from Japan, ... - more
Indonesia's EV Mission Will Be Trickier Than Just Mining Nickel - Southeast
Asia’s biggest economy wants to use its booming battery-metals sector
as a springboard to become a global player in electric vehicles. - more
Courtesy AISI - In the week ending on July 29, 2023, domestic raw steel
production was 1,749,000 net tons while the capability utilization rate
was 76.9 percent. Production was 1,721,000 net tons in the week ending
July 29, 2022 while the capability utilization then was 78.1 percent. -
more
Other News
Economic Stats and Prices (posted in Friday edition)
(all
ton listings are metric tons = 2204.622 pounds ) Updated Monday thru
Thursday before 7 am CST, Friday version before 8 am CST - DisclaimerOriginal content and opinions copyright
www.estainlesssteel.com. All prices shown on
this page are indications only. Please note - for real time and
official LME
prices, LME requires a user subscribe to an authorized LME vendor.
Daily Nickel/Stainless Steel Briefing 
($20,655/tonne). Indicators
at 5:40 am CST today show
nickel trading around $.08/lb 
Reports 
Shanghai
Metals Market
London Metals
Market
Chinese steel demand declining less than data suggests, says Vale
executive - Brazilian miner Vale SA sees declining steel demand in
China, the world's largest producer, but the situation is not as dire
as some indicators suggest, the miner's vice president of iron ore
solutions told Reuters. - 
Yusco raises stainless steel prices for Sep due to increased production
costs - Yieh United Steel Corp. (Yusco), a leading stainless steel mill
in Taiwan, announced its new prices for September. -
US Steel signs confidentiality agreements with numerous bidders - US
Steel Corporation has stated in a letter to its stockholders that it is
evaluating multiple purchase bids for the company from credible buyers
and ... - 
Other News
Слава Україні! - 
Indonesian nickel smelters turn to Philippines for ore as local supply
tightens - Nickel smelters in top producer Indonesia are making rare
purchases of ore from the Philippines to ease tight supplies, people
familiar with the matter said, upending trade flows of the raw material
and pushing up costs across the supply chain. - 
In the “Galapagos of Asia,” angry Philippine islanders fight the great nickel rush - “It’s
very ironic that, in order to mitigate the impact of global warming,
you have to cut down our trees … just to support the initiatives of
Elon Musk.” -
Russia’s stainless steel imports grow in Jul m-o-m, y-o-y - According
to statistics from the Russian Special Steel and Alloys Consumers and
Suppliers Association (USSA), .... - 
Turkey’s POSCO Assan reaches milestone of two millionth mt of stainless
steel - Turkey-based stainless steel producer POSCO Assan TST has
produced a total of two million mt of stainless steel in the 10 years
since it started ... - 
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and now total just over the 36,900 tonne level. Shanghai
nickel rose overnight, to 169,500 y/t. LME nickel slipped yesterday,
but held its ground, which emboldened Shanghai traders overnight. A
Singapore commodity exchange has advised it will be introducing a new
nickel contract, to compete with the LME. Another trading house has
discovered some of their nickel inventory is merely bagged rocks. And
in other news this week, A Chinese nuclear submarine
reportedly sank with all hands on deck, or it didn't, Russian mercenary
group commander Yevgeniy Prigozhin died in a plane crash, most likely
at the command of Russian President Vladimir Putin, or maybe not. The
BRICS countries met in South Africa and invited Saudi Arabia, Iran,
Ethiopia, Egypt, Argentina and the United Arab Emirates to join their
group. China recently brokered an agreement between long time enemies
Iran and Saudi Arabia and India successfully landed a craft on the
moon, days after Russia failed to do so. Iran unveiled a drone capable
of striking Israel, while Europe and Canada burn, Asian countries
battle killer flooding, and COVID hospitilizations are on the rise -
again. Not a boring summer to say the least. The London Metal Exchange
is closed on Monday so our next update will be next Tuesday. Stay safe
out there and enjoy your weekend! 
22 major steel, mining projects underway across Iran - The head of Iran
International Engineering Company (IRITEC) has said that 22 major steel
and mining projects with a total investment of two billion dollars are
currently being implemented across the country, IRNA reported. - 
July 2023 crude steel production - World crude steel production for the
63 countries reporting to the World Steel Association (worldsteel) was
158.5 million tonnes (Mt) in July 2023, a 6.6% increase compared to
July 2022. - 
Centravis supplied stainless steel pipes to the Italian company Chesini
Meccanica - In the segment of pipes for automotive fuel systems, the
largest Ukrainian manufacturer of stainless pipes ranks second in the
world after the Swedish Sandvik. - 
EU mills expected to increase HRC offers despite limited demand -
European steelmakers are expected to increase hot-rolled coil prices in
September despite slow demand, sources said Aug. 21. - 
($20,130/tonne). Indicators
at 5:45 am CST today show
nickel trading around $.20/lb 
Column: BHP sees China commodity demand as stable. And that's the best
case - BHP Group reported its lowest annual profit in three years, but
the decline isn't the most worrying factor for the world's biggest
mining company. That prize goes to an increasingly uncertain outlook
for its key commodities. - 
Jubilee Metals upbeat as chrome expansion continues amid high prices -
Jubilee Metals Group PLC said on Monday its chrome production plan
sought to take advantage of buoyant prices, and indicated that its
rollout of copper expansion in Zambia was progressing ahead of
schedule. - 
Man injured in explosion at Musheerabad - A scrap vendor suffered
severe burn injuries during an explosion at a scrap yard in Musheerabad
on Saturday. - 
How chrome mined in Zimbabwe impacts an entire community - It is not
every day you get the opportunity to tour a chrome mine in Zimbabwe as
a media correspondent. - 
Ford, partners pick Canada for $900 mln battery materials plant - A
consortium of Ford Motor Co (F.N) and South Korean companies on
Thursday said they would build a C$1.2 billion ($887 million)plant to
produce electric vehicle (EVs) battery materials in Becancour, Quebec,
a town seeking to become an EV-supply-chain hub, Canada's industry
ministry said. - 
Germany: All-Electric Car Sales Share Improved To 20% In July 2023 - In
July, new passenger car registrations in Germany increased by 18
percent year-over-year to 243,277. - 
Institutional Review: Nickel Prices To Remain Rangebound - In terms of
pure nickel, the import window continues to be closed; LME inventory
declines, and the spot discounts remain; the import volume of nickel
ore increased; domestic NPI production remains low, and the ample
supply has not changed. - 
Glencore sticks to acquisition trail as earnings halve - Glencore said
it remains on the hunt for acquisitions, including a possible partial
or full takeover of Canada's Teck, even as it reported a halving in
earnings for the first half of the year on Tuesday and slashed
shareholder payouts. - 
Could nickel reserves be the key to independence for New Caledonia? -
The South Pacific French territory of New Caledonia is a major producer
of nickel, a metal that is increasingly in demand around the world to
make electric car batteries. - 
Nearshoring tide growing in Mexico - Before 2020, anyone suggesting to
a manufacturer’s board of directors that they ditch China for Mexico
would likely have been shown the door, possibly to the sounds of
laughter. - 
Italy’s CTA acquires 100% of Raccortubi to expand stainless steel
market - Commerciale Tubi Acciaio (CTA), a pipe company in Italy, has
completed the acquisition of 100% share capital of Raccortubi, a global
leader in supplying pipes, fittings, and flanges of stainless steel and
special alloys. -
Outokumpu eyes US expansion in view of weakening European market -
Finnish stainless steel maker Outokumpu is looking to expand in the
United States and could build a hot rolling mill there, it said on
Thursday, after its second-quarter profit more than halved due to
weakness in its key European market. - 
Malaysia extends AD duties on CR stainless steel products from four
countries - The Malaysian Ministry of International Trade and Industry
(MITI) has announced that it has decided to extend the antidumping (AD)
duties on cold rolled stainless steel from .... - 
POSCO maintains stainless steel prices for Aug to stabilize market -
South Korean steelmaker POSCO maintained stainless steel prices for
August in order to stabilize the market. - 
WTO: China’s AD measure on Japan’s stainless steel products
inconsistent with WTO agreements - On July 28, 2023, the World Trade
Organization (WTO) adopted a decision of its Dispute Settlement Body
(DSB) regarding a penal report on China’s anti-dumping (AD) measures on
stainless steel products from Japan, ... - 
