Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $11.00/lb ($24,240/tonne). Indicators at 6:00 am CST today show nickel trading around $.37/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose one whole lot on Friday, that's six tonnes, and ended the week just under the 81,000 tonne level. Volatility rules in nickel trading, with no one knowing for sure what will happen next as it pertains to Russia. The West is firing off sanctions against Russia and Belarus as Russian forces advance in Ukraine and traders appear to be betting that nickel will be added. This morning, nickel is back above the $25,000/tonne level for the third time in the last week.  Lot of analysts and concerned parties making predictions about short term nickel in the face of the Russian invasion, but we can only say that volatility will continue to rule, until the bullets stop flying. If you have Netflix, we would like to recommend "Winter On Fire: Ukraine's Fight for Freedom" (Trailer here). If you don't know who the Ukrainian people are, this documentary about their struggle in 2014, could open your eyes. Countries may not be boycotting Russian nickel yet, but we would like to think those companies with practical options, are. Stay safe out there and enjoy the last day of February.
  
• Average price of LME traded cash nickel so far this month - $10.95/lb
  

    Friday's market review - Aluminium recoils from peak after Russia energy excluded from sanctions - Aluminium prices retreated on Friday from record levels on easing fears about power supply after Russia's energy sector was excluded from Western sanctions and as some traders withdrew ahead of the weekend. - more

     Taiwan’s Tang Eng announces higher stainless steel prices for Mar - Tang Eng Iron Works Co., Ltd., one of the main stainless steel manufacturers in Taiwan, raised its new prices of stainless steel products for March today (February 25). - more

• Taiwan’s Yusco raises stainless steel prices for Mar to reflect costs - more

• Nickel Prices Fluctuated Wildly due to the Russia-Ukraine Conflicts - more
  

     Rise in shipping prices has little impact on China's stainless steel exports - The pandemic has disrupted global supply chains for a long time, and shipping prices have been rising for two years. - more

• Increasing Arrivals on the Market May Weigh on the Stainless Steel Prices  - more
  

     Outokumpu expects no short-term war impact on operations - Finland-based stainless steel producer Outokumpu has stated that it has been following the developments in Ukraine following the invasion by Russia, and does not expect any material impacts from the situation on its operations in the short term. - more

     Russia faces major disruptions to oil, commodities flows without SWIFT - Russian exports of all commodities from oil and metals to grains will be severely disrupted by fresh Western sanctions, dealing a blow to Russia's economy and hurting the West with a spike in prices and inflation, traders and analysts said. - more

• US miners irked that Pentagon mineral stockpile plan bypasses them - more
• Local View: Minnesotans 'made to look like fools' in sham comment period - more
  

     Indonesian Nickel Mine Contamination Could be Cautionary Issue for EV Battery Development - The electric vehicle (EV) revolution appears to be one of the most unstoppable business trends across the globe. - more

• Presence of toxic metals in State rivers higher than permissible limits - more
  

   Other News

• Reuters The Day Ahead - pdf here
• Ukraine invasion: should Russia lose its seat on the UN Security Council? - more
• Clash Over Ukraine Drives a Dagger Into Globalization - more
  
• How the lawyers see sanctions affecting Russian commodities - more
• California Surpasses 1 Million Plug-In Electric Car Sales - more
  

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $11.25/lb ($24,800/tonne). Indicators at 6:00 am CST today show nickel trading around $.27/lb lower, although must of this drop was seen in the immediate hours after closing yesterday. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and ended that session just under the 80,100 tonne level. For those who might question our earlier assessment that China would likely not take part in any sanctions against Russia, Bloomberg is now reporting that they have said as much (see story below). China is blaming NATO expansion concerns as justification for the Russian aggression, in what may be a  'I scratch your back, you scratch ours' when it comes to Taiwan later.  These two countries will never become besties, but they can do a lot of damage to the rest of the world during their uncomfortable partnership. So what does all of this mean for nickel and stainless steel? Yesterday was a knee jerk reaction and trades based off fears of the unknown. Traders like to have a sense of what will happen tomorrow and when that is gone, volatility takes center stage. Nickel rose to $26,000/tonne yesterday on news of the Russian invasion of Ukraine, but four hours later, was trading back around the $25,000/tonne level, and two hours later, in mostly after market trading, had lost another $600/tonne and was trading about where it ended Wednesday. Prices are going up, especially oil and gas, that's pretty much a given. Does the Fed now have cover to keep rate increases in check? Will inflation continue to rule the day, or will a slowdown in world economies slow down inflationary pressures? The EV industry does not appear to be old enough, in our opinion, to be too vulnerable to getting hurt by an economic slowdown and skyrocketing fuel prices could become the best sales tool the EV industry has to offer. The stainless steel industry is more vulnerable to a global slowdown, but even that would take some time to see, if it was too happen at all, as many producers are still behind filling current orders. The danger for the middle men, the stainless steel distributor, has always been a sharp drop in prices at the same time there is a potential slowdown in demand. Nothing worse than over priced inventory and competitors willing to loose money to dump high priced stock. savvy distributors can make good money as nickel and stainless steel prices climb, but when the opposite happens, it takes the savviest distributor to weather the storm. Having said that, we do not see that happening any time soon. Prices may come down a bit on market uncertainty, but there is little reason to see any significant drop. Nickel fundamentals remain strong, so we don't really see nickel experiencing anything beyond a possibly correction. We were trading around the $20,000 tonne level at the beginning of the year, eight weeks ago, and closed at $24,800 yesterday, so there is plenty of room for a "correction" without entering a bear market. As long as LME stockpiles keep dropping, any potential market correction would likely be minor. Off the subject of nickel and Ukraine, but still interesting to those of us who marvel at the 21st century growth of China, we quote from an article linked to under "Other News". "China started building 33 gigawatt's (GW) of coal-fired power producing capacity in 2021, almost triple the world’s combined capacity, according to a report." and "Steel mills approved 74 million tonnes of coal-based capacity last year, adding in 12 months what the rest of the world put together on average in five years, the report said." These decisions will not help them reach any Climate Change goals, but last fall's power shortages, revealed a vulnerability, and they are taking steps to rectify the situation. Making nice with coal rich Australia would be a recommended second step. Although lower this morning, nickel is quiet as traders take a wait and see attitude. We are still treading in unknown waters, so any news headline could put volatility back in control, with wild swings in either direction a distinct possibility. It's the weekend and February is about over. For those of you who are not fans of cold weather, March usually offers a ray of hope of warmth ahead. And if you like cold weather, Australia is nearing their fall. Stay safe out there and have a great weekend.
  
• Average price of LME traded cash nickel so far this month - $10.93/lb ($24,090/tonne)
  

    Thursday's market review - Aluminium surges to record high on fears over Russian supplies - Aluminium prices rallied to a record high on Thursday after Moscow launched an attack on Ukraine, sparking fears of sanctions that could cut supplies from major producer Russia and disrupt energy supplies needed to produce the metal. - more

• Dutch entrepreneurs, Rotterdam port worried about Russian invasion of Ukraine - more
• Russia's invasion of Ukraine throws another wrench into supply chains - more
• Russian Attack on Ukraine Raises Big Risks for Global Economy - more
• Russia: A country that is considered invulnerable to economic sanctions - more
• Russian Billionaires Lose $39 Billion in a Day on Ukraine Attack - more
  

• China stimulus prompts Fitch Solution to revise iron-ore price outlook higher - more

• Stainless Steel Sheet and Strip from China Institution of Five-Year Reviews - pdf here

     China expressed opposition to sanctions against Russia and criticized the U.S. for inflaming the Ukraine crisis - China expressed opposition to sanctions against Russia and criticized the U.S. for inflaming the Ukraine crisis, suggesting its support for NATO’s expansion had left President Vladimir Putin with few options. - more

• Eramet sees Russian nickel reaching market despite sanctions - more
  

   Other News

• Reuters The Day Ahead - pdf here
• China finds coal a hard habit to break as power plants, steel mills stall pledges to scale back - more
• US EV Sales Hit All-Time High In Q4 2021: Tesla Leads w/72% Share - more
  

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $11.07/lb ($24,410/tonne). Indicators at 6:00 am CST today show nickel trading around $.65/lb higher. Yes, you read that right. LME nickel is trading over the $25,800/tonne level at the moment. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Wednesday and started today just over the 81,100 tonne level. For anyone old enough to remember the recent history of the Russian Communist government, last nights news that they had invaded Ukraine, came as little surprise. Commodity traders are apparently very concerned about the possibility of sanctions against Russia, affecting the flow of nickel. The Euro is tanking, which is typically bad news for London traded base metals, but not today. Oil is trading near $100/barrel this morning, so expect big price increases at the gas station - and future freight bills. What this will mean in the long term is difficult to know. Higher prices will slow world economic growth, but by how much? We don't see sanctions against Russian nickel exports, but if they happen, will China participate? It has been illegal for anyone in the U.S. to 'use' nickel mined in Cuba for decades, but when was the last time you actually heard of anyone arrested for violating that law? There is plenty of Cuban mined nickel floating around in stainless steel product in the U.S., but proving that is a near impossibility. Where there is a will, there is a way. Stainless steel prices in China fell overnight, due mostly to a slack in demand according to Chinese metal sources. And French nickel miner Eramet, credits high metals prices for their 2021 earnings. Back to Russia, if we want to hurt the country without using the military, then push the United Nations to take away their seat on the security council. Power means everything to guys like Putin, so chipping away at that power, could help calm the situation. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $10.87/lb
  

    Wednesday's market review - Aluminium and nickel cling to gains as Russia sanctions support - Aluminium and nickel hovered near multi-year highs on Wednesday as Western nations sought to step up sanctions pressure on major metals producer Russia. - more

     CISA mills’ daily steel output down 4.47% in early Feb, stocks up 23.18% - The China Iron and Steel Association (CISA) has announced that in early February (February 1-10) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 1.9235 million mt, down 4.47 percent compared to late January (January 21-31) this year. - more

• China’s steel industry eyes major HRC capacity expansion in 2022-2023 - more
• Asian steel market forecast to strengthen post Olympics - more
• Stainless Steel Spot Prices Dropped by 300-400 yuan/mt and Trading Remained Slack - more
  

   Other News

• Reuters The Day Ahead - pdf here
• Fertilizer shortages due to Russia-Ukraine conflict may hit US growing season - more
• Vladimir Putin is successfully ‘playing the China card’ against the US, analysts say - more
  

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $11.14/lb ($24,555/tonne). Indicators at 6:00 am CST today show nickel trading around $.18/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and ended that session at 81,300 tonnes. Cancelled warrants continue to hover around the 52% level. Nickel's official cash price for yesterday was $25,650/tonne, showing just how high nickel was trading at one point. If you have any stainless steel you want to scrap, now is a good time to consider it. Barchart's 304 stainless steel scrap index is up to $.60/lb today. President Biden is touting his relationship with Talon Metals as evidence he is willing to actually let nickel mines open, although Twin Metals might disagree. Totten Nickel Mine in Canada is resuming operations. World Steel reports worldwide steel production last month was 6.1% lower than January 2021. And China is expected to implement another year of steel reduction mandates, although they have yet to make a final decision or release any details. Yieh is forecasting some big price increases for stainless steel produced in Taiwan. Finally, we live in an area of the country where ice storms and the possibility of power outages are a real concern thru Thursday, so if we are not updating over the next few days, that might account for the reason why. Both Fedex and UPS base airport terminals are under the gun over the next few days as well. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $10.85/lb
  

    Tuesday's market review - Aluminium and nickel hit multi-year highs on Russian supply threat -  Aluminium and nickel prices hit multi-year highs on Tuesday after Russia ordered troops into two breakaway regions of eastern Ukraine, raising fears of war and sanctions on Moscow that could interrupt Russian exports. - more

      Stainless Steel Prices Are Likely to Remain Rangebound after Pulling Back - The stainless steel futures prices rose during January 28 - February 16, and pulled back from February 17.- more

• Will Stainless Steel Prices Fall Along With the Declining Pure Nickel and Steel Scrap Prices? - more
  

      The United States Geological Survey has released a new list of 50 mineral commodities critical to the U.S. economy and national security after an extensive multi-agency assessment. - The 2022 list of critical minerals was determined using the most up-to-date scientific methods to evaluate mineral criticality. - more

• Biden voices support for new U.S. mines, if they don't repeat past sins - more
  

     Soaring Diesel and Gasoline Prices Are Bleeding Into Shipping - The shipping industry is starting to feel the full force of surging diesel and gasoline costs. - more

   Other News

• Reuters The Day Ahead - pdf here
• Is China’s lithium quest fuelled by business or politics, and how far will it go to secure ‘white gold’? - more
• Safe in the knowledge: Guide for the protection of nickel workers updated - more
  

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $11.04/lb ($24,335/tonne). Indicators at 6:05 am CST today show nickel trading around $.30/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and ended that session just over the 82,300 tonne level. Nickel has recently dropped back below the $25,000/tonne level, but it was trading about $250/tonne over that level earlier. Analysts are still crediting the Russia - Ukraine conflict possibility as the primary reason, and considering the activity over the past 24 hours and the sudden jump in nickel, there may be some reasoning behind the claim. We still doubt China will buy into any nickel embargo. Speaking of China - do you think they are watching how the world is reacting to the Russian aggression toward Ukraine. Can you spell Taiwan? Everyone is reporting stainless steel price increases, and with US surcharges for March just now being issued, U.S. customers should prepare themselves for increases as well. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $10.79/lb
  

    Monday's market review - Healthy demand, shortages spur nickel's climb to decade highs - Nickel prices climbed to their highest in more than a decade on Monday as low inventories, healthy demand from manufacturers of electric vehicle batteries and worries about supplies from Russia spurred buying. - more

     SunSirs: Stainless Steel Was Up Slightly This Week (February 14-18) - According to the price monitoring of SunSirs, stainless steel rose slightly this week. - more

• Stainless Steel Spot Trading Remained Slack and the Prices were Stable - more
  

     European stainless coils may increase, June negotiations start - European stainless steel hot and cold rolled coil prices continue to be elevated this month and are forecast to remain strong until June, Kallanish hears from market sources. - more

     Antofagasta impairs value of Twin Metals - Copper producer Antofagasta has impaired the full carrying value of its Twin Metals project, which was dealt a serious blow last month when the US federal government cancelled the long-held leases for the group’s proposed copper and nickel mine near Minnesota’s Boundary Waters region. - more

     Forged documents and misled banks: ED&F Man awarded US$282mn in nickel fraud case - A UK High Court judge has found that ED&F Man was the victim of a warehouse receipts fraud that ensnared multiple banks in 2017, and has awarded the commodities trading house US$282mn in damages. - more

   Other News

• Reuters The Day Ahead - pdf here

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $10.95/lb ($24,140/tonne). Indicators at 6:00 am CST today show nickel trading around $.28/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Friday and started this week just under the 83,300 tonne level. Nickel is trading at levels we have not reported on this site since August 2011. That month nickel fell from $25,125 tonne to $20,810/tonne, so we have and will be trading at levels not seen since then for awhile. Maybe. Nickel closed above the $24,000/tonne level on Friday for only the second time this year, and that former close was just barely, and turned in to a one day peek -a-boo close. This time the run appears to have some momentum. Possible sanctions on nickel for a possible invasion of Ukraine is still being credited for this run. Traders are in a bullish mood and any news justifying that position, is an excuse to drive the market higher. One thing is for sure. Not a good market for shorts, and rather depressing to those who use nickel in their business. The Olympics are over, so we look for a big month in March for China. In the mean time, enjoy the last 'full week' of February. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $10.76/lb
  

    Friday's market review - Supply concerns send nickel to 3-1/2 week high - Nickel prices climbed to their highest since Jan. 21 on Friday as worries about low inventories and potential sanctions against major producer Russia fuelled supply fears. - more

     US’ stainless steel price increases due to short supply risk - According to the market in the US, the stainless steel price in the US has continuously shown strong in the past week. - more

• Asian steel market forecast to strengthen post Olympics - more

     China's renewables boom year poses major challenges to western markets - China’s renewables manufacturing has emerged from 2021 bigger and more competitive than ever before.  - more

• Climate Change: technology key to decarbonisation of Chinese steel mills, BHP executive says - more

   Other News

• Reuters The Day Ahead - pdf here
• If You Want to Charge Higher Prices, Share Your Costs - more
  

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $10.83/lb ($23,885/tonne). Indicators at 6:00 am CST today show nickel trading around $.19/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and ended that session just over the 83,300 tonne level.  The bulls held on to their early morning jump yesterday, to close at their highest this month. Today we are starting with the February fashionable morning price jump, and are now trading over the $24,000/tonne level, and are just peeking into pricing territory we haven't seen hit in over a decade. Cancelled warrants have risen from 47+% to 52+% over the last four trading sessions. Reuters has decided to credit the Russian-Ukraine concerns for the bullish run. They believe the market is betting the Russian's will attack, and that the world will slap sanctions on Russia, including on their nickel exports. While it is possible, we suspect the Chinese would not join any such boycott of Russian nickel, and thus the flow would be only momentarily affected. There is an article below titled nickel price forecast that lists multiple analysts forecasts near the bottom of the article. Look for the rolling dice. Stay safe out there and have a wonderful weekend!
  
• Average price of LME traded cash nickel so far this month - $10.73/lb
  

    Thursday's market review - Copper falls as Russia-Ukraine tensions rise - Copper prices fell on Thursday, with wider markets in a cautious mood as reports of artillery fire in east Ukraine heightened fears of a conflict between Russia and Ukraine. - more

     Noront Resources looks to get out the vote - Shareholders of Noront Resources get their opportunity next month to vote on the takeover of their Ring of Fire exploration company by Wyloo Metals of Australia. - more

• Northern Manitoba nickel mine expected to provide jobs, multimillion-dollar economic boost - more
  

     ‘Complex’ case of Clive Palmer’s fugitive nephew Clive Mensink - The nephew of billionaire Clive Palmer has launched a second bid to have an arrest warrant and contempt charge thrown out of court. - more

   Other News

• Reuters The Day Ahead - pdf here
• China urges iron ore traders to reduce inventory, stocks to reasonable levels after Qingdao probe - more
• Port of Los Angeles notches best January on record amid import rush - more
  

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $10.63/lb ($23,425/tonne). Indicators at 6:00 am CST today show nickel trading around $.15/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Wednesday and started today just over the 83,700 tonne level. Reuters headline last evening "Aluminum gains as focus moves from Russia-Ukraine crisis" to this morning's headline "Copper slips as Russia-Ukraine jitters spur caution" tells us what many in the market are watching. Nickel has climbed all week, and yesterday's close was just a few dollars per tonne off last Thursday's close. Traders appear to want to test the $24,000/tonne level again, but we have been in a pattern of bulls owning the mornings, with a bearish fade controlling the afternoons. The Olympics end on Sunday, so we might start seeing things in China get back to normal. That is unless covid hits them hard, like it is Hong Kong. Much of the rest of the world appears to have built up some herd immunity, while the zero tolerance China has maintained, could face its most difficult test yet. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $10.71/lb
  

    Wednesday's market review - Aluminium gains as focus moves from Russia-Ukraine crisis - Aluminium and other base metals climbed on Wednesday as tensions eased between Russia and the West over Ukraine and focus shifted to an energy crunch causing smelter shutdowns, mainly in China and Europe. - more

      WBMS January to December 2021 Metals Balances - (excerpt) The nickel market was in deficit during January to December 2021 with apparent demand exceeding production by 144.3 kt. In the whole of 2020, the calculated surplus was 84.0 kt. - more

     China Nickel Inventory Continued to Decline in January - In January, the social inventory of refined nickel and the inventory in the bonded areas both showed sharp declines. - more

     Aurubis to build 70 mln euro nickel recycling plant in Belgium - Aurubis AG, Europe's largest copper producer, said on Wednesday it plans to build a 70 million euro ($79.5 million) recycling plant in Belgium to expand production of recycled nickel along with copper. - more

     Red seas and no fish: Nickel mining takes its toll on Indonesia’s spice islands -  Yoksan Jurumudi came home with a long face after spending the whole day looking for fish in the waters off the Obi Islands in Indonesia’s North Maluku province. - more

   Other News

• Reuters The Day Ahead - pdf here
• U.S. Producer Prices Jump Higher Than Forecast - more
  
• Sudbury’s world-renowned SNOLAB celebrates 10 years plumbing the mysteries of the universe - more
• China inflation: Beijing on ‘alert’ for rising commodity costs despite easing consumer, factory-gate prices - more
• Coronavirus: Hong Kong confirms 4,285 new cases, another 7,000 preliminary infections identified as 10 deaths mark new daily record - more
  

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $10.55/lb ($23,260/tonne). Indicators at 6:00 am CST today show nickel trading around $.19/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and ended that session just over the 83,800 tonne level. Nickel is currently trading at its highest this month. Lot of news linked below but mostly more of the same. Demand remains strong, and prices continue to climb. Everybody is announcing plans to build more plants to use nickel, and more plants to process nickel, but we aren't hearing a whole lot about new mines to dig up nickel. And since it takes a decade to build a mega mine, how many are in the process of being built? It's not hard to see why some analysts are very nervous about the immediate future when all the talk is on demand, and little time is being spent on new supply. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $10.70/lb
  

    Tuesday's market review - Copper edges higher as Russian troops return to base - Copper prices ticked higher on Tuesday after Russia returned some troops to base after exercises near Ukraine, easing fears about a potential invasion and boosting financial markets. - more

     Steelmaker Aperam has record 2021; moves into specialty recycling - Special and stainless steel maker Aperam, with operations in Brazil and Europe, achieved record results for the fourth time in a row in the fourth-quarter 2021 amid a positive market environment, the company reported Feb. 11.  - more

     Exclusive: China's Metals Output in January - This is a roundup of China's metals output in January 2022, from an exclusive survey of key producers by SMM analysts. - more

     State DNR to stop work on environmental review for Twin Metals - The Minnesota Department of Natural Resources announced Tuesday it is stopping work on the environmental review for the proposed Twin Metals project. - more

     Company on hook for losses caused by its purchase of stolen Vale nickel after appeal dismissed - Urbanmine Inc., which paid $2.5 million for stolen nickel over 10 months and sold it for a profit, argued that Vale deserved some blame for the losses for not having discovered the thefts sooner. - more

   Other News

• Reuters The Day Ahead - pdf here
• US recycled exports beat decade-long record income - more
• World shipping-container crisis explained - more
• Is a fundamental change in steel prices in the works? - more
• China nickel provider Lygend Resources to go public in Hong Kong - more
  

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $10.52/lb ($23,190/tonne). Indicators at 6:00 am CST today show nickel trading around $.09/lb higher. Stockpiles of nickel lost about what they had gained on Friday and ended yesterday just under the 84,500 tonne level. A little after 2 P.M. yesterday, London time, nickel fell over $600/tonne in less than 15 minutes. We believe this was a reaction to a Bloomberg report linked to below titled "Trader Known as Big Shot Battles Mystery Nickel Stockpiler". In some ways, this type of activity goes on all the time, but when it involves two heavy weights like those mentioned in the article, it makes other traders nervous as only one of the players can win and others don't want to be on the losing side. Once again, the validity of the whole cancelled warrant concept is thrown into question, as it does not distinguish between legitimate sales and stockpile tactics to make the numbers look worse than they really are. If nickel sales was still heavily dependent on stainless steel producers, as it has been in years past, this drop could have been much deeper. But with EV demand on every tongue, the market is trading higher this morning, with the $23,000/tonne level once again acting as support. If the multiple indexes we follow in China are correct, and we can't imagine all of them are wrong, then stainless prices are on a roll in China. One was reading 86.29 last Monday and 89.48 today. It was over 100 back in September of last year, and in the 70's last December.  Stay safe out there and enjoy your Tuesday!
  
• Average price of LME traded cash nickel so far this month - $10.68/lb
  

    Monday's market review - Aluminium and nickel climb on Russian supply angst - Aluminium and nickel prices climbed towards multi-year highs on Monday on escalating fears that reduced supplies from Russia would exacerbate existing shortages of both industrial metals. - more

• SMM Analysis: A Quick Look into Why Stainless Steel Prices Surged post CNY Holiday - more

     Under the skin: How lasers let you do origami with stainless steel | Autocar - It’s being called ‘industrial origami’, and it’s a new technology for folding high-strength duplex stainless steel that could have a dramatic impact on the way vehicles are produced - more

   Other News

• Reuters The Day Ahead - pdf here
• Oil jumps to highest since 2014 as geopolitical tension in Ukraine kicks off cliffhanger week - more
  

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $10.45/lb ($23,035/tonne). Indicators at 6:00 am CST today show nickel trading around $.28/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose, yes rose on Friday, and ended the week just under the 84,900 tonne level. That is the first recorded daily increase since October of last year. Cancelled warrants also increased to near 50%. Nickel is bouncing today, but that is following a near freefall on Friday, so it looks sharper than it is. Analysts seem to agree that Russia's ongoing threat to invade Ukraine and the outside possibility of sanctions on Russian nickel in response, is a major driver today. What we saw on Friday was nickel coming very close to testing the $23,000 tonne level for a second time last week, but it held. Technically that might suggest the $23,000 tonne level is now support, and no longer putting up major resistance for traders. Not exactly what nickel purchasers want to hear, and it's based on a signal - not set in stone. Stainless news continues to be slow, while there is plenty of EV news. Stay safe out there and have a great week and  Happy Valentine's Day!
  
• Average price of LME traded cash nickel so far this month - $10.68/lb
  

    Friday's market review - Copper retreats on risk-off sentiment, profit-taking - Copper lurched lower on Friday, hit by profit-taking and risk-off sentiment in wider financial markets on worries about surging inflation. - more

• Car Sales Fall, EV Sales Rise: Temporary Blip Or Real Transition? - more

   Other News

• Reuters The Day Ahead - pdf here
• Biden team unveils Indo-Pacific plan to counter China’s clout - more
  

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $10.64/lb ($23,465/tonne). Indicators at 6:00 am CST today show nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today's session just under the 84,500 tonne level. Inflation data released yesterday showed U.S. inflation running at a 40 year high, and markets initially reacted negatively to the news, knowing this increase the chances for more Fed rate hikes. One Goldman analyst adjusted their forecast to seven rate hikes in 2022.  Markets like the availability of free and cheap money, we call it a drug here at ESS, and any chance some of that drug will be withheld, causes withdrawal symptoms. So far, the withdrawal symptoms have only been minor, and most base metals are showing little concern, if any at all. Nickel fell yesterday afternoon, but is recovering this morning. The "official" cash price for LME nickel was published for yesterday above the $24,000 tonne for the first time this year, having registered 'at' that level once in January.  Chinese media is reporting stainless steel prices are slowly rising, but production has not yet returned to normal. We advised previously that things would not return to any sense of normalcy in China until after the Olympics, with the constant threat of covid, or further pollution and/or electricity restrictions always hanging around as wild cards. US import and export numbers below. Indonesia will need more nickel, while the granddaddy of their nickel miners, Vale, reports production fell in 2021. And Russia's Nornickel reports 2021 was a banner year for them. If any working nickel mines didn't make serious money last year, something is very wrong internally. Stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $10.67/lb
  

    Thursday's market review - Aluminium retreats from 13-year high after big inflows - Aluminum prices pulled back from their highest levels in more than 13 years on Thursday after a surge in inventories raised the prospect that supplies are not as tight as feared. - more

• Vale Indonesia 2021 nickel matte output down 9.5 per cent -statement - more
  

• U.S. exports of Stainless Steel >600mm wide totaled $62.3 million in December, a change of 29.82 percent from the same month one year ago. - more
• U.S. imports of Nickel totaled $113.84 million in December, a change of 0.21 percent from the same month one year ago.  - more
• U.S. exports of Nickel totaled $15.82 million in December, a change of 5.18 percent from the same month one year ago. - more
  
• Search USTradeNumbers for your item of interest - more

   Other News

• Reuters The Day Ahead - pdf here
• Aluminum prices hit 13-year high on supply tightness, concerns - more
• Republican U.S. senator presses Energy Department on seabed mining - more
  

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $10.54/lb   ($23,245/tonne). Indicators at 6:00 am CST today show nickel trading around $.27/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and ended that session just over the 84,720 tonne level. Withdrawals of nickel are not letting up as of yet, but we look forward to the surplus the metals analysts forecast for this year. Their forecast for a surplus last year didn't quite work out so we wouldn't suggest holding your breath this year. We hope they are right, but so far this year, they are batting 0 for 28 sessions. The nickel bulls are driving the trading price higher this morning, and apparently have another attempt at the $24,000/tonne level as a goal. Both of the recent Republican and Democratic administrations have made a point of saying how important it is for the US to start mining its own critical minerals. One of those who does is Missouri Cobalt. Yesterday, Glencore entered into an off take agreement and now all of this US mined mineral, will be owned by a foreign company. We are sure that makes sense - somehow. More news today - although mostly EV related. Stay safe out there and enjoy your Thursday!
  
• Average price of LME traded cash nickel so far this month - $10.64/lb
  

    Wednesday's market review - Supply fears push aluminium to 13-1/2 year highs - Aluminium prices rose to 13-1/2 year highs on Wednesday as a supply shortfall caused by smelter closures in Europe and China ate further into exchange stockpiles. - more

• Monsters of Rock: Nickel Mines raises big $$$ for Indonickel; and will lithium prices have a crash landing? - more
• China's Tsingshan starts to deliver nickel matte to Huayou Cobalt  - more
  

     Glencore in battery metal off take deal with Missouri Cobalt - Glencore Plc agreed to an off take deal with Missouri Cobalt LLC, giving the world’s biggest commodity trader more exposure to the crucial battery ingredient. - more

     Philex eyes nickel mines amid global metals demand - Philex Mining Corp. is looking into nickel mining projects as the demand for metals grows with the rise of the electric vehicle industry, its chairman said. - more

     France's Renault says it backs moratorium on deep-sea mining - French automaker Renault SA has backed a moratorium on deep-sea mining, the company told Reuters on Wednesday, committing to exclude seabed metals from its supply chain in a blow to the nascent industry. - more

   Other News

• Reuters The Day Ahead - pdf here

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $10.29/lb ($22,690/tonne). Indicators at 6:00 am CST today show nickel trading around $.17/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and ended that session just over the 85,600 tonne level. LME nickel traders got bushwhacked yesterday, falling over 3% as others booked profits. It's trading back over the $23,000 tonne level this morning. Shanghai ended lower overnight, shadowing the prior LME session. The monthly Fastener Distributor Index was lower in January. We old guys still watch fastener and box indexes to give a hint at what production is really doing. Nearly every factory uses bolts and screws to hold their product together, and all use boxes to package and ship their product in. Industry news is hard to come by these days but reports are starting to show up. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $10.63/lb
  

    Tuesday's market review - Aluminium prices hit their highest since 2008 - Aluminium prices reached their highest since 2008 on Tuesday, buoyed by investor concern over tight supply and falling inventories. - more

     Americans Face Record Metals Prices as Shipping Costs Surge - Surging prices of the raw materials needed for your refrigerators, automobiles, window frames and plumbing show no signs of abating as America’s supply chain crisis spills into another year. - more

• Ohio Man Duped Industrial Supplier out of Nearly $1M in Fraud Purchases - more
  

   Other News

• Reuters The Day Ahead - pdf here
• Robust imports boost U.S. trade deficit to record high in 2021 - more
• U.S. National Debt by Year - more  (growth in 2020 alone more than our nation had accrued thru 1974 - in last 4 years has risen from 20 to 30 trillion)
• Canadians see danger at home from U.S. political strife - poll - more
  

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $10.61/lb ($23,380/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 Monday and ended that session just below the 85,900 tonne level. Nickel is quiet so far this morning, trading slightly off last night's close. Two closes at or above the $23,000/tonne level sends a bullish technical signal, but many technical signals have become antiquated over time, so take that with a grain of salt. We suspect the market can't turn bearish as long as stockpiles continue to drop, especially if we see the rate of withdrawals pick up. The Chinese New Year makes it hard to tell for sure but withdrawals for January and the first week of February seem to be higher than last year. That means very little, as there are many variables involved. Industry news remains on the light side, with EV news dominating last weeks headlines, but even that sector has gone quiet this week. If the old adage "no news is good news" is applicable, it's going to be a good day in our sector. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $10.62/lb
  

    Monday's market review - Global shortages propel aluminium to four-month peak - Aluminium prices scaled a four-month peak on Monday as worries about supplies from top producer China and deficits in Europe and the United States were reinforced by sliding stocks. - more

     Courtesy AISI - In the week ending on February 5, 2022, domestic raw steel production was 1,785,000 net tons while the capability utilization rate was 81.1 percent. Production was 1,739,000 net tons in the week ending February 5, 2021 while the capability utilization then was 76.7 percent. - more

   Other News

• Reuters The Day Ahead - pdf here
• Warehouse, distribution center demand accelerates as e-commerce grows - more
• Industrial Distribution's 2022 Watch List - more
• Editorial: Industrial Distributors Primed to Take Their Foot Off the Brake - more
  

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $10.43/lb ($23,000/tonne). Indicators at 6:00 am CST today show nickel trading around $.13/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started the week just over the 87,000 tonne level. Stockpiles have fallen by 13,000 tonnes in the last 4 weeks. And with most of China back to work, cancelled warrants notched up to 48%. Shanghai markets ended much higher this morning, not unexpectedly. They missed out on last weeks LME rally and were playing catch up today. Speaking of last week, the closing we posted for Thursday wasn't even close and we have corrected it in the archived page to $22,940/tonne. This change negated our statement that nickel had finally closed above the $23,000/tonne level on Thursday, but it did close 'at' that level on Friday. We typically use the afternoon Reuters wrap up report posts for a closing price, but their daily reports were hard to locate a few days last week, and our now former secondary source had a malfunction we weren't aware of. China has returned from their week long holiday in a bullish mood, with stainless steel futures trading much higher. News is on the light side to start the week. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $10.59/lb
  

    Friday's market review - Copper edges up, but rate hikes, growth worries cap gains - Copper and aluminium prices rose on Friday, supported by thin inventories, but worries that central bank rate hikes would curb growth and metal demand capped gains. - more

     Stainless Steel Prices Outlook Remains Optimistic in Q1 - The stainless steel futures prices tested 19,000 yuan/mt ahead of the Chinese New Year (CNY) holiday, and then dropped to 17,300 yuan/mt and moved rangebound. - more

    Weda Bay Nickel: the emergence of a leading producer of nickel ferroalloys - A world-class deposit located in Indonesia, Weda Bay Nickel is a joint venture with the Chinese company Tsingshan, the world's leading producer of stainless steel. Its mission is to supply several ore processing facilities with low-grade nickel ferroalloys. - more

    Column: Rio's dreadful workplace report may boost cost of energy transition - Rio Tinto's decision to go public with a self-damning report into its workplace culture should be a watershed moment for a wider mining industry aiming to be seen as the "good guys", helping to drive the world's energy transition. - more

   Other News

• Reuters The Day Ahead - pdf here
• Researchers double lifespan of lithium nickel oxide cathode for EV batteries - more
  

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $10.41/lb ($22,940/tonne). Indicators at 6:15 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and ended that session just over the 87,500 tonne level. Considering last Friday's LME close was $1000/tonne lower than it is currently trading at, China traders should return in a buying mood.  The Euro is way up against the US Dollar today and here is the chart we check every morning (chart). A stronger Euro is typically seen as a positive for London traded base metals - although old rules rarely apply to modern trading anymore. Nickel 28 reported that covid adversely impacted its nickel production in Papua during the last quarter of 2021. The Winter Olympics start today, with the Opening Ceremony taking place this evening - China time that is. Time for the politicians to get off their soap boxes and make room for the kids who need them to collect their medals on. If you want to support your country, wherever that might be, support your athletes and give your politics a rest. Stay safe out there and enjoy the weekend!
  
• Average price of LME traded cash nickel so far this month - $10.57/lb
  

    Thursday's market review - Copper steady as low stocks, softer dollar offer support - Copper prices steadied on Thursday, helped by a softer dollar and low inventories, but concerns about demand in top consumer China and Europe weighed on sentiment. - more

   Big miners plug into battery metals joint ventures - Big miners, under pressure to increase their exposure to minerals needed to drive the electric vehicle revolution, have so far opted for the cautious approach of joint ventures with small explorers rather than buying them outright. - more

• Explainer: Costs of nickel and cobalt used in electric vehicle batteries - more
• EU Batteries Regulation: Where do we stand? - more
  

   Other News

• Reuters The Day Ahead - pdf here

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $10.38/lb ($22,890/tonne). Indicators at 5:30 am CST today show nickel trading around $.21/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today just under the 88,200 tonne level. It appears today is mimicking that last few. A big jump in nickel's traded price early on, and a not so big drop in the afternoon. This is nickel's third consecutive charge past the $23,000/tonne level, the former two ending the day below that level. Here are your average costs for January, compared to December 2021. Nickel - $10.12/lb up from $9.10/lb, Chrome - $5.78/lb up from $5.60/lb, Molybdenum - $19.03/lb up from $18.96/lb. Compared to January 2021, the stainless ingredients rose from a year ago from $8.10/lb,  $3.33/lb, and  $11.74/lb  respectively. The Gerber Steel Group is advising that "On 1 March 2022, a new tax rebate increase will come into force in China. Among other things, it increases the tax rebates for nickel, lithium, manganese and cobalt battery scrap from 30% to 50%." Stainless and nickel industry news on the light side today. We are posting early because we aren't convinced we will keep power today due to inclimate weather. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $10.59/lb
  

    Wednesday's market review - Copper climbs on low inventories, soft dollar - Copper prices climbed on Wednesday as a softer dollar and worries about low inventories spurred buying, but gains were capped by slowing economic activity in top consumer China. - more

   Mercedes-Benz CEO says raw material scarcity could delay e-mobility - Die Zeit - Scarce supply of raw materials for electric cars could slow the transition from fossil-fuel burning vehicles to electric ones, Mercedes-Benz Chief Executive Ola Kaellenius said in an interview with German paper Die Zeit on Wednesday. - more

     Why parcel shipping will be even more expensive in 2022 - The 5.9% general rate increase commonplace among U.S. parcel carriers this year doesn't factor in the sting new surcharges could bring, experts say. - more

     The mining industry as a net beneficiary of a global tax on carbon emissions - The technology used in renewable energy production is resulting in a material increase in the demand for many minerals and metals. - more

   Other News

• Reuters The Day Ahead - pdf here
• Here’s How The 2022 Ford F-150 Lightning Will Light Up Your Home - more
  

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $10.33/lb ($22,770/tonne). Indicators at 6:00 am CST today show nickel trading around $.26/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and ended that session just above the 88,600 tonne level. Nickel continues to climb and has blown by the $23,000/tonne level this morning, which put up some resistance yesterday. According to Andy Home, the Reuters poll of analysts show most still believe nickel will slip into surplus this year. Last week they forecast the price for nickel to average $19,921/tonne in 2022. Reuters also reported last week that "The global nickel market is forecast to be in deficit to the tune of 17,000 tonnes in 2022, shifting to a surplus of 34,000 tonnes next year." Deficit - surplus? Apparently only Reuters knows for sure what the poll revealed as their reporters seem to disagree. Reuters reported they predicted a surplus for 2022 in December. Still worth keeping an eye on the Fedex and UPS hubs if you use their overnight service. At the very least promise your customer the service with a big "but". It's the day grown adults dress up in costumes and pull a rodent from the ground and want us all to believe their weather forecast for spring. With a 50-50 shot, the ground hog is probably more accurate than many metals analysts. Stay safe out there and enjoy your hump day!
  
• Average price of LME traded cash nickel so far this month - $10.57/lb
  

    Tuesday's market review - Copper pushes higher while low inventories boost nickel - Copper prices rose on Tuesday after data showed expanding factory activity in Europe, Japan and the United States and as the dollar weakened, making metals cheaper for buyers with other currencies. - more

     Wood Mackenzie predicts 2022 to be a year of rebalancing for metals and mining industry - If 2021 was the year of rebound for metals and mining (M&M) commodities, then 2022 is shaping as the year of rebalance, predicts global commodity research firm, Wood Mackenzie, - more

     Decrease in steel supply to increase steel prices - In the new year, China will continue the policy to tighten steel production. In January 2022, 50 steel mills announced the plan to limit production in consideration of carbon neutralization, energy conservation, and emissions reduction while satisfying the demand for the "blue sky" of the Beijing Winter Olympics. - more

     2022 supply chain outlook features shortages, high delivery costs - Roughly two years into the pandemic, companies are still left wondering when supply chains will get back to "normal." Early indications suggest 2022 won't be that year. - more

   Other News

• Reuters The Day Ahead - pdf here
• FBI Chief: Threat from China 'More Brazen' Than Ever Before - more
  

  Economic Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $10.14/lb ($22,350/tonne). Indicators at 5:55 am CST today show nickel trading around $.41/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell by over $1000/tonne for a second consecutive day and ended January just below the 89,400 tonne level. Nickel traders have a jet pack attached this morning so sit tight and hold on. The Euro is rebounding and that may be adding a little incentive, but can not account for today's jump on its own. Cancelled warrants are running in the 47% range. A correction from yesterday. Thanks to a reader we discovered that 2022 is the Chinese Year of the Tiger, not Water Dragon as we reported yesterday. For those of you using Fedex and UPS overnight services, keep an eye on the weather the next few days. Lot of ice coming to both of their hubs. It's also heading our way and if we loose power, we will not be able to update this site. It's a new month, and time for new goals and new success. Stay safe out there and have a great day ..... and month.
  
• Average price of LME traded cash nickel so far this month - $10.13/lb  (average in January)
  

    Monday's market review - Copper prices tick up in trade thinned by China holiday - Copper prices ticked higher on Monday as the dollar lost ground, but trading volumes were thin as markets in top metals consumer China were closed for the week-long Lunar New Year holiday. - more

     Stainless buyers cautious amid nickel price volatility - Recent nickel price volatility is making European stainless steel market participants nervous – especially at a time when many fear that a price reversal is on the horizon. In addition, demand for stainless steel was slow to materialise, in the first few weeks of January. - more

    Column: Commodity prices likely to be hit by slowdown before end of 2023: Kemp - Prices for a wide range of commodities have climbed to their highest level for seven years or more as drillers, miners and farmers struggle to keep up with booming demand as the economy recovers from the pandemic. - more

     Courtesy AISI - In the week ending on January 29, 2022, domestic raw steel production was 1,796,000 net tons while the capability utilization rate was 81.6 percent. Production was 1,736,000 net tons in the week ending January 29, 2021 while the capability utilization then was 76.6 percent. - more

     Shippers plan for disruptions from Lunar New Year: survey - Lunar New Year is expected to "further disrupt" supply chains, two-thirds of respondents said in a global survey conducted by Container xChange. - more

   Other News

• Reuters The Day Ahead - pdf here
• Baltic index logs worst month since January 2020 - more
• George Soros warns China is facing an economic crisis - more
  

  Economic Stats and Prices