Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $11.54/lb ($25,450/tonne). Indicators at 6:00 am CST today show nickel trading around $.17/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today's trading session just under the 44,150 tonne level. Shanghai nickel tracked LME's Tuesday gain up to 197,930 y/t. The bulls are fighting hard to hold onto the $25,000 tonne level this morning, with a slightly stronger Euro offering some assistance. Bloomberg is reporting that some of those containers Trafigura bought that supposedly contained nickel, were sold as such to a U.S. buyer. One thing is apparent. If you have purchased nickel from Trafigura recently, it would behoove you to check each container to confirm its contents, as this years black eye for the nickel industry grows. Trafigura apparently bought and sold in good faith and someone realized faith does not confirm content and took advantage of their inspection policy, or lack thereof. And if things aren't bad enough for ferrochrome, the news coming from South Africa is increasingly concerning. Who knew things were that serious? It's the last day of the month and unless our old-timers sets in for the day, we like to thank our site sponsor on this day. And that would be P.A. Inc, who sponsored all of 2023. P.A. Inc offers alloy piping in high nickel, high nickel alloys, titanium and specialty stainless 304H and 2205 nationwide. If you use a product that falls in this range, we invite you to click the banner at the head of this page and visit their website and see if they can be of assistance to your operation. We thank them for making this daily update possible, and thank you for stopping by. Stay safe out there, and have a great final day of February.
  
• Average price of LME traded cash nickel so far this month - $12.15/lb
  

    Monday's market review - Copper rises from 7-week low as the dollar slips - Copper rose on Monday as the dollar weakened, but prices remained close to seven-week lows due to a lack of evidence of a healthier demand outlook in top consumer China ahead of key data on the country’s manufacturing sector. - more

    Stainless steel production forecast at 60mt in 2023 - MEPS forecasts that global crude stainless steel production will reach 60 million tonnes, in 2023. Significant contributors to this growth will be steelmakers in China and Indonesia. - more

     Courtesy AISI - In the week ending on February 25, 2023, domestic raw steel production was 1,674,000 net tons while the capability utilization rate was 74.9 percent. Production was 1,755,000 net tons in the week ending February 25, 2022 while the capability utilization then was 80.8 percent. - more

   Other News

• Global miners gear up for energy transition with deals and investments - more
• ‘Stockpile food and water’: South Africa faces ‘civil war’ conditions if power grid collapses - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $11.18/lb ($24,655/tonne). Indicators at 6:00 am CST today show nickel trading around $.21/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started the final week of February just a few tonnes shy of the 44,444 tonne level. Shanghai nickel numbers switched to another contract and fell to 194,910 y/t. While Shanghai followed LME's Friday lead, LME nickel is back in the $25,000/tonne level this morning. If you read any article below, we encourage you to read the "Column: Nickel's Electric Dreams Turn Into a Pricing Nightmare". It explains why nickel stockpile numbers mean very little, and why pricing is out of whack with availability. The Jakarta Post, in an article only available to subscribers (which we aren't), is reporting three workers at the PT Indonesia Morowali Industrial Park in Indonesia have filed a complaint with the National Commission on Human Rights. Located in the Central Sulawesi province, this nickel operation is a joint project with Tsingshan Holding Group the majority owner. The three suing workers at this project are all Chinese workers. And in what could prove detrimental to ferrochrome supply, South Africa has been added to the FATF's "grey list". Stay safe out there and enjoy the last two days of February.
  
• Average price of LME traded cash nickel so far this month - $12.21/lb
  

    Friday's market review - Copper heads for weekly losses as the dollar leaps - Copper prices fell to their lowest in nearly seven weeks on Friday as the dollar strengthened and demand in top consumer China remained weak. - more

     China’s 300 series steel stocks start to decrease, market expected to move to optimistic side - As of February 23, China’s 300 series stainless steel stocks continued to decrease gradually on the premise that steel supply from steel mills was sufficient. - more

     US’ stainless steel imports rise in Jan m-o-m due to high domestic prices - According to statistics, the US’ stainless steel imports rose by more than 38% in January compared to the previous month, due to rising prices in the US. Imports of both stainless steel cold-rolled coils and hot-rolled coils increased as the low-priced imports were more attractive than the domestic offers. - more

     The United States will increase duties on more than 100 types of metals, minerals and chemicals from Russia - The United States will increase duties on more than a hundred types of Russian metals, minerals and chemicals, the Joe Biden administration announced on Friday. - more

• US hits Russia with 200% aluminum tariff - more
• Tariffs on Russian aluminum to affect tiny slice of US industry - more
  

     Anti-money laundering group FATF suspends Russia - The Financial Action Task Force (FATF) has also added South Africa and Nigeria to its "grey list," a move that can be devastating to a nation's economy. - more

• Afarak reports ‘best year in its history’- more
  

   Other News

• Steel Imports Up 18% In January 2023 vs. December 2022 - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $11.52/lb ($25,400/tonne). Indicators at 6:00 am CST today show nickel trading around $.22/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday, for only the second time this month, and started today's session just under the 44,600 tonne level. Cancelled warrants are running in the 6 - 7% range. Shanghai nickel kept falling last night, down to 203,370 y/t. The rout continues with LME nickel trading under the $25,000 tonne level this morning, and just slipping below its 200 day moving average. Technical indicators are flashing sell signals, but once again, these are more of a reflection of what is happening, and not necessarily, what should be happening, as disciples of technical signals would have you believe. During a rout, in our opinion, it is best to take your ball and sit in the stands until the passion has subsided, otherwise you are trying to catch a falling knife. This is the lowest LME nickel has traded this year, and the lowest since November, when nickel bottomed out after another much more serious "adjustment" of $5000+/tonne in just a few days. That one actually was more of an adjustment, in that markets had spiked over $5000/tonne in the preceding days, and that "rout" put nickel back on its normal, albeit still bullish, trend. The trend for 2023 so far has been bearish, but the bulls are not giving up ground easily. As it stands at the moment, nickel has traded within a $2,400/tonne range this week alone. LME announced it will restart Asian nickel trading on March 20th. Taiwan's Yieh reports it has left 304 stainless prices alone for March, with 316L prices to be negotiated at time of purchase. That is a reflection of the unpredictability of molybdenum pricing. And the Euro continues to slip against the U.S. Dollar, making it more difficult for commodity bulls to resist this bearish turn. Stay safe out there and have a great Friday - and weekend!
  
• Average price of LME traded cash nickel so far this month - $12.26/lb
  

    Thursday's market review - Copper falls as markets brace for more U.S. rate hikes - Copper prices fell on Thursday as the prospect of further U.S. interest rate rises sent caution through markets and boosted the dollar, making metals costlier for buyers with other currencies. - more

     London court hearing in $577 million Trafigura nickel case due Friday - A London court is due to hold a hearing on Friday about a $625 million global freezing order imposed on Indian businessman Prateek Gupta and a web of firms he controls. - more

      January 2023 crude steel production - World crude steel production for the 63 countries reporting to the World Steel Association (worldsteel) was 145.3 million tonnes (Mt) in January 2023, a 3.3% decrease compared to January 2022. - more

    Taiwan’s Yusco announces new stainless steel prices for Mar - Yieh United Steel Corp. (Yusco), a leading stainless steel mill in Taiwan, announced its new prices for March. - more

   Other News

• First Quantum stops processing ore at Panama mine as conflict deepens - more
• China’s deadly coal mine collapse may hit supply as power demand recovers after zero-Covid exit - more
• Carbon capture and storage - Why nickel alloys are capturing attention - more
• A Turning Point in Wage Growth? - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $12.00/lb ($26,460/tonne). Indicators at 6:00 am CST today show nickel trading around $.30/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today just under the 44,350/tonne level. Shanghai nickel dropped as well, to 205,430 y/t. LME and Shanghai traders give the appearance of a battlefield retreat; 'Katy bar the door' and every man for himself. The Euro keeps losing value against the U.S. Dollar, and that is not helping base metal traders. CME is taking advantage of LME's nickel debacle last March and according to sources quoted by Reuters, moving forward with its own exchange. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $12.30/lb
  

    Wednesday's market review - Copper retreats on concern over rate hikes, China demand  - Copper prices slumped on Wednesday on worries of more central bank rate hikes that could curb economic activity and sluggish demand in top metals consumer China. - more

      World crude steel output down 3.3 percent in January - Global crude steel production in January this year decreased by 3.3 percent year on year to 145.3 million mt, according to the World Steel Association (worldsteel). - more

     Courtesy AISI - In the week ending on February 18, 2023, domestic raw steel production was 1,654,000 net tons while the capability utilization rate was 74.0 percent. Production was 1,755,000 net tons in the week ending February 18, 2022 while the capability utilization then was 80.8 percent. - more

   Other News

• Raw nickel export ban to be beneficial to public: President Jokowi - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $12.29/lb   ($27.095/tonne). Indicators at 6:00 am CST today show nickel trading around $.26/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today's session just over the 44,500 tonne level. Shanghai traders, apparently tired of being suckered into these dead cat bounce market moves, went negative overnight, down to 207,050 y/t. And the LME is proving them right this morning. The International Nickel Study Group reported yesterday that the world produced 112,200 more tonnes of nickel in 2022 than it used. If true, and you would think of all the numbers floating around out there, the INSG would be one of the more reliable, this adds evidence to the claim that LME stockpile numbers mean very little. It is bewildering how nickel could have averaged so high last year with this big a surplus. Old rules apparently no longer apply. US stainless steel surcharges for March are posted (here) and 304 stainless fell slightly, while 316 jumped again. Nickel is not to blame for the increase this go around as can be seen in the Cliff's commodity breakdown. Their figures show nickel fell from $12.91/lb in January to $12.58/lb this month, while ferrochrome rose from $20.90/lb to $22.75/lb and molybdenum rose from $30.33/lb to $36.35/lb. We post average monthly prices like this using a different source, but the numbers are usually close to this partial month averages. Another day, another nuclear threat from the leader of Russia. If you think about it, this constant, nauseating drone threatening to use nuclear weapons every time something happens in his self made war that he doesn't approve of, is starting to sound far less like the leader of a super power, and more like the droneful cry of wolf by the North Korean leader. With multiple neighbors waving the threat of nuclear Armageddon in the world's face, is it any wonder China finds our constant "threats of consequences" annoying. Stay safe out there and have a great hump day!
• Average price of LME traded cash nickel so far this month - $12.33/lb
  

    Tuesday's market review - China supply concerns boost aluminum prices - Aluminum prices climbed on Tuesday to their highest in more than a week on worries about output cuts in top producer China, though rising inventories capped gains. - more

     Nickel market oversupplied by 112,200 tonnes in 2022, INSG says - The global nickel market was oversupplied by 112,200 tonnes last year after a deficit of 166,600 tonnes in 2021, data from the Lisbon-based International Nickel Study Group (INSG) showed on Tuesday. - more

• BHP's economic and commodity outlook - more
  

   Other News

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $12.24/lb ($26,985/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 Monday and started today just over the 44,850 tonne level.  Shanghai started this rally in nickel prices, but overnight played catchup to LME's steep increase yesterday and rose over 4% to 210,210 y/t. The Euro is not adding any momentum for commodity traders, so the increase is primarily speculative, and the slide below the $26,000/tonne level probably spooked market bulls. The Trafigura fraud case is getting a lot of attention, and once again, dragging the nickel trading process thru the mud. The big question we had in our first report of this incident, and we have seen repeated by others since, is how much nickel is actually missing and will this have any major effect on the LME stockpile numbers? The news of the case broke just a day after the LME reported its biggest daily gain in nickel stockpiles so far this year, but they have fallen sharply in the two weeks since. We hadn't seen daily withdrawals of 1000+ tonnes this year, but have seen two such days in the last six. Nickel stockpile numbers don't appear to mean as much as they used to, but if a major external stockpile disappears due to a scam, they could suddenly be thrown back into the spotlight. In the mean time, we will continue to report them daily and let our readers decide their importance. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $12.35/lb
  

    Monday's market review - Aluminium climbs on Chinese smelter curbs in Yunnan - Aluminum prices were driven higher on Monday by supply concerns after reports that smelters in top producer China were curbing production. - more

• Trafigura appoints new battery metals trading heads after nickel fraud - source - more
  

     New Inquiries for European Stainless Steel (Flat) Remains Bearish -  In the European market, the Stainless Steel (Flat) market witnessed dwindling market sentiments in the week ending February 17 owing to sluggish trading activity and buyers' hesitations on higher prices. - more

     Taiwan’s Yusco & Tang Eng have optimistic prospect - The current international nickel price is having a substantial adjustment. With a strong overall economy and China’s projects of infrastructure and subsidy policies for new energy vehicles, the demand for stainless steel and nickel was projected to increase. - more

     Workers Are Dying in the EV Industry’s ‘Tainted’ City - In Indonesia, sickness and pollution plague a sprawling factory complex that supplies the world with crucial battery materials.- more

   Other News

• The Rush for Metals in the Deep Sea - pdf here
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $11.70/lb ($25,800/tonne). Indicators at 6:00 am CST today show nickel trading around $.15/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started this week just under the 45,100 tonne level. Nickel closed last week for the first time below the $26,000 tonne level, while stockpile numbers are their lowest since 2008. Shanghai nickel closed higher at 204,500 y/t. A reader sent us the sale price in India of chrome ore last week. Ore containing a minimum of 44% chrome sold for 18.13% higher than the last sale there, with strong sales and limited inventory.  So far, the information we are able to glean from Chinese business media, shows stability in that country. It's the third and last "full" week of the shortest month of the year. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $12.29/lb
  

    Friday's market review - Copper heads for weekly gain on hopes for Chinese demand - Copper fell on Friday as expectations of higher U.S. interest rates strengthened the dollar, but prices remained on course for their first weekly gain in four weeks thanks to signs of recovering Chinese demand. - more

• Explainer-Trafigura, Prateek Gupta and a $577 million nickel charge - more
  

     Stainless flats activity in Europe remains slow - Slow activity continues in the European stainless flat steel market. - more

     Global duplex stainless steel market to grow at CAGR of 4.2% in 2022-2030 - According to a report, the value of the global duplex stainless steel market was estimated at US$3.3 billion in 2022, and the market size was expected to reach US$4.6 billion by 2030 .... - more

     Vale Indonesia to collaborate with Tisco in stainless steel factory construction - PT Vale Indonesia Tbk is planning to set up a stainless steel factory to expand the cooperation with Taiyuan Iron and Steel Group (Tisco) after completing the nickel mining and processing plant.... - more

• Indonesia’s uncertain climb up the nickel value chain - more
  

   Other News

• China won’t see new Covid wave despite arrival of highly contagious Omicron variant, medical expert says - more
• G20 watchdog says commodity market concentration poses threat to wider economy - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $12.08/lb ($26,625/tonne). Indicators at 6:20 am CST today show nickel trading around $.29/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and ended that session just under the 45,200 tonne level. Shanghai markets were not fooled by LME's head fake yesterday, and fell to 203,100 y/t overnight. Now this morning, with the Euro continuing to fall against the U.S. Dollar, LME nickel is playing catch up, or should we say catch down, slipping under the $26,000 tonne level this morning. Monthly charts linked below, including the trend for boxes and bolts, an older and 'unofficial' gauge of how U.S. manufacturing might be doing. More on the Trafigura fraud case, U.S. steel mills are encouraged by recent price increases (imagine that), and one analyst believes export tariffs placed on Russian aluminum, could force Russia to limit nickel exports to participating countries. Stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $12.46/lb
  

    Thursday's market review - Copper rebounds from five-week low on dollar, China hopes - Copper prices recovered from their lowest levels in five weeks on Thursday despite a firmer dollar, as investors looked ahead to an expected revival in demand in top metals consumer China. - more

     Taiwan’s 300 series cold-rolled stainless steel coil import price hiked for 3 consecutive months - According to statistics, Taiwan’s 300 series cold-rolled stainless steel coil imports totaled around 1,200 tons in January this year, falling by 9.8% compared to the previous month, hitting the second-lowest since last year. - more

     Trafigura raced to get a court to freeze assets in nickel fraud case - court documents - Commodity trader Trafigura has been racing to get a British judge to secretly freeze $625 million worth of assets of a web of firms accused of fraud without alerting the Indian businessman who owns and controls them, Prateek Gupta, according to court documents seen by Reuters on Thursday. - more

• How one Gupta accused of fraud knows another Gupta suspected of fraud - more
  

• Producer Price Index by Commodity: Metals and Metal Products: Externally Threaded Fasteners, Except Aircraft Types - chart here
• Producer Price Index by Industry: Corrugated and Solid Fiber Box Manufacturing: Corrugated Shipping Containers for Paper and Allied Products - chart here
  
• Industrial Production: Manufacturing: Durable Goods: Raw Steel - chart here
• Producer Price Index by Industry: Truck Transportation - chart here
  
• Manufacturers Sales - chart here
  

     Steel mills feel confident with early 2023 economic rally - The wave of domestic mill price increase announcements that began shortly after Thanksgiving has continued well into the first quarter. - more

    Hedonova exits its stake in Indonesian Nickel miner Mineralindo Morowali with 310% gains - Hedonova, a Paris-based hedge fund, has exited its 76% stake in an Indonesian nickel miner Mineralindo Morowali to a consortium of Chinese mining companies called Indo-pacific Net-zero Battery-materials Consortium (INBC) for $31 million in an all-cash transaction. The stake was acquired for $10 million in February 2020. - more

    Steep levies on Russian aluminium could threaten U.S. nickel supply - Russia is likely to limit exports of key metals such as nickel and palladium if the United States imposes steep taxes on imports of aluminium from Russia, analysts say. - more

   Other News

• Ford confirms battery fire caused F-150 Lightning production stoppage - more
• U.S. on Track to Add $19 Trillion in New Debt Over 10 Years - more
• Younger Borrowers Are Struggling with Credit Card and Auto Loan Payments - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $11.84/lb ($26,100/tonne). Indicators at 6:00 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell by more than 1000 tonnes for the second time in three sessions, and the second time this year, and started today's session just over the 45,400 tonne level. Shanghai markets continue to shadow the prior days LME action and closed slightly lower at 205,00 y/t. Some new reports posted but not much news today. LME stockpile numbers are down over 3500 tonnes thru the half way point of the month, with cancelled warrants falling from the 12% range on the first, to the 6% range yesterday. The EV industry got some bad press yesterday when Ford temporarily suspended production of its Lightning pickup due to battery problems. The current battery is 90% nickel so this is not a case of another lithium battery catching fire. They have reportedly discovered what is causing the fire and are making the necessary corrections. American's are buying EV's as fast as they are made at the moment but brand new EV's catching fire on the dealer's lot could potentially hamper sales. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $12.52/lb
  

    Wednesday's market review - Aluminium slides to five-week low as inventories swell - Aluminum prices fell to a five-week low on Wednesday, pressured by weak demand in China and a rapid build-up of inventories in exchange warehouses. - more

   Other News

• SK On might suspend US plant after Ford Lightning battery “issues” - more
• China sanctions Lockheed Martin, Raytheon for Taiwan sales - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $11.99/lb ($26,425/tonne). Indicators at 6:00 am CST today show nickel trading around $.07/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today just under the 46,600 tonne level. Shanghai nickel followed LME nickel lower to 205,060 y/t. Yieh writes on how they think the Turkey earthquake might affect China's stainless steel production. The China Nonferrous Metals Industry Association forecasts nickel prices to go down this year. And China's imports of finished steel fall to their lowest level since 1993. For those of you old enough to remember, China was a much different place in 1993. We can remember watching the coverage of the Tiananmen Square protests in 1989 and everything seemed colorless, much like videos we see of  North Korea today. Few cars, and those the camera caught, appeared to be black government cars. Bicycles appeared to be the main mode of transportation. And while some would like the world to believe nothing has really changed, China is a much more inviting place than it was thirty years ago. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $12.60/lb
  

    Tuesday's market review - Copper pares gains as dollar firms after Fed comments - Copper prices lost most of their gains on Tuesday as the dollar strengthened after Federal Reserve officials warned that interest rates would have to remain firm for longer despite U.S. data showing consumer inflation was easing. - more

   Other News

• Electric Vehicles Could Match Gasoline Cars on Price This Year - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $12.01/lb ($26,485/tonne). Indicators at 6:00 am CST today show nickel trading around $.12/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today just over the 46,700 tonne level. Shanghai followed LME yesterday's lower close and ended at 207,190 y/t. LME nickel is trading higher this morning, but that appears to have more to do with a stronger Euro than anything to do with nickel. France is again bailing out the SLN New Caledonia nickel operation with a huge "loan". If a nickel miner can't remain solvent without government help while nickel is averaging over $12/lb, it might be time to reevaluate a continuation of the mine. The case of nickel fraud that was announced last week by Trafigura appears to be spreading, with a lot more companies indirectly involved. And here in the US, the National Weather Service has announced its long range forecasts will likely suffer for the next few weeks, as someone keeps shooting down their atmospheric weather balloons. Ok, we made up the last one, but we wonder if the hot air balloon ride profession is starting to suffer yet. Nothing like taking a romantic flight for two, just the pilot, you, your loved one and a F-22 waiting for you to go above 20,000 feet. And with that, we wish you a safe, happy and wonderful Valentine's Day.
  
• Average price of LME traded cash nickel so far this month - $12.66/lb
  

    Monday's market review - Aluminium hits 5-week low as exchange inventories surge - Aluminum prices fell to five-week lows on Monday as surging inventories in London Metal Exchange-approved warehouses hit sentiment, while copper was boosted by Chinese data showing a jump in new bank loans. - more

     Getting nicked for half a billion dollars – an analysis on Trafigura’s “systemic” nickel fraud - On the 9th February, Swiss-based commodities trader Trafigura alleged that it had been exposed to “systemic fraud” to the value of $577 million of nickel, in relation to UAE-based businessman Prateek Gupta’s London trading company TMT Metals Holdings Ltd, and companies connected to him. - more

• How Citigroup Helped Lift the Lid on Trafigura’s Nickel Nightmare - more
  
• Citi halted financing for Trafigura's nickel deals in October - Bloomberg - more
  

     Outokumpu’s stainless steel deliveries slide in Q4 2022 q-o-q, y-o-y - Outokumpu, a leading stainless steel manufacturer in Europe based in Finland, reported that its stainless steel deliveries reached 450,000 tons in the fourth quarter of last year, down by 8.4% quarter on quarter and by 18.2% year on year. - more

     Turkey’s earthquakes paralyze third of steel output capacity - Large steel mills in southern Turkey are expected to remain shut for weeks, with production lines idle and workers trying to cope with the impact of the massive twin earthquakes that shook the region. - more

     Courtesy AISI - In the week ending on February 11, 2023, domestic raw steel production was 1,664,000 net tons while the capability utilization rate was 74.4 percent. Production was 1,755,000 net tons in the week ending February 11, 2022 while the capability utilization then was 80.8 percent. - more

   Other News

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $12.58/lb ($27,735/tonne). Indicators at 6:00 am CST today show nickel trading around $.36/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started this week just over the 47,950 tonne level. Nickel played catch up overnight in Shanghai, following LME's Friday lower close to 208,500 y/t. Nickel continues to drop on LME this morning, currently trading below the $27,000/tonne level. Eti Krom has announced it is suspending shipments of ore and ferrochrome from Turkey due to logistical damage caused by the earthquake. Chrome prices are already up; this could potentially drive them even higher. Stainless steel demand in Asia could make the difference on where they head. And that demand, which appears to remain soft, is what some analysts are blaming for the volatile nickel prices. Vale Indonesia, the granddaddy of Indonesia nickel mining, has broke ground on a new multi billion dollar smelter. It's a new week, filled with new challenges to overcome, but more importantly, new opportunities to win. Stay safe out there and have a great week!
• Average price of LME traded cash nickel so far this month - $12.73/lb
  

    Friday's market review - Copper poised for third straight weekly loss on weak Chinese demand - Copper prices were on track for a third consecutive weekly loss on Friday as Chinese demand remained weak and investors awaited inflation data next Tuesday that could hint at the direction of U.S. monetary policy. - more

     Turkey’s Eti Krom halts FeCr, Cr ore exports - Turkey's Eti Krom, a subsidiary of Yildirim, has suspended exports of ferro-chrome and chrome ore for an undetermined period because of logistical problems resulting from damage caused by the Turkey-Syria earthquake. - more

• Trafigura’s nickel nemesis was already notorious in metal circles - more

     Vale Indonesia breaks ground on $2.48 bln ferronickel smelter - Nickel miner PT Vale Indonesia broke ground on a 37.5 trillion rupiah ($2.48 billion) ferronickel smelter Sulawesi island on Friday, an Indonesian senior minister said. - more

• Vale breaks ground on $2.5bn nickel project in Indonesia - more
  

     Russian miner Nornickel 2022 core profit down as sales drop - Russian mining giant Nornickel said on Friday its earnings before interest, tax, depreciation and amortisation (EBITDA) fell 17% year-on-year in 2022 to $8.7 billion, as it grappled with a drop in sales and supply chain disruption. - more

     Can Tesla Save Indonesia’s EV Ambitions? - According to multiple sources, Tesla’s Elon Musk is negotiating the setting up of production in Indonesia. - more

   Other News

• Are labor supply and labor demand out of balance? - more
• Steel Makers Abandon $460M Deal for Louisiana Plant - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $13.11/lb ($28,910/tonne). Indicators at 6:15 am CST today show nickel trading around $.41/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today's session just under the 48,100 tonne level. LME nickel jumped sharply yesterday, with Shanghai markets shadowing overnight, up to 218,560 y/t. LME has already given back over half that jump this morning. Nickel trader Trafigura reports a huge loss in a case of nickel fraud. And one sentence in the story about how many containers have actually been examined leads us to believe it may be a much bigger fraud than has been discovered so far. And finally, there is a football game this week end in the U.S. that is kind of a big deal to us Yanks. Our media impartiality forbids us from any official endorsement (rolling of the eyes) so let us remind our readers that the great Indian "chiefs" of old, in a symbol of their status, adorned their head with war bonnets made from "eagle" feathers. Stay safe, have a great weekend, and may history repeat itself.
  
• Average price of LME traded cash nickel so far this month - $12.73/lb
  

     Thursday's market review - Copper prices advance on weak dollar, China demand optimism - Copper prices rebounded on Thursday, buoyed by a slide in the dollar and bets that China’s lackluster metals demand will recover following its lifting of COVID-19 controls. - more

     Trafigura to record $577 mln charge after nickel fraud - Global commodity trader Trafigura said on Thursday it booked a $577 million charge in the first half of 2023, after discovering that some nickel cargoes it received did not contain the metal in a case of "systematic fraud". - more

     US Trade Numbers for Nickel /  Stainless Steel  /  Or enter your item of interest in the search box at top of these pages

     Earthquake damage at Iskenderun port continues to affect shipments - Shipping operations at the major Turkish port of Iskenderun continue to be affected following the major earthquakes in the region Feb. 6, with damage assessments at the port continuing Feb. 7. - more

     Nickel still crucial for EV batteries: Industry players - Indonesian manufacturers are confident about the future of nickel as material input crucial for producing electric vehicle batteries, despite the increasing popularity of batteries made using lithium iron phosphate (LFP). - more

    Other News

• One of our readers from India comments on chrome situation in an India business forum - more
• U.S. Container Imports Dip Below Pre-Pandemic Levels in January - more
• In China's Chongqing, Police Squirrels Can Now Sniff out Drugs - more

    Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $12.41/lb ($27,355/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 Wednesday and started today just over the 48,250 tonne level. Shanghai shadowed LME's close, down slightly to 210,550 y/t. Still not finding any official reports from Turkey's chrome producers on their condition following the earthquake. Prices of ferrochrome are already up, so even if damage to their infrastructure is limited, the earthquake did not do the ferrochrome market any favors. Nickel trading is quiet this morning, with the average price of LME cash nickel of $12.81/lb so far in February - exactly the same as it averaged for the entire month of January. Stay safe out there and enjoy your pre-Friday!
  
• Average price of LME traded cash nickel so far this month - $12.81/lb
  

    Wednesday's market review - Copper dips on uncertainty over central bank rate hikes - Copper prices slipped on Wednesday as investors sought to digest the latest comments by U.S. Federal Reserve officials on the pace of interest rate hikes. - more

• Turkish earthquake impacts little on stainless steel market - more

     Greenhouse gas balance for stainless steel production further improved - Stainless steel recycling is considered to be a sustainable way to save CO2 in the globally growing steel production. - pdf here

   Other News

• The market assesses the consequences of the earthquake in Turkey - more
• Supply Chain Lessons to Bring into 2023 - more
• Post-Boom Hangover Leaves Carriers with Massive Container Surplus - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $12.45/lb ($27,450/tonne). Indicators at 6:00 am CST today show nickel trading around $.09/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today's session just under the 49,200 tonne level. Shanghai nickel followed LME's higher close at 212,370 y/t. The Euro has bounced off its 2023 low yesterday and this is offering commodity trading a little assistance this morning. We still haven't seen reports on any effect that the killer earthquake in Turkey might have had on ferrochrome production in Turkey. Eti Krom Inc., the largest producer in Turkey, has four furnaces in Elazig, Turkey, a city which had seen at least two major earthquakes in the past dozen years. The government just held a ceremony a few weeks ago where the government celebrated building hundreds of new homes in Elazig to replace those destroyed in 2020. It is a very sad situation and we hope for the best to those who have survived and peace to the ashes of those who have not. For the rest of us, life is a wonderful and fragile gift. It comes with no guarantees there will be a tomorrow, so find a reason to live it fully - today. If a doctor told you you had one day to live, what would be your biggest "regret"? Stay safe out there and live a little this hump day! And tell those that you love, that you do.
• Average price of LME traded cash nickel so far this month - $12.90/lb
  

     Tuesday's market review - Copper rises from 4-week low as dollar rally pauses - Copper prices rose on Tuesday from a four-week low in the previous session as a dollar rally paused and global equities steadied following a sell-off. - more

     Construction Commences for the First Stainless Steel Seamless Pipe and Tube Production Plant in MENA Region - Dussur, in joint venture with South Korea's SeAH Changwon Integrated Special Steel, has officially marked the commencement of construction for the first Stainless Steel seamless pipe and tube production plant in the MENA region. - more

     Courtesy AISI - In the week ending on February 4, 2023, domestic raw steel production was 1,656,000 net tons while the capability utilization rate was 74.1 percent. Production was 1,747,000 net tons in the week ending February 4, 2022 while the capability utilization then was 80.4 percent. - more

   Other News

• Mobility study cites roadblocks for U.S. electric vehicles, sustainable aviation - more
• Column: Cobalt price slump triggers lift-off in futures trading - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $12.35/lb ($27,225/tonne). Indicators at 6:00 am CST today show nickel trading around $.10/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell by two lots on Monday and started today, still just over the 49,700 tonne level. Nickel fell by nearly 5% yesterday, with Shanghai down to 209,850 y/t overnight. The weaker Euro is adding momentum to this weeks slide in nickel prices. The stronger Dollar is being credited, at least in part, to the shooting down of the Chinese balloon that kept Americans transfixed last week. So the price of a rock, mined around the world, is being indirectly affected by a surveillance balloon that floated over North America for a week. And you thought explaining how the price of nickel was determined every day was a simple task. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $13.08/lb
  

    Monday's market review - Demand angst and dollar strength push copper to four-week low - Copper prices dropped to four-week lows on Monday as doubts about a recovery in demand, tensions between the United States and China and a stronger dollar spurred a sell-off. - more

• SunSirs: From January to December 2022, China's Stainless Steel Imports Increased by 12.21% Year-on-year - more
  

    I-Shou Lin: Stainless steel market improves, steel industry to be stable in 2023 - I-Shou Lin, the founder of E United Group, said that the drop in stainless steel, carbon steel, and raw material prices started in the second half of last year eroded the profits of the steel industry. - more

    Workers Keep Dying at This Chinese Nickel Mining Company in Indonesia - In the year after the factory opened, workers fell into molten waste, got swept into the sea, and took their own lives. - more

   Other News

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $12.97/lb ($28,600/tonne). Indicators at 6:00 am CST today show nickel trading around $.31/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and now total just over the 49,700 tonne level. We are not allowed to report on the actual number gains until the day after they are reported, but Friday's gain was 666 tonnes, for those who believe in that. And for those who don't, what did the S&P 500 fall to during the Financial Crisis of 2008-9? (music from Twilight Zone playing in the background) The Shanghai headlines are looking as bad as LME's, with daily reports on nickel starting out "rose by 3%" or fell by 3%". The former defines Friday's report, while the latter defines today's. It closed at 213,610, following LME's Friday lead. Friday's LME close was its lowest since January 23rd. It's the beginning of the first "full" week of February and opportunity beckons. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $13.29/lb
  

    Friday's market review - Zinc slumps on inventory jump, weak Chinese demand, strong dollar - Zinc prices slid to a three-week low on Friday after a surge in inventories and a spike in the dollar as metals demand in China remained lackluster despite the world’s top metals consumer having scrapped COVID-19 controls. - more

• UK reviews AD measures on corrosion-resistant steel from China - more

    Steel plant progress excites community - It's around 2PM and dark clouds pregnant with rain hang across the sky in the Manhize area in Chirumhanzu District, Midlands Province. - more

• Manhize steel plant construction half complete - more
  

     Like Musk, nickel-rich Indonesia has high electric vehicle ambitions - Armed with the world's largest reserves of nickel and a ban on the export of nickel ore, Indonesia is making itself indispensable for the electric vehicle industry, which uses the metal extensively. - more

• Investments in Indonesia's nickel industry - more
  

   Other News

• Who left the labor force during the pandemic? - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $13.53/lb ($29,835/tonne). Indicators at 6:10 am CST today show nickel trading around $.18/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and ended that session just under the 49,100 tonne level. Nickel bounced back some yesterday, and again, Shanghai markets shadowed overnight, rising to 221,760 y/t. Mining Magazine has an interesting story below about the forecasted, but yet unseen, surplus of nickel coming. We want to take a moment to thank our site sponsor for 2023 - P. A. Inc., offering specialty alloy piping nationwide. If you use corrosion resistant pipe, please click the banner at the top of this page and visit their website. Their support keeps this daily news page free for all visitors. Stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $13.33/lb
  

    Thursday's market review - Copper prices fall on stronger dollar, weak Chinese demand - Copper prices fell on Thursday as the U.S. dollar strengthened and demand in top consumer China remained slack after the Lunar New Year holiday. - more

     Nickel time bomb as inventory disappears from view - There could be a time bomb ticking in nickel, one of the leading battery metals which appears to be enjoying a price boost caused by supply shortages, but which could quickly suffer a price-crushing surplus. - more

     Tesla Might Be Close To Opening A Factory In Indonesia In Exchange For Nickel Mining Rights - According to reports, Tesla is close to signing a deal to open a manufacturing facility in Indonesia. The country has the highest nickel deposit in the world and Tesla's decision appears to be necessitated by Indonesia's ban on raw nickel exports, and the EV maker's decision to enter into nickel mining. - more

     Getting Off the Highway to Climate Hell - As a young man in November 1979, I saw the Australian rock band AC/DC on their Highway to Hell tour in a venue that essentially was a cattle market hall. - more

   Other News

• British Steel considers cutting up to 1,200 jobs at Scunthorpe - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $13.24/lb ($29,195/tonne). Indicators at 6:00 am CST today show nickel trading around $.11/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today;s session just under the 48,700 tonne level. Nickel fell on the LME yesterday, with Shanghai shadowing overnight, down to 217,980 y/t. In China, traded stainless steel fell over 3% on low demand and heavy inventory. Volatility continues, with nickel trading up or down over $1000/tonne ($.45/lb) daily since China returned to work on Monday. Indonesia has filed a complaint with the WTO against European anti dumping tariff's on stainless steel. Considering Indonesia lost a case last year that the EU had filed against them for their nickel export ban, we assume if the EU loses this case, they will react to the WTO decision in much the same manner - ie refusing to comply. Does anyone actually accept a loss on the WTO anymore, the US included? Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $13.34/lb
  

    Wednesday's market review - Copper retreats on caution over Chinese demand and Fed decision - Copper prices slumped on Wednesday amid uncertainty about demand in top metals consumer China and ahead of interest rate decisions by the U.S. central bank and others. - more

• China’s stainless steel crude steel output down 2.02 percent in 2022 - more
  

    Indonesia files complaint at WTO against EU’s CR stainless steel AD and CVD - The World Trade Organization (WTO) has announced that Indonesia has requested dispute consultations with the European Union regarding the EU’s antidumping and countervailing duties on imports of stainless steel cold rolled flat products from Indonesia. - more

    Glencore's 2022 cobalt production up, along with oil, nickel, ferrochrome - Mining and marketing company Glencore produced 40% more cobalt last year, along with 16% more oil, 5% more nickel and 1% more ferrochrome. - more

    Nickel & stainless: rebalancing after hectic 2022 - After the tumultuous switchback in LME trading in March, nickel has been the price performer among major base metals as LME nickel stocks have declined further. - more

   Other News

• Report: Workers Glued Sheared Bolts Back Together on Nuclear Sub - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $13.72/lb ($30,250/tonne). Indicators at 5:30 am CST today show nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and now stand just under the 49,100 tonne level. Nickel rose again yesterday, possibly on the Philippine taxation news, with Shanghai following suit overnight, ending at 225,410 y/t. Nickel is once again trading above the $30,000 tonne level and until we see these LME stockpiles numbers grow again, we suspect they may continue to do so. Stockpile numbers are at their lowest since 2008 and for those who were not yet in the industry at that time, it was a nightmare for pricing. Nickel traded over $50,000/tonne - some could claim legitimately and not like last year's temporary short squeeze that stained the market's reputation. While we are convinced the stockpile numbers we see the LME publish these days mean far less than they did back then, it must be unnerving for the big trading houses to see little evidence of forecasted surplus, and according to the LME numbers, the opposite being possibly true. So while the vast majority of marketed nickel never passes thru the LME warehouses, it has always offered a slight glimpse into the worldwide supply and demand situation. Are those days completely gone? Time will tell. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $12.81/lb (average for January)
  

    Tuesday's market review - Copper edges higher but momentum drains from price rally - Copper edged higher on Tuesday but an expected increase to U.S. interest rates was helping to drain momentum from a rally that drove prices to seven-month highs this month. - more

• Stainless Steel Inventory Grows Significantly amid Poor Downstream Orders and Stable Shipment ahead of CNY Holiday - more
  

• Taiwan’s Tang Eng ups stainless steel prices for Feb - more
• Walsin Lihwa raises stainless steel wire rod prices for Feb - more
  

• India's Jindal Steel and Power says inquiries from European buyers on the rise - more

     Squeezed mining companies face growth dilemma - High costs and the prospect of shrinking earnings have made big miners nervous about expansion, even as shareholders demand investment in response to robust commodity prices, China's reopening and the role of minerals in decarbonising the economy. - more

   Other News

• Exclusive: President Jokowi "confident" Tesla will invest in Indonesia - more
  
• Few sanctioned Russian oligarchs disclose UK property, despite new law - more
• Brexit Has Had a Negative Impact on the U.K. Economy - more
  
• Biden to block Pebble project in Alaska - more
  

  Economic Stats and Prices (posted in Friday edition)