This page is archived news covering the period of December 2022
If you are looking for current daily market news, please visit here.


Stainless Steel News and Nickel Prices



Please visit our 2022 news page sponsor - P A Inc is keeping this daily news site free for visitors










Friday, December 30

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $13.65/lb  ($30,100/tonne). Indicators at 6:00 am CST today show nickel trading around $.31/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and started today's session just under the 55,500 tonne level. It looks as if the market, or at least the bulls in the market, want to end the year over the $30,000/tonne level, with plenty of cushion. Considering nickel closed 2021 at $20,585/tonne, that would make 2022 one heck of a year for the nickel bulls. And then there was the March debacle, which is still sending tremors thru the market even now. Shanghai did not follow LME's fall yesterday and  rose overnight to 232,000 y/t, possibly inspiring LME to follow suit today. It's the final trading day of the week, month and year and the LME and Shanghai are closed Monday for the New Year's holiday, so our next update will be Tuesday, January 3rd. We want to end the year as we started it, by thanking our readers for spending a few minutes of their day with us, and our sponsor, P A Inc, for making these daily updates possible - for all of 2022, and again for all of 2023. We toast the new year with a quote from the old TV series MASH - "Here's to the New Year. May she be a damn sight better than the old one, and may we all be home before she's over." May 2023 bring you and yours health, hope, and happiness. We hope to see you again - next year.
  • Average price of LME traded cash nickel so far this month - $13.05/lb

  Reports

  • Reuters metals morning - Demand angst puts copper on course for largest drop since 2018 - more
  • Refinitiv Inside Commodities - not posted
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 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 

     Thursday's market review - Copper slips on poor demand prospects - Copper prices slipped on Thursday as surging COVID infections in top consumer China and worries about a global recession fueled fears of slowing demand for industrial metals. - more

     Stainless steel market players keep cautiously optimistic for 2023 - Global stainless steel companies posted their strong financial performance in spite of a volatile steel market this year. - more

     PMI for Stainless Steel Sector in Dec Stands below 50-Point Mark as Pandemic Discourages Downstream Enterprises from Stockpiling  - The stainless steel sector remained sluggish in December, with its PMI at 49.17. In detail, the index for production stood at 49.29 for the total output in December was slightly lower than that in November. - more
  • Pre-holiday Stockpiling of Companies Involved in Stainless Steel Industry Chain - more
     Coal, gas lead 2022 commodities rally; recession fears greet New Year - Coal and natural gas markets were poised on Friday to end 2022 with strong gains after a global energy crisis triggered by the Russia-Ukraine war stoked a sharp upswing in prices, while tighter supplies expected in 2023 could fuel more gains. - more

     Viewpoint: LME nickel grapples with identity crisis - Trading volumes in the global benchmark nickel contract on the London Metal Exchange (LME) have collapsed amid reduced trading hours, prices have swung wildly and decoupled from the physical market, and the declining share of LME-deliverable nickel in world supply and consumption has brought into question the future utility of the index as a global price reference. - more

   Other News

  Economic Stats and Prices (posted in 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
  • Market Briefing - Commodity Prices - pdf here

Thursday, December 29

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $13.78/lb ($30,375/tonne). Indicators at 5:30 am CST today show nickel trading around $.18/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and ended that session just shy of the 55,100 tonne level. LME nickel is trading back below the $30,000 tonne level this morning, while Shanghai nickel continued to rise, at 228,890 y/t. CNN is reporting nearly half of 212 Chinese passengers what arrived on a flight in Italy earlier this week, tested positive for COVID. China has officially stopped reporting COVID numbers as they are obviously 'off the charts'. This has, is, and will continue to effect normal business operations in China and thus exports from, could see future delays. And while the world is concerned for the health of the Chinese people, they are also encouraged that the initial steps have been taken to get those business operations back to some sense of normality - eventually. As of the last official report from the US CDC, COVID deaths continue to account for the third most number of deaths among Americans, behind heart disease and cancer. So while we have grown tired of hearing about it, it remains a threat. That said, stay safe out there and have a great Thursday!
  • Average price of LME traded cash nickel so far this month - $13.02/lb

  Reports

  • Reuters metals morning - Copper slides as focus shifts to poor demand prospects - more
  • Refinitiv Inside Commodities - not posted
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 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 - Copper hits two-week high on easing China COVID controls - Copper prices hit a two-week peak on Wednesday as top consumer China’s easing of COVID restrictions spurred buying, but recession risks and expectations of weaker demand capped gains. - more

    Short-term Nickel Price Likely to Remain High on Relatively Tight Supply and Slightly Improving Downstream Demand - On the supply side, the spot premiums of pure nickel were stubbornly high amid tight supply. The NPI circulating in the spot market was at a low level following robust transactions, and almost all Indonesian NPI has been booked. - more

     Commodity markets in 2022: A year in 8 infographics - Conflict in Ukraine following Russian troops launching attacks across international borders on Feb. 24, has had a major impact on prices of key commodities from oil and gas through to steel and grains. - more

    Commodities have a mixed 2022 — crude starting to simmer, nickel and lithium shine brightest - Its been a mixed year for the commodities market with fast-changing geopolitical situations like the Russia-Ukraine war and the COVID-19 cases rising and the subsequent lockdowns in China. - more

    China’s stainless steel imports & exports rise in Nov y-o-y - China’s stainless steel imports were 292,900 tons in November, which rose by 22.6% from the same period last year but down by 6.2% from October. - more

  • Stocking of stainless steel downstream manufacturers in China gradually picking up - more

    Courtesy AISI - In the week ending on December 24, 2022, domestic raw steel production was 1,614,000 net tons while the capability utilization rate was 72.3 percent. Production was 1,768,000 net tons in the week ending December 24, 2021 while the capability utilization then was 80.1 percent. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • China’s sudden shift from Covid-zero raises more questions than answers - more

  Economic Stats and Prices (posted in 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
  • Market Briefing - Commodity Prices - pdf here

Wednesday, December 28

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $13.37/lb ($29,470/tonne) Indicators at 6:00 am CST today show nickel trading around $.61/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell last Friday and start the shortened trading week just over the 54,200 tonne level. Nickel traded higher over the last three trading days in Shanghai, closing today at 228,250 y/t. LME returned to trading today and is playing catchup with a huge morning spike, with nickel hitting the $14/lb level earlier. All the buzz right now seems to be centering around China lifting COVID restrictions. While China has eliminated nearly all of the COVID related travel restrictions, other countries are now noticing an increase in bookings from China as people there try to escape the surge. December 2019 anyone? This is like watching the collapse of the walls of Jericho - walls that were doing a fair job of keeping the virus at bay, but no longer. There is an article below titled "Questioning Tesla's Nickel Purchase Contract" that is worth a read. In our opinion, it sets a dangerous precedent, far beyond earlier demands on foreign companies. Stay safe this week and enjoy the last few days of 2022.
  • Average price of LME traded cash nickel so far this month - $12.97/lb

  Reports

  • Reuters metals morning - Copper hits 2-week high on China recovery optimism - more
  • Refinitiv Inside Commodities - none today
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • University of Michigan: Consumer Sentiment - 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 edges higher on hopes for better 2023 demand  -  Copper prices edged higher on Friday as low inventories and hopes for economic recovery next year offset a slackening in near-term demand in China caused by a surge in COVID-19 cases. - more

     SMM Analysis: Stainless Steel Prices Ended Six-Day Losing Streak Thanks to Cost Support -  After experiencing a wave of drastic declines, the most-traded SS contract stopped ended its six-day losing streak yesterday, and once rose nearly 1.7% before closing up 1.44% at 16,540 yuan/mt as of yesterday noon. - more
  • China Stainless Steel Market Review and Forecast - more
     Cleveland-Cliffs Achieves Price Increases on Fixed-Price Contracts for 2023 - Cleveland-Cliffs Inc. today announced the following updates on its latest commercial and operational developments. - more
  • Stainless steel price rises on the horizon for 2023 - more
      November 2022 crude steel production - World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 139.1 million tonnes (Mt) in November 2022, a 2.6% decrease compared to November 2021. - more

     Indonesia terminates AD duties on cold-rolled stainless steel from China, Malaysia - Indonesia has terminated the anti-dumping (AD) duties on cold-rolled stainless steel from China and Malaysia. - more
  • Questioning Tesla's Nickel Purchase Contract, Member Of Commission VII: To Chinese Companies, Indonesia Only Gets Profit From Semi-Finished Nickel Products - more
     Steel firms pour US$1 billion into Zimbabwe - Major steel-processing firms developing operations in Zimbabwe have this year invested over US$1 billion into their projects, which are at various stages of implementation, official data showed yesterday. - more

     A look at the nickel sector and the leading companies as we head into 2023 - 2022 was a great year for the nickel sector. 2023 looks like being a bit tougher as a global slowdown looms and as new Indonesia supply comes online; however, ... - pdf here

     What implications for nickel from the CPC 20th Congress? - The elite members of the Communist Party of China (CPC) convened in Beijing, in October 2022 for their 20th Congress. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Sex, schizophrenia and the historical irony of Indonesia’s criminal code - more
  • Why Indonesia’s ‘outrageous’ laws are a high-stakes play - more
  • Is Just In Time Past Its Time? - more
  • Proliferation of steel decarbonization standards ‘creating uncertainties’, coherence needed: WTO - more
  • COVID-19 leading cause of death ranking - more
  • China has stopped publishing daily COVID data amid reports of a huge spike in cases - more
  • Chinese hospitals, funeral homes 'extremely busy' as COVID spreads unchecked - more
  • Leaked notes from Chinese health officials estimate 250 million Covid-19 infections in December: reports - more
  • Explained: What's BF.7 Omicron Sub-Variant That's Driving China's Covid Wave, What Is Its Severity? - more

  Economic Stats and Prices (posted in 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
  • Market Briefing - Commodity Prices - pdf here

Friday, December 23
MerrChristmaanHapp2023!

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $13.27/lb ($29,250/tonne). Indicators at 6:30 am CST today show nickel trading around $.24/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today;s trading session at the 54,300 tonne level. A British judge gave the LME an early Christmas present when it dismissed a request by hedge funds suing the LME for phone call transcripts and meeting notes. The article is linked below and I have added the first two sentences of the Reuters article, instead of just one, because the second sentence is rather revealing. Another British company is launching a nickel trading platform next year - see below. Before you pack your bags and head for that new nickel or stainless steel job in Indonesia, there is an article below worth reading. Not exactly something your employer will likely tell you - until you get there that is. And finally today, Bloomberg is reporting numbers that make it reasonable to assume that China will in the next few months, see more COVID infections in their country than the entire U.S. population of 332 million people. Not exactly cheerful news to start the holiday weekend on. but as we have said many times before, when it comes to stainless steel and nickel, what happens in China .... matters. Due to the LME closing for Christmas, our next update will be next Wednesday. Stay safe out there this holiday weekend,have the merriest of Christmas', and we will see mid next week!
  • Average price of LME traded cash nickel so far this month - $12.94/lb

  Reports

  • Reuters metals morning - Copper edges higher on hopes for better demand next year - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 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 

     Thursday's market review - Copper struggles for momentum under recession risks, China uncertainty - Copper prices were stuck in a narrow range on Friday amid risk-off sentiment due to recession fears and demand uncertainty from top consumer China. - more

     Hedge funds AQR and others case against LME dismissed - judge - A British judge on Friday dismissed a case against the London Metal Exchange brought by hedge fund AQR Capital Management and others that demanded phone call transcripts and meeting notes about the exchange’s decision in March to cancel nickel trades. Justice Adrian Beltrami said in his ruling that even if there was, on the part of the LME a “good arguable case of wrongdoing,” the judge considered “the merits of the case as weak.” - more

     Global Commodities Holdings to launch nickel trading platform as LME reels - UK-based Global Commodities Holdings (GCH) said on Thursday it would launch a spot trading platform for physically delivered nickel in the first quarter of 2023. - more

     China estimates COVID surge is infecting 37 million people a day - Bloomberg News - Nearly 37 million people in China may have been infected with COVID-19 on a single day this week, Bloomberg News reported on Friday, citing estimates from the government's top health authority.- more

   Other News

  • Reuters The Day Ahead - pdf here
  • Indonesia’s bid to woo investors complicated by ‘sex ban’ code - more

  Economic Stats and Prices (posted in 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
  • Market Briefing - Commodity Prices - pdf here

Thursday, December 22

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $13.34/lb  ($29,420/tonne). Indicators at 6:00 am CST today show nickel trading around $.38/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today just over the 54,400 tonne level. Nickel rose sharply yesterday, a second consecutive day of a $1000/tonne plus gain. This morning, it is down over $1000/tonne. At least one Taiwanese stainless producer thinks it has something to do with rumors that Norilsk might cut production next year to curb a global surplus. We say, don't go crazy looking for a reason, you'll find it an endeavor of futility. Some of our American readers will start their holiday tomorrow, and the LME is closed next Monday and Tuesday for their Christmas break. We will post tomorrow, but our first update next week will be on Wednesday, the 28th. If this is your "Friday" we want to thank you for being a 2022 reader and hope 2023 brings you happiness, good health, and hope. We also want to take another opportunity to thank to our 2022 and 2023 page sponsor, P A Inc. You found this page updated daily thanks to their sponsorship. Merry Christmas and have a safe and joyous holiday.
  • Average price of LME traded cash nickel so far this month - $12.94/lb

  Reports

  • Reuters metals morning - Copper eases off 1-week high as China COVID concerns weigh - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 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 - Copper holds its ground despite China's COVID wave - Copper prices hovered around $8,350 a tonne on Wednesday as hopes that China’s easing of COVID-19 restrictions will eventually lift demand were offset by a surge in infections that is reducing consumption in the short term. - more

     Stainless melt shops quieter in 2022 - Stainless steel melt shop production decreased by 5.1 percent year on year in the first nine months of 2022 compared with last year, according to Brussels-based WorldStainless. - more

     India imposes anti-dumping duty on stainless steel tube imports from China - India has imposed an anti-dumping duty on stainless steel seamless tubes and pipe imports from China for five years to remove "injury" to the domestic industry, according to a government notification. - more

     Nickel market stirred by rumors of Nornickel considering production cut by 10% next year - The LME nickel futures prices surged by US$830 yesterday (December 20), closing at US$28,045/ton, a hike of more than 3% from the previous day. - more

  • Will anyone transport nickel from Russia to Europe next year? - more

     Mining tycoon Palmer sells Australian nickel refinery for reported $1.3 billion -  Australian mining magnate Clive Palmer has sold the troubled Yabulu nickel refinery in Queensland state to Swiss special purpose vehicle Zero Carbon Investek - a deal that has reportedly fetched A$2 billion ($1.3 billion). - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Watch: Preparing for Record Increases in Parcel Rates - more
  • U.S. Consumer Confidence Rebounds in December - more
  • WTO rules for Hong Kong in its trade dispute with US - more
  • Shanghai hospital warns of 'tragic battle' as COVID spreads - more

  Economic Stats and Prices (posted in 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
  • Market Briefing - Commodity Prices - pdf here

Wednesday, December 21

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday's trading session at $12.79/lb ($28,200/tonne). Indicators at 6:00 am CST today show nickel trading around $.09/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today just over th 54,200 tonne level. Nickel rose sharply yesterday morning, before falling over $1,000/tonne and still ending around $1,000/tonne higher for the day. Can you spell volatility? For those who might have missed it yesterday, Clyde Russell in a Reuters article - "The folly and futility of forecasting commodity prices was rammed home this year, with Russia’s invasion of Ukraine upending markets and rendering all prior expectations largely irrelevant. Nonetheless, analysts are drawn like moths to a flame at this time of the year, churning out new forecasts in the all too often vain hope that their soothsaying will prove on the money this time around. Rather than criticize this orgy of self-flagellation, it’s a great exercise in taking stock and identifying trends that may persist or evaporate in the year ahead."  In case you missed it, the article is here. And we would add, well said. Stay safe out there and have a great hump day!
  • Average price of LME traded cash nickel so far this month - $12.95/lb

  Reports

  • Reuters metals morning -  Base metals mixed on dollar moves, China COVID woes - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Using FRED maps to look at regional GDP - more
  • Production of stainless steel slabs in the Asia-Pacific region in 2020, by country or territory - 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 

    Tuesday's market review - Falling inventories boost aluminum but surpluses lie ahead - Aluminum rose on Tuesday, helped by a weakening dollar and a sharp fall in inventories available on the London Metal Exchange (LME), but rising COVID-19 cases in China and expectations of surplus supply next year limited gains. - more

      Stainless steel melt shop production decreased by 5.1% y–o–y to 41.9 million metric tons in the first nine months of 2022 - The world stainless association has released figures for the first nine months of 2022 showing that stainless steel melt shop production decreased by 5.1% year–on–year to 41.9 million metric tons. - more

     Coming EU CBAM may affect China's stainless steel exports - The Carbon Border Adjustment Mechanism (CBAM) in the EU was expected to start trial operation at the end of 2023, which will cover the industries of steel, cement, aluminum, fertilizer, and electricity. - more

     Australian billionaire reveals green steel plans - Fortescue Metals Group Ltd., the world's fourth largest iron ore mining company, has joined forces with Japan's Mitsubishi Corp. and European steelmaker Voestalpine AG to develop carbon-free iron using hydrogen at a plant in Austria. - more

     Jokowi Asserts Indonesia's Stance on Natural Commodity Exports - President Joko Widodo or Jokowi asserted Indonesia's position in terms of exports of natural resource commodities.- more

   Other News

  • Reuters The Day Ahead - pdf here
  • Covid outbreak throws Chinese factories and supply chains into chaos - more
  • Hackers Have Found a New Incentive to Target Shipping - more
  • Supply Chain Disruptions Continue to Plague Australian Container Ports - more
  • WTO on ‘thin ice’ with metals-tariff ruling, US trade chief says - more

  Economic Stats and Prices (posted in 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
  • Market Briefing - Commodity Prices - pdf here

Tuesday, December 20

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Monday's trading session at $12.36/lb ($27,250/tonne). Indicators at 6:00 am CST today show nickel trading around $.73/lb higher. That is not a misprint. Nickel is up over $1700/tonne already this morning, and at the moment, appears to be hitting some resistance. Stockpiles of nickel stored in LME approved warehouses fell slightly on Monday and started today's session just over the 54,300 tonne level. Shanghai nickel is at 215,280 y/t, up 1,550 from yesterday. If you read no other news story today, please check out the article below titled "Commodity forecasts are absurd, but China is key as Ukraine fades: Russell". Russell, who is one of the better commodity forecasters, expresses his frustration with the futility of commodity forecasting. And we post another from Fitch. Stay safe out there and have a  great day!
  • Average price of LME traded cash nickel so far this month - $12.96/lb

  Reports

  • Reuters metals morning - Copper slips as China COVID hits industrial activity - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Pendal Monthly Commentary - 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 

      Monday's market review - Copper rises as China pledges economic support - Copper prices rose on Monday, supported by a weaker dollar and hopes for stronger demand in China on the back of promised economic stimulus from the government. - more

     Commodity forecasts are absurd, but China is key as Ukraine fades: Russell - The folly and futility of forecasting commodity prices was rammed home this year, with Russia's invasion of Ukraine upending markets and rendering all prior expectations largely irrelevant. - more

      SMM Analysis: Stainless Steel Prices’ Upward Trend Comes to An Abrupt End - Entering December, the most-traded stainless steel futures contract was basically in a steady upward trend, but this came to an abrupt end last Friday and took a sharp turn for the worse. - more

     Global AL6XN Prices Persist to Soar at the Ending Q4 of 2022 - AL6XN prices continue to rise in the global market in mid-December 2022, owing to the rising downstream demand and raw material costs. - more

     Hedge Funds Say They Lost $95 Million in LME Nickel Crisis - A group of hedge funds led by AQR Capital Management LLC said that they lost a combined $95 million during a turbulent few days when the London Metal Exchange controversially canceled billions of dollars in nickel trades and suspended the market. - more

    China’s Zero-Covid Policy Uncertainty Will Drive Commodities Markets - China’s easing of its zero-Covid policy will remain the key uncertainty for commodities markets in 2023, Fitch Ratings says in a new report. - more

     Russia’s stainless steel imports down 1.9 percent in Nov from Oct - In October this year, Russia’s stainless steel imports totaled 20,003 mt, down by 1.9 percent compared to October, according to Russia-based SpetsStal Association. - more

     Courtesy AISI - In the week ending on December 17, 2022, domestic raw steel production was 1,627,000 net tons while the capability utilization rate was 72.9 percent. Production was 1,768,000 net tons in the week ending December 17, 2021 while the capability utilization then was 80.1 percent. - more

   Other News

  Economic Stats and Prices (posted in 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
  • Market Briefing - Commodity Prices - pdf here

Monday, December 19

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $12.85/lb ($28,330/tonne). Indicators at 6:00 am CST today show nickel trading around $.07/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and ended the week just under the 54,400 tonne level. Shanghai nickel closed lower overnight, down 3950 to just over the 213,700 y/tonne level. Hedge fund AQR requested a judge force LME to release documents it thinks might show the relationship between the LME and its Chinese owner, may have protected the Chinese tycoon when it decided to step in and halt trading and reportedly saved Tsingshan Holding Group from certain default. In an  article linked below, a LME lawyer is quoted by Reuters as stating in response "They seek to go behind the information that has been provided. They want to know the explanation is false and go on a fishing expedition to establish that." Duh! In other words "Take our excuse and trust us!"  He left out one word in his last statement that changes the entire context of the case. What he should have said is "They want to know IF the explanation is false and go on a fishing expedition to establish that." This lawyer should come to America and work for the political party of his choice. Oh, and the so called Chinese tycoon that caused the debacle - he is doing just fine thank you according to another Reuters article below. Final two weeks of 2022 are in the windshield and how this part of life's trip ends - is up to the guy or gal behind the wheel. That would be you. Stay safe out there and have a great week!
  • Average price of LME traded cash nickel so far this month - $13.00/lb

  Reports

  • Reuters metals morning - Copper rises on tight supply, China's pledge to support economy - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • IREPAS Short Range Outlook : December 2022 - more
  • FED 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 - Copper edges lower on China COVID cases, recession fears - Copper prices crept lower on Friday due to ongoing worries that a global recession and rising COVID-19 cases in China would depress economic growth and demand for metals. - more

  • LME nickel price upheld by improved purchasing willingness from downstream buyers - The LME nickel futures dropped by US$54 yesterday (December 15), closing at US$28,311/ton. The spot price also fell by US$40, reaching US$28,103/ton.  - more
     Hedge fund AQR demands British judge force LME to hand over transcripts - Hedge fund AQR Capital Management and four others asked a British judge on Friday to force the London Metal Exchange (LME) to hand over phone call transcripts and meeting notes about the LME's March decision to cancel trades. - more
  • Nickel tycoon plans new plant to avoid future LME short squeezes - more

     CISA mills’ daily steel output down 2.06 percent in early Dec - The China Iron and Steel Association (CISA) has announced that in early December (December 1-10) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China  .... - more

     Demand recovery is the festive wish for steel suppliers - During the festive season, children all over Europe wait in eager anticipation of receiving and opening presents. - more

    POSCO resumes production at typhoon-affected steel plant in Pohang - South Korean steelmaker POSCO said on Sunday it had resumed operations at a key steel plant after a three-month typhoon shutdown. - more

    Metinvest says loopholes in European sanctions allow Russia to continue steel supplies - According to the CEO of a Dutch mining and metallurgical holding, a loophole that gives many Russian producers a two-year delay in importing Russian semi-finished products to the EU allows some European companies to buy Russian steel at heavily discounted prices, giving them an advantage over other producers in the EU. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Keystone cleanup turns remote Kansas valley into a small town - more

  Economic Stats and Prices (posted in 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
  • Market Briefing - Commodity Prices - pdf here

Friday, December 16

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $12.81/lb ($28,250/tonne). Indicators at 7:00 am CST today show nickel trading around $.20/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today's trading session just under the 53,9000 tonne level. Shanghai nickel closed down 1,480 to 215,610 y/mt. While yesterday's trading was volatile, its closing from Wednesday would may have it appear ho-hum, down less than $150/tonne from Wednesday and down $250 from Tuesday's close. Lots of news today including confirmation that Norilsk's Vladimir Potanin has been sanctioned by the U.S., but the government refuses to sanction Norilsk. Indonesia's Joko Widoko gave a speech to EU leaders this week, in which their mutual dispute over nickel was mentioned more than once. Some of those suing the LME over the March debacle are to ask a British court today to force the LME to release relevant documents. The questions for the market, or at least us, are why did you decide to step in,  how did you decide when to step in, how did you determine what trades to cancel and what trades to leave in effect.  Stay safe out there and enjoy your weekend!
  • Average price of LME traded cash nickel so far this month - $12.99/lb

  Reports

  • Reuters metals morning - Copper set for weekly drop on China, recession fears - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 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 

    Thursday's market review - Copper prices fall on weak China data and hawkish Fed - Copper prices fell on Thursday as weak Chinese factory data and a U.S. Federal Reserve warning of further increases to interest rates fanned fears of weak demand. - more

     Global steel prices outlook outside of China will step down in 2021 - Fitch Ratings’ deteriorating outlook for Global Steel reflects our expectations that metal prices across the globe and earnings outside China will continue to step down in 2023, while the supply demand balance has tilted more in favour of steel end-markets. - more

     British court set to hear demand for evidence over LME nickel crisis - Hedge fund AQR Capital Management and four other parties are due to ask a British judge on Friday to force the London Metal Exchange (LME) to release documents about decision-making that led the LME to suspend nickel trading in March. - more

     Declining pace of China’s crude steel output slows to 1.4% in Jan-Nov - In the January-November period of the current year, China’s outputs of pig iron, crude steel and finished steel amounted to 795.06 million mt, 935.11 million mt and 1225.33 million mt, decreasing by 0.4 percent, 1.4 percent and 0.7 percent, respectively, year on year, as announced by China's National Bureau of Statistics (NBS). - more

  • Steel may gain little as China eases covid curbs - more
     Stainless steel prices & alloy surcharges in US market increase in Dec - North American Stainless, Outokumpu, and Cleveland-Cliffs raised their stainless steel prices and alloy surcharges in December, and the US market rebounded for the first time since falling in June. - more

    Global duplex stainless steel market to grow at CAGR of 4.5% by 2028 - According to the latest research study released by Insight Partners, the global duplex stainless steel market was forecasted to increase from US$196.99 billion in 2021 to US$266.78 billion by 2028,..... - more

     Jokowi's EU Speech and Issues Surrounding Nickel, Criminal Code - President Joko "Jokowi" Widodo underlined issues concerning equality and mutual respect in his speech at the European Union - ASEAN Summit held in Brussels, Belgium, this week. - more

     Factbox: Who is Russian businessman Vladimir Potanin? -  Vladimir Potanin, who was placed on a U.S. sanctions list on Thursday, is one of Russia's wealthiest businessmen. Here are some key facts on the man, his investments and his career. - more

  • The US just sanctioned Russia’s richest tycoon—but not his company - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Stocks could face another explosion of volatility Friday as $4 trillion of options expire in 'quadruple witching' - more
  • We've run out of cholera vaccines, WHO official says as disease surges - more

  Economic Stats and Prices (posted in 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
  • Market Briefing - Commodity Prices - pdf here

Thursday, December 15

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $12.87/lb ($28,380/tonne). Indicators at 6:00 am CST today show nickel trading around $.07/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today's session just under the 54,000 tonne level. Nickel has traded rather tamely for the last day, considering the degree of volatility it has been trading in. Ending slightly lower yesterday, it us up quietly this morning. Shanghai ended down 1980 y/mt to 217,450. Here is your title for the morning "Traders warn LME nickel benchmark disconnected from world markets". In our opinion, that could apply to the last few years. Bullish turns with no fundamentals to back them up, bearish turns with no holding power. On one hand the analysts forecast huge surplus in nickel supply, and on the other they, at least some of them, forecast the higher prices are justified. That is not typically how it works folks, unless of course, supply and demand don't mean what they always have. We suspect much of the confusion is caused by the huge amounts of money sitting in retirement savings and the need for those funds to find avenues to grow those savings. Theses guys tend to show up a little late to the dance, and are harder to convince the dance is over. And the Euro/US Dollar exchange appears to mean a lot more than they used to. This may be the way it is, but it makes forecasting more difficult. Nickel bottomed out in mid July around $19,000/tonne, after a steep decline started by the March debacle - about where the prior bull run began - the one that ended with that same debacle. It has been on a bullish run ever since and the price is now over $10,000/mt higher. Surplus nickel and slowing economies do not appear to be a threat to nickel traders. Lots of news below, so we leave you with it. Stay safe out there and have a great Thursday! Ten days till Christmas!
  • Average price of LME traded cash nickel so far this month - $12.99/lb

  Reports

  • Reuters metals morning - Copper falls on China data, Fed's hawkish stance - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 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 sinks on disquiet over China COVID cases  - Prices of aluminum and other industrial metals faltered on Wednesday on concern about surging COVID cases in top metals consumer China after it relaxed strict controls. - more

     Traders warn LME nickel benchmark disconnected from global market - Traders are warning that low volumes and erratic trading have isolated nickel prices on the London Metal Exchange from the rest of the global market. - more

     Global nickel market surplus dips to 15,200 tonnes in Oct -INSG - The global nickel market surplus edged down to 15,200 tonnes in October from 15,500 tonnes in September, data from the Lisbon-based International Nickel Study Group (INSG) showed on Wednesday. - more
  • WBMS January to October 2022 Metals Balances - more
     Taiwan’s stainless steel upstream mills’ revenue impacted by weak demand - Yieh United Steel Corp. (Yusco), a leading stainless steel mill in Taiwan, reported that its self-consolidated revenue totaled NT$3.377 billion in November this year, dropping by 35.14% compared to the same month a year ago. - more

     SS Contract to Move Rangebound with some Drops in December - In November, the stainless steel futures contract remained rangebound amid the frequently released macro policies. - more

     Russian businessman Vladimir Potanin faces U.S. sanctions - WSJ - The United States is moving to impose sanctions on Vladimir Potanin, one of Russia's richest men, but would not sanction Nornickel, the company where he is a major shareholder, the Wall Street Journal reported on Wednesday, citing U.S. officials. - more

     ArcelorMittal steel plant in Poland refuses to restart blast furnace due to lack of orders - ArcelorMittal Poland shut down Blast Furnace No. 3 in early September amid a slowdown in economic activity in Europe, lower demand, higher levels of imports from outside the EU, and higher natural gas and electricity prices. - more

     Metallurgical plant of Metinvest in the Dnepropetrovsk region resumed the production of pig iron - The Kametstal plant of the Metinvest group resumed work on iron smelting after a temporary cessation of production as a result of shelling of the power structure - more

     China Reacts Strongly to WTO’s Ruling of Trump Administration Metal Duties - In the latest US steel news, a WTO ruling has sparked a new war of words between the United States and China. - more

  • US Snub of WTO Ruling Marks a ‘Step Back’ in Era of Free Trade - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Chinese scientists make ‘impossible’ AI breakthrough in drug research - more

  Economic Stats and Prices (posted in 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
  • Market Briefing - Commodity Prices - pdf here

Wednesday, December 14

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday's trading session at $12.93/lb ($28,500/tonne). Indicators at 6:00 am CST today show nickel trading around $.17/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today just over the 53,300 tonne level. Inflation figures release yesterday encouraged traders that the Fed would drop its rate hike to 50 points from 75, and this helped push the U.S. Dollar lower. A lower Dollar is typically good news for commodity traders, and all base metals traded higher for the day - except nickel. And the bearish run continues this morning. This time, however, Shanghai nickel traders have joined in, falling 2,930 to 219,700 y/mt overnight. Today we get the Fed's rate hike decision, and the market is betting on a 50 point increase, instead of the 75 point as before. This could already be priced into the Euro/US Dollar exchange but any surprises could be negative for the Euro, which will add additional strain on commodity trading. We posted an article on the second with a number of nickel price forecasts for 2023 in it. They are listed below under a new forecast. And Merafe announces that first quarter ferrochrome prices in the EU, will go unchanged from the $1.49/lb they end 2022 at. Stay safe out there and have a great hump day!
  • Average price of LME traded cash nickel so far this month - $13.03/lb

  Reports

  • Reuters metals morning - Copper gains as dollar falters; China COVID fears loom - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Current US Inflation Rates: 2000-2022 - 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 

    Tuesday's market review - Copper hits multi-month peak as dollar slides on inflation data - Copper prices jumped to their highest in nearly six months on Tuesday on a weaker dollar after a further decline in U.S. inflation raised the likelihood of an easing in the pace of interest rate hikes. - more

     Ferrochrome price announcement for the first quarter of 2023 - Shareholders of the Company are advised that the European benchmark ferrochrome price for the first quarter of 2023 has been settled at 149 US cents per pound, a rollover from the fourth quarter of 2022. - source

    Nickel surplus to build - (excerpt) We see prices hovering between $20,000/t and $20,500/t over the first two quarters of 2023 before gradually increasing to $21,000/t in 3Q and $22,000/t in 4Q as the global growth outlook starts to improve. - more

  • From Dec 2nd Capital.com article we linked to
  • On 1 December 2022, ANZ Research forecasted nickel to average $25,130 a tonne in 2022, falling to $22,575 in 2023 and dropping further to $19,225 in 2024.
  • According to ING on 30 November, nickel prices will hover between $20,000/tonne and $20,500 in the first two quarters of 2023 before gradually rising to $21,000 in Q3 and $22,000 in Q4 as the global growth outlook improves.
  • On 25 November, Fitch Solutions’ nickel price forecast for 2022 expected the metal to average $24,250/tonne, declining to $22,500 in 2023.
  • Fitch Ratings expected the nickel price to drop to $20,000/tonne in 2023 from $25,000 in 2022.
  • Trading Economics was bullish on nickel, expecting the metal to trade at $26,842 a tonne by the end of the fourth quarter, based on its global macro models and analysts’ expectations as of 1 December. In addition, the economic data provider estimated the metal to average $32,042 in 12 months’ time.
  • As of 1 December 2022, algorithm-based forecasting service Wallet Investor forecast the nickel price to rise to $32,987.75 a tonne by December 2023.

     Europe introduces border tax on carbon emissions - After late-night negotiations, the European Union approved a political deal early on Tuesday to impose a carbon tariff on imports of polluting goods such as steel and cement. - more

     US ITC votes to maintain AD orders on stainless steel wire rod from India - The US International Trade Commission (ITC) today determined that revoking the existing antidumping duty order on imports of stainless steel wire rod from India would be likely to lead to continuation or recurrence of material injury within a reasonably foreseeable time. - more

    Tsingshan Group signs MoU for building steel plant in Zimbabwe, stainless steel production under consideration - In late November, China's Tsingshan Holding Group signed a memorandum of understanding (MoU) with the Zimbabwean government for building an integrated steel, coal, and chrome production plant. Furthermore, the group is also considering stainless steel production. - more

   Other News

  Economic Stats and Prices (posted in 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
  • Market Briefing - Commodity Prices - pdf here

Tuesday, December 13

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Monday's trading session at $13.32/lb ($29,375/tonne). Indicators at 6:00 am CST today show nickel trading around $.20/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and ended that session just under the 52,900 tonne level. We are seeing a little disconnect this morning, as Shanghai nickel closed nearly 2% higher overnight, and LME nickel is southbound to start the day. Shanghai nickel ended at 224,180 Y/MT, up 4,250. Indonesia has filed an appeal against the WTO ruling that said their nickel ore export ban was illegal.  China continues to reopen and has reportedly lost 5,235 citizens to COVID since the outbreak began, while other countries such as the U.S. have reported over 1 million deaths. Stay safe out there and enjoy your post-Monday.
  • Average price of LME traded cash nickel so far this month - $13.02/lb

  Reports

  • Reuters metals morning - Copper strides higher on inflation data optimism - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Recycling Today - Dec 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 

    Monday's market review - Copper retreats on worries over China demand, rate hikes - Copper prices slipped on Monday, weighed down by worries about the economy in top metals consumer China as it grapples with fresh COVID-19 cases, and uncertainty over U.S. interest rate hikes. - more

     The price of China's ferrochrome continued to rise - At the beginning of the week, the price of China's ferrochrome continued to rise, among which the price of high carbon ferrochrome rose again by 100 yuan/ton, and the price of low and medium carbon ferrochrome rose again by 200 yuan/ton. - more

     Indonesia appeals WTO ruling in nickel dispute against EU - Indonesia on Monday filed an expected appeal against a World Trade Organization (WTO) panel ruling that was in favour of the European Union (EU) in a dispute over Jakarta's ban on nickel ore exports, the WTO said. - more

     Taiwan’s Tang Eng’s revenue decreases in Nov y-o-y on poor market demand - Tang Eng Iron Works Co., Ltd., one of the main stainless steel manufacturers in Taiwan, reported its consolidated revenue of NT$1.25 billion in November, a month-on-month increase of 3.6% and a year-on-year decrease of 18.5%. - more

     Outokumpu launches stainless steel product with 92% lower carbon footprint than industry average - Stainless steel producer says new product has 'smallest emission intensity in the world'. - more

     Courtesy AISI - In the week ending on December 10, 2022, domestic raw steel production was 1,635,000 net tons while the capability utilization rate was 73.3 percent. Production was 1,768,000 net tons in the week ending December 10, 2021 while the capability utilization then was 80.1 percent. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Mainland China targets Taiwan with booze ban as import rejections top 2,400 since last October - more
  • Breakthrough in nuclear fusion could mean ‘near-limitless energy’ - more
  • Western countries forge green alliance for getting electric vehicle minerals - more
  • Opinion: Don't assume Canada will ace the mining transition - more

  Economic Stats and Prices (posted in 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
  • Market Briefing - Commodity Prices - pdf here
  • Capturing motion and magic in stainless steel - more

Monday, December 12

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $13.28/lb ($29,275/tonne). Indicators at 6:00 am CST today show nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Friday and started this trading week, just over the 53,000 tonne level. Cancelled warrants fell below 9% today - an incredibly low number. Nickel pulled another bull start, bear end turn on Friday, with Shanghai ending slightly lower last night as well. Lot of talk making the rounds again about the future of the London Metal Exchange. The timing makes us think some of this may have to do with parties disappointed in the decision not to ban Russian nickel, stirring the pot. Then again, the volatility caused by lack of participation, is not helping their cause. The U.S. Fed meets Tuesday and Wednesday, and the market appears to be confused on what rate the Fed will raise rates. This decision will affect the US Dollar strength, so it could easily have a downstream effect on nickel trading this week. Stay safe out there and have a great week!
  • Average price of LME traded cash nickel so far this month - $12.98/lb

  Reports

  • Reuters metals morning - Copper retreats on worries over China demand, rate hikes - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Producer Price Index by Industry: Truck Transportation - chart here
  • Producer Price Index by Commodity: Externally Threaded Fasteners - chart here
  • Producer Price Index by Commodity: Steel Wire, Stainless Steel - chart here
  • Producer Price Index by Industry: Corrugated Shipping Containers - 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 hits highest since June on hopes for China rebound - Copper prices on Friday touched their highest since June as investors anticipated that China’s easing of coronavirus restrictions will boost economic growth and metals demand. - more

     Analysis: Turbulence still haunts LME nickel, months on from trade debacle - With memories still fresh of the nickel market meltdown in March, the industry didn't need a reminder about just how dysfunctional the London Metal Exchange's (LME) nickel contract has become; but last month it got one anyway. - more
  • LME nickel fluctuates more than $4,000 in a single day - more
  • LME Draws Takeover Interest From Rivals After Nickel Crisis - more
     China's steel industry PPI decreases by 18.7 percent in Nov - In November this year, China's producer price index (PPI) for its ferrous metal smelting and rolling sector declined by 18.7 percent year on year, with the declining pace 2.4 percentage points slower compared to that recorded in October this year, while down 1.9 percent month on month, according to the data released by China's National Bureau of Statistics (NBS). - more

     U.S. tariffs on steel and aluminum imports violate international trade rules - WTO - The World Trade Organization Commission has determined that US tariffs on steel and aluminum are inconsistent with international trade obligations and recommended changes to the tariff program. - more

  • USW: WTO’s Section 232 Decision Just Plain Wrong - more

   ‘China is building one battery gigafactory a week; the US one every four months’: Simon Moores - Simon Moores, of Benchmark Mineral Intelligence, succinctly drove the point home when he testified before our committee last year that, ‘We are in the midst of a global battery arms race, in which so far the U.S. is a bystander.’ - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Saudi Arabia signs Huawei deal, deepening China ties on Xi visit - more
  • Nearly 10% of Marine Life Threatened with Extinction -Red List - more

  Economic Stats and Prices (posted in 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
  • Market Briefing - Commodity Prices - pdf here

Friday, December 9

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $13.59/lb ($29,950/tonne). Indicators at 6:00 am CST today show nickel trading around $.17/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and started today's session just over the 53,200 tonne level. Nickel was entering 'near' virgin pricing territory early in the yesterday's session, but it ended lower by closing, breaking a weekly bear then turning bullish daily trend.  We are starting today not quite as dramatically, but the price is back over the $30,000 tonne level at the moment. We will have to wait and see if yesterday's bull-bear turn is the new daily pattern, or a turning point. The bulls are finding it difficult to stay above the $30,000 tonne level, but they are finding it easier to trade there. Stay safe out there and have a great weekend!
  • Average price of LME traded cash nickel so far this month - $12.89/lb

  Reports

  • Reuters metals morning - Copper rises to more than 5-mth high on hopes of strong Chinese demand - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Short-term outlook for nickel remains bearish: ING - 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 rises as Goldman predicts run to record highs - Copper rose on Thursday on hopes that an easing of coronavirus controls in top consumer China will increase demand, with Goldman Sachs predicting prices could reach a record high of $11,000 in a year. - more

     Xiangyu Group’s project in Indonesia produces more than 3 million tons of stainless steel as of Jun 2022 - Xiamen Xiangyu Group connected China's huge market and technological advantages with Indonesia's local resource advantages. - more

  • The global race to secure critical minerals heats up - more

     China's stainless steel spot price rebounds, supporting short-term costs - Due to the recent strength of China's stainless steel futures and the impact of various factors such as the rebound in the value of the renminbi, the spot market, which has been sluggish for many consecutive days, ushered in an upward trend again. - more

  • China's Metals Output in November - more
     Outokumpu and Klöckner ink agreement for low-emission stainless steel - Finland-based stainless steel producer Outokumpu has announced that it is starting cooperation with German-based Klöckner & Co. for the first coil made of emission-minimized stainless steel.. - more

     Steel producer prices in Mexico fall 22 percent in November - Producer prices for Mexican steelmakers decreased 22.3 percent in November, year-on-year, according to an analysis by SteelOrbis with data from the national statistics agency Inegi. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Coal was the largest source of electricity generation for 15 states in 2021 - more
  • U.S. bid for battery metals has Africa blind spot - more

  Economic Stats and Prices (posted in 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
  • Market Briefing - Commodity Prices - pdf here

Thursday, December 8

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $13.79/lb ($30,405/tonne). Indicators at 6:00 am CST today show nickel trading around $.57/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell by over 1000 tonnes on Wednesday and started today just over the 52,500 tonne level. Nickel is trading at its highest since April this morning, and while yesterday followed it's bearish morning and bullish afternoon pattern, this morning the bull is wide awake early. Nickel is over the $31,000/tonne level at the moment and was well over the $33,000/tonne earlier. Business media credits China's decision to start backing off on its zero-COVID protocols for the bullish trend. Whatever the reason, we are entering pricing territory we have only seen a few times 'ever', and those earlier occasions were part of exaggerated runs, including the March debacle, and the 2007 price spike. Pricing pain for downstream users is sure to follow. Stay safe out there and have a great pre-Friday!
  • Average price of LME traded cash nickel so far this month - $12.65/lb

  Reports

  • Reuters metals morning - Most rise on demand hopes as China eases COVID curbs - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Truck Tonnage Index - more
  • Fastener Distributor Index - 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 

    Wednesday's market review - Aluminium falls as weak China data fuels demand worries - Aluminum prices slipped on Wednesday after weak Chinese trade data fueled worries about demand from the world’s top metals consumer, overshadowing the easing of COVID-19 restrictions in the country. - more

     Taiwan's stainless steel mills' orders pick up - Recently, LME nickel prices rose continuously and the price trend in China has also hiked, which strengthened market confidence. - more

     Miner Vale looks to close deal with partner for base metals in H1 - Brazilian mining company Vale is in advanced talks with possible partners for its new base metals investment vehicle and looks to have a deal concluded during the first half of 2023, Chief Financial Officer Gustavo Pimenta said on Wednesday. - more

  • 'Nickel and copper's time': Vale to split off metals group to capitalize on battery demand - more

     US Trade Import/Export Numbers and Statistics - Nickel  - Stainless Steel  - or use Search bar at top of page for your item of interest

   Other News

  • Reuters The Day Ahead - pdf here
  • China eases anti-COVID measures following protests - more
  • Fastenal November Sales Up 10% - more
  • As China starts dismantling 'zero-COVID' controls, fears of virus grow - more

  Economic Stats and Prices (posted in 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
  • Market Briefing - Commodity Prices - pdf here

Wednesday, December 7

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed yesterday's trading session at $13.28/lb ($29,280/tonne). Indicators at 6:00 am CST today show nickel trading around $.30/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today's trading session just over the 53,650 tonne level. This week has seen bearish morning sessions, followed by bullish afternoon sessions. Today has started the same but we will have to wait and see if the afternoon sees the bulls arrival. Fitch raised their nickel forecast for 2022 from $24,000/tonne to $25,000/tonne. A real gamble on their part considering there are only 3 weeks left 'in' 2022. In the article below they forecast the price for 2023 at $20,000/tonne, falling to $15,000 by 2025 (article below). Reuters is reporting Chinese nickel buyers want their suppliers to switch from using LME pricing to Shanghai pricing next year. We have permanent links to the Shanghai market below but if this looks to happen, we may start posting a number each day in our update, alongside the LME closing price from the prior day. Other news linked below. Stay safe out there and have a great hump day!
  • Average price of LME traded cash nickel so far this month - $12.55/lb

  Reports

  • Reuters metals morning - Copper falls as weak China data fuels demand worries - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Why Melbourne changed their street furniture to stainless steel - 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 - Aluminium, copper drop on uncertainty over China reopening -  Aluminum and copper prices slipped on Tuesday, crimped by a firmer dollar and uncertainty about the easing of COVID-19 restrictions in top metal consumer China. - more

     Chinese nickel buyers seek Shanghai not LME pricing for 2023 - China's nickel buyers, the world's biggest purchasers of the metal, have asked producers to switch to Shanghai Futures Exchange (SHFE) contracts to price their supplies next year, two sources with direct knowledge of the matter said. - more

  • The Price of Stainless Steel Rose Due to Production Reduction and Logistics Recovery - more
     Fitch Ratings Updates Global Metals & Mining Price Assumptions - (excerpt) Our increased nickel price assumption for 2022 reflects a price rally in a rather illiquid and volatile market, although our fundamental views on supply and demand remain unchanged. - more

     India's steel ministry seeks import tax waiver for coking coal - sources - India's steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scrambles to fill a shortage of steel making ingredients, two government sources said on Tuesday. - more

  • India’s Jindal Stainless starts construction of stainless steel park in Odisha - more
     US makes final ruling of CVD expedited sunset review on South Korea’s stainless steel sheet and strip in coils - According to the final results of an expedited sunset review of the countervailing duty (CVD) order, the US Department of Commerce (USDOC) found that revoking the existing CVD order on stainless steel sheet and strip in coils from South Korea .... - more

     Glencore 2023 production outlook disappoints, shares fall - London-listed Glencore cut 2023 production guidance across all the commodities it mines, missing consensus estimates and sending its shares sharply lower on Tuesday. - more

     Oman to build a new steel plant worth $3 billion in 3 years - The construction of the new steel plant is expected to be completed by 2026, after which it will produce five million metric tons of green steel per year. - more

   Other News

  Economic Stats and Prices (posted in 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
  • Market Briefing - Commodity Prices - pdf here

Tuesday, December 6

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Monday's trading session at $12.94/lb ($28,520/tonne). Indicators at 6:00 am CST today show nickel trading around $.23/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose over 1,000 tonnes yesterday, for a second time this month, and started today just over the 54,200 tonne level. Nickel is trading lower this morning, and hovering around the $28,000 tonne level at the moment. Yesterday was only the third trading session of the month, and the market is already facing reduced production at the old Goro mine of New Caledonia due to a tailings leak, and stopped production at a mine in Australia due to a power station fire. So far the market seems to be more interested in a stronger US Dollar, but the Euro has recovered much of its summer and fall losses since November, which just happens to be when the recent nickel bull run began. The volcano on Java Island in Indonesia is of little concern to nickel miners there. Many of them are located on, or near Sulawesi Island, and if something major happens there, we could see traders show some concern. Slow news day. Stay safe out there and enjoy your 'it's no longer Monday'.
  • Average price of LME traded cash nickel so far this month - $12.47/lb

  Reports

  • Reuters metals morning - London copper prices rise on China COVID easing - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • The Latest Market Trend Of Stainless Steel On December 5 (China) - more
  • US Economic Indicators: Durable Goods Orders & Shipments - 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 

    Monday's market review - China demand hopes fuel copper's rise to three-week peak - Copper prices rose to three-week highs on Monday as hopes for stronger demand were boosted by easing COVID restrictions in top consumer China, while a higher dollar in afternoon trade weighed on sentiment. - more

     Thailand decides to impose AD duty on cold-rolled stainless steel from Malaysia & Indonesia - Thailand's authority decided to impose anti-dumping duty on imported cold-rolled (CR) stainless steel from Malaysia and Indonesia. - more

     Courtesy AISI - In the week ending on December 3, 2022, domestic raw steel production was 1,630,000 net tons while the capability utilization rate was 73.1 percent. Production was 1,801,000 net tons in the week ending December 3, 2021 while the capability utilization then was 81.6 percent. - more

     Why the Balance of Power Has Shifted From Buyers to Sellers - Is the balance of power in buyer-seller relationships finally shifting in favor of upstream suppliers? - more

   Other News

  • Reuters The Day Ahead - pdf here
  • FRED Moving between wealth brackets: Minimum cutoffs from the Distributional Financial Accounts - more
  • As Chinese cities ease Covid restrictions, the sputtering economy may take months to catch up - more

  Economic Stats and Prices (posted in 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, December 5

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $13.09/lb ($28,865/tonne). Indicators at 6:00 am CST today show nickel trading around $.30/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started this week just over the 53,200 tonne level. Nickel jumped over $1200/tonne on Friday, but has lost about half that so far this morning. Shanghai ended higher overnight, but that appears to be playing catch-up to LME's Friday movement. While down today, nickel remains in a bullish trading environment. Stay safe out there and enjoy your Monday.
  • Average price of LME traded cash nickel so far this month - $12.27/lb

  Reports

  • Reuters metals morning - Copper hits 3-week high after more Chinese cities ease COVID curbs - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • World Commodities Pink Sheet - pdf here
  • Market Briefing: Commodity Prices - 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 

    Friday's market review - Copper hits highest in over two weeks on China easing COVID curbs - Copper prices jumped to their highest in over two weeks on Friday in a volatile session as investors cheered moves by top metals consumer China to ease COVID-19 restrictions. - more

     HSBC resigns as LME member after exiting industrial metals - HSBC (HSBA.L) has resigned its membership in the London Metal Exchange, the LME said on Friday, after the bank decided to close its industrial metals business two years ago. - more

     Australia's IGO suspends nickel output after fire - Australia’s IGO Ltd has suspended production at its Nova nickel operation in Western Australia for around four weeks after a fire damaged its power station over the weekend, the miner said on Monday. - more

    MEPS revises down global stainless steel production forecast for 2022 - MEPS revised the global stainless steel production forecast for 2022 from 58.6 million tons to 56.5 million tons, and the output for 2023 is expected to rebound to 6 million tons. - more

     EUROFER welcomes WTO ruling confirming Indonesia's illegal export ban of nickel ore - EUROFER welcomes the WTO Panel report ruling against Indonesia’s ban on the export of nickel ore. - more
  • Will Indonesia’s appeal of WTO nickel dispute fall into a void? - more

     Nickel crucial as electric vehicles take off - Mark Selby, chief executive of Canada Nickel Company, talks with the Financial Post’s Larysa Harapyn about the role of nickel in the transition to electric vehicles. - more

     Goro nickel mine faces increased regulation after tailings leak - Authorities in New Caledonia imposed additional regulations that could limit production in the future at the Goro nickel mine -- one of the world’s largest deposits -- after a recent waste-dam leak. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Biden signs legislation preventing rail strike, lockout - more

  Economic Stats and Prices (posted in 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, December 2

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $12.52/lb ($27,600/tonne). Indicators at 6:00 am CST today show nickel trading around $.02/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and started today just under the 53,300 tonne level. Shanghai nickel fell slightly overnight, and so far this morning, LME traders appear to be wondering why. The Euro is trading at its highest since June against the U.S. Dollar, and this is boosting London traded base metal values. The US manufacturing PMI fell below 50 for the first time since May 2020. All four of the major global PMI's we follow are below 50 this month (charted here), but at least in the U.S., analysts are scratching their heads and wondering where the dreaded recession is hiding? Quite possibly the same place the diesel shortage and rail strike that were also going to shut down the economy in November are at. Speaking of the rail strike, Congress reached a deal overnight to stop any such strike from happening and Biden has promised to sign it. It's the first Friday of December and there are 23 days left until Christmas. Stay safe out there and have a great weekend!
  • Average price of LME traded cash nickel so far this month - $12.22/lb

  Reports

  • Reuters metals morning - Copper edges up on softer dollar, easing China COVID curbs - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Nickel price forecast: Will the metal continue to rise after 2022? - more
  • Job Openings and Labor Turnover Summary - more
  • The swell of shipping costs - more
  • Global Economic Indicators: Global Manufacturing PMIs - pdf here
  • US Economic Indicators: Industrial Production - 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 

    Thursday's market review - Copper extends gains on Powell comments, China demand hopes - Copper prices on Thursday added to gains from the previous session as investors bet that slower U.S. interest rate hikes and an easing of China’s COVID-19 controls would improve the outlook for demand. - more

     The London Metal Exchange's near-death nickel experience: Andy Home - The 145-year-old London Metal Exchange (LME) came perilously close to imploding in March as its nickel contract turned wild. - more

     Thailand imposes AD duty on CR stainless steel from Malaysia and Indonesia - Thailand’s Committee of Dumping and Subsidy has announced that it has imposed antidumping duty (AD) on cold rolled stainless steel imported from Malaysia and Indonesia. - more

     SunSirs: In the Low Consumption Season, the Price of Stainless Steel Fell in November - According to the price monitoring of SunSirs, the price of stainless steel fell slightly in November. At the beginning of the month, the price of stainless steel was 15,955.71 RMB/ton. - more

  • China’s stainless steel imports & exports increase in Jan-Oct y-o-y - more

     VW confirms looking in Canada to build first North America cell plant - Volkswagen has begun searching for a site for the German carmaker's first battery cell factory in North America, its CEO announced on Thursday. - more

     Stainless Steel Sheet and Strip in Coils from the Republic of Korea: Final Results of Expedited Sunset Review of the Countervailing Duty Order - pdf here

   Other News

  • Reuters The Day Ahead - pdf here
  • EU can’t afford trade war in US subsidies clash, Vestager says - more
  • AISI Statement on WTO Indonesia Ruling - more
  • Relief and worry as major Chinese cities ease COVID curbs - more
  • Europe faces an enduring crisis of energy and geopolitics - more

  Economic Stats and Prices (posted in 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

  • The unjustified invasion of Ukraine by Russia and the subsequent weaponization of energy against Europe by Russia, has proven once again that participation in the global economy, while necessary, makes one vulnerable to geopolitical coercion and disruptions.

Thursday, December 1

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $12.24/lb ($26,980/tonne). Indicators at 6:00 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Wednesday and started the new month just over the 53,100 tonne level. Nickel is trading just a smidgen over the $27,000/tonne level, and at least for the moment, it appears the bulls are grazing. While we showed Yieh announcing a price drop for December, fellow Taiwan company Walsin Lihwa has announced a price increase for December stainless steel wire. Norilsk forecast a 109,000 tonne nickel surplus for this year, and about the same for next. We started the year with LME stockpile numbers at the 100,000 tonne level, and we are just over 53,000 today. If there is a surplus, it is because LME numbers have become highly insignificant to gaging real world supply and demand parameters. We thought it was the game playing with inventory that clouded these numbers, but that fairly well ceased in March, when the market imploded. So we will continue to monitor and report LME numbers daily, but keep in mind they mean little in comparison to what they used to. Stay safe and have a great day ..... and month.
  • Average price of LME traded cash nickel so far this month - $11.46/lb (average November)

  Reports

  • Reuters metals morning - Copper rises as dollar slides, China loosens COVID curbs - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • ING Nickel surplus to build - pdf here
  • China NBS Manufacturing PMI - more
  • Global Manufacturing PMIs - pdf here
  • WTO raw material ruling - 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 hits near two-week high on weaker dollar - Copper prices climbed to their highest in nearly two weeks on Wednesday, boosted by a weaker dollar amid hopes that inflation is peaking and the pace of central bank rate hikes will slow. - more

  • Surge in nickel prices threatened to blow $2.6bn hole in key LME entity - more

     Walsin Lihwa moderately hikes stainless steel wire rod prices for Dec - Walsin Lihwa, a leading stainless steel wire rod manufacturer in Taiwan, announced to hike its new prices for stainless steel wire rods for December. - more

     Russia's Nornickel sees global nickel surplus at 109,000 T in 2022 - Russia's Nornickel said on Wednesday it sees the global surplus in the nickel market coming in at 109,000 tonnes in 2022, and 110,000 tonnes next year. - more

     WTO backs EU in dispute with Indonesia over nickel ore ban - The World Trade Organization recommended on Wednesday that Indonesia change measures including a ban on nickel ore exports in a dispute with the European Union. - more

     BHP's CEO expects Chinese economic growth to continue - BHP Group Ltd Chief Executive Mike Henry told the Reuters NEXT conference on Wednesday that "all fundamentals are in place" in China for continued economic growth over the next 20 years. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Did the pandemic really kill just-in-time? Experts weigh in - more
  • China set to loosen COVID curbs after week of historic protests - more

  Economic Stats and Prices (posted in 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


November Archives


Chart temporarily down

Nickel Graph Temporarily Down

Chart temporarily down


Translate this page to French | German | Spanish | Italian | Portuguese | Chinese | Japanese | Korean | Russian


(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.



Price of Nickel

Nickel Graph Temporarily Down

Daily Commodity Prices

Site Pages

Stainless Steel Surcharge
Worldwide PMI

Archives

2023
January February

2022
January February March
April May June July August
September October
November December

2021
January February March
April May June July August
September October
November December

2020 and prior