This page is archived
news covering the period of February 2021
If you are looking for current daily market news, please visit here.
Friday, February 26
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $8.71/lb ($19,195/tonne). Indicators at 6:40 am CST today show
nickel trading around $.26/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Thursday and ended that session just over the 251,100 tonne level. It's
amazing sometimes the power one man's words can carry, and Elon Musk
proved to the nickel industry, his words carry a lot of weight. In a
Tweet yesterday, Elon expressed, shall we say, disappointment with the
nickel industry, and vowed to move some of his battery business away
from nickel. Nickel has, for a better term, been in a near free fall
ever since. The EV industry, long touted as the new mass consumer of
nickel, that would eventually drive demand to levels current world
production could not possibly keep up with, has so far, managed to move
rather quietly into the industry. So when, arguably, the most
important man in the EV industry says he has had it with nickel, two
things come immediately to mind. First, he is saying what many
producers and users of stainless steel have been saying for years. And
second, unlike most of those mentioned under number one, Mr Musk has
the financial capabilities and uncanny ability to do something about
it. This is the guy making history on a regular basis, so it is wise
not to take his Tweet as a mere rant. Apparently many traders agree. In the mean time, what stainless
steel producers feared only second to higher nickel prices could be
starting. Nickel is falling much faster than it rose, and this could
reek havoc on stainless steel prices. In an apparently bad news for
nickel day, we noticed in January stainless steel
production numbers, something that could be a concern to both the
nickel and
stainless steel industries. According to Chinese media, 43% of
stainless steel produced in China in January was 300 series stainless
steel. 35% of that production was 200 series stainless. While this may
be one of those cyclical changes that happens when nickel makes 300
series prices climb rapidly, we don't remember 200 series ever making
up this large a percentile of overall Chinese production. Thanks to
higher ferrochrome costs, 200 series stainless prices are higher than
they were 30 days ago. But without the nickel, the price is increase is
no where near what 300 series has witnessed. So, was February 25th the
peak of the latest nickel bull run? Or are we merely taking a break
with the bull run firmly in control? Looks to be an interesting March.
We hope you come back as we find out together. That's it for the week -
and the month of February. Stay safe out there and have a great weekend!
Average price of LME traded cash nickel
so far this month
- $8.42/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper set for best month since late 2016 on tight supply, demand hopes - more
Thursday's market review - Copper jumps to 9-1/2 year high
on inflation fears - Copper prices surged to their highest in almost a
decade on Thursday as investors scrambled to buy metals as a hedge
against potential inflation from ongoing central bank stimulus. - more
LME data to support end to open outcry is misleading, brokers say - Two
commodities brokers say data the London Metal Exchange is using to
support its proposal to shut its trading floor for good exaggerates the
increase in the use of electronic platforms during coronavirus
lockdowns. - more
Musk says nickel is ‘biggest concern’ for electric-car batteries - Elon
Musk has had it with nickel. It’s scarce and expensive, so the chief
executive officer of electric-carmaker Tesla tweeted on Thursday that
the company’s shifting some cars to a type of battery that uses iron
instead. - more
January 2021 crude steel production - World
crude steel production for the 64 countries reporting to the World
Steel Association (worldsteel) was 162.9 million tonnes (Mt) in January
2021, a 4.8% increase compared to January 2020. - more
US market facing high prices of stainless steel sheets - Due to a sharp
rise in processing fees, a rise in base prices for the second
consecutive month, continued supply shortages, stainless steel sheets
in the US reached a peak in the past 9 years this month. - more
Indonesia says 'ready to fight' EU at WTO over nickel export curbs -
Indonesia is “ready to fight” the European Union’s challenge of the
Southeast Asian country’s ban on nickel ore exports at the World Trade
Organisation, arguing the bloc’s actions may hinder Indonesia’s
development plans, the trade minister said. - more
Brazil's Vale books hefty dam disaster charges, but bullish about core
earnings - Brazil’s Vale SA logged $4.9 billion in provisions related
to the Brumadinho dam disaster in quarterly earnings, but its ferrous
metal division turned in a strong performance and the miner was upbeat
about the outlook for key products. - more
Steel Imports Down 23% in January 2021 Compared to January 2020 - Based
on preliminary Census Bureau data, the American Iron and Steel
Institute (AISI) reported today that the U.S. imported a total of
2,422,000 net tons (NT) of steel in January 2021, including 1,239,000
net tons (NT) of finished steel (down 23.1% and 24.8%, respectively,
vs. January 2020). - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Biden marks 50 million vaccine doses administered, but cautions there's a 'long way to go' - more
Thursday, February 25
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $8.94/lb ($19,700/tonne). Indicators at 6:10 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today just under the 251,100 tonne level. Nickel
spiked yesterday on news out of Russia that Norilsk had shut down two
mines due to water inflow. This news, with a higher Euro, helped nickel
close higher yesterday, but any similar positive enthusiasm has yet to
kick into gear this morning. Trading has gotten a little more volatile
this week, with the range between daily lows and daily highs appearing
to grow wider on a more consistent level. Not sure this means anything
long term, but it could mean the bears are giving the bulls a harder
time, and trying to keep them from breeching the $20,000 level again.
The average LME cash nickel price this month reached $8.40/lb
yesterday, It's been a long time since the world saw the price of
nickel average this high. It's Thursday and we have two business days
left in the month. This time last year we had 14 confirmed cases of
covid-19 in the U.S., with no deaths. For those who remember the first
'outbreak' in the retirement home in Washington - the first case there
would not be diagnosed until February 28th last year, and for many
months, that was the date recognized as the first official covid death
in the U.S.(since changed to Feb 6). Over 500,000 deaths, nearly 29
million confirmed cases, and millions of denials later, we are
starting to see the light at the end of the tunnel. Stay safe out there
and have a great Thursday!
Average price of LME traded cash nickel
so far this month
- $8.40/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper eyes 10-year high as Fed reaffirms policy support - more
Wednesday's market review - Copper extends gains on a weak
dollar, low inventories - Copper rose to a fresh 9-1/2 year high on
Wednesday on a weaker dollar, low inventories and hopes that the metal
will benefit from higher demand as major economies recover from the
impact of the coronavirus. - more
Norilsk Nickel Partially Suspends Two Big Mines on Water Inflow - MMC
Norilsk Nickel PJSC, the world’s biggest producer of palladium and
refined nickel, has partially suspended two of its main Arctic mines
due to water inflows at one of the interconnected operations. - more
Russia backs 'radical' plan to block profits of
companies that destroy environment, after fining mining giant $2bn over
fuel spill - more
Nickel Likely To Continue Its Bull Run - Nickel prices are current
holding near heights level since 2014 at $19,482 on the backdrop of
increasing economic optimism in US and China. - more
Russia's stainless steel production grows in Jan y-o-y - According to
statistics from the Russian Federal State Statistics Service (Rosstat),
Russia's stainless steel production totaled around 17,000 tons in
January, which decreased by 2.2% compared to the previous month while
increased by 0.4% from the same month a year ago. - more
Amid Weather Impacts, Distributor Pandemic Index Plunges to 1st Loss in 3 Months - Indian
River Consulting said the result was likely driven by impacts of
nationwide weather issues, especially in the Texas region. - more
PolyMet wins Minnesota top court ruling on $1 billion mine -
Minnesota’s highest court on Wednesday handed a victory to PolyMet
Mining Corp, saying state regulators need not investigate allegations
of “sham permitting” when considering an air emissions permit for the
company’s proposed $1 billion copper-nickel-platinum mine. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, February 24
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $8.78/lb ($19,350/tonne). Indicators at 6:00 am CST today show
nickel trading around $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouse rose again
on Tuesday and ended that session just over the 251,200 tonne level. At
one time on Monday, nickel traded over the $20,000/tonne level, and for
a moment yesterday, nickel traded below the $19,000/tonne level. After
closing lower yesterday, nickel is trading only slightly lower this
morning. The Euro continues to trade higher against the U.S. Dollar,
which is adding support to base metals trading. Shanghai nickel traders
continue to play follow the LME leader and nickel remains higher than
it did during the holiday, but well off earlier highs. The Wuxi 304
stainless steel price we have been telling you about did not change
overnight. Universal Stainless advised customers of a base price
increase for their stainless yesterday. If they haven't already,
competitors are likely to do the same. For the history buffs, an
interesting article below titled "The battery invented 120 years ...."
tells the story of Thomas Edison and his electric car. It's Wednesday
and February is quickly winding down. After a brutal cold snap here in
the lower 48, life has returned to normal for most - albeit a redefined
normalcy from a year ago in the wake of the pandemic. Stay safe out
there and have a great day!
Average price of LME traded cash nickel
so far this month
- $8.37/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper retreats from 9-1/2-year high as rally loses steam - more
Tuesday's market review - Copper's rally slows at 9-1/2
year highs as equities struggle - Copper touched a new 9-1/2 year high
on Tuesday before slipping back as equities markets fell and investors
wondered whether strong demand and tight supplies were enough to extend
a breathtaking rally. - more
Universal Stainless Announces Base Price Increase - Universal Stainless
& Alloy Products, Inc. today announced a base price increase of 3%
to 10% on all products. The increase will be effective March 1, 2021
for all new orders. - more
China's nickel prices to increase sharply - After the Chinese New Year
holidays, China's domestic nickel price increased sharply. LME nickel
also reached US$20,000/ton on February 22 which is a record high in six
years. The main reason for the high nickel was the tight supply of
nickel ore. - more
PHL 2020 metals output up 1.3% by value - The value of the metallic
mining industry’s output in 2020 rose 1.3% to P132.21 billion, driven
by improved nickel volumes, the Mines and Geosciences Bureau (MGB)
said. - more
Mining industry key to Canada's economic rebound, Timmins meeting told
- Mining is an industry that's the heart of northern Ontario's economy,
and one the Mining Association of Canada says will be key to helping
the national economy rebound. - more
Nickel mine pits feisty priest, Environment chief - The outspoken
priest, Rogelio Cruz, on Mon. labeled as nonsense and lack of knowledge
the Environment Minister’s recent statements about the possible
exploitation for ferronickel of Loma Miranda (central). - more
Green light for Brazilian Nickel's small-scale Piauí project - The
Brazilian Piauí State Environmental Agency has issued privately held
Brazilian Nickel an installation license for its PNP1000 project,
enabling construction work to begin. - more
BHP and Aboriginal group probe fallen rock shelter in Western Australia
- BHP Group has launched a joint investigation with an Indigenous group
into what caused a rock fall at a culturally significant rock shelter
at its iron ore operations in Western Australia, both groups said. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, February 23
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $8.83/lb ($19,465/tonne). Indicators at 6:10 am CST today show
nickel trading around $.07/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose by
nearly 2000 tonnes on Monday and started today's session at a 2021 high
and just under the 251,100 tonne level. This is the fourth time this
year that stockpiles have changed by over 1000 tonnes in a single day -
and only one of those times was it to the negative. Nickel rose to
trade at a high of $20,110/tonne yesterday, before falling back and
closing lower on the day. The Euro is trading higher this morning, but
base and precious metal traders in general, and nickel specifically,
seem to be in a sour mood. The 50 day moving average is around
$18,000/tonne, so traders may have decided they have stuck their necks
out too far. That Chinese site that reports daily stainless steel
prices in the Wuxi market reported that the 304 SS price we reported
yesterday as jumping from 15,300 to 16,050 over the weekend - added
another 300 yuan today, That's a $1,050 yuan/mt jump since Friday. Can
you spell volatility? Stay safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $8.33/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper hits 9-1/2-yr high on tight supply, solid demand - more
Monday's market review - Copper leaps above $9,000 a tonne
for first time since 2011 - Copper prices shot above $9,000 a tonne for
the first time since 2011 on Monday as premiums for quickly deliverable
metal on the London Metal Exchange (LME) hit two-year highs, suggesting
supplies are tight. - more
China’s stainless steel companies’ work resumption rate reaches 92.76%
- According to reports, as of February 20, there were 141 enterprises
of China's 152 stainless steel production, trade, and processing
enterprises that have resumed their work, with a work resumption rate
of 92.76%. - more
Singapore freezes two firms' bank accounts after alleged nickel fraud
- Singaporean authorities have frozen the local bank accounts of
commodity trader Envy Global Trading Pte and Envy Asset Management Pte
following an investigation into their nickel trading, Envy Global
Trading said on Monday. - more
World Bureau of Metal Statistics Indicated Surplus Nickel Market - On
the contrary, the Chinese apparent demand was up marginally by 5kt than
in the previous year. - more
Philippines says 2020 nickel output up 3%, warns outlook uncertain -
Philippine nickel output rose 3% last year even as the COVID-19
pandemic hampered some projects, government data showed,but the Mines
and Geosciences Bureau warned that the outlook for its minerals
industry this year remained uncertain. - more
Courtesy AISI - In the week ending on February 20, 2021, domestic raw
steel production was 1,745,000 net tons while the capability
utilization rate was 77.0 percent. Production was 1,880,000 net tons in
the week ending February 20, 2020 while the capability utilization then
was 81.3 percent. The current week production represents a 7.2 percent
decrease from the same period in the previous year. - more
QPM plans to double Qld plant - ASX-listed Queensland Pacific Metals
will at least double the size of its TECH critical chemicals project,
in Queensland. - more
Outokumpu joins TOCANEM to support carbon neutrality - Outokumpu
joins a three-year research program Towards Carbon Neutral Metals
(TOCANEM) as a part of a consortium of multiple metal industry
companies and universities in Finland. - more
Finnwatch chides Outokumpu over Brazilian supplier - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, February 22
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $8.91/lb ($19,650/tonne). Indicators at 6:10 am CST today show
nickel trading around $.03/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and ended the week around the 249,150 tonne level. Nickel traded
as high as $19,810 a tonne on Friday, and as low as $19,085/tonne.
Today, nickel is trading above its Friday close, but has yet to show the
same enthusiasm that Chinese traders showed overnight. Then again, we
have watched Chinese play catch up every day they have been back from
their holiday, so maybe LME traders have figured that out, and that in
fact, are leading the pack. We have been monitoring a Chinese source
for daily stainless steel prices in the Wuxi market and typically,
there is little to no movement on a day to day basis. The month had
started at 15,000 RMB/mt for 304 2B coil, and had moved to 15,250 by
the end of that week. The prices remained there until and thru the
holiday, and moved to 15,300 on Friday. Today, the average price for
this same product had jumped to 16,050. That is s huge jump for a
single day, so for those of you who buy from China - be prepared for
more sticker shock. Tropical storm Dujan left a mess in the Philippines
over the weekend, including the nickel rich areas around Surigao del
Sur. It is expected damage to the infrastructure around the mines,
could delay some shipments, but no official confirmation of that has
been given yet. We are not aware of any mine declaring force de
majeure, so we will keep an eye on this situation as it develops. It's
the final week of February and we start the week with the grim news
that the official U.S. death toll from covid-19 reached 500,000
American's yesterday. But the prognosis for the future is getting
batter every day, with daily new cases at levels not seen since October
last year and a daily death rate about to average below 2000 a day -
down from nearly 3500 last month. So we say again, stay safe out there,
and have a great day!
Average price of LME traded cash nickel
so far this month
- $8.31/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper at 9-1/2-yr high on dollar weakness, demand pick up hopes - more
Friday's market review - Copper soars to loftiest since
2011 on tight supply and weak dollar - Copper jumped to its highest in
more than nine years on Friday and logged its third straight weekly
gain as tight supplies and bullish sentiment towards base metals
continued after the Chinese New Year. - more
Taiwan’s Yusco & Tang Eng expected to hike stainless steel prices
next [this] week - As nickel prices have continued rising to a record
high compared to the past six years, Yieh United Steel Corp. (Yusco)
and Tang Eng Iron Works Co., Ltd., two leading stainless steel upstream
suppliers in Taiwan, were expected to hike their prices for March next
week. - more
Steel price increases losing steam? - Steel prices have risen
relentlessly since bottoming out last summer and hit new record highs
in February. - more
Three people die in partial collapse of Nornickel's Arctic processing
plant - Three workers died after a processing plant owned by Russian
mining giant Norilsk Nickel in Arctic Siberia partially collapsed
during maintenance, the company and officials said on Saturday, as the
miner’s shares fell by 3.6%. - more
Over 5,000 flee homes as storm hits southern Philippines - (excerpt)
Two regions were hit, including the country's nickel mining hub of
Caraga, with floods damaging some houses and bridges in the province of
Surigao del Sur, according to the agency's initial report. - more
U.S. All-Electric Car Market Share Hit All-Time High In 2020 - In 2020
we saw booming European EV market, returning to growth and new record
Chinese EV market, and not so much action in the U.S. However, things
are improving in the U.S. as well. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
US COVID-19 death toll approaches milestone of 500,000 - more
TSA checkpoint travel numbers - daily totals posted here
Friday, February 19
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $8.68/tonne ($19,125/tonne). Indicators at 6:10 am CST today show
nickel trading around $.18/lb
higher. Stockpiles of nickel stored in LME licensed warehouse fell by 5
lots on Thursday and started today just under the 249,500 tonne level.
So as we stated earlier this week, nickel prices on the LME rose a
touch over 2%
while Shanghai markets were closed for the national holiday. Shanghai
was back in business yesterday, and nickel rose 2.58% in its first
session. How did LME react yesterday? And Shanghai last night? And LME
today? That reminds us of an urban legend many Americans hold. Thanks
to an old Disney documentary, it is believed that Lemmings occasionally
commit mass suicide, by running off a cliff into the ocean. This was
actually a staged scene and was more a case of mass murder by the film
producers. Back to nickel traders, we can not explain why what is
happening, is happening. Everyone wants a piece of the action and no
one wants to be left out. When bulls stampede, the best thing to do is
climb a tree and root for the poor suckers that haven't found a tree
yet. For the stainless steel industry, this means higher prices are
here to stay, with even higher prices coming, which can be seen in the
Shanghai stainless steel futures that spiked overnight. Rough days
ahead for the stainless industry. It's the weekend, so time to take a
break. Stay safe out there and have a great weekend!
Average price of LME traded cash nickel
so far this month
- $8.28/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper rallies to $8,700 level on supply worries, weak dollar - more
Thursday's market review - Copper leaps to 9-year high as
China accelerates metals rally - Copper rose to its highest since April
2012 on Thursday as Chinese investors returning from a week-long
holiday added impetus to a rally that has almost doubled prices from
lows at the height of coronavirus worries last March. - more
China's stainless steel industry increases production - In the second
half of 2020 and 2021, China's stainless steel-making projects will be
put into production intensively, and the output growth rate was
expected to expand compared with 2020. - more
EC to initiate CVD duty investigation on stainless steel cold-rolled
flat products from India & Indonesia - The European Commission (EC)
announced that it will initiate a countervailing duty (CVD)
investigation on imports of stainless steel cold-rolled flat products
originating in India and Indonesia, based on a complaint filed by the
European Steel Association (EUROFER) on January 4, 2021. - more
Brazil nickel/cobalt project advances to BFS stage - A bankable
feasibility study (BFS) at the Piauí nickel project (PNP), in Brazil,
is under way, privately held Brazilian Nickel has announced. - more
Passenger Plug-In Electric Car Sales In Europe: Q1-Q4 2020 By Country -
The passenger car registrations in Europe in the challenging year 2020
amounted to just 11,961,182 (down 24.3%), but xEVs (BEVs, PHEVs, HEVs)
expanded significantly. - more
Here's How The Global EV Market Steadily Increased During A Pandemic - more
Why the Power Grid Failed in Texas and Beyond - The power outages
tormenting Texas in uncharacteristically Arctic temperatures are
exposing weaknesses in an electricity system designed when the
weather's seasonal shifts were more consistent and predictable —
conditions that most experts believe no longer exist. - more
5 With ID: NetPlus' Dan Judge on Impact of Pandemic Vs Recession - more
Distributor Pandemic Revenue Index Reverts to Modest Growth - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Thursday, February 18
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $8.51/lb ($18,755/tonne). Indicators at 6:00 am CST today show
nickel trading around $.10/lb
higher. Stockpiles of nickel stored in LME licensed warehouses went
unchanged yesterday and started today just over the 249,500 tonne
level. Chinese traders came back to find nickel had traded higher while
they were on holiday break and in an attempt to catch up, they sent a
message around the globe, where London traders decided to play ball as
well. Nickel is trading near the $19,000/tonne level and trading at
seven year highs. It is possible we are back to pre-holiday trading,
where a sudden change on one side of the world, forces the other side
to respond, and that response, is seen by the original side as 'they
must know something we don't'. Regardless, with analysts using terms
like super cycle, it is very likely this will not end anytime soon.
From our perspective, we would like to see LME nickel stockpiles
actually start falling. This would imply the world is using more nickel
than it is producing and would add some evidence to they whole super
cycle theory. Sorry. Maybe that was too harsh and our curmudgeon is showing.
For those who have been in the industry awhile, we have all seen this
before, and regardless of what some would have you believe, it will all
come to a crashing end some day. In the mean time, it doesn't hurt to
get out your surf board and learn to ride the wave. Stay safe out there
and have a wonderful Thursday!
Average price of LME traded cash nickel
so far this month
- $8.25/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai copper nears decade high on demand optimism, supply concerns - more
Wednesday's market review - Copper slips on profit-taking,
but holds near 9-year peak - Copper prices eased on Wednesday as the
higher dollar prompted profit-taking, but low inventories and optimism
about demand prospects due to stimulus and growth supported sentiment.
- more
Press Release February 2021 - (excerpt) The nickel market was in
surplus during January to December 2020 with production exceeding
apparent demand by 53.2 kt. In the whole of 2019, the calculated
deficit was 27.6 kt. - more
Mining boom could herald commodity 'supercycle' - It is known as a
“supercycle” – and there have only been four in the past century. - more
Miners Are Sending Mixed Super-Cycle Messages - BHP,
Glencore and Rio Tinto see gains ahead as the world’s economy recovers
from Covid-19. Yet not all their actions mirror market excitement. - more
Nickel was king in EV battery capacity deployment in 2020 - A report by
Adamas Intelligence states that over 60% of all passenger EV battery
capacity deployed globally in 2020 was in the form of high-nickel
cells, such as lithium-nickel-cobalt-aluminum oxide batteries (NCA) or
lithium-nickel-manganese-cobalt oxide or NCM 6- to 8-series cells. - more
Records Tumble As Commodity Cash Floods The Miners - Record profits,
dividends and share prices reported over the past two days by the
world’s top two mining companies, BHP and Rio Tinto, have confirmed the
strength of the bull market in commodities. - more
Chinese steel mills make mining companies rich - A strong demand for
iron ore and copper has caused prices to soar, leading to record
profits for BHP Group and Rio Tinto. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, February 17
Daily
Nickel/Stainless Steel Briefing
Nickel closed
Tuesday's trading
session at $8.52/lb
($18,780/tonne). Indicators at 6:00 am CST today show
nickel trading around $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and ended that session just over the 249,500 tonne level.
Nickel traded as high as $18,860/tonne yesterday, $10/tonne more than
the high it hit in the fall of 2019. We must
look back to September 2014 for a higher trading price. This morning
nickel is lower, with the Euro stumbling harder than it shined early
yesterday. SpetsStal Association
reported imports of stainless steel into Russia rose 3.8% in 2020 to
383,200 mt. China, at nearly a 40% market share, was the single biggest
source. Pro-independence candidates won a government election in
New
Caledonia; possibly more bad news for Vale, who is trying to unload its
Goro mine there. This could also make things more difficult for the
French Eramet operation there.
Norilsk reports last years fuel spill cut into its 2020 profits, but
didn't appear to hurt its owner too bad. Speaking of Norilsk ownership,
a previous owner and now owner of the Brooklyn Nets, announced he had
sold a 49% minority share of the team to a co-founder of the Alibaba.
So the Nets are now owned by rich guys from the two largest Communist
countries in the world? And we are worried about Tik-Tok?! We wonder if
this puts basketball great James Harden on any security lists besides
the "he's killing us on the courts' list. Some of the world's biggest
nickel operations announced 2020 results below. And except for those
taking an extended holiday, much of China should return to work
tomorrow.
As of this morning, nickel is trading about 2% higher than it was when
the Shanghai exchange closed, so it will be interesting to see if
Chinese traders return in a buying mood, and how LME traders will
respond. That's it for another hump day. Stay safe out there, (and
warm), and have a great day!
Average price of LME
traded cash nickel
so far this month
- $8.23/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning
- Copper hovers near 2012 high on demand optimism, defies firm dollar -
more
Tuesday's market review - Copper touches fresh peak near
2012 highs in thin trade on recovery hopes - Copper prices briefly
touched their highest level since 2012 on Tuesday, extending a bull run
driven by optimism over Chinese demand and global economic recovery,
before pulling back in thin trade. - more
Optimism in stainless steel snapshot - The stainless steel sector in
the EU has recorded a solid start to the year, supported by some price
increases, according to industry players who say demand for stainless
scrap is healthy. - more
Funds grow wary as red-hot copper hits nine-year highs: Andy Home -
Copper’s red-hot rally rolls on with London Metal Exchange (LME)
three-month metal hitting $8,437 per tonne on Tuesday, its highest
level since May 2012. - more
Russia's Nornickel 2020 profit sinks 39% as sets aside cash for
fuel-spill fine - Russia’s Norilsk Nickel said on Tuesday its net
profit sank by 39% in 2020 after it set aside $2 billion to cover an
environmental damage claim after a major fuel spill in the Arctic. - more
Russian Magnate Breaks
Wealth Record Despite Pollution Fine - more
Russian former Norilsk
owner sells 49% interest in Brooklyn Nets to the Chinese co-founder of
Alibaba - more
Miner Eramet sees higher core earnings this year after pandemic hit -
French mining group Eramet said on Tuesday it expected a rebound in
core earnings this year after starting to recover in recent months from
severe disruption caused by the COVID-19 pandemic. - more
Court dismisses Fond du Lac's federal challenge of PolyMet water permit
- Judge allows band's claim that the EPA failed to inform it that
PolyMet "may affect" its reservation was to continue. - more
The Future of Wholesale Distribution: B2B Marketplaces - Accelerated by
the pandemic, wholesalers are now being pushed to compete in a new
playing field. - more
Coronavirus By
The Numbers - here
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, February 16
Daily
Nickel/Stainless Steel Briefing
Nickel closed Monday's
trading
session at $8.45/lb
($18,620/tonne). Indicators at 6:10 am CST today show
nickel trading unchanged
. Stockpiles of nickel stored in LME licensed warehouse fell on Monday
and started today's session just under the 250,000 tonne level. Nickel
is flat at the moment, but we don't expect that to last, as the Euro is
spiking against the U.S. Dollar at the moment, and this makes base
metals less expensive for U.S. buyers. News wise, its another quiet day
with China still on vacation. Quite a few comments on yesterday's note.
Distributors find it very irritating when competitors low ball them in
normal 'weather', but that is part of business, and they typically,
think the same about their competitors. But in this kind of
environment, low balling to get an order, can be very detrimental.
First, you got the order, but your replacement cost is now much higher.
You pleased the customer, but next time you will have to raise their
price. And instead of protecting your current customers inventory at
the lower cost, you are now going to have to raise their price - if you
can find the inventory they require. You will find your self victimized
because predator buyers will shop you, and by that we mean buyers who
bid everything 365 days a year. They have no sense of loyalty to their
suppliers, and thus, shop the lowest price. Distributors who don't
charge based on replacement cost will find themselves swarmed by these
type of buyers. And the short term sales will reflect short term
success. But for those accounts that look to you regularly for service,
or an inventory commitment, this short term success comes at long term
peril. After a year rocked by covid, some spent last February not
realizing that March could put some of them in survival mode. No reason
to believe it will get that dramatic again, but for those who feel the
best defense is a strong offense, remember the winter-spring of 2007.
And if you weren't in the industry yet, ask around. A lot of smart
people made a lot of money, while many more, merely survived, spending
much of their resource fighting to find - and then keep - inventory.
Suppliers were forced to renegotiate orders they had placed months
earlier, and after committing to inventory, it would mysteriously go
'unfound', while a higher bidder suddenly had your inventory. It was
doggy dog and the fragility of the supply chain became apparent. A few
years later, life was back to a sense of normalcy, and all was
forgotten. If lessons were learned, it was on the distributor level,
and not adopted industry wide. Growth is, for a better word, a
necessary tool of survival. In this environment however, there is what
one could call - smart growth - or not. Whether its the 70-30 or 80-20
rule in your business, protect those who "brung ya to the dance'. Stay
safe out there, and have a great day!
Average price of LME
traded cash nickel
so far this month
- $8.22/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning
- Copper slips in thin trade, but hovers near 2012 highs on demand
optimism - more
Monday's market review - Copper hits highest since 2012 on
inflation concerns and healthy demand - Copper prices jumped to their
highest since 2012 on Monday as investors continued their buying spree
on concerns over rising inflation and stronger than expected demand in
top metals consumer China. - more
Molybdenum alloying substantially improves delayed cracking resistance
in 2000 MPa press hardened steels - Research, published in Metals
Journal, has shown that molybdenum alloying can substantially improve
delayed cracking resistance in 2000 MPa Press Hardened Steel (PHS), to
a level that is acceptable for automotive applications. - more
2020 U.S. Electric Car Sales: Tesla Captures 80% Of BEV Market -
Electric car sales in the U.S. increased last year, according to the
new registration data from Experian (via Automotive News), despite the
overall market significantly decreasing. - more
EV Makers Look To
Strengthen Nickel Supply Chain In Indonesia - more
BHP boss gets extended Chinese honeymoon - Mike Henry can celebrate an
unexpectedly happy anniversary. He became chief executive of Australian
mining giant BHP just in time for Covid-19. - more
Courtesy AISI - In the week ending on February 13, 2021, domestic raw
steel production was 1,743,000 net tons while the capability
utilization rate was 76.9 percent. Production was 1,844,000 net tons in
the week ending February 13, 2020 while the capability utilization then
was 81.5 percent. - more
Coronavirus By
The Numbers - here
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, February 15
Daily
Nickel/Stainless Steel Briefing
Nickel closed Friday's
trading
session at $8.41/lb
($18,530/tonne). Indicators at 6:15 am CST today show
nickel trading around $.07/lb
higher. Stockpiles of nickel stored in LME licensed warehouses went
unchanged on Friday and ended the week just under the 250,100 tonne
level. Nickel closed lower on Friday, but came back with a vengeance
this morning. While off earlier highs, nickel is still near its earlier
peak last week. This appears to be part of a bullish day for all
metals, with only aluminum and gold trading lower at the moment. Copper
is trading at an eight year high, according to Reuters. Nickel's 50 day
moving average is running around $7.93/lb, and according to the charts
we monitor, nickel hasn't traded below this average since one day back
in November of 2020, when it fell below for less than a day. As
nickel
prices continue to rise, so does the price of stainless steel. With
covid-19 and container shortages having an adverse affect on supply, it
is the slowdown in demand that is keeping stainless steel prices from
soaring even higher. This is one of those catch-22 periods, where
landing a new customer, can put unusual demand on certain inventory
that one might be holding for a loyal and long time client. Does one
try to impress a new relationship - or does one protect a long term
relationship? Either way, flipping inventory at the moment, merely to
grab the quick profit, can be detrimental to long term profit
potential. Inside sales, paid to merely take as many orders as they
can, will do exactly that. Enticing them to make more realistic profits
in this type of market, could prove very beneficial to your
organization. Possibly not the best time to have a status quo attitude.
It's
Monday, and we start the last half of the second month, of 2021. Much
of America has been, and continues to be, in the deep freeze, and many
are experiencing a very white February. Stay safe out there and have a
great week!
Average price of LME
traded cash nickel
so far this month
- $8.20/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning
- Copper hits over 8-year high on strong demand, tight supply outlook -
more
Friday's market review - Copper bounces to eight-year peak
on speculative buying - Copper prices rebounded to a fresh eight-year
peak on Friday as investors took advantage of a pullback to add to
their bullish positions, betting demand will keep outpacing supply. - more
Nickel prices: How did we get here and what comes next? - Nickel prices
have risen substantially over the past 12 months and are edging closer
to the US$9 per lb. or US$20,000 per tonne threshold that analysts
believe could spur investment in new supply. - more
Indonesia’s Antam targets 77% y/y jump in nickel ore output this year -
Indonesian state-controlled miner PT Aneka Tambang ANTM.JK is planning
to increase its nickel ore output to 8.44 million wet metric tonnes
(WMT) in 2021, the company said in a statement issued late on Saturday.
- more
US Trade Deficit Rises to 12-Year High - The gap between what the U.S.
sells and buys from abroad rose 17.7% last year to $679 billion. - more
Coronavirus By
The Numbers - here
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Friday, February 12
Daily
Nickel/Stainless Steel Briefing
Nickel closed
Thursday's trading
session at $8.45/lb
($18,635/tonne). Indicators at 6:30 am CST today show
nickel trading around $.13/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Thursday and ended that day just under the 250,100 tonne level. 1/4 of
a billion tonnes of nearly pure nickel now sitting in LME warehouses.
Nickel is lower this morning but if you need a reason why the trading
price is coming down as fast as it went up the last few days, just make
up a reason. The Euro is trying to trade higher against the US Dollar
today, but so far, after a strong start early, isn't having much
success. With China closed for their week long New Year holiday,
traders who may have been feeding off Shanghai traders, who were
feeding off LME traders prior session, may be getting nervous they have
stuck their necks out a little too far, and want to take some quick
profits and settle back into more comfortable territory. Sounds good,
but clearly, we are speculating. That is why, unlike the major news
agencies, we add a lot of words like "possibly", "maybe",
"potentially", "could be", etc. No one really knows, and if they did,
they would be the richest person in the world. It's been a cold week
here in mid America, and the weekend looks to be even colder. We leave
you with a few live video shots from Youtube that we find beautful and
maybe you will as well. The first is a live shot of the Teton Mountains
in Wyoming (here).
These are live, so if the shot you are seeing is socked in with clouds
or snow or dark, check back. It's a gorgeous view when its sunny. On
the other side of the world, is a shot in Norway (here).
When I get up early in the morning and am working on this page, I leave
this one playing on the TV screen muted. It's like a beautiful
portrait that changes. And finally, as a reminder of warmer days
to
come, a shot of the British Virgin Islands (here).
If you like these, I have many more and can add a few each Friday. Just
let us know and remember, we don't even look at email's that don't have
"stainless steel" somewhere in the subject line. That's it for another
week. With China closed much of next week, we don't expect a lot to
happen, but we will be here in case it does. We welcome you back as
well. Stay safe and have a wonderful weekend!
Average price of LME
traded cash nickel
so far this month
- $8.17/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning
- London zinc eyes best week since November on post-holiday steel
demand hopes - more
Thursday's market review - Copper hovers near eight-year
high as Chinese holiday starts - Copper took a breather on Thursday as
Chinese markets closed for the week-long Lunar New Year holiday after
four days of rapid gains that lifted prices to their highest in eight
years, with analysts expecting tight supplies to push the rally
further. - more
Column: China's 2020 refined nickel imports slump to 6-year low - China
has bailed out the copper and aluminium markets by importing record
amounts of the rest of the world’s surplus metal. - more
Foreign demand seen to boost nickel industry - The country’s nickel
industry is projected to have a strong year in 2021 as demand from
foreign markets is expected to improve despite the coronavirus disease
2019 (COVID-19) pandemic. - more
Canadian firm to invest US$26m to revive BCL - A memo apparently
written by the BCL liquidator, Trevor Glaum, to the remaining workers
conducting care and maintenance activities, indicates that the Canadian
firm will now conduct a comprehensive due diligence process on the BCL
assets. - more
Coronavirus By
The Numbers - here
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Thursday, February 11
Daily
Nickel/Stainless Steel Briefing
Nickel closed
Wednesday's trading
session at $8.44/lb
($18,600/tonne). Indicators at 6:15 am CST today show
nickel trading around $.01/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose
nearly the same amount they fell yesterday, and ended that session just
over the 249,800 tonne level. Nickel traded as high as just over the
$18,700/tonne level yesterday, but closed off that. Today, base
metals appear to be in a holding pattern, with Shanghai markets closed
overnight. We stated yesterday nickel had not traded this
high since 2014. That is not correct. On August 31st and September 1st,
2019, nickel trading did spike as high as $18,850/tonne . We missed
this, and apologize for the misinformation. A large earthquake off the
cost of New Caledonia has done no damage on the island, according to
initial reports. A spokesperson from Vale there stated there mine,
which has been shut down all this year, received no damage. Steel
producers are praising President Biden for keeping the steel tariffs
inititated by former Presient Trump active, while those who use the
steel are asking him to repel them. President's Biden and Xi spoke for
the first time yesterday since Biden became President, and according to
a press release, both laid out their countries official lines. Beyond
that, we will see if their pre-Presidential relationship, which was
cordial, helps mend the relationsip between the two countries. As the
two largest economies in the world, China and the U.S. will continue to
compete to grow their economies. The U.S. has a little over 300 million
population - men, women and children. China has a little over 300
million citizens in their middle class alone, and well over 1 billion
citizens. Let's hope this economic competition stays exactly that, and
the military talk of the last few years, is put to rest. It's
Thursday
and the downhill slide has begun. Stay safe out there and have
agreat
day!
Average price of LME
traded cash nickel
so far this month
- $8.14/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning
- Copper hovers near 8-year high on weaker dollar - more
Wednesday's market review - Copper hits eight-year peak as
bullish factors dominate - Copper prices scaled eight-year highs
on Wednesday as rising inflation expectations caused by U.S. stimulus,
a falling dollar, decreasing rates of coronavirus infections and
historically low stocks spurred fresh buying. - more
Stainless producer Aperam reports strongest Q4 profit in three years,
positive Q1 outlook - A strong product mix in Brazil and tight
cost control brought stainless and specialty steelmaker Aperam the best
Q4 EBITDA since its 2017 peak result, with Q1 higher shipments and
prices in Europe now giving a positive outlook, CEO Timoteo Di Maulo
said Feb. 10, reporting the company's 4Q 2020 results. - more
A rival for Sudbury? Mining company hopes to turn Timmins into the new
nickel capital - The CEO and Chairman of Canada Nickel Company told a
Greater Sudbury Chamber of Commerce audience on Tuesday that it is
coming for Sudbury’s Big Nickel. - more
Tesla deployed more EV battery materials than its four closest
competitors combined in 2020 - A report by market researcher Adamas
Intelligence states that Tesla deployed more passenger EV battery
capacity and battery materials, namely lithium, nickel and graphite,
than its four closest competitors combined in 2020. - more
Rebound in third quarter of 2020 fails to compensate for exceptionally
poor first half performance - The European Steel Association
(EUROFER)’s newly released Economic and Market Outlook report reflects
on the effects the COVID-19 outbreak has had on steel output and use. -
more
December Steel Shipments Down More than 12% from December 2019 - The
American Iron and Steel Institute (AISI) reported today that for the
month of December 2020, U.S. steel mills shipped 7,049,785 net tons, a
4.4 percent increase from the 6,753,447 net tons shipped in the
previous month, November 2020, and a 12.1 percent decrease from the
8,021,250 net tons shipped in December 2019. - more
Coronavirus By
The Numbers - here
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, February 10
Daily
Nickel/Stainless Steel Briefing
Nickel closed
Tuesday's trading
session at $8.34/lb
($18,388/tonne). Indicators at 6:15 am CST today show
nickel trading around $.07/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started today just under the 248,700 tonne level.
Yesterday's change was the first time stockpiles have changed by more
than 1000 tonnes in any single day this year. On January 21st, nickel
hit $18,515/tonne, its highest since 2014. At the moment, nickel is
trading at $18,522 - a new seven year high. It's highest close in 2014
was on February 13th, at $21,250/tonne. Shanghai markets are shadowing
the prior days LME's movement, which tells us Chinese traders are
fairly confident nickel will not take any substantial step backwards
while their markets are closed next week. In fact, they appear to be
betting the price might rise while they are on break, and are buying
now not to miss out on any bullish run. Based on historical precedence,
it is safe to believe that nickel will not make any major directional
shift in momentum, while China is on holiday break. With ferrochrome
prices also rising in China, thanks to governmental regulations
requiring smaller smelters to be shut down permanently, stainless steel
prices are set to increase higher in the next few months. For those who
import from the Far East, this means inventory prices are set to rise
thru the middle of the summer, or beyond. So, for those of you who use
stainless steel, whether as a distributor or end user, we don't bear a
lot of good news today. Stay safe out there, and have a great hump day!
Average price of LME
traded cash nickel
so far this month
- $8.11/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning
- Copper prices hit multi-year highs on stimulus hopes, tight supply - more
Tuesday's market review - Copper at one-month high on
stimulus hopes, soft dollar - Copper hit a one-month high on Tuesday
due to a weaker dollar, optimism over a $1.9 trillion stimulus package
and tight supplies of the metal. - more
Commodity prices are surging — just don't call it a supercycle -
Economists warn the term is too exuberant for what is expected to be a
two-year bull market that could still be derailed by COVID - more
Indonesia’s Move Away from Ocean Mine Waste Dumping Sets Example for
Norway, Papua New Guinea - Nickel demand is expected to increase
six-fold by 2030, driven in large part by demand for electric vehicle
batteries. - more
Nickel pig iron producers eye up electric vehicle battery market -
Producers of nickel pig iron (NPI) in Indonesia are looking at
converting their material into an intermediate product that can be
turned into nickel chemicals for the lucrative electric vehicle market.
- more
Vale releases 2020 production and sales report - (excerpt) Production
of finished nickel ex-VNC was 183 700 t in 2020, in line with 2019. On
the positive side, annual production was supported by: - more
Coronavirus By
The Numbers - here
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, February 9
Daily
Nickel/Stainless Steel Briefing
Nickel closed Monday's
trading
session at $8.20/lb
($18,085/tonne). Indicators at 6:10 am CST today show
nickel trading around $.14/lb higher.
Stockpiles of nickel stored in LME licensed warehouses rose on
Monday and ended that session just over the 249,900 tonne level. The
nickel bull is back, with a falling U.S. Dollar helping to swing the
momentum. Nickel has closed back above the $18,000 tonne level for the
last two sessions, after spending the prior seven sessions below that
level. Shanghai traders on Monday followed London traders big jump last
Friday, and now the two appear to be feeding off one another. LME
inventory levels are now nearly 2,000 tonnes higher than we started the
year at, and about 95,538 tonnes higher than we started 2020 at. One
year ago tomorrow, there were 204,078 tonnes f nickel in LME warehouses
and nickel was trading for $5.84/lb. A new virus was making news,
forecasts of an economic slowdown had been around since the prior fall
as well, and nickel had been in a bearish market since then.Lots of
news below so we leave you to it. Stay safe out there and have a great
Tuesday.
Average price of LME
traded cash nickel
so far this month
- $8.07/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning
- London copper hits 1-month high on stimulus hopes, weaker dollar - more
Monday's market review - Copper prices lifted by inventory
squeeze - Copper prices rose on Monday, underpinned by thinning
inventories that pointed to higher demand for the industrial metal and
by optimism over a massive U.S. COVID-19 aid package. - more
U.S. imports of
Stainless steel wire totaled $11.58 million in December, a change of
17.35 percent from the same month one year ago. - more
U.S. exports of
Stainless steel wire totaled
$8.9 million in December, a change of -2.44 percent from the same month
one year ago. - more
U.S. imports of
Stainless steel, not less than
600mm wide totaled $37.91 million in December, a change of -32.34
percent from the same month one year ago. - more
U.S. exports of
Stainless steel, not less than
600mm wide totaled $47.99 million in December, a change of 12.52
percent from the same month one year ago. - more
U.S. imports of Misc.
stainless steel bars, rods totaled $29.98
million in December, a change of -25.36 percent from the same month one
year ago. - more
U.S. exports of Misc.
stainless steel bars,
rods totaled $19.92 million in December, a change of -23.99 percent
from the same month one year ago. - more
U.S. imports of Nickel
totaled $113.6 million in December, a change of -0.59 percent from the
same month one year ago. - more
U.S. exports of Nickel
totaled $15.04 million in December, a change of -46.84 percent from the
same month one year ago. - more
Nickel, The Battery Metal Running On Super-Charged Demand - It doesn’t
garner as many headlines as copper, but nickel is the only base metal
running almost neck-in-neck with the former in a near unbroken rally
since April last year. - more
Questions
looming over metals and mining prospects in 2021 - As we enter 2021,
many mined commodity prices are riding high after recovering from a
dramatic pandemic-induced slump in the first half of 2020. - more
Japan's Sumitomo
Metal lifts profit f'cast on higher metals prices - Japan’s
Sumitomo Metal Mining Co Ltd on Monday raised its annual net profit
estimate by 70% for the year to March 31 thanks to higher copper and
nickel prices as demand bounced back from the COVID-19 crisis. - more
Indonesia’s mining companies discuss Tesla investment plans -
State-owned gold and nickel miner Aneka Tambang (Antam), along with
holding company Mind ID, or Inalum, reportedly will hold a meeting with
US EV maker Tesla to discuss the construction of an energy storage
system (ESS) and lithium battery plant in Indonesia. - more
Courtesy AISI - In the week ending on February 6, 2021, domestic raw
steel production was 1,705,000 net tons while the capability
utilization rate was 75.2 percent. Production was 1,844,000 net tons in
the week ending February 6, 2020 while the capability utilization then
was 81.5 percent. The current week production represents a 7.5 percent
decrease from the same period in the previous year. - more
Coronavirus By
The Numbers - here
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, February 8
Daily
Nickel/Stainless Steel Briefing
Nickel closed Friday's
trading
session at $8.22/lb
($18,115/tonne). Indicators at 6:10 am CST today show
nickel trading around $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouses went
unchanged last Friday and ended the week just over the 249,400
tonne
level. Nickel rose sharply on Friday as part of an increase seen across
the commodity board, as the US Dollar turned south against the Euro.
China is closed for business starting Friday, although we are seeing
some metals business' there closed already. Officially the week long
holiday begins this coming Friday morning. Nickel is quiet this
morning, and has so far, done absolutely nothing today. The weekend's
news was on the light side, with the old guy teaching the young guy a
little about football (American style) on Sunday. It's a new week and
for our American readers, this coming Sunday is far more important than
the Super Bowl. February 14th is Valentine's Day, and whether you did
good last year or not, the pressure is on to do better this year.
You
have a week left, so good luck. And one warning. If they say they don't
care, they really 'do' care. Play it safe out there and have a great
week!
Average price of LME
traded cash nickel
so far this month
- $8.04/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning
- Copper rises as U.S. stimulus optimism raises demand, recovery hopes
- more
Friday's market review - Copper buoyed by sagging dollar
and U.S. stimulus hopes - Copper prices rose on Friday, boosted by a
weak dollar and hopes for better metals demand due to improved vaccine
rollout and as the U.S. stimulus looked set to be approved. - more
Canada Nickel held talks with U.S. government on supplying metal for EV
batteries - - Junior miner Canada Nickel Co Ltd has held talks with
U.S. government officials about potentially supplying nickel for
electric car batteries, its chief executive said, amid mounting concern
in Washington about China’s dominance of global supply chains. - more
Consolidating European steel: Strategic responses to industry
challenges - In light of the many structural and crisis-related
challenges Europe’s steel manufacturers face, pursuing M&A
strategies will open up new opportunities. - more
Reduction in duty could reduce steel prices by up to 10% in near term:
Icra - The reduction of duty on steel products, as proposed in the
Budget 2021-22, may bring down prices of the metal by up to 10 per cent
in the near term, according to ICRA. - more
California: Cumulative Plug-In Electric Car Sales Reach 800,000 - The
U.S. captured just roughly 10% of the global plug-in market in 2020.
California, the largest U.S. market for plug-in electric cars, did not
see any increase in the sales volume in 2020, unfortunately just like
in 2019. - more
2020 Trade Gap is $678.7 Billion - The U.S. international trade deficit
increased in 2020 according to the U.S. Bureau of Economic Analysis and
the U.S. Census Bureau. - more
Coronavirus By
The Numbers - here
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Friday, February the Fifth (FFF)
Daily
Nickel/Stainless Steel Briefing
Nickel closed
Thursday's trading
session at $7.98/lb
($17,600/tonne). Indicators at 6:25 am CST today show
nickel trading around $.17/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Thursday and ended that session just over the 249,400 tonne level.
Nickel is higher today, and appears to be attempting to get back to
closer to the $18,000 tonne level. This may be more of a
technical
move by the bulls, as nickel was nearing a critical support level. In
our worthless information column, today is the only time in 2021 where
the month, day of week, and date all start with the same English
letter. There is an old
saying that he who has his photo taken on the day of three like
letters, has foretold his own death. China is closed all of next week
as the country celebrates its New Year holiday. Tesla has reportedly
made a proposal to Indonesia in reference to an EV battery project. And
Norilsk Nickel gets a huge fine for an oil spill last year. We have
added a permanent link below for the U.S. Steel Monitor. This used to
be issued multiple times a month in pdf form, which we would link to,
but they have now replaced this with a form online, that updates
automatically. It's Super Bowl Sunday here in the Colonies. The
most successful veteran in the game, against the upstart phenom. Since
your author is up there in years, there is a part of us that would like
to see the old guy put a royal whooping on the kid. But alas, we
are Chiefs fans, and therefore, hope the opposite is true. Should be an
interesting game either way, and hope all stay healthy. Stay safe out
there, have a great weekend,
and "How bout them Chiefs?"
Average price of LME
traded cash nickel
so far this month
- $8.02/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning
- Industrial metals rise on risk appetite, but firm dollar weighs - more
Thursday's market review - Tin pushes towards multi-year
highs in tight LME market - Tin prices on Thursday edged back towards
seven-year highs hit earlier in the week, driven by an acute shortage
of material in the London Metal Exchange (LME) system. - more
Indonesia receives investment proposal from Tesla: official - Indonesia
has received an investment proposal from U.S. electric vehicle (EV)
maker Tesla, the country’s deputy head for investment and mining
coordination, Septian Hario Seto, told reporters on Friday. - more
Facing green pressure,
Indonesia halts deep-sea mining disposal - more
Sumitomo trims annual loss forecast despite one-off charges - (excerpt)
Sumitomo, which has been struggling to ramp up the nickel project due
to technical glitches and other trouble, plans to resume the Ambatovy
operation in March, with an estimated annual output of less than 40,000
tonnes in the next financial year, from April. - more
BNC targets increased production - Bindura Nickel Mine is eying to
increase production to more than 60 000 tonnes of ore per month in the
second quarter after the re-deepening project at Trojan Mine is
completed. - more
Nornickel ordered to pay $2 billion over Siberian Arctic fuel spill - A
power business owned by mining giant Norilsk Nickel must pay 146.2
billion roubles ($1.95 billion) for environmental damages in Siberia
caused by a fuel spill in the Arctic last May, a Russian court ruled on
Friday. - more
Talon Metals has positive production scenarios for nickel project -
Talon Metals Corp. said Thursday February 4 that it has completed an
updated preliminary economic assessment (PEA) for its Tamarack
nickel-copper-cobalt project in Minnesota. - more
Global Plug-In Electric Car Sales December 2020: Over 570,000 Sold -
With all the numbers for December now in, we can finally take a look at
the global sales of passenger plug-in electric cars in 2020. And there
is a lot of great news. - more
MSCI Launches “Build Now” Campaign - Goal is to demonstrate how
crumbling infrastructure impacts lives, families, jobs, communities and
the economy - more
US Productivity Fell Sharply in Q4, Labor Costs Rose - The economic
roller coaster created by the pandemic continues. - more
Fastenal's Safety Sales
Still Elevated, but Slowing; Fasteners Flat - more
Grainger's Organic
Sales Continue Solid Improvement; Full Year Sales Up 2.7% - more
Coronavirus By
The Numbers - here
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Thursday, February 4
Daily
Nickel/Stainless Steel Briefing
Nickel closed
Wednesday's trading
session at $8.00/lb
($17,645/tonne). Indicators at 6:10 am CST today show
nickel trading around $.04/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started today's session just over the 249,000 tonne level.
Cancelled warrants rose to 26.02%, the first time they have rose over
the 26+% range since March 2020 (it did hit 26% even for one day in
November 2020). Nickel continues to remain quiet, slowly sliding
backwards since January 20th, most likely due to the resurgence in the
U.S. Dollar. Technical indicators have switched to strong sell, but we
are skeptical that takes place soon. Traders are betting on what is
going to happen when China returns after their week long holiday break
next week, and as it stand right now, the signals are mixed. So we
suspect until they return and traders see what happens, they may get
skittish and back off a little, or start gambling a strong return and
move higher, but we doubt there will be any major moves until
potentially late this month. However, we have not traveled since the
pandemic, and thus, have not stayed at a Holiday Inn Express in recent
history, so take that prediction, or any other we dare to type, with a
grain of salt. It's Thursday and the down hill slide has begun. Stay
safe and have a great day!
Average price of LME
traded cash nickel
so far this month
- $8.04/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning
- Copper prices rise on stimulus hopes; firm dollar limits gain - more
Wednesday's market review - Copper rebounds on
short-covering and receding China concerns - Copper rebounded after
three days of losses as some bearish investors cancelled their
positions, partly because of receding concerns over tight liquidity in
top metals consumer China. - more
Union budget opens floodgates for Chinese stainless-steel companies:
ISSDA - The finance minister's recent move to revoke anti-dumping &
countervailing duty on steel and stainless steel imports during the
union budget presentation may result in a jump in imports from China
and Indonesia which is expected to have a negative impact on the
stainless steel industry. - more
South Korea continues to impose AD duty on stainless steel bars from
Japan, India, Spain - According to the announcement from the South
Korean government on January 22nd, South Korea would continue to impose
anti-dumping tariffs for the next 3 years on imported stainless steel
bars, which from Japan, India, and Spain. - more
Explainer: How the New Caledonia government collapse may affect the
nickel market - The coalition government in New Caledonia, a
French
territory in the Pacific that is the world's fourth-largest nickel ore
producer, collapsed on Tuesday after pro-independence politicians
resigned. - more
Production efficiency must remain for Ramu NiCo: President -
Production efficiency will remain as number one priority for the nickel
cobalt mining project in Madang Province. - more
Container shortages restrict EU stainless steel imports - The cost of
container shipping from Asia to Europe has increased significantly in
the past few months. - more
Six suitors likely to bid for Larco assets - Six candidates have
expressed their interest in a tender to buy Larco General Mining &
Metallurgical Company assets, including the leasing of the mining
complex in Larymna. - more
St. Louis County Board joins pro-mining chorus with resolution
supporting copper-nickel projects - The move Tuesday came after Iron
Range lawmakers urged the establishment of a working relationship with
members of President Joe Biden's cabinet. - more
Coronavirus By
The Numbers - here
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, February 3
Daily
Nickel/Stainless Steel Briefing
Nickel closed
Tuesday's trading
session at $8.08/lb
($17,807/tonne). Indicators at 6:10 am CST today show
nickel trading around $.05/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell by 4
lots on Monday, and ended the day just under the 249,100 tonne level.
After falling sharply the first two days this month, the Euro tried to
recover this morning against the U.S. Dollar, but has since given up
those gains and is back to where it closed yesterday. Nickel is lower,
and the bulls may have lost some of their 'after the China holiday'
enthusiasm, with the lower China PMI for January. There is a separate
PMI kept on the Chinese steel industry, and you can read more on it (here).
Mine Mill members ratified the new contract with Glencore, and we note
an interesting sentence from the article. Referring to the last
contract being negotiated when the price of nickel was in the $4/lb
range, "The company argued the higher price of nickel at the moment is
“an anomaly, but we can do our own research and see through that kind
of argument." It is going to be interesting to see what takes place in
New Caledonia over the next few weeks and months. Vale's one time
'mega-mine' there has become a pawn in the chess battle between the
pro-Independence and French loyalist factions. Twice, nationwide
elections have been held in recent years, and the Independence
movements have lost. Buyers have come and gone since the mine went up
for sale years ago, and we suspect the political unrest is making a
sale impossible. We are not hearing of any delays of nickel shipments
from Myanmar since the military seized power there - again. Stay safe
and have a great hump day!
Average price of LME
traded cash nickel
so far this month
- $8.07/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning
- Shanghai copper hits 8-week low on demand woes ahead of China holiday
- more
Tuesday's market review - Copper heads towards six-week
low as China holiday looms - Copper prices fell towards six-week lows
on Tuesday as funds cut bets on higher prices ahead of a seasonal
demand lull during the Lunar New Year holiday in China, which accounts
for 50% of global consumption. - more
New Caledonia's Government collapses after resignation of
pro-independence politicians - New Caledonia's coalition government has
collapsed after its pro-independence politicians resigned. - more
New Caledonia's
government collapses over independence, nickel unrest - more
Glencore's 2020 output hit by Congo mine closure, sticks to targets -
Glencore said on Wednesday its copper and cobalt production fell in
2020 after the Mutanda mine closure in Democratic Republic of Congo but
said the ramp up of another mine in the African country was progressing
well. - more
Mine Mill made 'modest gains' in new contract - A new contract ratified
Monday between Glencore and its workers offers stability going forward
and avoids what could have been a difficult stint on the picket lines,
according to the union. - more
Weekly Technicals on Metals Part A: Copper, Aluminium and Nickel - I
have repeated this for a while now, how ‘...once again...the market had
seemingly baulked at entering the previously highlighted Congestion
formed back in February 2013 between 8200—8350...though it is within
the wider Congestion from September and October 2012 between
8100—8350.’ - more
Coronavirus By
The Numbers - here
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, February 2
Daily
Nickel/Stainless Steel Briefing
Nickel closed Monday's
trading
session at $8.10/lb
($17,860/tonne). Indicators at 6:05 am CST today show
nickel trading around $.03/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Monday and ended that session just over the 249,100 tonne level. Nickel
is slightly lower today, but we suspect that has more to do with the
Euro trading sharply lower against the US Dollar than anything else.
Reports from New Caledonia that the government has collapsed there,
partially due to the sale of the Vale nickel mine. The island residents
are likely more concerned with Cyclone Lucas approaching at the moment,
as is the French cruise ship La Laperouse. Apparently New Zealand
refused the ship admittance, or even a refueling stop, as part of their
very successful covid ban, and now the ship is waiting for fuel off of
New Caledonia. Not nickel related, but if your knee deep in snow or
cold today, its not all roses in this island paradise. Reuters has
published their annual poll of
metals analysts (see article below) and the average of nickel forecasts
for 2021 comes in at $16,535/tonne ($7.50/lb). The average of the
monthly LME cash price for 2020 was $6.25/lb, down from $6.42/lb in
2019. For 2020, the same metals analysts polled by Reuters forecast
$6.95/lb. Those of our readers who participated in our poll last January (see Jan 16, 2020)
forecasted an average of $6.53/lb. We (ESS) forecast $6.35/lb, but we
had one anonymous reader from Webco Industries who actually forecast
$6.23/lb and gets the bragging rights. While the pandemic obviously had
an impact on the 2020 price, it is interesting to note that nickel was
on a downward slide in January when the poll was taken, but at the end
of March, turned bullish for the remainder of the year. It should also
be noted that different organizations use different formula's to
determine an annual average price - we use the average of the monthly
cash price of LME nickel. It's Tuesday, and a day where we Americans
stare at men in funny hats, who are staring at a gopher, in the hopes
of learning what the weather will be like for the remainder of winter.
Oh well. Lots of news and reports today, so we leave you with it. Stay
safe and have a great day.
Average price of LME traded cash nickel
so far this month
- $8.08/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning
- Industrial metals mostly fall as caution rises ahead of Chinese New
Year - more
Monday's market review - Doubts over Chinese demand weigh
on copper - Copper slipped on Monday as manufacturing data from top
consumer China raised the prospect of slowing demand growth, while a
higher dollar prompted funds to cut bets on higher prices, though
losses were capped by historically low inventories. - more
Base metals analysts turn cautious after stellar rally - After a
super-charged rally over the second half of 2020 base metals may
struggle to notch up further price gains in the short term. - more
Taiwan's stainless steel prices keep going up - Last week, due to the
increasing raw material costs, stainless steel upstream plants,
including Yusco, Tang Eng, and Walsin Lihwa, raised their prices for
February as expected. - more
New Caledonia Government Collapses Over Nickel Plant Sale - New
Caledonia's coalition government collapsed Tuesday after
pro-independence politicians resigned over disagreements over the
budget and the sale of a nickel factory on the French South Pacific
territory - more
Sudbury mining workers reach tentative agreement with Glencore - Mining
workers at Glencore's Sudbury operations are voting Monday on a new
collective agreement with the company. - more
ATI to close stainless steel operation by end-2021 - Allegheny
Technologies Incorporated (ATI) previously planned to close its
stainless steel business in the middle of this year, but recently the
plan will be postponed to the end of this year. - more
Budget 2021: Revocation of anti-dumping duties on stainless steel
imports an 'unintentional gift' for China, says industry - Coming down
hard on the Union Budget proposal to waive anti-dumping and
countervailing duties on imports from China and Indonesia, the industry
body representing stainless steel makers has said the measure defeats
the government's pet theme of ‘Make in India.’ - more
Could the world’s deep seas become China’s mining frontier? - Chinese
researchers have spent the last decade mapping the globe’s ocean floors
looking for potential mineral deposits - more
Courtesy AISI - In the week ending on January 30, 2021, domestic raw
steel production was 1,725,000 net tons while the capability
utilization rate was 76.1 percent. Production was 1,906,000 net tons in
the week ending January 30, 2020 while the capability utilization then
was 82.4 percent. The current week production represents a 9.5 percent
decrease from the same period in the previous year. - more
ID's January Industrial Supply M&A Recap - Activity was down
slightly from December, but still solid amid a transition to a new US
President. - more
February US steel
market sentiment less bullish: Platts survey - more
Coronavirus By
The Numbers - here
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, February 1
Daily
Nickel/Stainless Steel Briefing
Nickel closed Friday's
trading
session at $8.04/lb
($17,730/tonne). Indicators at 6:00 am CST today show
nickel trading around $.07/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Friday and started the month just under the 248,900 tonne
level. Nickel is trading higher this morning, while the U.S. Dollar is
trading higher as well. China's week long New Year holiday starts next
Monday. Mine Mill 598 announced this morning its negotiators had
reached a tentative agreement with Glencore in Sudbury overnight. We
welcome back long time supporter Duraloy as sponsoring February with
the top banner and ELG with a side banner. ELG sponsored a side banner
all year, so they are permanent fixture for 2021. We thank both of our
sponsors and invite you to visit their sites and see if they offer
services you can use. We still have some months available for the end
of the year of you are interested in sponsoring a month. It's a new
day, week and month. And a short month as well. So with only seven
weeks left in winter (north of the equator), it's time to start
planting seeds for spring. Cold calls can be unenjoyable for most, but
rejection is rarely personal. So however you choice to contact
potential clients, February is a good month to make the first move. And
good luck to you. Remember. There are those who seem to have been born
with the 'gift', and who can step into mud and come out clean. The rest
of us have to work at it. Put in the effort and you 'will' accomplish
your goals. Stay safe out there and have a great day, week, and month!
Average price of LME
traded cash nickel
so far this month
- $8.10/lb (average January)
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning
- Doubts about China demand weigh on copper - more
Friday's market review - Copper under pressure from higher
dollar, stocks support - Copper prices came under pressure on
Friday from profit-taking on long positions triggered by the higher
dollar and concern about demand in top consumer China, but historically
low stocks helped limit losses. - more
After 10 Years of Underperformance, Commodities Are Set to Boom. Here’s
How to Play the Rally.- Commodities are starting to revive after a
10-year bear market. Natural resources like energy, metals, and
agriculture look set for an extended run, and investors should get on
board. - more
Chinese stainless steel price may further increase before Chinese New
Year - The price of stainless steel 400 series in China has skyrocketed
recently. Due to steel mills' price-up, stainless 410 and 420 in the
Wuxi market rose by as much as RMB 1,000/ton in a week. - more
Chinese stainless steel
price may further increase before Chinese New Year - more
Indonesia's Antam targets 50,000-100,000 T nickel sulphate output a
year by 2024 - Indonesia is aiming for its state miner PT Aneka Tambang
(Antam) to produce 50,000 to 100,000 tonnes of nickel sulphate per year
when its high-pressure acid leach (HPAL) plant comes online in 2024, an
official told parliament on Monday. - more
Steel mills have unique challenges, vulnerabilities to cyberattacks -
Historically, critical infrastructure systems like steel mills have had
distinct vulnerabilities due to being purpose-built systems, designed
to run with very little variation, according to Mark Fabro, president
and chief security scientist at Lofty Perch, a consulting firm focused
specifically on operational technology and industrial controls systems
for cybersecurity. - more
Distributor Pandemic Index Holds in Low Growth - The
two newest indexes indicate that the three straight weeks of high
readings between late December and early January were largely
holiday-driven. - more
Coronavirus By
The Numbers - here
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
(all
ton listings are metric tons = 2204.622 pounds ) Updated Monday thru
Thursday before 7 am CST, Friday version before 8 am CST - DisclaimerOriginal content and opinions
copyright
www.estainlesssteel.com. All prices shown on
this page are indications only. Please note - for real time and
official LME
prices, LME requires a user subscribe to an authorized LME vendor.
Daily Nickel/Stainless Steel Briefing 
($19,195/tonne). Indicators at 6:40 am CST today show
nickel trading around $.26/lb 
Reports
Why Stainless Steel 
Thursday's market review - Copper jumps to 9-1/2 year high
on inflation fears - Copper prices surged to their highest in almost a
decade on Thursday as investors scrambled to buy metals as a hedge
against potential inflation from ongoing central bank stimulus. - 
Musk says nickel is ‘biggest concern’ for electric-car batteries - Elon
Musk has had it with nickel. It’s scarce and expensive, so the chief
executive officer of electric-carmaker Tesla tweeted on Thursday that
the company’s shifting some cars to a type of battery that uses iron
instead. - 
January 2021 crude steel production - World
crude steel production for the 64 countries reporting to the World
Steel Association (worldsteel) was 162.9 million tonnes (Mt) in January
2021, a 4.8% increase compared to January 2020. - 
US market facing high prices of stainless steel sheets - Due to a sharp
rise in processing fees, a rise in base prices for the second
consecutive month, continued supply shortages, stainless steel sheets
in the US reached a peak in the past 9 years this month. - 
Indonesia says 'ready to fight' EU at WTO over nickel export curbs -
Indonesia is “ready to fight” the European Union’s challenge of the
Southeast Asian country’s ban on nickel ore exports at the World Trade
Organisation, arguing the bloc’s actions may hinder Indonesia’s
development plans, the trade minister said. - 
Brazil's Vale books hefty dam disaster charges, but bullish about core
earnings - Brazil’s Vale SA logged $4.9 billion in provisions related
to the Brumadinho dam disaster in quarterly earnings, but its ferrous
metal division turned in a strong performance and the miner was upbeat
about the outlook for key products. - 
Other News
($19,700/tonne). Indicators at 6:10 am CST today show
nickel trading around $.02/lb 
Norilsk Nickel Partially Suspends Two Big Mines on Water Inflow - MMC
Norilsk Nickel PJSC, the world’s biggest producer of palladium and
refined nickel, has partially suspended two of its main Arctic mines
due to water inflows at one of the interconnected operations. - 
Nickel Likely To Continue Its Bull Run - Nickel prices are current
holding near heights level since 2014 at $19,482 on the backdrop of
increasing economic optimism in US and China. - 
China's nickel prices to increase sharply - After the Chinese New Year
holidays, China's domestic nickel price increased sharply. LME nickel
also reached US$20,000/ton on February 22 which is a record high in six
years. The main reason for the high nickel was the tight supply of
nickel ore. - 
PHL 2020 metals output up 1.3% by value - The value of the metallic
mining industry’s output in 2020 rose 1.3% to P132.21 billion, driven
by improved nickel volumes, the Mines and Geosciences Bureau (MGB)
said. - 
Mining industry key to Canada's economic rebound, Timmins meeting told
- Mining is an industry that's the heart of northern Ontario's economy,
and one the Mining Association of Canada says will be key to helping
the national economy rebound. - 
Nickel mine pits feisty priest, Environment chief - The outspoken
priest, Rogelio Cruz, on Mon. labeled as nonsense and lack of knowledge
the Environment Minister’s recent statements about the possible
exploitation for ferronickel of Loma Miranda (central). - 
BHP and Aboriginal group probe fallen rock shelter in Western Australia
- BHP Group has launched a joint investigation with an Indigenous group
into what caused a rock fall at a culturally significant rock shelter
at its iron ore operations in Western Australia, both groups said. - 
Singapore freezes two firms' bank accounts after alleged nickel fraud
- Singaporean authorities have frozen the local bank accounts of
commodity trader Envy Global Trading Pte and Envy Asset Management Pte
following an investigation into their nickel trading, Envy Global
Trading said on Monday. - 
Outokumpu joins TOCANEM to support carbon neutrality - Outokumpu
joins a three-year research program Towards Carbon Neutral Metals
(TOCANEM) as a part of a consortium of multiple metal industry
companies and universities in Finland. - 
Taiwan’s Yusco & Tang Eng expected to hike stainless steel prices
next [this] week - As nickel prices have continued rising to a record
high compared to the past six years, Yieh United Steel Corp. (Yusco)
and Tang Eng Iron Works Co., Ltd., two leading stainless steel upstream
suppliers in Taiwan, were expected to hike their prices for March next
week. - 
EC to initiate CVD duty investigation on stainless steel cold-rolled
flat products from India & Indonesia - The European Commission (EC)
announced that it will initiate a countervailing duty (CVD)
investigation on imports of stainless steel cold-rolled flat products
originating in India and Indonesia, based on a complaint filed by the
European Steel Association (EUROFER) on January 4, 2021. - 
Miner Eramet sees higher core earnings this year after pandemic hit -
French mining group Eramet said on Tuesday it expected a rebound in
core earnings this year after starting to recover in recent months from
severe disruption caused by the COVID-19 pandemic. - 
Canadian firm to invest US$26m to revive BCL - A memo apparently
written by the BCL liquidator, Trevor Glaum, to the remaining workers
conducting care and maintenance activities, indicates that the Canadian
firm will now conduct a comprehensive due diligence process on the BCL
assets. - 
Commodity prices are surging — just don't call it a supercycle -
Economists warn the term is too exuberant for what is expected to be a
two-year bull market that could still be derailed by COVID - 
Japan's Sumitomo
Metal lifts profit f'cast on higher metals prices - Japan’s
Sumitomo Metal Mining Co Ltd on Monday raised its annual net profit
estimate by 70% for the year to March 31 thanks to higher copper and
nickel prices as demand bounced back from the COVID-19 crisis. - 
Reduction in duty could reduce steel prices by up to 10% in near term:
Icra - The reduction of duty on steel products, as proposed in the
Budget 2021-22, may bring down prices of the metal by up to 10 per cent
in the near term, according to ICRA. - 
Daily
Nickel/Stainless Steel Briefing
Sumitomo trims annual loss forecast despite one-off charges - (excerpt)
Sumitomo, which has been struggling to ramp up the nickel project due
to technical glitches and other trouble, plans to resume the Ambatovy
operation in March, with an estimated annual output of less than 40,000
tonnes in the next financial year, from April. -
BNC targets increased production - Bindura Nickel Mine is eying to
increase production to more than 60 000 tonnes of ore per month in the
second quarter after the re-deepening project at Trojan Mine is
completed. - 
South Korea continues to impose AD duty on stainless steel bars from
Japan, India, Spain - According to the announcement from the South
Korean government on January 22nd, South Korea would continue to impose
anti-dumping tariffs for the next 3 years on imported stainless steel
bars, which from Japan, India, and Spain. - 
Production efficiency must remain for Ramu NiCo: President -
Production efficiency will remain as number one priority for the nickel
cobalt mining project in Madang Province. - 
Six suitors likely to bid for Larco assets - Six candidates have
expressed their interest in a tender to buy Larco General Mining &
Metallurgical Company assets, including the leasing of the mining
complex in Larymna. - 
Glencore's 2020 output hit by Congo mine closure, sticks to targets -
Glencore said on Wednesday its copper and cobalt production fell in
2020 after the Mutanda mine closure in Democratic Republic of Congo but
said the ramp up of another mine in the African country was progressing
well. - 
