Wednesday, February 28

• Three month nickel closed Tuesday's trading session at $6.28/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and now total just under the 335,300 tonne level. Nickel remains rangebound on the high side, after earlier attempts at the $14,000/tonne threshold failed and less than appealing China business news drove nickel lower. This morning all but nickel are lower, although none have moved much in either direction. The Euro is trading lower against the US Dollar, which as adding negative pressure on commodity trading. Initial PMI numbers from China fell from the month prior, while their steel index futures remain higher for a third day. February appears to be closing quietly.
• Average price of cash nickel so far this month - $6.15/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Metal prices dip after China data disappoints - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Nickel Energizing Batteries - pdf here
• Chinese steel futures extend gains on output curbs - more
• Papua New Guinea officials say whole villages flattened by deadly quake - more
• This Father-Son Team Is Rewriting the Rules of Commodities Trading - more
• Stocks Slide After Powell; Dollar Steady With Oil: Markets Wrap - more

     Tuesday's market review - Copper slides as dollar bounces after Fed testimony - Copper fell more than 1 percent on Tuesday as the dollar rose after Federal Reserve Chairman Jerome Powell pledged to stick with gradual increases in U.S. interest rates despite the added stimulus of tax cuts and government spending. - more

     EU to act if U.S. introduces steel tariffs, Germany warns - European Union trade ministers agreed at a meeting on Tuesday that they would respond with counter-measures if the United States brings in import tariffs on steel and aluminum, German deputy economy minister Matthias Machnig said. - more

     Commentary: New Year, new themes for China's industrial metals trade - What will the Chinese New Year of the Dog bring for industrial metal markets? - more

     ERAMET Group's Production and Sales Volumes in Oct-Dec - On February 20, ERAMET Group, France announced its production and sales volumes in the period from October to December in 2017, the details of which are as shown in the table below - more

     Vale sees huge losses amid stronger oil, coal prices in 2017 - Publicly listed nickel miner PT Vale Indonesia recorded a net loss of US$15.27 million in 2017, a significant fall from its net profit of $1.9 million booked in the previous year. - more

     Parties in Norilsk Nickel dispute to delay stake sale: lawyer - Russian billionaire Vladimir Potanin’s Cyprus-based firm Whiteleave is drawing up a deal with aluminum giant Rusal and businessman Roman Abramovich to delay its purchase of 2 percent of miner Norilsk Nickel , a lawyer for Whiteleave said.

  Morning Nickel Price Statistics & Figures

• Today's almost official prices here  /  Yesterday's actual LME official prices here or here
• Shanghai Jinchuan nickel price - available here or here (updated)
• India MCX Nickel Price - more  more
• 100 Years of Stainless Steel Video - online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Tuesday, February 27

• Three month nickel closed Monday's trading session at $6.32/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Monday and started the day just under the 335,600 tone level. Resistance is being tested as nickel continues to peek over the $14,000/tonne level ($6.36/lb), then retraces back into the high side of the $6.33/lb and lower range it has been trading in for a few weeks. The Euro isn't helping traders with choppy trading showing gains against the US Dollar, only to falter later. It's up again today, but after yesterday's jump then dive, traders are probably leery. China steel futures remain higher, but gained little over yesterday. Not sure if the Ramu Nickel Mine is operating today, after a large earthquake in Papau New Guinea forced many mines to halt operations. The bulls are testing a channel break out, and we may know in the next few days if they are successful or not.
• Average price of cash nickel so far this month - $6.15/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Copper edges up as dollar softens ahead of Fed testimony - more
• Reuters Daily Inside Metals - pdf here
• U.S. Imports of Stainless Steel Mill Products - more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Bonds Dip Before Powell; Stocks Slip, Euro Firms: Markets Wrap - more
• Macquarie Bank says low Chinese steel inventories will support iron ore prices in the near-term - more
• Bloomberg - The S&P Global Platts China Steel Sentiment Index rebounded to 43.73 out of 100 points from 21.95 in January.
• La Niña retreats - La Niña continues its decline, with sea surface temperatures in the central tropical Pacific Ocean warming over the past fortnight. - more

     Monday's market review - Rising Chinese imports push copper higher - The price of copper rose on Monday as higher imports to China and strong economic data cemented expectations of solid demand from the world’s biggest metals consumer. - more

     Most mining operations halted as earth quake precautionary measure - The 3:44 am (Feb 26), 7.5 magnitude earthquake that struck mainland PNG this morning has resulted in the prompt shutdown of Oil Search Limited operations as a precautionary measure. - more 

     January 2018 crude steel production - World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 139.4 million tonnes (Mt) in January 2018, a 0.8% increase compared to January 2017. - more

• Monthly production 2018-2017 - more

     Russian billionaires risk 'shootout' in battle over nickel giant - Two of Russia’s richest men could trigger a complicated auction known as a “shootout”, in a bid to end their long-running battle for control of mining giant Norilsk Nickel (Nornickel). - more

• Explainer - more

     Unifor wants First Nickel to be charged under the Westray Bill - The families and union of two workers killed at Sudbury's Lockerby Mine in 2014 are not satisfied with a recent verdict against First Nickel. - more

     Courtesy AISI - In the week ending on February 24, 2018, domestic raw steel production was 1,783,000 net tons while the capability utilization rate was 76.5 percent. Production was 1,770,000 net tons in the week ending February 24, 2017 while the capability utilization then was 75.9 percent. The current week production represents a 0.7 percent increase from the same period in the previous year. Production for the week ending February 24, 2018 is up 1.8 percent from the previous week ending February 17, 2018 when production was 1,751,000 net tons and the rate of capability utilization was 75.1 percent. - more

  Morning Nickel Price Statistics & Figures

• Today's almost official prices here  /  Yesterday's actual LME official prices here or here
• Shanghai Jinchuan nickel price - available here or here (updated)
• India MCX Nickel Price - more  more
• 100 Years of Stainless Steel Video - online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Monday, February 26

• Three month nickel closed Friday's trading session at $6.24/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.10/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on both Thursday and Friday and started the week just under the 336,000 tonne level. As far as industry news, there is little out there to trade on. China steel prices jumped sharply over night, and the Euro is stronger against the US Dollar this morning, adding some positive news for traders to go on. Otherwise, much of the news today is soap opera nonsense and for a change, that isn't the US' fault. In Russia, its time for another round of "Can Vladimir Potanin Keep Norilsk Nickel?" Last time we went thru this, the loser got paid and was sitting in cash right before the world economy went into a recession. The loser in that battle, Mikhail Prokhorov bought the Brooklyn Mets and ran for the presidency of Russia against Putin in 2012. We will see who wins this one. And in Australia, Mr Palmer is back in the headlines. Could be an interesting week ahead - if you like drama.
• Average price of cash nickel so far this month - $6.14/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - London copper, aluminium climb on solid China imports - more
• Reuters Daily Inside Metals - pdf here
• U.S. Exports of Stainless Steel Mill Products - more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• 65 Things You Might Not Know About Steel - more
• Penny Costs 1.82 Cents to Make in 2017 Nickel Costs 6.6 Cents; US Mint Realizes $391.5M in Seigniorage - more
• Stronger-than-expected iron-ore price rally not expected to last – BMI - more
• Shipping gauge shows iron ore, copper prices heading for fall - more
• China puts responsibility for battery recycling on makers of electric vehicles - more
• Stocks Climb as Yields Hold Steady; Dollar Falls: Markets Wrap - more

     Friday's market review - Copper and zinc slip on profit-taking, firmer dollar - Copper, zinc and other base metals prices fell on Friday as investors locked in profits and the dollar firmed amid uncertainty over demand in top metals consumer China. - more

     Spox says Kremlin only monitors Norilsk Nickel owners’ conflict - The Russian presidential administration is watching the development of a conflict between the shareholders of metals producer Norilsk Nickel, spokesman Dmitry Peskov told reporters on Monday. - more

• Who will be the winner from the Norilsk Nickel Russian roulette game? - more
• Rusal Readies for Billionaire Shoot Out Over Norilsk Nickel - more

     Ipilan Nickel hits Palawan property demolition; mayor asserts act legal - - Ipilan Nickel Corporation has decried the local government’s demolition of the company’s property here, saying it was illegal and a disregard for an agreement between the two parties. - more

• Surigao del Sur gov blasts bishop over Agusan del Sur floods, slides - more

     Zimbabwe: Mines Reel Under $31m Debt - London Stock Exchange-listed ASA Resources Plc's key Zimbabwe units - Bindura Nickel Corporation Limited and Freda Rebecca Gold Mine Limited -- have applied to the High Court to have the businesses placed under provisional judicial management, citing a serious financial crisis that has seen its debts ballooning to over US$31,3 million. - more

     Trump Favors Commerce’s Harshest Steel and Aluminum Tariffs, Sources Say - President Donald Trump has told confidants that he wants to impose the harshest tariffs on steel and aluminum imports recommended by the Commerce Department, according to three people familiar with the matter. - more

     Clive Palmer to bring back Palmer United Party for next federal election - Businessman Clive Palmer has announced he wants to return to federal politics, with plans to run candidates in every seat at the next election. - more

     Townsville mayor Jenny Hill's $50,000 deal to end Clive Palmer's defamation suit - Outspoken Townsville Mayor Jenny Hill has offered to pay a $50,000 defamation settlement to Queensland businessman Clive Palmer to apologise over comments that he financially benefited from the collapse of his nickel refinery in North Queensland. - more

  Morning Nickel Price Statistics & Figures

• Today's almost official prices here  /  Yesterday's actual LME official prices here or here
• Shanghai Jinchuan nickel price - available here or here (updated)
• India MCX Nickel Price - more  more
• 100 Years of Stainless Steel Video - online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Thursday, February 22

• Three month nickel closed Wednesday's trading session at $6.28/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.10/lb lower. Stockpiles of nickel stored in LME approved warehouses grew slightly on Wednesday and now totals just over the 337,000 tonne level. Shanghai markets, as far as nickel concerned, came back with a big yawn, closer only slightly higher, with steel futures lower.  After the week has seen a solid rise in the US Dollar, which adds negative pressure on base metals trading, nickel is starting to feel the squeeze today. Allegheny published their March stainless steel surcharges and as expected, they are higher (see here). We will be watching the cancelled warrants numbers over the next few weeks. Assuming they have fallen to under the 26% range because of lack of Chinese orders in the face of the holiday, we should see those numbers climb now that the holiday is past. Since some of the cancelled warrants numbers are merely purchases made by large traders with no actual intent to use, the fact these numbers have been falling so sharply since late November, is concerning. Are the large traders really confident in this bullish run, or are they growing more skeptical? Stay tuned. This is our last update for the week, so we wish each of you a safe and entertaining weekend and hope to see you back here next Monday.
• Average price of cash nickel so far this month - $6.13/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Nickel, zinc hit week lows as China returns, steel slumps - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• POSCO high-manganese steel debuts in LNG bunker tank - more
• Mining Churns Out Cash as Anglo Boosts Profit and Dividend - more
• The Mining Industry Is Awash With Cash - more
• Interview: Worldsteel DG says Section 232 'opportunity' for US steel mills to get competitive - more
• Detroit Stays Quiet While Apple and BMW Line Up Metal Supplies for Batteries - more
• Stocks Under Pressure as Dollar Pauses; Pound Dips: Markets Wrap - more

     Wednesday's market review - Copper steadies after hitting one-week low on dollar gains - Copper steadied on Wednesday after hitting a one-week low earlier in the session as investors moved into the safety of the dollar before the release of the minutes from the U.S. Federal Reserve’s most recent policy meeting. - more

     An electric vehicle warning and outlook for lithium, cobalt, nickel - It is no secret that speculation in the mineral exploration is currently being driven by optimistic forecasts about the market penetration of electric vehicles and the future impact on demand for lithium ion batteries. - more

     Press Release - Effective with shipments March 1, 2018, North American Stainless will make the following price changes: • Cold Rolled 300 series, 200 series, and 400 series increase achieved by reducing the functional discount 1 point. • Hot Rolled Products (CMP & PMP) increase of $30/ton ($.015/lb). Please note, all active requests for quote will be subject to the price changes listed above. - source

      The MEPS Global Steel Price Escalates 16 Percent Year-on-Year in February - The upward trend in global steel values continued in February – with North American and European flat product steelmakers securing a vast proportion of their tabled price hikes, owing to improved market fundamentals. - more

     'You have sentenced us to a life of pain' - Marc Methe never got to see his new niece, Emily, who was born two weeks after his death on May 6, 2014. - more

     NRZ set to make $1.1m monthly - The National Railways of Zimbabwe is set to improve its monthly revenues by $1.1 million on the back of newly acquired equipment from South Africa under an interim arrangement with the parastatal’s investors, general manager Engineer Lewis Mukwada said. - more

  Morning Nickel Price Statistics & Figures

• Today's almost official prices here  /  Yesterday's actual LME official prices here or here
• Shanghai Jinchuan nickel price - available here or here (updated)
• India MCX Nickel Price - more  more
• 100 Years of Stainless Steel Video - online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Wednesday, February 21

• Three month nickel closed Tuesday's trading session at $6.17/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and now total just under the 337,000 tonne level. Nickel closed a mere $10/tonne higher yesterday , so it was a wash. Chinese business 'and markets fire back up tonight, so it will be interesting to see if that adds a little spice to the markets. Nickel remains rangebound, with the US Dollar strengthening against the Euro, albeit less so than yesterday. Short and long term technical indicators remain bullish, with fundamental watchers looking to see what kind of buying mood China returns to the market in.  
• Average price of cash nickel so far this month - $6.12/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Copper hits one-week low as dollar gains ahead of Fed minutes - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Nova lives up to promise for Independence - more
• Nickel Chemicals Industrial Consumption in the US - more
• Townsville Bulletin: We’re for jobs, we’re for recovery, we’re here for you - more
• Euro Area Hits Speed Bump on Road to Faster Economic Growth - more

     Tuesday's market review - Copper prices edge lower as U.S. dollar rebounds - Copper prices fell on Tuesday, pushed lower by a stronger dollar which made metals more expensive for holders of other currencies, but trading volumes were low with many Asian markets closed for the Lunar New Year holiday. - more

     Inflation's Back and Commodities Will Benefit, JPMorgan Says - Inflation’s back and raw materials stand to benefit, according to JPMorgan Chase & Co., which has raised price forecasts for metals. - more

     Nickel market records deficit in January to December 2017 - The Nickel market was in deficit during January to December 2017 with apparent demand exceeding production by 102 kt. In the whole of 2016 the calculated deficit was 68.2 kt.- more

     Vale’s nickel production fell slightly in 2017 - Publicly listed nickel miner PT Vale Indonesia, a local subsidiary of Brazilian mining giant Vale SA, saw its production fall slightly last year to 76,807 metric tons of nickel in matte from the 77,581 metric tons it booked in 2016. - more

     First Nickel guilty on six counts for 2014 deaths - Justice David Stone ruled this afternoon that defunct Sudbury miner First Nickel is guilty on six counts, from the deaths of two Sudbury workers who were killed at Lockerby Mine in 2014. - more

• First Nickel guilty of 6 charges, Taurus not guilty, Sudbury judge rules - more

     Eramet eyes expansion in electric vehicle metals - Eramet Chief Executive Christel Bories said on Tuesday that the French mining group is looking to expand in minerals like cobalt, lithium and nickel salts linked to energy transition markets like electric vehicles. - more

      Glencore declares dividend after strong results from better trading conditions - Market sentiment and commodity prices continued to improve during 2017 after the cyclical lows of 2016, CEO Ivan Glasenberg said - more

     An interview with Jim Rogers - Commodities in general have witnessed a broad upturn in prices since late last year. But the recent turmoil in global equity markets has somewhat dampened the sentiment.- more

  Morning Nickel Price Statistics & Figures

• Today's almost official prices here  /  Yesterday's actual LME official prices here or here
• Shanghai Jinchuan nickel price - available here or here (updated)
• India MCX Nickel Price - more  more
• 100 Years of Stainless Steel Video - online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Tuesday, February 20

• Three month nickel closed Monday's trading session at $6.17/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Monday and started today just over the 337,200 tonne level. Markets remain quiet with Chinese markets closed until Thursday. US Dollar is strengthening and putting pressure on base metals. Nickel continues to trade in the $6.06 - $6.33/lb range, and inventories continue to fall. Since growing to 389,154 tonnes on August 31 last year, stockpiles have been on a slow slide since.
• Average price of cash nickel so far this month - $6.12/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - LME copper prices drift on steady dollar, China holiday - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• US total Scrap exports remain strong in 2017 despite Chinese ban - more
• Global Bond Yields Rise With Dollar; Stocks Slide: Markets Wrap - more

     Monday's market review - Copper slips after best week in more than a year - Copper fell on Monday as a firmer dollar prompted some profit taking in the metal after its biggest weekly rise in more than a year, while aluminium rose as the United States said it was considering import tariffs on the metal. - more

     Suspended mining firms still waiting go signal to resume operations - Some of the suspended mining firms last year, under the order of former Environment and Natural Resources secretary Gina Lopez, are already waiting for the special mining review committee’s recommendation to resume their respective operations. - more

    SS industry achieves two historic milestones - Two historic milestones have been reached in 2017: For the first time ever, the global stainless steel crude steel production has exceeded the 50 MT mark last year. In the same year, China has consumed more than 20 MT of stainless steel flat and long products. - more

     Philippines’ 2017 nickel ore output down 6 percent - Nickel ore output in the Philippines, the world’s top supplier, dropped 6 percent last year as several mines were under maintenance or temporarily closed due to environmental issues, the mines bureau said on Monday. - more

     Global mining deals jump 15 percent by value in 2017: EY - The value of global mining and metals deals hit a four-year high in 2017, according to accountancy firm EY, as financial distress abated and companies sold off non-core assets. - more

     Western Areas set to clean up in quality nickel shortage - Western Areas says it is set to secure strong premiums for its 45-50 per cent nickel sulphide product from electric vehicle battery manufacturers when its Mill Recovery Enhancement Project enters production later this year. - more

     Courtesy AISI - In the week ending on February 17, 2018, domestic raw steel production was 1,751,000 net tons while the capability utilization rate was 75.1 percent. Production was 1,770,000 net tons in the week ending February 17, 2017 while the capability utilization then was 75.9 percent. The current week production represents a 1.1 percent decrease from the same period in the previous year. Production for the week ending February 17, 2018 is up 0.8 percent from the previous week ending February 10, 2018 when production was 1,737,000 net tons and the rate of capability utilization was 74.5 percent. - more

  Morning Nickel Price Statistics & Figures

• Today's almost official prices here  /  Yesterday's actual LME official prices here or here
• Shanghai Jinchuan nickel price - available here or here (updated)
• India MCX Nickel Price - more  more
• 100 Years of Stainless Steel Video - online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Monday, February 19

• Three month nickel closed Friday's trading session at $6.31/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME approved warehouses fell both Thursday and Friday and start the week just over the 338,900 tonne level. US markets are closed today for Presidents Day. China continues to be closed for their New Years holiday, and markets there will reopen on Thursday. Except for a noticeable dip and an immediate over recovery over the past week and a half, nickel has been trading in a broad range now since the last week of January. This range runs from $13,370/tonne ( $6.06/lb) on the low side, to $13,950/tonne ($6.33/lb) on the high side. On the news front, the Philippines is reporting the political and environmental fights there cost nickel production about 6% last year. Russian oligarchs are fighting over Norilsk again, while Townsville struggles to recover from the refinery closure there. More below.
• Average price of cash nickel so far this month - $6.09/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Copper slips after best week in more than a year - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Reuters - Nickel ore output in the Philippines, the world's top supplier, dropped 6 percent last year as several mines were under maintenance or temporarily closed due to environmental issues, the mines bureau said on Monday.
• China Warns It May Retaliate If U.S. Imposes Metal Tariffs - more
• Australian Mines sells seven years of Sconi mine production to SK Innovation - more
• The Effect Of Imports On National Security - more
• European Stocks Falter After Asia Rally; Oil Rises: Markets Wrap - more

     Friday's market review - Copper climbs, notches up best week in over a year - Copper edged up on Friday, posting its biggest weekly gain in more than a year as the dollar hovered near three-year lows, while zinc climbed on depleting stocks. - more

     Nickel flies on supply hits; Indonesia could ground it: Andy Home - Nickel has enjoyed a blistering start to 2018. On the London Metal Exchange (LME) three-month nickel has this week punched up through the $14,000 level for the first time since May 2015 to hit a Thursday high of $14,420 per tonne. - more

     Nickel production dropped last year, Vale says - Vale's nickel production slid 7.3 per cent in 2017 compared to 2016, Brazilian miner said Friday. - more

     Co-owners of Russia's Nornickel back in fight for control - A power struggle over Norilsk Nickel (Nornickel) resurfaced on Friday as billionaire Vladimir Potanin offered to buy Roman Abramovich’s stake in the mining group, and a third businessman - Oleg Deripaska - tried to block the deal. - more

• Deripaska to step down as president of EN+ and Rusal - more

     Moody's bullish on base metals, US steel - Base metals should continue to do well in 2018 along with the US steel industry, though American coal will continue to lose ground to natural gas. - more

     No open pit mines for the Ring of Fire - Noront Resources doesn’t intend to dig open-pit mines in the James Bay lowlands even though the abundance and the proximity of the rich chromite ore bodies to surface might dictate otherwise. - more

     Morgan Tsvangirai: From a nickel miner to an icon - It’s a dark moment for Zimbabwe. Iconic opposition leader and former Prime Minister Morgan Tsvangirai has died after a two-year battle against colon cancer. - more

     Both sides agree: protect environment -- Good jobs, pristine nature can coexist - The United Steelworkers has represented generations of Iron Range workers at mines, mills, processing facilities, clinics, nursing homes, and even a newspaper. We strive to be everyone's union. - more

     Townsville Bulletin: We're for you - CLINK, clink, clink. Each day the sound of rigs driving 30 pylons up to 22 metres deep into the ground rings out across the city. It’s a beautiful noise - more

  Morning Nickel Price Statistics & Figures

• Today's almost official prices here  /  Yesterday's actual LME official prices here or here
• Shanghai Jinchuan nickel price - available here or here (updated)
• India MCX Nickel Price - more  more
• 100 Years of Stainless Steel Video - online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Thursday, February 15

• Three month nickel closed Wednesday's trading session at $6.40/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.08/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose for the first time since January 22nd yesterday, and started today just over the 339,700 tonne level.  While the rest of the base metals are trading mostly lower this morning, nickel is till on its bullish run. For only the second time this year, nickel closed over the $14,00 tonne level last evening, and was able to close at a level last seen in May 2015. And while up this morning, nickel is well off earlier morning highs of $14,400 tonne ($6.53/lb). We had resistance at $6.30/lb, which has now been beaten once. After yesterday's dip, the Euro is on the gain again and trading at its highest since December 2014. This is a positive for the nickel bulls. This is our last update for the week and we wish our readers a safe and relaxing weekend.
• Average price of cash nickel so far this month - $6.06/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Copper climbs as wilting dollar drives base metals gains - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Global Stocks Extend Rebound; Treasuries Decline: Markets Wrap - more

     Wednesday's market review - Nickel hits multi-year high as industrial metals surge - Industrial metals prices rose on Wednesday, with nickel hitting its highest in two and a half years as a weaker dollar made metals cheaper for holders of other currencies. - more

     Renewed demand and low stockpiles could make 2018 Year of the Base Metal - It may be Chinese Year of the Dog but surging demand for base metals and low levels in international stockpiles are all pointing towards 2018 also being Year of the Base Metal. - more

     Malaysia To Impose Antidumping Duties on CRC Steel From China - Malaysias announcement that it will introduce antidumping import duties for cold-rolled stainless steel products from China, Taiwan, South Korea and Thailand is likely to have only a marginal impact on the huge Chinese market, according to analysts. - more

     U.S. Export Volume of Nickel Scrap in December 2017 = Up by 11% from prior month, which is due to recovered export to Canada = According to the statistics released by the U. S. Department of Commerce, the export result of nickel scrap in December 2017 was 2,546 tons, up by 10.7% from 2,300 tons in the prior month, and the average export unit price per ton was US$4,341.54, up by 5.0% from the prior month. - more

     Clive Palmer warns Nickel refinery will not reopen if his assets are frozen - Clive Palmer has warned he will not reopen his North Queensland Nickel (QN) refinery with thousands of extra jobs and instead "enjoy the fruits" of a recent $350 million legal victory, if his assets are frozen. - more

     Cyclone Gita: New Caledonia starts preparations - New Caledonian civil defence authorities have issued a first warning in preparation for Cyclone Gita. - more

     Sudbury letter: Proposed smelter should be a concern - I’ll admit, I have never agreed with Mr. Sottile’s letters in the past, so I wasn’t surprised that I didn’t agree with his latest missive. - more

  Morning Nickel Price Statistics & Figures

• Today's almost official prices here  /  Yesterday's actual LME official prices here or here
• Shanghai Jinchuan nickel price - available here or here (updated)
• India MCX Nickel Price - more  more
• 100 Years of Stainless Steel Video - online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Wednesday, February 14

• Three month nickel closed Tuesday's trading session at $6.10/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.11/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and now total just under the 338,700 tonne level. Today was the first time since January 26th, that nickel stockpiles fell by less than 1000 tonnes. Until yesterday, stockpiles had fallen by an average of nearly 1800 tonnes a day this month. According to the SMM, the Chinese holiday begins tonight and ends next Wednesday night. We should hear from them again next Thursday. The bulls have returned and nickel closed well over the $6/lb level. Some of this is thanks for a weakening US Dollar again, which is trading higher this week. Today's early gains in the Euro have since evaporated, so it will be interesting to see what nickel does for the rest of the day.
• Average price of cash nickel so far this month - $6.04/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Shanghai copper jumps most since Oct on short-covering ahead of holiday - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• China appeals to Trump to avoid disrupting trade - more
• London Metal Exchange aims to ban metal sourced with child labour - more
• Stocks Gain, Treasuries Steady Before Key CPI Data: Markets Wrap - more

     Tuesday's market review - Supply angst fuels tin's climb towards January's one-year high - Tin prices rose towards recent one-year peaks on Tuesday, boosted by worries about tighter supplies after data showed falling exports from Indonesia and a weaker dollar, which lifted all base metals on the London Metal Exchange. - more

      SMM offices will be closed from Thursday February 15 to Wednesday February 21 for the Chinese New Year holiday.

     Renewed demand and low stockpiles could make 2018 Year of the Base Metal - It may be Chinese Year of the Dog but surging demand for base metals and low levels in international stockpiles are all pointing towards 2018 also being Year of the Base Metal. - more

     Production Plan for Special Steel Products in Jan-Mar 4.9718 Mil. Tons = Down by 0.6% from year-earlier period = On February 6, the Ministry of Economy, Trade and Industry made clear the production plan for hot-rolled special steel products in the period from January to March in 2018. - more

      Sherritt narrows headline loss as cost savings, higher metal prices boost bottom line - Canadian diversified miner Sherritt International has narrowed its headline loss for the 12 months ended December 31, as lower costs and higher commodity prices boosted the bottom line. - more

  Morning Nickel Price Statistics & Figures

• Today's almost official prices here  /  Yesterday's actual LME official prices here or here
• Shanghai Jinchuan nickel price - available here or here (updated)
• India MCX Nickel Price - more  more
• 100 Years of Stainless Steel Video - online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Tuesday, February 13

• Three month nickel closed Monday's trading session at $5.94/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.10/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Monday and started the day just over the 339,000 tonne level. Nickel closed above $13,000 tonne yesterday, and if it stays its current course, it should do so for a second time today. This would send a bullish signal to traders. Cancelled warrants continue to fall, now trading for a second day under the 27% level. There appears to be some confusion in the industry on exactly when China shuts down for its New Years holiday. Our source has been saying yesterday was the beginning and yesterday we learned otherwise. Today, a Platts molybdenum report below states basically the same. When we investigate other sources, we see different dates given for the shut down. According to the source Google uses, they shut down last Friday and are closed this week. A well known importer is stating on its web site that the shutdown starts this Friday. As of today, the Chinese metals media dn the Shanghai Metals Market remain open, and in years past, they all shut down as well, so we tend to believe they are still open for business. It may not mean much to you, but we like to report the truth, and this is an elusive fact. Quiet news day.
• Average price of cash nickel so far this month - $6.05/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - London copper rises for second day on weaker dollar - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• AIIS Sends Letter to President Trump - more
• Data overload: commodity hedge funds close as computers dominate - more
• European Stocks Retreat; Yen Rallies With Bonds: Markets Wrap - more
• La Niña decline may be hastened by recent shift in trade winds - more

     Yesterday's market review - Weaker dollar bumps copper up from two-month low - Copper prices rose on Monday from a two-month low last week, helped by a weaker dollar and more stable global markets that encouraged a return to riskier assets. - more

     Ni SUS Scrap Price in Kanto in Feb Starts With JPY150,000 - JPY155,000 = Actual pick-up price is up due to increase in Ni price = As of February 5, many of the stainless steel mills in the Kanto area purchase nickel-containing stainless steel scrap (SABOT) at around JPY150,000 - JPY155,000 per ton (delivered at plant) - more

     Molybdenum prices slip in quiet market - The molybdenum market was slow on Monday amid the start of the Chinese New Year holidays, as well as Carnival in Germany. - more

     Ferrochrome smelter bids draw concern from northeastern Ontario communities - As cities across northern Ontario await a decision on the location of Noront's ferrochrome smelter, some people say they don't want the site in their backyard. - more

     Courtesy AISI - In the week ending on February 10, 2018, domestic raw steel production was 1,737,000 net tons while the capability utilization rate was 74.5 percent. Production was 1,770,000 net tons in the week ending February 10, 2017 while the capability utilization then was 75.9 percent. The current week production represents a 1.9 percent decrease from the same period in the previous year. Production for the week ending February 10, 2018 is down 0.6 percent from the previous week ending February 3, 2018 when production was 1,747,000 net tons and the rate of capability utilization was 75.0 percent. - more

     LME to publish new volume reports alongside give-up trade booking service - The LME on Friday announced a new service for booking give-up trades and a corresponding change to volume reporting that it said would provide the market with greater clarity, transparency and comparability in line with Europe's new MiFID II regulations for financial markets. - more

  Morning Nickel Price Statistics & Figures

• Today's almost official prices here  /  Yesterday's actual LME official prices here or here
• Shanghai Jinchuan nickel price - available here or here (updated)
• India MCX Nickel Price - more  more
• 100 Years of Stainless Steel Video - online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Monday, February 12

• Three month nickel closed Friday's trading session at $5.88/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.05/lb higher. Stockpiles of nickel stored in ME approved warehouses fell both Thursday and Friday and start the week just under the 341,200 tonne level. Nickel's slide continued Thursday afternoon and Friday, with the market closing both days below the $6/lb level, and on Friday, closing below the important $13,000 tonne level. So far this morning, nickel is trading above the $13,00 tonne level, with $13,130 putting up some early resistance. SMM is reporting imports of nickel ore from Indonesia and Philippines was estimated to be 36% lower in January than the prior month, with a recovery planned this months thanks to better weather and restocking efforts. Australia media is reporting the elusive Clive Mensink may have been found, while his uncle, Clive Palmer, says he is doubtful. The site we monitor on Chinese activities incorrectly reported Chinese New Year festivities would be held this week - instead they begin this coming Friday. This means while factories are mostly closed this week in preparation, the holiday is celebrated next week. Thus, Chinese markets are open most of this week. This could mean the volatility will continue, or it could help calm things down.
• Average price of cash nickel so far this month - $6.07/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Weaker dollar bumps copper up from two-month low - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Nope, Cobalt’s Not A Problem For The EV Revolution Or Tesla - more
• BMW close to 10-year supply deal for battery minerals - FAZ - more
• Stocks Bounce Back With S&P Futures; Dollar Falls: Markets Wrap - more

     Friday's market review - Copper hits eight-week low after inventories surge again - Copper extended its downtrend on Thursday, touching its lowest in nearly eight weeks, after another big rise of inventories highlighted that the market currently has healthy supplies. - more

     New Caledonian union concerned at nickel job losses - A New Caledonian union is concerned at the potential for 70 job losses at the Vale nickel company. - more

    DOF partial to taxing miners based on output - The Department of Finance and the Mining Industry Coordinating Council will begin exploring the feasibility of increasing the excise tax on mining on a per-commodity basis next month, according to finance officials. - more

     In Duluth, more opposition to PolyMet mine - At the first public hearing in Aurora Wednesday, on Minnesota's Iron Range, PolyMet enjoyed near unanimous support. - more

     Clive Palmer's nephew found in Bulgaria - Clive Palmer's nephew Clive Mensink, who is wanted for questioning over the collapse of his uncle's Queensland Nickel refinery, has been found in Bulgaria. - more

• Clive Palmer questions reports of nephew in Bulgaria - more

  Morning Nickel Price Statistics & Figures

• Today's almost official prices here  /  Yesterday's actual LME official prices here or here
• Shanghai Jinchuan nickel price - available here or here (updated)
• India MCX Nickel Price - more  more
• 100 Years of Stainless Steel Video - online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Thursday, February 8

• Three month nickel closed Wednesday's trading session at $5.98/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.09/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Wednesday and now total just under the 343,900 tonne level. Nickel was higher yesterday morning but a climbing US Dollar put the halt on the rally, with nickel ending below the $6.00/lb level for the first time this month. And so far today, nickel prices continue to fall, recently fallen below the $13,000 tonne level. The Euro is back to trading where it was during the middle of January, with nickel fast approaching the same time period. China is shut down next week to celebrate the new year, so it will be interesting to see if some of the market volatility taps down a peg, or if it continues. China reports it manufactured 4.7% more stainless steel in 2017 than the prior year. And Roskill and Bank of America have released their annual forecast for nickel prices (linked below). This is our last update for the week, so we wish each of you a safe and relaxing weekend, and welcome you back next week. And to your country, the best of luck in the Winter Olympics.
• Average price of cash nickel so far this month - $6.15/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Copper prices climb from 2018 lows on strong China imports - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

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

     Wednesday's market review - Copper slides nearly 3 percent after more market volatility - Copper fell by almost 3 percent on Wednesday and other base metals turned lower as stock markets resumed this week’s volatile trading while concerns that fundamentals do not justify current price levels also weighed on the red metal. - more

     Roskill: Batteries and Stainless Steel to Drive Nickel Demand - The nickel market is set to register its second-successive deficit in 2017. However, the LME nickel price remains low by historical standards. - more

    Analysis: Southeast Asian nickel ore producers may miss the boat on EV demand - Two key Southeast Asian nickel ore producers that shaped the market in recent years -- the Philippines and Indonesia -- are poorly placed to take advantage of a boom in battery demand from the growing electric vehicles market. - more

      China's Production of SUS Crude Steel in 2017 Is 25.774 Mil. Tons = Up by 5% from prior year, and production of all steel types except Mn-type is up = Stainless Steel Council of China Special Steel Enterprises Association announced China's production of stainless crude steel in the full year 2017 (January - December) was 25.7737 million tons, up by 4.7% from 24.6083 million tons in the prior year. - more

      Sumitomo sees Ambatovy at 50 pct utilisation rate in Jan-March - Sumitomo Corp said on Thursday it expects its Ambatovy nickel-cobalt project in Madagascar to run at about a 50 percent utilisation rate in the January-March quarter, rising to 80 percent from April. - more

      The Nickel Bull And Norilsk - When you bring up Siberia to most people, they think of a cold wasteland near the north pole where political prisoners sat in gulags during the days of the old Soviet Union - more

  Morning Nickel Price Statistics & Figures

• Today's almost official prices here  /  Yesterday's actual LME official prices here or here
• Shanghai Jinchuan nickel price - available here or here (updated)
• India MCX Nickel Price - more  more
• 100 Years of Stainless Steel Video - online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Wednesday, February 7

• Three month nickel closed Tuesday's trading session at $6.11/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started the day just over the 347,100 tonne level. LME warehouses have reported twelve consecutive warehouse losses, something we have not see in a very long time. Nickel slipped back yesterday, most likely mirroring the equity sell off from the prior day. Equity markets are rebounding and nickel traders appear to be getting back some of their confidence as well. The big news was the report from the Philippines that nickel production from that country last year slipped to a six year low. These numbers show why it was/is so important that Indonesia lifted its ban on exports of nickel ore in 2017. Cancelled warrants are trading under 29% for a second session. $6.30/lb is putting up resistance, but unless the volatility continues, that may be a weakened level.
• Average price of cash nickel so far this month - $6.15/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Copper prices slip as options expiry looms - more
• Reuters Daily Inside Metals - pdf here
• U.S. Imports of Stainless Steel Mill Products - more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Why are commodity prices so low compared to the stock market? - more
• Europe Stocks Gain as U.S. Futures Drop; Oil Slips: Markets Wrap - more

     Tuesday's market review - Copper prices slip as options expiry looms - Copper eased on Wednesday as a looming options expiry sparked some losses, although a recovery in stock markets after their recent steep slide supported the broader base metals complex. - more

     PHL nickel output down 33% in 2017 - Philippine nickel mine production in 2017 fell to a six-year low of 230,000 metric tons (MT) after the government suspended and shuttered some mining operations, according to a report from the United States Geological Survey (USGS). - more

     Japan's Exports of Steel Products in Dec Fell by 1.6% to 3,328 t/t = For 11 months in a row = The Japan Iron & Steel Federation released on 31st Japan's imports and exports of steel products in December 2017. - more

      Russia's Putin to discuss environment with Russian metals tycoons - Russian President Vladimir Putin will meet metals tycoons whose businesses are located in the region of Krasnoyarsk, which the President is visiting today, to discuss local residents’ ecological concerns, the Kremlin said on Wednesday. - more

     Noront decision 'not an obvious slam dunk' - Coutts - Noront Resources has a difficult decision to make on where it will process Ring of Fire chromite. - more

     Stakes are high in public meetings on PolyMet mine permits - Two public meetings this week will give citizens one of their final chances to tell Minnesota officials what they think of the proposed PolyMet copper-nickel mine. - more

     Courtesy AISI - In the week ending on February 3, 2018, domestic raw steel production was 1,747,000 net tons while the capability utilization rate was 75.0 percent. Production was 1,751,000 net tons in the week ending February 3, 2017 while the capability utilization then was 75.1 percent. The current week production represents a 0.2 percent decrease from the same period in the previous year. Production for the week ending February 3, 2018 is up 1.6 percent from the previous week ending January 27, 2018 when production was 1,719,000 net tons and the rate of capability utilization was 73.8 percent. - source

  Morning Nickel Price Statistics & Figures

• Today's almost official prices here  /  Yesterday's actual LME official prices here or here
• Shanghai Jinchuan nickel price - available here or here (updated)
• India MCX Nickel Price - more  more
• 100 Years of Stainless Steel Video - online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Tuesday, February 6

• Three month nickel closed Monday's trading session at $6.23/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.15/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Monday and now total just under the 349,500 tonne level. Nickel recovered much of what it had lost on Friday but so far today, the grim reaper has returned. In our opinion, a lot of what we are seeing is psychological - the reverse effect of the exuberance we have been seeing lately. Nickel is rising mostly on a wing and a prayer for a brighter future, and when that future is based mostly on faith, the roots are not buried too deep. With equity markets suddenly in a major correction, commodity traders are seeing their faith shaken as well. Technicals remain positive beyond the short term, and with China shut down next week, volatility will likely continue.
• Average price of cash nickel so far this month - $6.18/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Prices fall as investors flee riskier assets - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• (SMM) SMM forecast China’s nickel pig iron (NPI) production to hit 500,000 mt in nickel content this year, representing a 18% year-on-year growth.
• 2017 a “strongly expansionary” year for EU steel users; healthy outlook for 2018 and 2019 persists - more
• Global Crude Steel Production Forecast to Exceed 1.7 Billion Tonnes in 2018 - more
• AIIS Letter to the Editor: Steel protectionism costly | American Metal Market - more
• Stocks Tumble as Selloff Deepens; Treasuries Drop: Markets Wrap - more

     Monday's market review - Copper hits three-week high as dollar rally pauses, nickel steady - Copper hit a three-week high on Monday as the dollar rally paused and the balance of supply and demand looked to stay relatively tight, while nickel climbed after posting its largest daily loss in two months on Friday. - more

     Commodities Escape Worst of Market Rout on Robust Demand Outlook - Commodities are escaping the worst of the global market rout as losses in raw materials are capped by speculation that the bullish outlook for demand remains intact. - more

     Sydney couple accused of breaching UN sanctions with nickel exports to Iran - A man and woman from New South Wales who allegedly exported 90 tonnes of nickel alloys to Iran have become the first people in Australia ever charged with breaches of UN sanctions. - more

     Ferrochrome plant decision in 3-4 months: Noront - On Monday, Noront Resources Ltd. confirmed it had received bids from Sudbury, Sault Ste. Marie, Thunder Bay and Timmins to become host for its new $1-billion ferrochrome production facility. - more

• Our mayor's artful tactic for getting the inside track on a ferrochrome smelter - more

     Voisey's Bay poised to capitalize on demand for cobalt, but Vale silent - A ballistic surge in the price of cobalt could mean positive things for Labrador's Voisey's Bay mine, but if executives at Vale are excited, they certainly aren't saying. - more

  Morning Nickel Price Statistics & Figures

• Today's almost official prices here  /  Yesterday's actual LME official prices here or here
• Shanghai Jinchuan nickel price - available here or here (updated)
• India MCX Nickel Price - more  more
• 100 Years of Stainless Steel Video - online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Monday, February 5

• Three month nickel closed Friday's trading session at $6.09/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.03/lb higher. Stockpiles of nickel stored in ME registered warehouses fell on Thursday and Friday and began the week just under the 350,700 tonne level. After closing above the $14,000 tonne level on Thursday, nickel got hammered on Friday and fell over 4%. The analysts with the major media outlets appear to be blaming a rising US Dollar on Friday, but we aren't seeing that. The lowest the Euro hit on Friday was still higher than the lowest it traded on Thursday according to the chart we follow. No, we see an overbought market that was getting out of hand on the bullish side again, and needed a reality check. Some would say that actually hasn't happened yet, and we will have to see what the market holds for us to see if that proves to be true or not. Here is what we do know. China, the worlds biggest consumer of nickel, is shutting down all next week for its New Year festival. What we have seen in the past, in good times and bad, are the bulls tend to own this period, betting on better times ahead for China. Since the market is already very bullish, its hard to tell if that trend will continue, or if nervousness for what will happen when China returns will turn the market very volatile. That we saw Friday with news that Ambatovy had reopened. We are still concerned that the larger trading houses are sucking in the smaller traders, with cancelled warrants falling faster than stockpiles, hovering around the 29% level. This wouldn't hold up in court as evidence this is what is happening, but it tends to make one wonder what happened to all that enthusiasm when cancelled warrants were running in the high 30% range. Looks like an interesting week ahead, with the $14,000 tonne level having been tested twice in the past few weeks. After failing both times, will the market try again? Stay tuned.    
• Average price of cash nickel so far this month - $6.20/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - London nickel steadies above week lows, at risk of further losses - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• North American Steel Price Upturn Expected to Continue - more
• Why are commodity prices so low compared to the stock market? - more
• Nickel Market Provides More Evidence for 2018 Resource Optimism - more
• Stocks Extend Selloff as Dollar Drops; Gold Rises: Markets Wrap - more

     Friday's market review - Nickel Drops the Most in Two Months - Nickel plunged by the most in two months in London as unexpectedly strong US jobs data triggered a spike in the dollar and a selloff across base and precious metal markets. - more

     Sumitomo resumes output at Ambatovy nickel-cobalt project - Japan's Sumitomo Corp said on Thursday it has resumed production at the Ambatovy nickel-cobalt project in Madagascar from end-January after halting operations earlier last month due to damages caused by cyclone. - more

     Platts Metals Analytics -- Five key themes in 2018: steel and raw materials - 2018 has commenced with continuing strong steel mill margins and iron ore prices that peaked at almost $80/mt. We take a look at the key themes that could impact steel and raw materials prices in the coming year. - more

     Official: China's steel demand has peaked - China's demand for steel has peaked and the coming 14th Five-Year Plan period (2021-25) will witness a decrease in steel consumption in the construction industry, while demand in the manufacturing sector is expected to remain at the same level, according to a senior official. - more

     CR Sheet Market Not React on $6 Level of LME Nickel Price - The LME nickel price has exceeded $6.00 per pound for the first time in 2 years and 7 months but the export market of cold-rolled (CR) austenitic stainless steel sheets in Asia is slow to react. - more

  Morning Nickel Price Statistics & Figures

• Today's almost official prices here  /  Yesterday's actual LME official prices here or here
• Shanghai Jinchuan nickel price - available here or here (updated)
• India MCX Nickel Price - more  more
• 100 Years of Stainless Steel Video - online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Thursday, February 1

• Three month nickel closed Wednesday's trading session at $6.17/lb . Indicators at 6:25 am CST today show 3 month nickel trading unchanged. Stockpiles of nickel stored in LME approved warehouses fell on Wednesday and start February just under the 355,300 tonne level. The over 11,000 tonne drop in January inventory is more than the 6,500 plus tonne drop recorded in all of 2017. The Euro is trading stronger than it closed yesterday, but remains lower than its highest recorded yesterday. We show resistance at $6.40/lb, with support at $5.85/lb. There is also an important support level at $5.99/lb, a technical line that has been in place since 2010, and once beaten last week, saw the market get a little overly exuberant. We are still watching cancelled warrants, and they slipped back below the 30% level again yesterday. This is our last update for the week, so we wish you all a safe and interesting weekend and invite you back next week.
• Average price of cash nickel so far this month - $5.84/lb (January average)
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Aluminium hits 2-week low on rising Chinese stockpiles - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• World crude steel output increases by 5.3% in 2017 - more
• Gulf Times - The S&P Global Platts China Steel Sentiment Index slumped to the lowest since June 2016 due to expectations of slower domestic orders over the next month.
• Europe Stocks Advance as Treasuries Lead Bond Drop: Markets Wrap - more

     Yesterday's market review - Copper climbs on dollar weakness but ends January lower - Copper rose 1 percent on Wednesday as the dollar slid towards its biggest monthly loss against the euro in two years while markets awaited the release of a U.S. Federal Reserve policy statement. - more

     Outokumpu predicts profit hit from raw material costs, weak dollar - Outokumpu expects rising raw material costs, a weaker U.S. dollar and lower ferrochrome prices to hit its first quarter profit, the Finnish stainless steel maker said on Wednesday, wiping out this year’s gain in its share price. - more

     Strong Growth in World Stainless Steel Output to Continue - Annual global crude stainless steel production for 2017 is estimated to have totalled an all-time high of around 48 million tonnes, which represents a year-on-year increase of 4.9 percent. - more

     Independence to cease mining at Long nickel mine in May - The Long nickel mine, near Kambalda, Western Australia, is set for closure this year, Independence Group announced in its December quarter results. - more

• Independence ponders Nova battery connection - more

    Russia's Norilsk nickel output down 8% in 2017, own feed output up - Norilsk Nickel produced 217,112 mt of nickel in 2017, down 8% from output of 235,749 mt the previous year, the Russian producer said Wednesday. - more

     Glencore sees declines in copper, nickel and coal production - According to the mining giant, this reflected the Ernest Henry minority sale in 4Q16, end-of-life production declines at Alumbrera and various temporary effects, including lower throughput at Mutanda (due to constrained supply of sulfuric acid) and smelter maintenance at Mount Isa. - more

     ZIMASCO Stuck With Chrome Ore As NRZ Fails To Transport 200 000 tonnes - Ferro-chrome producer, Zimasco, is stuck with over 200 000 tonnes of ore after the National Railways of Zimbabwe (NRZ) failed to fulfil its obligation to transport it, due to a shortage of wagons. - more

  Morning Nickel Price Statistics & Figures

• Today's almost official prices here  /  Yesterday's actual LME official prices here or here
• Shanghai Jinchuan nickel price - available here or here (updated)
• India MCX Nickel Price - more  more
• 100 Years of Stainless Steel Video - online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

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"A Guide To LME Trading"...pdf here (all ton listings are metric tons = 2204.622 pounds ) Updated Monday thru Thursday before 8 am CST - Disclaimer Original content and opinions copyright www.estainlesssteel.com. All prices shown on this page are indications only. Note - For real time and official LME prices, LME requires a user subscribe to an authorized LME vendor.