Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.01/lb ($17,655/tonne). Indicators at 5:35 am CST today show nickel trading  unchanged. Stockpiles of nickel stored in LME licensed warehouses rose sharply yesterday and started today's trading over the 72,600 tonne level. The 3,300 tonne gain in one day turned the month from a loss in inventory month, to another growth month. Shanghai nickel rose to 137,710 y/t overnight. If traders were shocked by the huge gain in LME numbers yesterday, a higher Euro apparently has them confused. As we write this, nickel prices have gone no where so far. It's Leap Year and while it only comes once every four year, Putin spent it threatening the world with nuclear weapons again.Why should Leap Day be any different? Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $7.37/lb
  

    Wednesday's market review - Copper held down by China’s property woes and strong dollar - Copper prices resumed their downward path on Wednesday, weighed down by a stronger dollar and more bad news... - more

    European Stainless-Steel HR Coil continues to decline in February Amidst Lowering Downstream Demand - By the end of February 2024, the price of Stainless-Steel HR Coil remain on a lowering edge as the ... - more

    Vale says court overturns suspensions of Sossego, Onca Puma mines - Brazilian miner Vale said in a filing on Monday that a court has granted a temporary injunction giving back operational licenses to the ... - more

    Yusco adopts individual negotiating way for Mar stainless steel prices - Yieh United Steel Corp. (Yusco), a leading stainless steel mill in Taiwan, maintained an individual negotiating way for March offers with ... - more

   AMT Insight – Base metals outlook video – why, where, what next? - The base metals showed significant divergence in terms of price trends in the past year. We explain why this happened, ... - more

   Profit Collapse Looms For BHP, Rio Tinto And Fortescue - The crash in prices for nickel and lithium, two key battery metals, could be a precursor to something more significant, a collapse in the price of iron ore, ... - more

    Alliance For American Manufacturing Documentary - Cleveland Cliffs and 'Relighting The Flame' - video here

   Other News

• Thousands told to flee homes in Australia amid heat spike, bushfire threat - more
• Copper super-bulls bide their time in the options market - more
• Putin warns West of risk of nuclear war, says Moscow can strike Western targets - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.94/lb ($17,510/tonne). Indicators at 5:40 am CST today show nickel trading around $.09/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today's session just over the 69,300 tonne level. Shanghai nickel rose slightly to 134,290 y/t overnight. Nickel bounced back on Tuesday, covering most of Monday's losses, in a sign the bulls were not giving up on their rally. The bears are using a stronger US Dollar this morning to remind the market they are ready to pounce at any sign of weakness. The newest defensive move by nickel miners is a push to put a tariff on Indonesia's "dirty nickel". Nickel miners have never been strong advocates of any push for zero carbon mandates, but have found the pollution caused by processing low grade ore might be Indonesia's Achilles Heel. Mining the minerals necessary to make EV's and their batteries have always been the dirty little secret of clean energy, but the pollution created by turning low grade ore into high grade nickel used in the EV battery industry is an extreme example. Will be interesting to watch how this plays out, as there are risks to the entire industry playing this card. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $7.35/lb
  

    Tuesday's market review - Copper edges up with focus on China’s upcoming NPC meeting, US data - Copper prices in London rose for the first time in three sessions on Tuesday, on hopes that next week’s ... - more

    Tighter Indonesian nickel ore supply boosts prices, curbs smelter output - Nickel ore prices in Indonesia, the world's top producer, have risen on tighter supply after government delays in issuing new mining .... - more

    Loaded for Bear: ANC’s push for raw material export taxes to spur ‘local value’ is a bad idea - The ANC, which has overseen a failing state and the de-industrialisation of Africa’s most industrialised economy, .... - more

    Sibanye-Stillwater says Indonesia’s “dirty nickel” will attract tariffs - Miners of low carbon metals would be protected from the kind of supply shocks currently being seen in the nickel industry, said Sibanye-Stillwater... - more

    EU outlines plans to ensure bloc is base for advanced materials - The European Commission unveiled on Tuesday proposals designed to ensure EU industrial leadership in advanced materials needed for ... - more

    Courtesy AISI - In the week ending on February 24, 2024, domestic raw steel production was 1,727,000 net tons while the capability utilization rate was 77.8 percent. Production was 1,800,000 net tons in the week ending February 24, 2023 while the capability utilization then was 80.5 percent. - more

   Other News

• Shortage of Oil Tankers at Hand as Red Sea Attacks Divert Trade - more
• Boeing Hit by Damning Report Faulting Safety Procedures - more
• US, Philippines Bolster Economic Ties to Fend Off China Risk - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.79/lb ($17,170/tonne). Indicators at 5:35 am CST today show nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today's session just under the 69,800 tonne level. Shanghai nickel fell to 133,530 overnight, and we are switching contracts that reads 134,210 y/t today. Nickel fell yesterday but is up this morning. Fundamentals are mostly negative, while technicals remain positive. We mentioned yesterday that Sunday's 60 Minutes story on China and US relations contains some interesting info on what is going on inside China. It is now online (26 minute video here). News is on the light side this morning so we leave you with it. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $7.33/lb
  

    Nickel Faces Existential Moment With Half of Mines Unprofitable - Many of the world’s biggest nickel mines are facing an increasingly bleak future as they wake up to an existential threat: a near limitless ... - more

    Indonesia miner buys another 14% stake in Vale's local nickel unit - State-owned mining holding company Mineral Industri Indonesia will buy another 14% stake in the local unit of Brazilian mining giant Vale for ... - more

    Taiwan’s stainless steel price has potential for growth for Mar - The nickel price soared to the above US$17,000/ton level last Friday (February 23), which stimulated the stainless steel market. - more

    Indian envoy backs Australian mining amid nickel turmoil - India remains committed to partnering with Australia to reduce emissions, despite turmoil in nickel markets and speculation Western countries will push ... - more

    Chinese money still chasing Canadian critical mining deals despite Ottawa's scrutiny - A year after Canada tightened foreign investment rules for the critical minerals sector, Chinese money has continued to pour... - more

   Other News

• China Starts the Lunar New Year With an Economic Hangover - more
• China's slowing economy, Xi's government tactics leave American investors wary - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.96/lb ($17,540/tonne). Indicators at 5:45 am CST today show nickel trading around $.12/lb  lower. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and ended the week just under the 70,000 tonne level. Shanghai nickel fell to 132,730 y/t overnight. Nickel is down this morning after the US sanctions did not include Russian nickel, and Indonesia starts approving more nickel quota's. One of the aspects of the feat and famine cycles that nickel goes thru, is when prices fall, miners have one of two choices to make. Either go on care and maintenance, basically shut down, or produce more nickel to make up for some of the lost profit. We are seeing both happen as nickel prices trade near their bottom. Many nickel miners in Australia and elsewhere have gone on care and maintenance, expecting this price depression could be around for some time. Indonesia miners, on the other hand, who are the primary cause of the sudden glut of nickel, appear to be taking the other route. If so, this could mean the glut will last longer, as increased Indonesia nickel production will help disguise the loss of production elsewhere. 60 Minutes had an interesting segment on China last evening, in case you missed it. If you can put aside the anti-China rhetoric, there was some good info on the slowdown in their economy. Stay safe out there and have a great week!
• Average price of LME traded cash nickel so far this month - $7.31/lb
  

     Friday's market review - Nickel heads for biggest weekly gain in seven months - Nickel prices were heading for their biggest weekly gain in seven months on Friday as expansion of Western sanctions... - more

    Russian metals aluminum, nickel escape new US sanctions - Aluminum slid and nickel pared earlier gains after a package of US sanctions omitted any major curbs on Russian industrial metals. - more

• US Sidesteps Riskiest Sanctions in Latest Move Against Russia - more

    China to Invest in Indonesia's Nickel Industry, Boosting Local Economy and Global Supply Chains - China plans to deepen its investment in Indonesia's nickel sector by establishing a cutlery factory, signaling ... - more

• Indonesia mining ministry working to approve more nickel, tin quotas, official says - more
• Mining giants are worried that a flood of cheap Indonesian nickel could wipe them out - more

    Demo by Acerinox steel plant workers blocks A7 dual carriageway in Los Barrios for nearly four hours - A demonstration by workers at the Acerinox steel plant has seen the A7 dual carriageway in Los Barrios ... - more

    German steelmaker signals its support for GASSA - In a bid to counteract China’s dominance in global steel markets, an alliance of German steelmaking states has thrown its weight behind a proposed ... - more

   Other News

• Red Sea conflict: 40% freight charge hike hits exporters hard - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.89/lb  ($17,400/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 Thursday and started today's trading session just over the 70,300 tonne level. Shanghai nickel rose to 135,620 y/t overnight. Short covering helped propel nickel yesterday, with hopes that the US will announce sanctions on Russian nickel helping start this rally. We showed a closing of $16,400/tonne on Monday and $17,400/tonne yesterday which gives you some idea of how volatile nickel can be when the bulls or bears take advantage of the market. Should the sanctions announced in Washington today not include nickel (again), then we could see the bears take back control of the market. We have been here a few times since the war began but so far, the Biden administration has left Norilsk alone. With a glut of nickel on the market these days, traders appear to be betting this time might be different. Stay safe out there and have a great Friday and weekend!
  
• Average price of LME traded cash nickel so far this month - $7.28/lb
  

    Thursday's market review - Nickel hits 10-week high on short-covering ahead of Russia sanctions - Nickel prices rose to their highest in 10 weeks on Thursday as concern over expansion of U.S. sanctions ... - more

    Brazilian state suspends license at second Vale mine - Brazilian miner Vale on Thursday said that Para state has suspended the operating license for its Onca Puma nickel mine after a similar suspension at ... - more

    Global nickel market sees 28,700 metric ton surplus in December - INSG - The global nickel market had a surplus of 28,700 metric tons in December, up from a surplus of 23,700 metric tons a year earlier... - more

    Utilization of China’s domain capacity increases for the sixth week in a row - Chinese steelmakers generally did not shut down their blast furnaces during the New Year holidays.Blast furnace capacity utilization ... - more

    European buyers expect steel CRC, HDG prices to drop on low demand, import pressure - Domestic prices for steel cold-rolled and hot-dipped galvanized coil in Europe were stable to slightly weaker in the week... - more

    China Holds 90 Percent of Profits from Nickel Downstreaming in Indonesia - Who is celebrating and enjoying the most benefits from downstream nickel in Indonesia?“80-90 percent of China is the main consumer,” ... - more

   Other News

• Frank Hurtte on How Distributors Are Failing New Sales Talent - more
• Many Small Business Owners See 2024 as 'Make or Break' Year - more
• We are old enough to remember back when Ronald Reagan was President and Jerry Falwell and his Moral Majority were crying foul that science was trying to play God with a new procedure called In Vitro Fertilization. There were demonstrations and picketing everywhere against it. Reagan refused to side with Falwell and let the procedure proceed. Within years, one could hear pastors in church announce that God had worked a miracle thru IVF for one of their fellow members. Change can be frightening, but we humans tend to adapt. 

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.65/lb  ($16,870/tonne). Indicators at 5:40 am CST today show nickel trading around $.15/lb  higher. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today just over the 70,350 tonne level. Shanghai nickel jumped to 131,320 y'/t overnight. Nickel jumped yesterday and is well over the $17,000 level this morning. The nickel bulls have been served a cocktail of news lately including China returning to work, a growing list of closed nickel mines, possible Russian nickel sanctions, and today, the Euro is bouncing. All of this has helped nickel jump over $1000 in the past week. Is this the beginning of something that will stick or merely a rush to get on board a leaky boat? Stay tuned, stay safe out there and have a great day! 
• China back - possible Russian sanctions - Euro is up
• Average price of LME traded cash nickel so far this month - $7.25/lb
  

    Eramet in talks with France to offload debt from SLN nickel unit - Eramet is in "very advanced talks" with the French government to remove from its balance sheet several hundred million euros of debt related to its ... - more

• Eramet 2023 Results (interesting nickel and stainless steel stats for 2023 starting on page 8) - pdf here

     A tale of two metals will determine the future of energy - The world’s biggest miner BHP Group grew powerful by building dominant positions in producing the minerals of the future. - more

    Russia’s stainless imports expected to increase in 2024 - According to the Russia-based SpetsStal Association, after the introduction of sanctions against Russia in 2022 due to the war in Ukraine, the ... - more

   Other News

• Warren Buffett Has Spent 70 Years Of His Life Married — His Advice: 'If You Want A Marriage To Last, Look For Someone With Low Expectations' - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.49/lb ($16,520/tonne). Indicators at 5:20 am CST today show nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Tuesday and started today's trading session just below the 70,300 tonne level. Shanghai nickel rose to 128,280 y/t overnight. Nickel continues its slow but fairly steady march northward, and is now trading over the half way point to the $17,000 tonne level. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $7.23/lb
  

    GEFO to invest in stainless steel chemical tankers - GEFO has decided to invest ‘a three-digit million amount’ in ten new 3,850 dwt tankers.The units have been ordered at Xiangyu shipyard in Nantong, China... - more

    Miner First Quantum swings to fourth-quarter loss - Copper miner First Quantum Minerals, opens new tab reported a net loss for the fourth quarter on Tuesday, as production was hit by the closure of its Cobre ... - more

    Courtesy AISI - In the week ending on February 17, 2024, domestic raw steel production was 1,721,000 net tons while the capability utilization rate was 77.5 percent. Production was 1,800,000 net tons in the week ending February 17, 2023 while the capability utilization then was 80.5 percent. - more

    China’s Belt and Road mining investment hits record - A new report from Griffith Asia Institute, a unit of Australia’s Griffith University, shows 10 years after the launch of China’s Belt & Road Initiative... - more

   Other News

• Biden Administration Is Said to Slow Early Stage of Shift to Electric Cars - more
• Indonesia issues more tax incentives for EV sales - more
• Graphic Analysis: Spring Festival holidays ignite consumption boom in China - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.44/lb  ($16,400/tonne). Indicators at 5:45 am CST today show nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and ended yesterday's session just over the 70,300 tonne level. Shanghai nickel rose to 126,570 y/t overnight. Media still full of the woes of Australia nickel miners, but to be fair, most of the stories originate in Australia. It is also interesting to note the word collapse is using in referring to the industry as a whole, not just the price of nickel. Someone should remind these reporters that nickel has been, is, and will continue to be a cyclical mineral - and mining of all sorts is boom and bust cyclical. The price is down and while this dip came somewhat unexpectedly considering just months ago we were linking to articles about how we would need many, many more mines built to keep up with the EV battery demand, it will not last. BHP reported nickel prices may stay lower until 2030, and while their crystal ball is more informed than ours, we doubt their pessimism will prove true. Stay safe out there today and enjoy your day!  
  
• Average price of LME traded cash nickel so far this month - $7.22/lb
  

    Monday's market review - China central bank disappointment weakens copper  - Copper prices slipped on Monday after China's central bank held key policy rates on medium term loans steady and the market ... - more

    Chinese Hand In Global Nickel Price Collapse -  Australia's nickel industry has been granted access to billions of dollars in federal funding as well as relief from royalty payments after a collapse in the global ... - more

• What's Behind The Collapse In The Price Of Nickel And How Can The Industry Survive? - more

• Miner BHP brings tail risks up to the surface - more
• VIDEO: BHP working to resolve the futures of thousands of nickel workers - more
• The world’s biggest miner reported an almost 90% drop in net income after cheap Indonesian nickel, key for EVs, sends prices cratering - more

    Is stainless steel always stainless – does it ever rust? - The short answer is yes. There are many places such as the Chrysler Building where stainless steel remains in pristine condition even after a century ... - more

   Other News

• Once banned from the US, this fiery ex-army general is poised to lead Indonesia. What to expect - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.43/lb ($16,390/tonne). Indicators at 5:55 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started this week reading just over 70,300 tonnes. Shanghai returned to trading and nickel fell overnight to 125,900 y/t. The commodity trading board looks pretty red this morning, but nickel is one of the few trading in the green. Australia has stepped in to help its nickel miners weather the price drop storm with some rebates. Not sure if this is the typical reaction in Australia when the cyclical nickel turns negative, but government intervention in the free market system has become the norm here in the States for the 21st century. The near collapse of the banking industry and the government intervention there seems to have convinced some that government is an evil entity, except when one starts losing money. Terms like moral hazard are being redefined as United States investors go thru free money withdrawals, but the free market remains strong on knowledge that when things go bad again, as they always do, there will always be a government teat to suck from. That used to be called Socialism, but its apparently the new Democracy. Politicians can accomplish very little these days, but all will try to out do each other when it comes to borrowing from our grandkids to keep our votes. Stay safe out there and have a great week! 
  
• Average price of LME traded cash nickel so far this month - $7.21/lb
  

    Friday's market review - Copper on track to biggest weekly gain in three months - Copper prices were on track on Friday to post their biggest weekly gain in three months, helped by falling inventory and ... - more

   Critical minerals sector is 'not healthy,' says head of global gold giant - 'Just look at the so-called critical minerals industry today, lithium’s a bust, so is nickel' - Barrick chief - more

   Western Australia offers royalty relief to struggling nickel producers - Western Australia said on Saturday it would offer royalty relief to nickel producers in a bid to buoy the struggling industry, a day after the metal ... - more

• Royalty rebates for nickel industry to ride out slump - more
• Nickel aid is too little, too late - more
• Industry welcomes WA nickel royalty rebate as step in right direction - more
• Australia gives nickel a quick fix, but surgery of global industry needed - more
• What’s behind the collapse in the price of nickel and how can the industry survive? - more
• Australia's Nickel Industry at a Crossroads: Government Intervention, Market Dynamics, and the Future of a Critical Mineral  - more

   Rusal to add Abramovich to lawsuit against Potanin over nickel miner pact - Aluminium giant Rusal (RUAL.MM), opens new tab obtained permission by a London court on Friday to add Russian billionaire ... - more

   Other News

• How does U.S. life expectancy compare to other countries? - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.39/lb ($16,290/tonne). Indicators at 5:30 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses went unchanged again on Thursday and remained just below the 71,550 tonne level. Shanghai markets reopen on Monday after a week plus long break to celebrate their Lunar New Year. Nickel's trend higher stalled yesterday, and has yet to show much of anything today. Australia has added nickel to its list of critical minerals, but unlike other countries who are trying to protect their resources from foreign plunder, it appears this move was strictly to help their current nickel producers survive. France is offering to help keep the New Caledonia nickel mine formerly known as Goro open. Earlier Glencore announced it was withdrawing its support for the New Caledonia nickel mine Koniambo, and we have read that Eramet has advised SLN they will not be getting anymore financial support for their nickel mines. Stay safe out there and have a great weekend!  
  
• Average price of LME traded cash nickel so far this month - $7.21/lb
  

    Thursday's market review - Copper ticks up on softer dollar, solid fundamentals - Copper prices rose on Thursday as the U.S. dollar eased and on the back of stable manufacturing demand from top consumer China. - more

   SMM Exclusive Analysis of Stainless Steel Production Review and forecast - According to SMM research, the total national stainless steel production in January 2024 was about 2.893 million tons, a decrease of... - more

    France offers loan to New Caledonia nickel firm Prony to avert collapse - France has agreed to provide a 140 million euro ($150.92 million) loan to Prony Resources to avert the collapse of the New Caledonian... - more

   ING Report - Industrial Metals Monthly: Nickel’s price plunge shutters mines - pdf here

    All options needed to save nickel industry: WA premier - The nickel industry could get state and federal help after an "extremely concerning" warning from BHP on scaling back operations and investment. - more

• Australia lists nickel as 'critical mineral' to unlock billions in support - more
• Indonesia's Nickel Supremacy: China's Backing and Australia's Decline - more

   Other News

• Philippines Preparing for Possible Economic Fallout With China Amid Sea Row - more
• Britain's Labour Party deals double blow to PM Sunak's Conservatives - more
• SpaceX files to relocate to Texas after Elon Musk's spat with Delaware over pay package - more
• Conservative group tells judge it has no evidence to back its claims of Georgia ballot stuffing - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.41/lb  ($16,330/tonne). Indicators at 6:00 am CST today show nickel trading around $.07/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose slightly on Tuesday and fell on Wednesday and started today's session just under the 71,550 tonne level. Shanghai remains closed on holiday. Nickel continues to rise but we are unable to determine exactly why. The news that Chinese run refineries in Indonesia would have to cut production by 100,000 tonnes this year to help bring the price of nickel back up, did not appear to be an official announcement of any such cuts, rather analysts saying this is what would have to be done. There has also been a rash of mine closures due to the lower trading price, but these alone do not justify the increase. Maybe the two together have encouraged nickel bulls to wake up and take a shot at driving the trend line northward. Technicals have moved from strong sell to neutral to buy in the past few weeks, but we remind our readers that we believe technical signals are merely a reflection of what has happened and not a forecast of what will happen beyond a belief that the current trend might continue. In other news, the UK and Japan have entered into recession, and Germany has replaced Japan as the third largest economy in the world. China overtook Japan in 2010 to become the second largest economy, where it remains behind the United States.Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $7.19/lb
  

    Wednesday's market review - Most base metals fall on stronger dollar after US inflation data - Prices of most non-ferrous metals eased on Wednesday, weighed down by a stronger dollar after hotter-than-expected ... - more

    Limited hope for brighter stainless steel trade - The year has begun on a better footing for the stainless steel sector in Europe with mills expected to increase production and shipments. - more

    BHP flags $5.7 bln impairments on Samarco dam failure, nickel operations - BHP Group, opens new tab will record another $3.2 billion impairment in relation to its Brazilian Samarco dam failure, ...- more

    How China is tightening its noose on critical minerals - The historic Inflation Reduction Act (IRA) of 2022 took bold steps towards promoting U.S. production of critical minerals, with a dual-pronged goal of supporting... - more

   Other News

• Bolivia chooses Chinese consortium led by CATL for $1 billion lithium investment - more
• Indonesia's Prabowo claims victory after presidential election rout - more
• Musk woos Chinese suppliers to set up in US’s backyard - more
• Japan unexpectedly slips into recession, Germany now world's third-biggest economy - more
• Private US moon lander launched half century after last Apollo lunar mission - more
• UK economy falls into recession, adding to Sunak's election challenge - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.37/lb ($16,250/tonne). Indicators at 6:00 am CST today show nickel trading around $.06/lb  higher. LME stockpile numbers are unavailable this morning and will be updated tomorrow. Shanghai markets remain closed for holiday break. On news yesterday that inflation ran a little higher than expected in January, US markets took a dive as it appeared that Fed money was going to remain expensive longer than hoped. The Euro also dived, but none of this seemed to affect the LME nickel price, which was being firmly controlled by the bulls - for a change. And while other base metals are trading lower this morning, nickel's bullish run continues. Indonesian citizens are going to the polls today to elect a new President. Whether you liked, disliked, or held no opinion on outgoing President Joko Widodo, the worldwide nickel and stainless steel industry were forever changed by his decisions over the past decade. Stay safe out there today and have a great hump day!
• Average price of LME traded cash nickel so far this month - $7.18/lb
  

    Tuesday's market review - Copper buoyed by low stocks as investors await inflation data - Copper prices extended gains on Tuesday, continuing a recovery from last week's 3.7% decline thanks to lower ...- more

    European HRC prices decrease slightly amid bearish sentiment - Prices of European hot-rolled coil decreased slightly on Monday February 12 amid limited trading in the spot market, ... - more

    As prices plummet, what's the future of Australia's nickel sector? - Prices for nickel are down more than 40 per cent in the past 12 months as Indonesia continues to flood the market with supply. - video here

• Legend Mining Presentation Titled "Navigating Negative Nickel Sentiment" - pdf here

   Other News

• Stock futures are little changed after Dow suffers worst session since March 2023 - more
• Indonesia is heading to the polls to elect Jokowi’s presidential successor - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.28/lb  ($16,040/tonne). Indicators at 5:50 am CST today show nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Monday and remain just under the 71,950 tonne level. Shanghai markets remains closed as well. Nickel is trading higher, but since the Euro appears to be stagnant against the US Dollar, it would appear that some traders see all these mine closure announcements as potentially helping erase the supply glut of nickel. Possible, but unless Indonesia scales back production, something we might see after their Presidential elections are over, the oversupply should continue. Traders, bulls and bears alike, do not make money unless the price changes one way or the other, so this could be a simple attempt to move the price of nickel above the $16,000 tonne level. Stay safe out there and have a great Tuesday!  
  
• Average price of LME traded cash nickel so far this month - $7.17/lb
  

    Indonesia police to charge 2 Chinese nationals in furnace explosion at Chinese-owned nickel plant - Indonesian police on Monday named two Chinese nationals as suspects in the explosion of a smelting furnace ... - more

• Indonesia unlikely to relinquish top exporter position in foreseeable future - more

   Other News

• Mexico’s president calls for ban on open-pit mining - more
• Domestic tourist trips expected to reach 6 billion with inbound and outbound travelers likely to exceed 260 million in 2024: China Tourism Academy - more
• Russia puts Estonian PM on wanted list for 'desecration of historical memory' - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.22/lb ($15,920/tonne). Indicators at 6:00 am CST today show nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and ended the week just under the 71,950 tonne level. Shanghai markets will be closed all week for their Chinese Lunar New Year holiday break. Another week, and another nickel mine shuts down. This time Glencore not only shut down Koniambo, but reportedly put it up for sale. New Caledonia appears to be a little piece of heaven in the middle of the Pacific, and it has plenty of nickel, but it is apparently so expensive to produce and ship from there, that a dip in the world's traded price, eats up any profitability pretty quick. There are two other large nickel operations on New Caledonia, Goro and SLN. Both have reportedly sought financial help in the past few weeks. Indonesia has named two Chinese nationals as suspects in the killer Christmas Eve smelter fire. Stay safe out there and have a great Monday!
  
• Average price of LME traded cash nickel so far this month - $7.17/lb
  

    Friday's market review - Copper steadies on China financing data; zinc and lead hit new lows - Copper prices steadied on Friday after a week of heavy losses as investors got a glimmer of hope that top ... - more

    Indonesia names two Chinese suspects in nickel smelter fire - Indonesia police on Monday said two Chinese nationals had been named as suspects in an investigation into the cause of a nickel smelter fire ... - more

• China, Indonesia face deeper output cuts to tackle nickel price slide - more

    Outokumpu foresees increase in group stainless steel deliveries by 5-15% in Q1 2024 - Outokumpu, a leading stainless steel manufacturer in Europe based in Finland, forecasted that its group stainless steel ... - more

    Glencore to transition New Caledonia nickel plant to "care and maintenance" - Glencore GLEN.L said on Monday it had decided to transition the loss-making Koniambo Nickel SAS business it co-owns in ... - more

• Glencore Seeks Buyer for Troubled New Caledonia Nickel Mine - more

    U.S. exports/imports of Nickel - more // U.S. imports/exports of Stainless steel - more // U.S. exports / imports of Screws, nuts, bolts, washers - sample of search - use search bar at top of page for your SIC

    EUROFER: Apparent steel consumption in EU set to recover in 2024 - According to the Economic and Steel Market Outlook 2024-2025\/Q1 2024 Report from the Economic Committee of the European Steel ... - more

    Assofermet: Italian steel market sees weaker demand and higher prices - In the carbon flat steel sector in Italy, end-user demand has shown signs of weakening in early February, while mills prices continue to.... more

   Other News

• Tesla's graphic troubles - more
• Shipping Bosses Warn Maritime Security in the Red Sea Getting Worse Not Better - more
• Fact Check: Putin Defends Hitler's Invasion of Poland in Carlson Interview - more / why Russia would like to rewrite history - more (Nazi Germany not the only country involved in the 1939 invasion of Poland)

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.30/lb  ($16,090/tonne). Indicators at 5:00 am CST today show nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and ended that session just over the 72,100 tonne level. Shanghai markets were closed overnight. As is typical for the 'extended' week China is closed for their Lunar New Year holiday, relevant news for our readers becomes harder and harder to find. So we leave you with what little that we found and hope you have a safe and relaxing weekend. And of course, go Chiefs!
  
• Average price of LME traded cash nickel so far this month - $7.18/lb
  

    Finnish steelmaker Outokumpu sees European recovery continuing - Finnish stainless steel maker Outokumpu beat fourth-quarter earnings expectations on Thursday and said it expected the recovery ... - more

   Persisting downside factors deepen downturn in 2023 and curb steel demand rebound in 2024 - Lingering adverse conditions are set to exacerbate the recession in 2023 while slowing down the anticipated ... - more

   Canada Nickel plans to raise $1 billion for processing plant - Canada Nickel Co on Thursday said it is looking to raise $1 billion to build a nickel processing plant, as it seeks to position itself as an alternative ... - more

   Other News

• Stainless steel seizes the day - more
• POSCO starts construction of electric arc furnace at Gwangyang plant - more
• Farm Exports from the U.S. Hit a Three-Year Low in 2023 - more
• US trade deficit with China narrows to lowest since 2010 - more
• Canadian Government to support First Quantum - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.25/lb  ($15,980/tonne). Indicators at 5:45 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today at the 72,300 tonne level. Shanghai nickel rose to 126,250 y/t overnight. Speaking of Shanghai Metals, they with the rest of China, are closed for business until the 18th, as China celebrates the Lunar New Year in a week long break. 2024 is the Year of the Wood Dragon, the first since 1964. Little light on the news front today. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $7.19/lb
  

    Wednesday's market review - Copper retreats on Chinese demand uncertainty - Copper prices fell on Wednesday as an economic and demand slowdown in China pressured the market ahead of a long public... - more

    Nickel and Stainless Steel Operates Stronger than Expected - On a macro level, the domestic market sentiment has rebounded and market confidence has been boosted; The US GDP in the fourth quarter of 2023... - more

    Marcegaglia increases stainless tube prices - Italian re-roller Marcegaglia is updating its price list for stainless and specialty tube products, Kallanish learns from a company representative. - more

    London Metal Exchange faces legal action over "sale of dirty metals" - The London Metal Exchange (LME) is facing legal action over allegations that it enables the global sale of "dirty metals" ... - more

    Fortunes Lost But There Is Light In The Tunnel For Nickel - Outspoken Australian iron ore billionaire and environmental crusader Andrew Forrest is one of the investors stuck in what could be a long downturn l... - more

   Other News

• US court cancels approvals for widely used dicamba weedkillers - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.22/lb  ($15,910/tonne). Indicators at 5:50 am CST today show nickel trading less than $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell by the exact amount it rose yesterday and again stands just over the 71,700 tonne level. Shanghai nickel fell to 124,050 y/t overnight. Closing below the $16,000 y/t level for two consecutive sessions sends the market a negative technical indicator, although we really haven't seen many positive indicators in some time. Interesting articles below so we leave you with them. Stay safe out there and have a great hump day!
• Average price of LME traded cash nickel so far this month - $7.20/lb
  

    China's refined nickel trade signals new production trends - China's net imports of refined nickel fell to a near-decade low in 2023, capturing the tectonic shifts playing out in the global production chain. - more

    Taiwan’s stainless steel price rises in Feb - One week after Taiwan’s major upstream stainless steel mills announced prices for February, the market players concluded that the price was around ... - more

    French government flags fresh funds for nickel rescue - The French government plans to offer fresh subsidies and loans for a New Caledonia nickel plant co-owned by commodities group Glencore ... - more

    Spain’s Acerinox agrees to buy US steel alloy specialist Haynes -  Spanish steelmaker Acerinox has agreed to buy US nickel and cobalt alloy specialist Haynes in a $798 million deal, it said in a stock ... - more

    Tsingshan's 2023 nickel output jumps to record high - Chinese nickel giant Tsingshan Group's nickel output rose 27% in 2023 to a record 1.12 million metric tons nickel unit, company data showed. - more

• (good background on Tsingshan from two years ago) - more

    Stainless steel's crucial role in advancing biotechnology research in Australia - In 2022, a remarkable chapter in Australia's biotechnology research unfolded with the opening of the CSIRO National Vaccine ... - more

   Other News

• AMT LME COTR Analysis 6 February - more
• Piedmont Lithium lays off 27% of its workers - more
• Auto Loan Delinquency Revs Up as Car Prices Stress Budgets - more
• Boeing 737 MAX 9 door plug bolts appeared to be missing on Alaska jet, NTSB says - more
• Indonesia set to elect next president: 5 things to know - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.20/lb ($15,880/tonne). Indicators at 5:45 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Monday and started today's session just over the 71,800 tonne level. Shanghai nickel rose to 124,960 y/t overnight. Nickel is back trading under the $16,000 tonne level, and bulls are trying desperately to get back to that level. The Pentagon announced it will use AI to predict commodity prices, particularly critical minerals. We say good luck with that. Now you can blame the computer instead of the analyst. Thyssenkrupp believes the cost of green steel will run higher than what they call gray steel, until sometime in the 2030's. Those stories and more below. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $7.24/lb
  

     Nickel extends slump on Indonesian glut as metals hit by Fed - Nickel extended a year-long slump as rising Indonesian supplies help create a glut, while other base metals declined on reduced bets ... - more

    Pentagon looks to AI to predict prices of critical minerals for weapons - The Pentagon’s latest AI program will monitor critical minerals’ availability for arms manufacturing and the energy transition. ... - more

    Nickel and lithium prices plunge as Chinese EV demand loses steam - The prices of lithium and nickel, key materials used in electric vehicle batteries, have nose-dived due to a sharp slowdown in growing .... - more

    Steel makers fear exports to be hit if the crisis lingers - India’s steel exports are expected to decrease to 5-7 million tonnes in this fiscal year, influenced by subdued global demand and prices, the data stated. - more

    South Korea ends AD duties on Japan’s stainless steel plates - According to a notice from South Korea’s Ministry of Economy and Finance on February 5, 2024, the country decided to end the imposition ... - more

    Price gap of ‘green’ and ‘gray’ steel to close steadily until mid-2030s: Thyssenkrupp - Prices of reduced carbon emission steel and conventional steel will continuously align until the 2030s, Thyssenkrupp ....- more

    Courtesy AISI - In the week ending on February 3, 2024, domestic raw steel production was 1,702,000 net tons while the capability utilization rate was 76.6 percent. Production was 1,741,000 net tons in the week ending February 3, 2023 while the capability utilization then was 77.9 percent. 

   Other News

• World celebrates the Year of Dragon, gaining better understanding of Chinese culture - more
• Stronger-than-expected employment growth in 2023 was even stronger than it seemed - more
• Italy's farmers head to Rome in tractor convoy as European anger spreads - more
• Vietnam pushes US to grant it 'market economy' status - more
• South Africa’s mining industry now 39% black-owned, Mining Indaba hears - more
• Iran, Russia, China plan joint naval drill to bolster regional security - more
• BHP awards 26 scholarships to Saskatchewan students - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.37/lb  ($16,240/tonne). Indicators at 5:45 am CST today show nickel trading around $.06/lb  lower. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and ended last week just over the 71,700 tonne level. Shanghai nickel fell to 124,860 y/t overnight. Nickel is down today but it appears the falling Euro is mostly responsible. Number of articles below on the status of nickel and speculation in its future. Here are your raw material averages for January 2024, compared to the month prior. Nickel - $7.27/lb compared to $7.43/lb in December 2023; Chromium - $5.04/lb unchanged from December; and Molybdenum - $20.59 up from $19.38/lb in December. Stay safe out there andhave a great Monday!
• Average price of LME traded cash nickel so far this month - $7.39/lb
  

    From green hype to bailouts, the nickel industry has imploded - Just 18 months ago, the world’s biggest mining company was in a nickel frenzy. BHP Group, to much fanfare, had struck a deal with Tesla Inc. ... - more

  Is the Nickel price close to a trough? Morgan Stanley has the answer - Nickel prices have fallen nearly 50% since the 3 January 2023 peak, putting severe pressure on companies involved  in its exploration ... - more

    POSCO Holdings has net loss, stainless steel output slides in Q4 2023 - South Korea’s POSCO Holdings Inc. reported that the company had a net loss of 321 billion won in the fourth quarter of 2023, compared... - more

   Sumitomo cuts nickel output forecast in Madagascar due to system glitches - Japanese trading house Sumitomo Corp  on Monday slashed its output estimate of nickel at its Ambatovy project in Madagascar... - more

   Analysts see weak demand dragging on base metals in 2024: Andy Home - Base metals are in for a subdued 2024 with weak demand damping any bullish supply pressures, judging by the latest Reuters poll... - more

   Welding Austenitic stainless steels - Austenitic stainless steels have high ductility, low yield stress and relatively high ultimate tensile strength, when compare to a typical carbon steel. - more

• Handbook of Stainless Steel by Outokumpu - pdf here
• Atlas Steels Technical Handbook of Stainless Steels - pdf here
• Design Guidelines for the Selection and Use of Stainless Steels - pdf here
• Stainless Steel Technical Handbook - pdf here
• Welding Guide Stainless Steels - pdf here
• Stainless Steels For Design Engineers - pdf here

   Other News

• Hyundai Motor Group Sold More EVs In The U.S. Than GM And Ford In 2023 - more
• China set to lose crown as top U.S. exporter after 17 years - more
• China's tumbling prices push some exporters to the brink - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.41/lb  ($16,340/tonne). Indicators at 5:40 am CST today show nickel trading around $.02/lb  lower. Stockpiles of nickel stored in LME licensed warehouse rose on Thursday and started today's session just over the 71,250 tonne level. Shanghai nickel rose to 126,430 y/t overnight. Nickel rose slightly on Thursday as the Euro bounced, and while the Euro continues to gain against the US Dollar this morning, LME nickel is sputtering once again. Interesting prediction below by Macquarie, who says the cost of making nickel pig iron in Indonesia, will determine how low LME nickel prices will fall. We have come a long way from when some of the well known metals analysts were pooh-poohing the importance of China's new tactic of taking throw away low grade laterite ore and processing it as too time consuming and expensive. China will be closed for business the second full week of February, officially from Saturday, the 10th, thru the 17th, but unofficially, employers were encouraged to start their paid holidays from Friday, the 9th, which is Chinese New Years Eve. That said, next week will be a short week for most Chinese manufacturers. Taiwan celebrates from the 8th thru the 14th. While researching these days, I found this Taiwan article "Taiwanese to enjoy 115 days off work in 2024". Now, before you put your house up for sale, and start booking a trip to Taipei, when you actually read the article they count ever weekend day as a day off. For the typical American worker, that would total 104 'before' counting vacation days, work holidays, and sick days. Stay safe out there and have a great weekend!
• Average price of LME traded cash nickel so far this month - $7.25/lb
  

    Thursday's market review -  Copper retreats on stronger dollar; tighter supply and China data limit losses - Copper prices fell in London on Thursday amid the stronger dollar and signals of no .....- more

    China's production costs will determine how low LME nickel prices go - Macquarie  - The costs of making a low-grade product, nickel pig iron (NPI), in China will be key for nickel prices, which fell by 45%... - more

    Centravis increased stainless steel pipe output by 12% y/y in 2023 - Centravis, one of Europe’s largest suppliers of stainless steel pipes, increased production of tubular products by 12% year-on-year ... - more

    Yieh Hsing rises stainless steel & carbon steel wire rod prices for Feb - Yieh Hsing Enterprise Co., Ltd., one of the major wire rod manufacturers in Taiwan, raised the price for both stainless steel wire .... - more

    China’s Sputtering Economy Has a $1.6 Trillion Reason to Keep Going Green - China’s green boom last year was a rare piece of good news — for both the climate and the world’s second-largest economy. - more

    Extraction of raw materials to rise 60% by 2060 – UN report - A UN report will propose action to reduce overall extraction and consumption of critical raw materials. - more

    Tesla nickel supplier exploration lease approved by Michigan - Talon Metals Corp. has received an approval from Michigan’s Department of Natural Resources (DNR) for an additional 23,000 acres of mineral... - more

   Other News

• Forecast 2024: Navigating a tricky economic terrain - more
• Manufacturing ‘ready to start running again’ with demand up: PMI - more
• Yemen's Houthi Rebels Claim "Direct Hit" on an "American" Ship - more
• We are not tracking the impact of half the world’s mines - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.37/lb  ($16,250/tonne). Indicators at 5:15 am CST today show nickel trading around $.03/lb  lower. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today just under the 71,150 tonne level. Shanghai nickel slipped to 126,240 y/t overnight. The US Fed announced its in no hurry to cut rates, and the US Dollar rises on the news with base metals taking a hit with the Euro. The new month is starting quietly so far, with nickel continuing its slow slide. It's a leap year, so February offers an extra day this month. Stay safe out there and have a great day/month.  
• Average price of LME traded cash nickel so far this month - $7.30/lb (average for January)
  

    Wednesday's market review - China manufacturing weighs on copper ahead of Fed decision - Copper prices held steady on Wednesday but came under pressure from data showing contraction in ... - more

• Walsin Lihwa raises stainless steel wire rod prices for Feb - more

    Metal stock jumps 16% after its net profit increases by 890% YoY - This top Indian maker of ferro chrome had its shares rise up to 16 percent as the company’s net profit and sales climbed by 890 percent ... - more

    Tips for Mastering Stainless Steel Machining - When getting a grip on stainless steel, make sure you are very specific in how you talk about it and understand the pertinent information you need. - more

   Other News

• Euro steadies as eurozone avoids recession - pdf here
• UPS to Cut 12,000 Jobs, Bring Workers in Five Days a Week - more
• Raimondo warns Chinese EVs pose national, data security risks - more
• French farmers take protest to Paris - more

  Economic Stats and Prices (posted in Friday edition)