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Thursday, February 28

• Three month nickel closed Wednesday's trading session at $5.92/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and sit just over the 196,900 tonne level. Nickel closed above the $13,000/tonne level again yesterday, and is looking for another close above it today. The U.S. Dollar continues to gain on the Euro, which is putting some negative momentum on the trading of base metals, but so far, nickel is resisting and still climbing. If it pulls it off, this would send a bullish technical signal into March. March will be an interesting month. No one really knows what will happen to world markets when Brexit takes place. No, the world will not stop spinning on its axis, but while a lot of experts think they know what will happen, perception is a huge part of what goes on behind the scenes of the trading floor, and no one knows how the rest of the world will take Britain divorcing itself from the Euro. Is it the beginning of the end of the Euro? Or just another bump in the road. Speaking of divorces, apparently the U.S. President is telling reporters he walked out on his meeting with the North Korean leader. So much for all that love he has been touting. Doubtful we will see any effect on the market, unless Kim sends a defiant message by testing a bomb or missile. Then the market could get nervous again. So far, with all this confusion, the trade talks between China and the U.S. have been reported to be going well. Let's hope they stay on that track and don't get derailed. This is our last update for the week and month of February. We hope your weekend is safe and relaxing and hope to see you again in March. And if you're north of the equator like us, you only have three more weeks till spring.  
• Average price of cash nickel so far this month - $5.73/lb
• Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

• Reuters metals morning - Copper falls after China PMI miss; set for best month since Dec 2017 - more
• Reuters Daily Inside Metals - pdf here
• SMM Evening Comments - more
• Nickel Energizing Batteries - pdf here
• US Economic Briefing: High Frequency Indicators - 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
• Vale downgraded to junk with negative outlook: Moody's - more
• Trump Says He Walked Out on Kim After U.S. Demands Rejected - more
• Stocks Fall After China Data Slip, Korea No-Deal: Markets Wrap - more

     Wednesday's market review - Copper up on demand optimism, hits resistance at 8-month high - Copper rose on Wednesday as expectations of strong demand growth from top consumer China boosted sentiment, but the rally was capped by strong technical resistance at eight-month highs. - more

      New Caledonian union agrees for SLN workers to return - One of the two unions in New Caledonia on strike at the SLN nickel company since the beginning of the year has agreed to resume work. - more

      Raw Material Hikes Prompt Stainless Steel Recovery - The recent upturn in raw material values has spurred stainless steel producers to introduce price increases – in some cases, over and above the amount necessary to cover the rise in mill input costs. - more

      Metal production sustains growth, rises 10% in 2018 - The country’s metallic production has continued its upward momentum, rising 10.4 percent to P122 billion last year amid better metal prices in the world market. - more

      Understanding costs of new nickel sulphate supply in South East Asia - Complex supply developments in South East Asia meant that a third party view of potential new nickel sulphate supply and its costs was essential. - more

      Ardea appoints resource veteran as new CEO - Ardea has already successfully produced high-quality nickel and cobalt sulphate salts from GNCP and is currently completed a DFS for the project. - 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 27

• Three month nickel closed Tuesday's trading session at $5.88/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and now total just under the 197,700 tonne level. Stockpile numbers fell slightly yesterday but cancelled warrants jumped from the 35% range to the 38% range. This used to mean something as it gave the market an idea of how much metal of the metal that was in storage, was committed to a buyer. So 38% of the 197,000+ tonnes in storage would be rather noteworthy. In the old days. Like many of the 'signs' traders used to analyze, this number means less and less, with larger trading houses using it to stimulate the market. In our opinion, it is another way for the big guy to take advantage of the little guy. Large trading houses have been known to purchase large quantities of nickel and move them into their won warehouse, where the nickel appear to have been sold into the market and thus, is no longer viable inventory. Less inventory can mean higher prices in a normal supply and demand world and thus, there is a possibility that the nickel that is in secret storage, is worth more. It can then be sold to a end user at a profit. Nothing illegal about this. Buy low, sell high, is the cornerstone of all markets. But the little guy, who doesn't know its going on, looking at that huge percentage of current inventory being sold, might expect prices to soar. You can ask the buyer of nickel for the big stainless steel producer. It doesn't take much of a price increase per pound, to cost a large buyer millions, or make a seller the same. So we caution our readers to be cautious when watching this number. It's worth watching - but keep it in perspective with what else is going on in the market. Nickel continues to hover just below the $13,000/tonne price level. One of the reasons it 'might' be stuck in neutral is the strengthening U.S. Dollar, which is back to a 3 week high. Another slow news day.  
• Average price of cash nickel so far this month - $5.72/lb
• Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

• Reuters metals morning - Copper slips as dollar firms from 3-month low; stocks in focus - more
• Reuters Daily Inside Metals - pdf here
• SMM Evening Comments - more
• January 2019 crude steel production - 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
• The Unintended Fallout of Trump Steel Tariff: Solar Going Abroad - more
• Stocks Slip on Earnings, Kashmir; Dollar Steadies: Markets Wrap - more

     Tuesday's market review - Copper steadies after scaling eight-month peaks - Copper steadied on Tuesday as a weak dollar and dwindling stocks lent support, with investors also still cheering signs of progress in U.S.-China trade talks. - more

      These Metals Should Benefit The Most From EV Adoption - As the years have gone on, electric vehicles have gone from being practically non-existent on our roadways to somewhat common in many parts of the country. - more

     Access to Ring of Fire top priority for Noront; work continues on assessing Sault and Timmins - The City of Sault Ste. Marie will continue to engage Noront Resources in their quest to determine where a ferrochrome facility should be established. - 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 26

• Three month nickel closed Monday's trading session at $5.89/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today's session just over the 198,000 tonne level. The $13,000 tonne level held as nickel closed below that level last evening. This is the second attempt to take nickel over $13,000/tonne and the second time it has failed. The attempt earlier this month lasted three days. Technical signals are bearish this morning. Stockpiles spent their third day under the 200,000 tonnes level so we may have seen that level finally breached. We noticed a few articles yesterday talking about the low inventory of nickel. For those of you who follow the market daily, you know that is wishful thinking on the part of the authors. We started the year at 206,400 tonnes and today we are 8,370 tonnes lower than that, seven weeks in. Unless demand picks up significantly, and supply is adversely effected, at the current pace of withdrawals, we have multiple years of 'back up' inventory on hand. We were convinced in the middle of last year that withdrawals signaled a major shortage by the end of this year. Then the withdrawals collapsed and you see where we are now. Cancelled warrants snuck over the 35% level last Thursday and have held there since. Typical slow news day for a Tuesday.
• Average price of cash nickel so far this month -$5.72/lb
• Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

• Reuters metals morning - Copper slips from near 8-month high as base metals rally fades - more
• Reuters Daily Inside Metals - pdf here
• SMM Evening Comments - 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
• Stocks Drop as Trade Optimism Fades; Pound Climbs: Markets Wrap - more

     Monday's market review - Copper near eight-month high on deferred U.S. tariff hikes - Copper prices touched their highest in nearly eight months on Monday after U.S. President Donald Trump said he was optimistic that a final trade deal could be reached with China, though he warned that an agreement might not happen. - more

      PNG Prime Minister Denies Extension of Ramu Nickel Agreement = Continuation of operation by Metallurgical Corporation of China is put in sense of uncertainty = According to the local news report, Prime Minister of Papua New Guinea Peter O'Neill announced last week that no extension can be made on a mine agreement for Ramu nickel cobalt mine in the province of Madang, and indicated the renegotiation to renew the conditions will be required for continuation of mine operation by Metallurgical Corporation of China Limited (MCC). - more

     Amur trying to thread the needle with nickel PFS - Amur Minerals would like to build a US$695 million mine and smelter in Russia’s far east based on the incoming appetite for nickel, but says a cheaper staged approach is more realistic in the current financing climate. - more

     Courtesy AISI - In the week ending on February 23, 2019, domestic raw steel production was 1,907,000 net tons while the capability utilization rate was 81.9 percent. Production was 1,817,000 net tons in the week ending February 23, 2018 while the capability utilization then was 77.9 percent. The current week production represents a 5.0 percent increase from the same period in the previous year. Production for the week ending February 23, 2019 is up 1.1 percent from the previous week ending February 16, 2019 when production was 1,886,000 net tons and the rate of capability utilization was 81.0 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 25

• Three month nickel closed Friday's trading session at $5.90/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.05/lb higher. stockpiles of nickel stored in LME licensed warehouses fell on Thursday and Friday and started this week just over the 198,900 tonne level. Two psychological levels were beaten as last week came to an end. For one, LME stockpile numbers fell below the 200,000 tonne level again. And on Friday, the market finally closed above the $13,000/tonne level. If trading continues today on its current path, then we will have a technically important second close above this level. It would appear that the statement by the U.S. President that he is suspending the March 1st deadline for additional tariff's, as a positive sign the talks might bear fruit in the near future, and that the trade war could start winding down. Notice the 'might' and 'could' in that statement, as no agreement has been announced. U.S. producers did announce surcharges for March on Friday and they are on the rise  again (posted here). And while the President is in Vietnam to meet with the North Korean leader, Congressional hearings with his former lawyer are likely to make the trip the high point of his week. Markets could get volatile later in the week. And speaking of volatility, what is happening in Europe? It appears the whole Brexit deal is testing the fortitude of other European partners, who are still healing over hard feelings left from the economic crisis. If you have any doubts about the future of electric vehicles, you might watch the 60 Minutes story from last night about electric vehicles in China. You can watch it online here. Looks to be an interesting week ahead and we hope it is a great one for you.
• Average price of cash nickel so far this month - $5.71/lb
• Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

• Reuters metals morning - Copper passes $6,500 as Trump defers tariff hike; tin hits 10-mth top - more
• Reuters Daily Inside Metals - pdf here
• SMM Evening Comments - 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
• Most Economists See U.S. Recession by 2021, Survey Shows - more
• Asia cheered as Trump delays tariff deadline - more
• Stocks Climb as China Soars on Optimism Over Trade: Markets Wrap - more

     Friday's market review - Copper hits 7-1/2 month high on trade hopes, sliding stocks - Copper prices climbed to their highest since last July on Friday as inventories tumbled and investors bet on a US-China trade deal. - more

      Indonesia to tap nickel laterite, make batteries to become EV hub - Indonesia plans to start processing its rich supplies of nickel laterite ore for use in lithium batteries on the way to becoming a global hub for producing and exporting electric vehicles (EVs) to Asia and beyond, a senior minister told Reuters. - more

• Central Sulawesi sees gains from tie-up with China firm - more

      New Caledonia's SLN accused of tax evasion - The head of New Caledonia's pro-independence Caledonian Union has accused the SLN nickel company of prolonged tax evasion. - more

     Nickel - falling inventories suggests continued strength in prices - Precious Metals ended the week almost unchanged. Gold and Silver prices spiked towards USD 1349.8 and USD 16.19 levels respectively but witnessed profit booking after the release of slightly hawkish FOMC minutes. - more

      Stocks are low, demand is strong, so is the nickel price getting set for a significant boost? - Nickel is used in stainless steel and to make batteries for electric vehicles. And with a market capitalisation of around C$200mln, it is one of the go-to nickel names on the Canadian market. - more

      Global Steel Prices Expected to Rebound - The downward trend in global steel prices continued, in February. North American and European flat product steelmakers failed in their attempts to secure any of their tabled increases. - 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 21

• Three month nickel closed Wednesday's trading session at $5.85/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.04/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today's session just under the 200,200 tone level. Nickel is trading lower this warning, but it does not appear to be a shift in sentiment. The large trading houses may be trying to allow the metal to build up a little momentum before it makes another attempt at $13,000/tonne ($5.90/lb). An earlier attempt on February 4th thru 6th failed. Trade talks between representatives of the China and the US continue. Europe is nervous about what will happen March 29th, when England withdraws from the European Union. Russia is busy trying to drive the so called "Trump wedge" between the US President and European allies a little deeper. If you missed it, a poll published in September of last year showed Germans felt Russia was more dependable than the United States (poll here). Didn't they try that back in 1941 ? Don't remember it working out so well for them then. Venezuela is imploding. Iran is threatening. But in Bhutan it is the first day of the Birth Anniversary of Fifth Druk Gyalpo. Yes, we thought that might make things all better as well. Finding industry news worth posting - and even that not worth posting - was a lost cause today.  Maybe its just as well this is our final update for the week. Have a safe and relaxing weekend and we hope to see you again next week.
• Average price of cash nickel so far this month - $5.69/lb
• Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

• Reuters metals morning - Copper eases from 7-month peak as dollar firms on Fed minutes - more
• Reuters Daily Inside Metals - pdf here
• SMM Evening Comments - 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
• Britain’s Brexit Earthquake Shakes Parliament - more
• Stocks Mixed as Trade News Rolls In; Dollar Steady: Markets Wrap - more

     Wednesday's market review - Low stocks propel copper prices to 7-month high - Copper prices hit a seven month peak on Wednesday as the market worried about low stocks ahead of seasonally strong demand in top consumer China, while rising hopes of an end to the U.S.-China trade dispute also lent support. - more

      Teck Resources' Production of Mo Conc in Oct-Dec 4.7 Million LBS = Down by 6% from year-earlier period, and production at Highland Valley mine continues to be at low level = Teck Resources Limited, Canada has recently announced its settlement of accounts in the period from October to December in 2018. - 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 20

• Three month nickel closed Tuesday's trading session at $5.75/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 by the exact amount they rose on Monday and started today just over the 200,300 tonne level - again. Nickel broke out of its 'going no where fast' channel late yesterday and based on this morning, the bull may be back in business. Was the move based on President Trump's assurance to media that trade talks between the US and China were going well and that the March 1st deadline was not set in stone? Or was it a late day rally in the Euro, that has since stalled? Or maybe it was because it was flag day in Turkmenistan? Whatever the reason, look at $5.90/lb for the first big test of this rally. If it has legs, it will punch thru. If not, it will fizzle out prior to, or upon hitting this level. We still fell it's more of a psychological barrier than technical, but another unsuccessful attempt on this level, could change that. Not much in the way of market news. All eyes remain on the trade talks and the hopes that these annoying tariff's will soon disappear. For those who have been adding the tariff's into their monthly sales, the removal of said tariff's will come as a shock to the bottom line, and for those who import stainless steel product, the ill effects of the tariff's will linger for many months to come.
• Average price of cash nickel so far this month - $5.69/lb
• Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

• Reuters metals morning - Copper ticks higher for sixth session on trade optimism - more
• Reuters Daily Inside Metals - pdf here
• SMM Evening Comments - 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
• Cyclone Oma moves away from New Caledonia, alerts lifted - more
• WTO trade indicator points to slower trade growth into Q1 of 2019 - more
• (SO) CISA mills' average daily crude steel output up 0.55% in late January
• Fed Minutes to Shed Light on Biggest Policy Reversal in Years - more
• Stocks Mixed as Bonds Edge Up Before Fed Minutes: Markets Wrap - more

     Tuesday's market review - Copper hits 11-week peak on hopes for trade deal, soft dollar - Copper prices touched their highest in more than two months on Tuesday due to a weaker dollar and hopes that the United States and China would forge a trade deal. - more

      WBMS Press Release February 2019 - The Nickel market was in surplus during January to December 2018 with production exceeding apparent demand by 27 kt. In the whole of 2017 the calculated deficit was 41.3 kt. Reported stocks held in the LME at the end of December 2018 were 160 kt lower than at the end of the previous year. - more

      Confusion Reigns in EU Steel Market - European strip mill product prices declined for the fifth consecutive month, in February. Buyers remain extremely cautious. Market sentiment is gloomy, due to numerous economic and political uncertainties. - more

      No concrete offers for Tati Nickel Mine - Molale - The liquidator has received 47 expressions to buy Tati Nickel Mine but none of them were concrete offers, says the Minister of Mineral Resources, Green Technology and Energy Security, Eric Molale. - more

      Nickel price volatility makes for a tough H1 for Western Areas - Nickel miner Western Areas has reported a turbulent six months for the period ending December, with volatile nickel prices impacting revenues and profits. - 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 19

• Three month nickel closed Monday's trading session at $5.65/lb . Indicators at 6:20 am CST today show 3 month nickel trading  nearly unchanged. Stockpiles of nickel stored in LME licensed warehouses rose Monday about what they fell on Friday, and started today's session just under the 206,600 tonne level. Nickel continues in a holding pattern it has been in since the 11th. Except for the big dip it took on Valentine's Day, it has traded in a very narrow band between $12,300 to $12,500/tonne. Technicals are sending mixed signals and remain neutral. The high side of this band is about $100/tonne below nickel's 200 day moving average ($12,611/tonne). Once again, if one looks at a US Dollar/Euro exchange chart, one can spot similarities to the movements of nickel. Macro news can move the market but it appears with little else to trade on until the trade talks find their happy ending, the exchange rate is having a more long term effect. If this were true, one can remain somewhat bearish on nickel, with Brexit coming up and the potential negative affect that could have on the Euro. Then again, a trade deal could be very bullish on the macro level. So for you nickel buyers, the question remains, "What to do, and when to do it?" And we say "You continue to have our utmost respect and  sympathy because no matter when you choose to make your decision, unless the market is in a consistent bullish trend, your timing will be wrong. And while we can keep you advised of what is happening, and what appears to be coming up, there is no crystal ball to help you with your timing." Sometimes placing that big order is about as exciting as simply holding you nose and jumping into a lake. No matter what else happens, you're getting wet. And if you know how to swim, you'll survive to swim again.
• Average price of cash nickel so far this month - $5.69/lb
• Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

• Reuters metals morning - Shanghai aluminium slips after Malaysia lifts bauxite ban - more
• Reuters Daily Inside Metals - pdf here
• SMM Evening Comments - 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
• Global Trade Growth Will Continue to Slide in 2019, WTO Says  - more
• Stocks Edge Lower in Trade News Lull; Dollar Rises: Markets Wrap - more
• Tropical Pacific ENSO-neutral, but some recent warming observed - more

     Monday's market review - Copper rises after Indian court knocks back smelter reopening - Copper prices rose on Monday on concerns that supply will tighten after a court ruling cast doubt on the future of a smelter in India and a large mine in Indonesia said its export permit had expired. - more

     North American Stainless Press Releases - #1 Effective with shipments March 1, 2019, North American Stainless will increase the price on stainless discrete plate as follows: • Stainless Discrete Plate (PMP): o 304/304L — $.04/lb or $80/ton o 316L — $.06/lb or $120/ton #2 Effective with shipments March 1, 2019, North American Stainless will increase the price on stainless bar as follows: • Stainless Cold Drawn and Peeled Bar: o 303, 304, 304L — $.03/lb or $60/ton o 316L — $.04/lb or $80/ton o 400 series — $.03/lb or $60/ton o 17-4 — $.05/lb or $100/ton more  more  (please note that while NAS posts these price announcements online, other major producers do not. NAS may merely be taking action similar to other producers)

      Ni SUS Scrap Price in Early February JPY105,000 to JPY110,000 = Hike in export price also affects price for domestic consumption = As of February 8, the stainless steel mills in the Kanto area purchase nickel-containing stainless steel scraps (SABOT) at JPY105,000 to JPY110,000 per ton (delivered at plant). - more

     Courtesy AISI - In the week ending on February 16, 2019, domestic raw steel production was 1,886,000 net tons while the capability utilization rate was 81.0 percent. Production was 1,817,000 net tons in the week ending February 16, 2018 while the capability utilization then was 77.9 percent. The current week production represents a 3.8 percent increase from the same period in the previous year. Production for the week ending February 16, 2019 is down 0.6 percent from the previous week ending February 9, 2019 when production was 1,897,000 net tons and the rate of capability utilization was 81.5 percent. - more

     Pamban India’s railway bridge to use stainless steel - Railways are all set to replace the 104-year-old Pamban Bridge with new vertical lift bridge. This will be India's first bridge with stainless steel structurals. The bridge is expected to be complete in 4 years.- 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 18

• Three month nickel closed Friday's trading session at $5.62/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and fell on Friday and started the week just over the 200,300 tonne level. Nickel prices jumped late Friday, playing catchup to the rest of the markets, on positive news coming from China on the trade talks. It recovered losses from the prior two days and ended the week about $10/tonne lower than it closed on Tuesday. This helps flatten out the downtrend nickel had been for the month of February. Xinhua reported that US and Chinese representatives made "important progress for the current stage". They resume talks in Washington this week. World markets reacted positively to the news. The week is starting quietly but that rarely lasts. Have a good week!
• Average price of cash nickel so far this month - $5.70/lb
• Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

• Reuters metals morning - Copper rises on China loan data, lack of Freeport export permit - more
• Reuters Daily Inside Metals - pdf here
• SMM Evening Comments - more
• Nickel Institute - new website 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
• New Caledonia's north braces for Cyclone Oma - more
• Progress in U.S.-China trade talks sparks world stock rally - more
• Stocks Mixed as Trade Hopes Lift Asia, Commodities: Markets Wrap - more

     Friday's market review - China lending data helps copper to a positive end to a poor week - Copper prices rose on Friday after better than expected lending data in China, the world's biggest consumer, bolstered the demand outlook. - more

      Sherritt International reports higher annual nickel production at Cuban JV - Sherritt International (TSX: S) released its financial results for Q4 2018, today, reporting the company’s share of finished nickel production at the Moa joint venture (JV) in Cuba and Saskatchewan, Canada was 4,294 tonnes, up 4% from last year, while finished cobalt was 428 tonnes, down 8% from Q4 2017. - more

     Global nickel boom gives mothballed mine in WA's remote Kimberley a second lease on life - The expected demand for electric vehicles is driving optimism in the global nickel industry and breathing new life into a mothballed mine in Western Australia's remote East Kimberley after a three-year hiatus. - more

     Mining leases delay poses threat to economy: Aopi - Post Courier - The PNG Chamber of Mines and Petroleum says the continued success of existing projects and the development of new ones is critical to the future of the country. - more

     Rome city hall victim of €55 million nickel scam - Rome city hall is the victim of a €55 million scam involving a roll of nickel wire, in a bizarre tale reported by daily Rome newspaper Il Messaggero. - more

     Elon Musk Says SpaceX Is Developing a Complex 'Bleeding' Heavy-Metal Rocket Ship - SpaceX, the aerospace company founded by Elon Musk, is working diligently on a wildly ambitious project: to permanently settle people on Mars. - 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 14

• Three month nickel closed Wednesday's trading session at $5.60/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME licensed warehouses continues to have a problem staying below the 200,000 level and after rising, ended yesterday just under the 200,100 tonne level. Cancelled warrants jumped to 32%, making us think someone decided yesterday that the bear was running out of gas, and based on today's trading so far, they may have played it right. Or.. a big player is trying to convince the market of that fact and we will have to wait and see if it pays off for them in the longer term. Trading has been volatile this morning, so it could easily go either way. All the China trade war talk has turned positive in the last few days, so the nervousness on the March 1st deadline is starting to calm. It was interesting to see China's January trade numbers jumped 8.7% (story below) which makes us wonder what exactly the impact of the tariff's on China are having. On a personal note, we have noticed an off brand peanut butter that is typically only on sale a couple of times a year, has been on sale nearly every week since the US got hit with a retaliatory tariff, which our peanut butter loving dogs really appreciate. It's been a week where we saw nickel hit February lows, then the start of a possible recovery today on positive macro news. Where will it go next? Stay tuned. This is our final update for the week, so we wish each of our readers a safe and enjoyable weekend and invite you back next week. And if you forgot it was Valentine's Day today, it could be a very long weekend!
• Average price of cash nickel so far this month - $5.73/lb
• Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

• Reuters metals morning - Copper prices extend gains on strong China data - more
• Reuters Daily Inside Metals - pdf here
• SMM Evening Comments - 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
• China's foreign trade up 8.7% in January - more
• US Section 232 impacts debated at Tampa Steel Conference - more
• Commodity Trading Giants Hunting for Investors Find Few Takers - more
• Trump Considers 60-Day Extension for China Tariff Deadline - more
• U.S. Futures Climb With Europe Stocks; Bonds Drift: Markets Wrap - more

     Wednesday's market review - Copper inches higher as trade tensions ease - Copper rose from a two-week low on Wednesday due to signs of an easing in tensions in the U.S.-China trade conflict but a lack of firm resolution kept a lid on the tepid gains. - more

      Settlement of Strikes at SLN's Nickel Mines Not Yet in Sight = Opinions of company and union remain as far apart as ever = According to the local news report in New Caledonia, the settlements of the strikes which are going on at 3 nickel mines (Tiebaghi, Thio and Nepoui) are not yet in sight because the opinions of the company and unions are remaining as far apart as ever. - more

      Savannah restarts nickel production - Panoramic Resources’ resurrected Savannah mine in Western Australia’s Kimberley region has completed a major milestone, waving goodbye to its first shipment of nickel/copper/cobalt concentrate, which is on the MV Heemskerkgracht bound for China. - more

      Report: Construction kicks off on Shandong's biggest cold-rolled stainless steel project - Construction of the largest cold-rolled stainless steel processing project in China's northern province of Shandong commenced in Laiwu economic development zone on February 12, reported by the provincial newspaper Jinan Daily. - 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 13

• Three month nickel closed Tuesday's trading session at $5.63/lb . Indicators at 6:05am CST today show 3 month nickel trading around $.02/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today just under the 100,500 tonne level. While lower, nickel doesn't seem to be as volatile as it has been much of the last week. President Trump told his cabinet yesterday he was willing to push back a March 1st deadline on more tariff's if the talks continued to proceed. Markets around the world loved this news and renewed optimism greeted traders today. The U.S. Dow Jones jumped nearly 400 points yesterday on the news, and is within a whisker of an all time high. So what does it mean? Who knows. It could be that U.S. Treasury Secretary Steven Mnuchin encouraged the President to loosen the noose a little to help his negotiations. And then again, based on historical precedent, it could be this news was received by Mnuchin's staff as a total shock and took away one of their negotiating hammer's. Time will tell, but for now, whether based on facts or feelings, equity markets are encouraged. Nickel, with traders licking their wounds from a brutal past six days, remain a little more skeptical.
• Average price of cash nickel so far this month - $5.75/lb
• Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

• Reuters metals morning - Copper heads for first gain in five days on trade optimism - more
• Reuters Daily Inside Metals - pdf here
• SMM Evening Comments - more
• Nickel Magazine Vol 33 No 2 - pdf here
• Global Energy Perspective 2019 - 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
• Trump and Macron’s ‘Special Relationship’ is Over - more
• Stocks Advance as Trade Hopes Grow; Dollar Steady: Markets Wrap - more
• Markets greet sign of trade truce extension with glee - more

     Tuesday's market review - Zinc hits two-week low on strong dollar, global growth woes - Zinc fell for a third session on Tuesday, hitting its lowest in more than two weeks as the dollar held near a two-month high and investors remained concerned about global economic growth. - more

      Nickel rally fades, electric vehicle buzz doesn't: Andy Home - Was it another false dawn for the nickel market? Last week’s rally to a five-month high of $13,350 per tonne on the London Metal Exchange has gone into sharp reverse. Nickel was trading back at $12,385 on Tuesday. - more

      Axiom set to make first nickel export - Axiom is set to make its first shipment of nickel ore from Isabel Province next month. This has been long time in the making as the nickel deposits were discovered way back in the 1950s and 60s. - 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 12

• Three month nickel closed Monday's trading session at $5.67/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.05/lb lower. Stockpiles fell below the 200,000 tonne level for the second time this year, and started today's session just over the 199,600 tonne level. LMe nickel is lower this morning, and Shangjai traders also traded nickel lower overnight. U.S. Treasury Secretary Steven Mnuchin is in Bejing, set to begin several days of trade negotiations on Thursday. And while Wall Street seems to be excited by the news, commodity traders are showing increased skepticism. The US Dollar has been strengethening against the Euro since the 4th, the day nickel sneaked above the $13,000 tonne level. Support is not something we have talked about much this year, but $5.23/lb is where we show technical support. All eyes on China.  
• Average price of cash nickel so far this month - $5.77/lb
• Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

• Reuters metals morning - Zinc drops for 3rd session on U.S.-China trade woes, copper falls - more
• Reuters Daily Inside Metals - pdf here
• SMM Evening Comments - 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
• Vale’s dam accident to have significant impact on the iron ore market - more
• Mnuchin, in China, looks forward to trade talks - more
• Trump Wants to Meet With Xi ‘Very Soon’ Over Trade War, Adviser Says - more
• Stocks Rise, Bonds Slip on Shutdown, Trade Hopes: Markets Wrap - more

     Monday's market review - Zinc hits two-week low on worries about China-U.S. trade - Zinc slumped to a two-week low on Monday falling along with other industrial metals as speculators sold in response to concerns about U.S.-China trade talks and global growth. - more

      China’s commodity consumption is influencing metal prices - As the largest consumer of metals, China dominates the global supply and demand of metals, and Asia is at the centre of the debate on the future of the international mining industry. - more

      Strikes at SLN's 3 Nickel Mines Go on - According to the local news report in New Caledonia, the strikes at 3 nickel mines such as Tiebaghi, Thio and Nepoui mines owned by Societe Le Nickel (SLN), a subsidiary of Eramet are still going on even since entering February. - more

      The death of Zimbabwean economic giants - The market landscape of any country is shaped by a few companies that underpin socio-economic activities of that particular nation. - more

      Courtesy AISI - In the week ending on February 9, 2019, domestic raw steel production was 1,897,000 net tons while the capability utilization rate was 81.5 percent. Production was 1,817,000 net tons in the week ending February 9, 2018 while the capability utilization then was 77.9 percent. The current week production represents a 4.4 percent increase from the same period in the previous year. Production for the week ending February 9, 2019 is up 0.4 percent from the previous week ending February 2, 2019 when production was 1,889,000 net tons and the rate of capability utilization was 81.2 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 11

• Three month nickel closed Friday's trading session at $5.70/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell slightly on both Thursday and Friday and start the week just over the 200,400 tonne level. Falling below the 200,000 tonne level and staying there, continues to evade the market. And speaking of evasion, the $13,000/tonne level continues to resist attempts to beat it. That could only be a temporary set back however, as China returned to the trading desk last night and was very bullish on nickel. And it appears it was a lot more than just playing catch-up to the LME. Nickel took a thrashing on Friday, with trade talk news turning sour, but Shanghai traders didn't seem to care, taking nickel to prices not seen since October. Back to the Friday rout, nickel fell over $400/tonne on news that President Trump was not planning to visit the Chinese Premier during his trip to Vietnam and meeting with the North Korean leader. And someone apparently in the know was quoted as saying there was still a lot of work to be done before the two could agree on a new deal. President Trump is not known for being the most honest person on the block, and as the self proclaimed greatest salesman of all times, one can not expect him to reveal his hand while he is in the middle of negotiations. It is possible he is, by speaking to the press, sending a message to China. On the other hand, he could have been speaking off the cuff, not something he has proven effective at, and the market is sending him a warning that it will look unkindly on a failure to make nice with China. Trump has much to gain by making an agreement. How would it look to the American people if Trump can reach an agreement with China, but not the Democrats? How would that look in 2020 election commercials. Republicans like to play Representative Pelosi as the enemy of the people  every two years - an agreement with the Chinese, while at the same time being unable to agree on a fence ..... I suspect the preachers of propaganda would be fighting to create that commercial. So ... don't fire up the barbecue just yet. Three weeks is plenty of time to come to an agreement, which could set the bull loose. Or not. Who knows.  One thing is for certain. We do live in 'interesting' times. Have a great week!
• Average price of cash nickel so far this month - $5.78/lb
• Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

• Reuters metals morning - Most base metal prices fall as growth, trade worries weigh - more
• Reuters Daily Inside Metals - pdf here
• SMM Evening Comments - more
• 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
• ROX Resources announced the appointment of its New CEO Mr Alex Passmore - more
• Column: Looking for answers from Dr Copper? He's confused as well - more
• Trade Talks to Eclipse All as Emerging-Market Bulls Take a Hit - more
• Stocks Advance as Key Week for Trade Kicks Off: Markets Wrap - more

     Friday's market review - Copper rally stalls as Trump revives trade war fears - Copper was set for a fifth week of gains on Friday but the rally faltered after U.S. President Donald Trump said he did not plan to meet China’s Xi Jinping before a March 1 deadline for the two countries to achieve a trade deal. - more

      Jindal Stainless reports 61% fall in Q3 profit - Jindal Stainless reported a fall of 61% in net profit at Rs 52 crore (including a one time gain of Rs 75 crore) for the quarter ending December 31, 2018 owing to rising input costs and soft demand during the quarter , the company announced on Wednesday. - more

      Import of stainless steel from Indonesia grows nearly nine times - Import of stainless steel from Indonesia into India has grown nearly nine times from nearly 8,000 tonne in 2017-18 to 67,000 tonne in 2018-19 (annualized basis), with Chinese producers ramping up capacity in Indonesia according to Indian Stainless-Steel Development Association (ISSDA) which has highlighted mis-declarations by exporters from ASEAN countries such as Indonesia, Malaysia, Singapore, Thailand, and Vietnam to avail preferential tariff under the FTA, to the Government of India. - more

      Ten-year win keeps Nickel West humming - BHP’s bid to revitalise its Goldfields nickel business has hit a fresh milestone, with Nickel West set to start work this month to develop two new open pits to feed its Mt Keith operations. - 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 7

• Three month nickel closed Wednesday's trading session at $5.86/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.02/lb lower. Stockpiles of nickel did something we can't remember ever happening since we started this blog - it went unchanged for a second consecutive day. Cancelled warrants remain over the 30% level and the lack of physical movement makes us wonder how much the large trading houses are manipulating the system again with what we call 'fake sales'. This is buying nickel, moving it to another warehouse, on the hopes the price will go up. The casual trader sees a sale and a large cancelled warrant number and thinks physical demand is much higher than it really is. Its not illegal - a sale is a sale. And it really only becomes a problem when someone figures out how to do it and fool the big trading houses. Then - it's a problem. Nickel continues to recoil from the $13,000/tonne level - but we continue to think this is more of a psychological line of resistance, more than a technical line of resistance. Nickel closed about 16% higher than it did the first trading day of the year, but we really can't tell our readers what has changed from the last half of 2018. Those who were producing nickel last year - are still producing nickel this year. The demand for nickel is always a big guess, but eyes are constantly trained on China, and for good reason. And the EV industry continues to grow, but no faster than it did in the latter half of last year, when nickel prices peaked in May, and then dropped by 32% by the end of the year. Today, traders are 'bullish' according to the media, because Vale might be forced to shut down its nickel mines because of the tailings disaster that has shut down their iron ore mines. Our point? Stop trying to figure out why the bull is running now, and let the media make up its reasons. No one knows where the market is heading, nor why one day it will decide to change course. Buying nickel is a day by day headache. Buying stainless steel is a day by day headache. All you can do is research what it's doing, have a reason to tell your boss and/or customers on why its doing what it's doing - and make your buy based on your best instinct.  It's Thursday - and our last update for the week. China is back next week so things might perk up a tad in inventory changes. Have a safe and restful weekend and we invite you to stop by next week.  
• Average price of cash nickel so far this month - $5.78/lb
• Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

• Reuters metals morning - Copper loses ground on disquiet about global growth - more
• Reuters Daily Inside Metals - pdf here
• SMM Evening Comments - closed for holiday
• U.S. Trade in Goods by Principal Commodities - 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
• Write-down risks loom for Sumitomo's nickel, tire ops - more
• Steel Imports Down 11 Percent Year-Over-Year Through November 2018 - more
• World's Top Steelmaker Says China Slowdown Weighs on Demand - more
• Stocks Decline as Dollar Rallies; Italy Bonds Drop: Markets Wrap - more

     Wednesday's market review - Nickel soars to four-month high as miner Vale announces force majeure - Nickel hit its highest in more than four months overnight on concerns that a force majeure by Brazil's Vale on some iron ore contracts could lead to restrictions in its nickel supply. - more

      Vale Indonesia sees 2019 nickel output at 74,000-75,000 mt, steady from last year - Vale Indonesia, one of Asia's leading nickel producers, expects to produce 74,000-75,000 mt of nickel matte this year, stable from an output of 74,806 mt in 2018, a company official said Thursday. - more

     As price hits seven-month highs, it may be time to rethink zinc: Andy Home - Zinc has been on the climb this year, defying broader macroeconomic gloom and a previous consensus that its bull run was well and truly over. - more

      Ravensthorpe re-opening on miner’s agenda - Albany Advertiser has been told First Quantum said it would cost about $20 million to re-start production at the mine, with the fourth quarter this year identified as a possible date if nickel prices improve. - more

      Nickel – the often forgotten battery metal - The mass adoption of the electric vehicle and the roll out of energy storage systems is underway. Look no further than acceleration of recent electric vehicle (EV) sales and headlines around energy storage systems being sold globally. - more

      Inside Nornickel: the drive to target the battery metals boom - Nornickel is the world’s largest producer of high-grade nickel, and is currently sitting in a perfect position to take advantage of the coming battery metals boom. - more

      Vale disaster makes miners' image problem worse: Russell - The response to the horrendous dam collapse at a mine owned by Brazil’s Vale has focused on iron ore prices and how a disaster that will likely claim more than 300 lives occurred, and what must be done to make sure this doesn’t happen again. - 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 6

• Three month nickel closed Tuesday's trading session at $5.92/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Tuesday and remain just under the 200,800 tonne level. While nickel is lower this morning, Reuters report yesterday afternoon that "Nickel falls" is terrible misleading. Nickel fell off its session high, but it closed the day above $13,000/tonne for the first time since October. If you read the Reuters prior days 'market review', which we post daily, you might have noticed the last two days nickel has ended higher, while they reported it fell. Technical's are starting to send warning signs that the market is overbought. $13,000/tonne appears to be more of a psychological line of resistance, more so than a technical one. Those keep falling faster than we can post them. With China closed this week, news on nickel and stainless steel is getting harder and harder to find. Another bullish article on nickel demand for batteries below. This was 'the' topic that drove nickel prices higher early last year, until the talk fizzled and nickel prices took a nose dive. So we caution you not to let the 'big boys' sucker you into betting the farm on the bull. If you are a stainless steel user, and have been for any period of time beyond a week, you have learned that stainless steel prices can be very volatile, based on the whims of those who trade nickel. Its kind of like your local price for gasoline, being set in part, by traders thousands of miles away, who are placing bets oil will go up or down. So sit back and enjoy or hate the show, depending how far downstream of nickel - and stainless steel - you sit.
• Average price of cash nickel so far this month - $5.75/lb
• Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

• Reuters metals morning - Copper rises for 3rd session as U.S.-China trade tensions ease - more
• Reuters Daily Inside Metals - pdf here
• SMM Evening Comments - 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
• Industrial economic outlook survey: Clients enter 2019 with caution - more
• Stocks Struggle as Dollar Advances; Iron Ore Rises: Markets Wrap - more

     Tuesday's market review - Nickel falls, concerns over Vale supply linger - Nickel prices fell on Tuesday as traders took profits after betting the metal up to four-month highs in the previous session on concerns that Brazilian miner Vale could be forced to curtail supply. - more

      Megafactories buildout could up nickel demand in batteries 19 fold - Benchmark - It was encouraging for miners when Simon Moores, managing director, Benchmark Mineral Intelligence, testified before the U.S. Senate Committee on Energy and Natural Resources on Tuesday. - more

     Australia miner Independence says in talks with potential buyers of battery chemicals - Independence Group, an Australian miner looking to move into making chemicals used in electric vehicle batteries, on Wednesday said it was in talks with a range of potential buyers of those products. - more

      Courtesy AISI - In the week ending on February 2, 2019, domestic raw steel production was 1,889,000 net tons while the capability utilization rate was 81.2 percent. Production was 1,744,000 net tons in the week ending February 2, 2018 while the capability utilization then was 74.8 percent. The current week production represents an 8.3 percent increase from the same period in the previous year. Production for the week ending February 2, 2019 is down 1.7 percent from the previous week ending January 26, 2019 when production was 1,922,000 net tons and the rate of capability utilization was 81.1 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

Tuesday, February 5

• Three month nickel closed Monday's trading session at $5.78/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.10/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on monday and started today's session just under the 200,800 tonne level. Nickel rose sharply in overnight trading but has backed off a little this morning. If you follow the technicals, nickel closed above resistance for a second session yesterday, and someone, or some bot, may have decided to take advantage of that overnight. Cooler heads have prevailed this morning, although nickel is still trading higher. The U.S. President will be making a State of the Union speech this evening and it will be analyzed intensely for clues on the China trade talks. The clock is ticking for both sides to find common ground, as the suspension period for further tariff's ends at the end of the month. Tailings dams are getting a lot of media attention since the disaster in Brazil. This happens a lot more often than anyone wants to admit. There are still parts of Hungary unfit for human occupation thanks to an aluminum tailings dam break in 2010. And this isn't Brazil's first collapse this century. The Philippines, Indonesia, and New Caledonia have experienced problems with tailings dams in the last decade. Townsville, Australia, which is underwater thanks to heavy flooding, is concerned about a tailings dam left behind by their closed nickel plant. As we said, they happen a lot more often than we hear. And regretfully, they tend to only get media attention beyond local press, when multiple people loose their lives. The mining industry has a dam problem - and needs to figure out a solution so local residents can live without fear of sudden death. Otherwise, they can expect further protests against future mining projects - and justifiably so.
• Average price of cash nickel so far this month - $5.70/lb
• Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

• Reuters metals morning - Zinc climbs to 7-month high, copper up for 2nd session  - more
• Reuters Daily Inside Metals - pdf here
• SMM Evening Comments - closed this week

  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
• Tesla to buy battery company Maxwell in huge deal  - more
• China steel industry sees profits up 39 pct - more
• Germany Moves From ‘Bystander to Shaper’ With Industrial Shift - more
• U.S. Futures Turn Higher After Europe Stocks Rally: Markets Wrap - more
• El Niño WATCH for autumn - more

     Monday's market review - Zinc hits 7-month high on nervousness about shortages - Zinc prices climbed to seven-month highs on Monday, lifted by concerns over shortages due to falling stocks and environmental constraints, and delays to new capacity in top producer China. - more

      'Overflowing' fears at Townsville nickel plant dams drops as rain slows - Declining rain in Townsville is reducing the risk that tailings dams containing heavy metals at Townsville's Yabulu nickel plant could overflow. - more

      SLN strike in New Caledonia enters second month - The stoppage, which began after the New Year's holiday, affects three of the company's four mines which supply ore to the smelter in Noumea. - more

     Glencore expects higher copper production in 2019 - Commodities giant Glencore has reported production figures for 2018 and confirmed 2019 guidance that implies a 14%-year-over-year increase in copper equivalent production. - more

      Norilsk Nickel ends agreements with Botswana’s BCL - Nornickel will still seek damages from BCL for the ‘significant loss it has suffered as a result of BCL’s failure to honour its obligations’ - more

     Court orders Vale to halt tailings disposal at eight Minas Gerais dams, Brucutu mine activity to stop  - A Minas Gerais state civil court ordered Brazil's Vale to refrain from disposing of tailings at eight dams that are part of its Southeastern system following the fatal collapse of a dam at its Corrego do Feijao iron ore mine. - 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 4

• Three month nickel closed Friday's trading session at $5.74/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and Friday and started the week just under the 201,100 tonne level. Noticed one of the metals analysts this morning announcing nickel stockpiles were at their lowest in years today. That is "generally" true, although they were lower on three separate occasions - just last month. Last month, we saw stockpiles fall below the 200,000 level on two consecutive days. It will be interesting to see if the market tries to hold onto that level again this month. China is shut down for business this week as the country celebrates their week long New Year holiday. The purchasing manager indexes were announced last week. You can see the four we follow here. While China's recovered a tad, it remains in negative territory. Not much in the way of business news today, and with China shut down, it could be a light week. For the month of January, LME stockpiles fell by an average of 213.54 tonnes per day. At that rate, stockpiles that looked early last year like they would disappear by the end of this year, will easily last another 3+ years. And for those who feel that is not air because of seasonal demands - last January we saw a decrease rate of 511 tonnes per day. EV sales estimates are coming in. January EV sales are estimated to be around 16,900 compared to 12,000+ last year. World sales estimates take a few weeks to be published. We show nickel closed above resistance on Friday, so unless it drops a few more pennies today, it could show a second close above $5.72/lb. Have a great week! 
• Average price of cash nickel so far this month - $5.65/lb  ($5.20/lb average for January)
• Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

• Reuters metals morning - Copper eases for 2nd session on China growth concerns - more
• Reuters Daily Inside Metals - pdf here
• SMM Evening Comments - closed this week
• 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
• European Stocks, U.S. Futures Steady; Dollar Rises: Markets Wrap - more

     Friday's market review - Aluminium drops on Hongqiao restarts; weak Chinese data weighs - Aluminium prices dropped on Friday, pressured by concern over excess supply after the top producer said it would resume some output, while some base metals were weighed down by weak Chinese factory data. - more

      After Freeport, Indonesia eyes 20% of nickel firm’s shares - After gaining control of 51.23 percent shares of gold and copper miner PT Freeport Indonesia, the government is eyeing to gain a 20 percent stake in publicly listed nickel miner PT Vale Indonesia (INCO). - more

• PT Antam's Production and Sales Volumes of Ferro-nickel in 2018 - more

      Vale weighs impact of Brazilian dam breach - Analysts have begun to weigh the consequences of a deadly tailings dam breach at a Brazilian mine operated by Vale SA, the world’s largest producer of iron ore and nickel. - more

      Indonesia to announce new EV policy, plans tax incentives to lure automakers and battery producers - In a bid to become the region’s focal point for electric vehicle (EV) production, Indonesia is reportedly set to announce a broad-ranging EV policy that will offer tax cuts to EV battery producers and foreign automakers, Reuters reports.  - more

      The Great Dying: Earth's Biggest Extinction Event Wiped Out Plants First, Says New Study - Roughly 252 million years ago, nickel byproduct from a volcanic eruption in Siberia drifted to Australia, kicking off the Earth-spanning cataclysm known as the "Great Dying". - 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

January Archives

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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.