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LME nickel prices and news

Stainless Steel News and Nickel Prices

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Daily Nickel Market News & Stainless Steel Prices

Nickel Prices and Stainless Steel Market

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Wednesday, January 16

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Tuesday's trading session at $5.30/lb . Indicators at 6:20 am CST today show 3 month nickel trading unchanged, but having recovered from early morning dip. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today's session just under the 201,400 tonne level. We were going to publish daily withdrawal rates thru the first half of the month showing the rate of decrease had risen substantially since December but today's surprise rise kind of put the kibosh to that. Shanghai nickel, which up until today, has not really bought into the nickel rally, finally jumped late in its session. President Trump called back another 50,000 government employees to work without paychecks - that makes upwards of 800,000 now. Apparently the trade negotiations between China and the US have yet to be affected by the shutdown, with the markets apparently beating an agreement will be reached by the March 1st deadline. A New York Times article yesterday reported President Trump threatened to pull the U.S. out of NATO numerous times over the last year. With European leaders already at odds with President Trump over trade issues, the nationalistic stance the US had recently taken in the world arena, is threatening to jeopardize long term political, and business relationships. The Euro is trading lower since this news broke, which is adding negative pressure to commodity trading. Other than that, it is a slow news day for nickel.
  • Average price of cash nickel so far this month - $5.03/lb
  • Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

  • Reuters metals morning - London copper rises on weaker dollar, China stimulus hopes - more
  • Reuters Daily Inside Metals - pdf here
  • SMM Evening Comments - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • (SO) China’s stainless steel output rises by 4.9 percent in Jan-Nov
  • Trump Orders Thousands Back to Work Without Pay to Blunt Shutdown Disruption - more
  • Stocks Gain on Stimulus Hopes; Pound Fluctuates: Markets Wrap - more

     Tuesday's market review - Copper steadies as China points to further stimulus measures - Copper prices steadied on Tuesday as top consumer China signalled further stimulus measures to support economic growth and demand while U.S. President Donald Trump raised hopes of reaching a trade deal with Beijing. - more

      China's trade data weak? Not if you look at commodities: Russell - Anybody reading the commentary on China's December trade figures would be left with the impression of an economy increasingly losing momentum amid a dispute with the United States. - more

      WBMS January to November 2018 Metals Balances - The Nickel market was in deficit during January to November 2018 with apparent demand exceeding production by 6.5 kt. In the whole of 2017 the calculated deficit was 41.3 kt. Reported stocks held in the LME at the end of November 2018 were 154 kt lower than at the end of the previous year. Refined production in January to November 2018 totalled 2079 kt and demand was 2085 kt. - more

      Courtesy AISI - In the week ending on January 12, 2019, domestic raw steel production was 1,891,000 net tons while the capability utilization rate was 79.8 percent. Production was 1,715,000 net tons in the week ending January 12, 2018 while the capability utilization then was 73.6 percent. The current week production represents a 10.3 percent increase from the same period in the previous year. Production for the week ending January 12, 2019 is up 0.8 percent from the previous week ending January 5, 2019 when production was 1,876,000 net tons and the rate of capability utilization was 80.0 percent. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Tuesday, January 15

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Monday's trading session at $5.16/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and now total just under the 198,000 tonne level. Nickel fell yesterday after China released export and import numbers, which took the market by surprise. Today, markets are again trading higher, on news that President Trump is promising China wants a trade deal, and China is promising more tax cuts to stimulate their economy. Even if President Trump is just trying to keep the market rally going with his comments, and China's tax cuts turn out to be more of a feel good stoke to the rally, the news that China's imports and exports are slowing could signal China will be more willing to come to an agreement. Washington could be realizing last months PMI number is evidence the trade war is affecting US industry as well. Could they be more willing to find an agreement as well? As long as they are both talking, there is hope and there are plans for more face to face later this month. It's the half way point of the first month of 2019 already. And so far this year, nickel had traded mildly bullish.
  • Average price of cash nickel so far this month - $5.01/lb
  • Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

  • Reuters metals morning - Copper steadies as China points to further stimulus measures - more
  • Reuters Daily Inside Metals - pdf here
  • SMM Evening Comments - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Trump predicts U.S. will reach trade deal with China - more
  • Indonesia charging ahead with electric vehicle ambitions - more
  • Stocks Battle to Hold Advance; Pound Turns Lower: Markets Wrap - more

     Yesterday's market review - Base metals fall as China's exports slump - Copper prices fell on Monday as unexpectedly soft trade data in top consumer China outweighed record imports of the metal's concentrates last year. - more

      Global metals trading volumes slide on macro uncertainty: Andy Home - Investors have fled the industrial metals markets as previous trading strategies have been overwhelmed by macro uncertainty. - more

     Nickel Outlook 2019: No Boom, but Batteries Loom - Nickel was as hard hit as other base metals in 2018 as investor sentiment bled the markets, leading to lower prices even as demand increased. - more

     Steelmakers Need Reduction In Customs Duty On Key Input Material: Industry Body - Industry body Ficci has recommended a series of steps for the steel-making industry. Among the key changes, suggested by Ficci in its pre-Budget memorandum 2019-20, it has pitched for reduction in customs duty on a variety of materials used as key inputs in the steel-making process.  - more

      Panoramic Resources on track for first shipment from recommissioned nickel-copper-cobalt project - Ramp-up to full underground production is on schedule and concentrate is being trucked to the Wyndham port. - more

      Stauber introduces PolyMet land exchange bill - U.S. Rep. Pete Stauber introduced a long-promised bill Monday that would curb legal challenges to what could become Minnesota’s first copper-nickel mine. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Monday, January 14

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Friday's trading session at $5.20/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Thursday and Friday and start the week just over the 199,500 tonne level. This is the first time LME inventories have measured under 200,00 tonnes since July 26, 2013. Nickel prices rose on Friday, thanks primarily to reports Chinese and US trade delegates would meet again later this month. Today, the market has retreated slightly on import and export news from China that has taken analysts by surprise. Anticipating modest increases in both numbers, both fell instead, stoking fears the trade war is starting to bite. We show $5.17/lb is the next line of resistance, which was beaten on Friday. $5.77/lb would be the next line of major resistance. It appears traders are betting President Trump will agree to new trade terms with China before the March 1st deadline, and that any damage done by the spat, will evaporate quickly. What is stoking this optimism, beyond a wing and a prayer, is unknown. But if you're a nickel miner, any rally in price is helpful, while end users scratch their heads and wonder if this is the beginning of another line of stainless steel price increases.  Could be an interesting week ahead. Stay tuned.
  • Average price of cash nickel so far this month - $4.99/lb
  • Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

  • Reuters metals morning - Copper, aluminium fall as China’s exports slump - more
  • Reuters Daily Inside Metals - pdf here
  • SMM Evening Comments -  more  (Nickel specific report) more
  • Notice: Chinese New Year holiday schedule - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • A Chinese official explained how the country’s electric-car surveillance works - more
  • Steel market cool to China's efforts to heat economy  - more
  • China trade shock rattles European stocks, commodities - more
  • Stocks Fall, Bonds Climb as China Data Disappoints: Markets Wrap - more

     Friday's market review - Base metals rise on trade detente hopes as U.S.-China talks loom - Copper prices rose on Friday on hopes for a thaw in a trade dispute between Washington and Beijing, as the two sides prepared for more talks to resolve their issues. - more

     Investors bet on nickel prices and nickel stocks to rally in 2019 - Use of nickel has been traced as far back as 3,500 BC. In more recent times nickel has been used in coins (a nickel), but is best known for its use in stainless steel driven mostly by Chinese construction. - more

     Stainless Steel Export/Import Data for China- Till November 2018 - The World Bureau of Metal Statistics (WBMS) announced publication of Chinese stainless steel trade data for the initial eleven-month period in 2018. The exports remained more or less unchanged, whereas the imports registered notable increase over the previous year. - more

     KGHM lays off 22 workers from Morrison Mine operation - Polish-owned mining company KGHM has announced it is cutting 22 jobs from its Morrison Mine operation. - more

     Indonesia to decide on electric car policy with Hyundai keen to invest in a plant in the country - Indonesia is poised to issue its first regulation on electric vehicles on Monday (Jan 14) with officials from Hyundai due to arrive in the country at the end of the month (Jan) to discuss investment plans for a green vehicle project. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Thursday, January 10

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed  Wednesday's trading session at $5.10/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started todays session just under the 203,300 tonne level. Cancelled warrants remain above the 28% level. Nickel fell overnight in Shanghai, but so far today, it is trading slightly higher on the LME. A slightly higher Euro may be giving commodity markets just enough momentum to shake off an otherwise negative vibe that seems to be creeping back in. Technical traders might suggest that is due to the fact we are on day two of testing resistance. Macro traders might suggest the optimism for the economic boost the Chinese government announced last week, has now been priced in and until China brings some evidence to the table it was successful, history mandates weariness. And the face to face trade negotiations went a third day in China, but have now ended. According to Steel Orbis, China's National Bureau of Statistics is forecasting a 6.3% growth in GDP for 2019, after an expected 6.5% growth in 2018. They will announce final 2018 results on January 21st.  This is our final update for the week, so we hope each of you has a safe and relaxing weekend and hope to see you again next week.  
  • Average price of cash nickel so far this month - $4.94/lb
  • Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

  • Reuters metals morning - London copper picks up on weaker dollar; tin near 6-month top - more
  • Reuters Daily Inside Metals - pdf here
  • SMM Evening Comments - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • (Platts) Asian ferromolybdenum prices slide to lowest since Dec 2017
  • (SO) NBS: China expects 6.3 percent GDP growth in 2019
  • EU expected to clear steel import curb after Trump tariffs - more
  • China steel prices rise on consumption boost plans, trade talk hopes - more
  • Stock Rally Takes Break as Bonds Rise, Oil Drops: Markets Wrap - more

     Wednesday's market review - Copper touches 1-week high on China demand optimism - Copper prices climbed to one-week highs on Wednesday after reports of fresh stimulus in top consumer China and signs of progress in Sino-U.S. trade talks reinforced expectations of stronger growth and demand. - more

      China Stainless Trade in 2018 - Stainless trade data for China was not easy to obtain in 2018 but WBMS now has it for the period January to November 2018. Charts show data in kt (thousand metric tons). - more

      Mining cycle may have peaked, outlook bleak: Global Finance Report  - Political uncertainties, which are retarding business decisions, have led to a current "bleak picture" for the mining sector, which may have passed a recent peak, according to Mining Journal's Global Finance Report, published this week. - more

      Export Volume of SUS Products in November 2018 Is 85,209 Tons = Down by 3% from prior month, and export to Taiwan among major countries is drastically down = The export result of stainless steel products in November 2018 which was compiled by the Japan Iron and Steel Federation based on the foreign trade statistics prepared by the Ministry of Finance was 85,209 tons, down by 2.9% from 87,744 tons in the prior month. - more

      Odysseus early works start - for the $300 million reopening of the historic Cosmos nickel complex near Leinster. Barminco, which operates mining services at Western Areas’ Forrestania nickel mines, has been tapped to rehabilitate Odysseus’ underground decline, expected to start mid-month and be complete in six months. - more

    Zimbabwe trade deficit drops - Zimbabwe's trade deficit narrowed 37 percent in October last year to $144 million after total exports jumped 25 percent to $449 million largely driven by a 300 percent vault in tobacco shipments, according to latest data published by the Reserve Bank of Zimbabwe . - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Wednesday, January 9

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Tuesday's trading session at $5.08/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today's session just over the 204,600 tonne level. It has been awhile since we have mentioned technical resistance, but nickel is testing the first level this morning. We show $5.10/lb as the first line of resistance, with support at $4.74/lb. Face to face negotiations between Chia and the US have reportedly ended with no hints of any progress. Guy Wolf, global head of market analytics at brokerage Marex Spectron, reportedly stated in a report “Chinese data coming through confirms that growth slowed significantly, but this is all rearview mirror stuff.” We add no comment. Just think about that for a moment. His dismissal of recently negative Chinese economic news was coming on the tail end of his positive short term forecast that the stimulus the Chinese recently announced will positively impact base metal prices. And we agree - in the short term. It will do little for their economy, in our opinion, but traders like to see initiative on the part of governments, so whether successful or not, stimulus packages are good for prices - for awhile. Trade wars, on the other hand, are proving to be bad for prices. And the trade war continues - with a deadline of March 1st to come to some type of agreement - or it could get worse.  
  • Average price of cash nickel so far this month - $4.91/lb
  • Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

  • Reuters metals morning - Copper touches 1-week high on China demand optimism - more
  • Reuters Daily Inside Metals - pdf here
  • SMM Evening Comments - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Western Areas achieves key milestones towards nickel production at Odysseus - more
  • Euro-Area Unemployment Falls Below 8% for First Time in a Decade - more
  • Stocks Advance on Renewed Trade Hopes; Oil Climbs: Markets Wrap - more

     Tuesday's market review - Aluminium drops as bears attack, others wait for news on China - Aluminium prices slipped on Tuesday as bearish speculators kept up selling pressure, while other base metals were lacklustre ahead of the conclusion of U.S.-China trade talks. - more

     A cold blast from China chills industrial metals markets: Andy Home - Base metals started the new year where they left off the old one, by falling again. - more

     Eye On Mining: Gov. Walz talks copper-nickel mining - Follow the Science. That’s what Minnesota’s newest Governor Tim Walz has to say about the future of Copper-Nickel mining in Minnesota. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Tuesday, January 8

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Monday's trading session at $5.06/lb . Indicators at 6:20 am CST today show 3 month nickel trading unchanged. Stockpiles of nickle stored in LME licensed warehouses went unchanged as well yesterday, and remain just under the 204,900 tonne level. Someone is buying nickel however, as cancelled warrants have risen from the 22% range for most of December, to 26% earlier this month, to nearly 29% yesterday. At the moment nickel is unchanged, but based on earlier trading today, the pressure appears to have shifted back to negative. Nickel traded lower in China overnight, but just slightly. Delegates from the US and China met for a second day in the trade war negotiations. If you want to know how optimistic commodity traders are about the trade war ending anytime soon, then watch the traded price of nickel. Nickel traders are watching the affect this war is having on China, and last weeks industrial PMI remains a huge concern. Their stimulus announced in response is seen favorable, but since this was tried repeatedly last year without much success, it quickly lost its appeal and the small bump in price it caused, has quieted.
  • Average price of cash nickel so far this month -  $4.89/lb
  • Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

  • Reuters metals morning - London copper slips as dollar steadies; trade talks in focus - more
  • Reuters Daily Inside Metals - pdf here
  • SMM Evening Comments - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Steel barrier at US-Mexico border could require up to 3 million st of steel: AISI - more
  • US steel prices fall to pre-tariff levels amid China slowdown worries - more
  • Germany’s Industry Shock Raises Specter of Economic Recession - more
  • U.S. Stock Futures Climb With Europe; Dollar Gains: Markets Wrap - more
  • Some recent cooling in the tropical Pacific Ocean - more

     Monday's market review - Copper steadies as traders eye U.S.-China trade talks - Copper prices steadied on Monday after the biggest rise in three months in the previous session on investor hopes that Chinese measures to boost lending would be followed by progress in trade talks with the United States. - more

      Commodity markets back Beijing's stimulus, await trade talks: Russell - Commodity markets appear to have delivered their verdict on China’s plans to stimulate its economy, betting that Beijing’s boost to infrastructure spending will work. - more

      Japan's Purchase Price of HC FeCr for Jan-Mar Down by US Cents 12 = US Cents 120 per lb, and purchase price continues dropping due to return action during April to June = Japanese stainless steel mills have continued negotiation with multiple overseas ferro-chrome producers to fix the purchase price of high-carbon ferro-chrome for the period from January to March in 2019 and have this time come to an agreement on the price to be down by US Cents 12 from the prior period. - more

     Pure Minerals acquisition target Queensland Pacific Metals strengthens ties with China - A soon-to-be-subsidiary of Australian explorer Pure Minerals has made moves to strengthen its business ties with China and the greater Asian region via a memorandum of understanding with commodity trading house Top Resources Group. - more

     Courtesy AISI - In the week ending on January 5, 2019, domestic raw steel production was 1,876,000 net tons while the capability utilization rate was 80.0 percent. Production was 1,704,000 net tons in the week ending January 5, 2018 while the capability utilization then was 73.1 percent. The current week production represents a 10.1 percent increase from the same period in the previous year. Production for the week ending January 5, 2019 is down 1.2 percent from the previous week ending December 29, 2018 when production was 1,899,000 net tons and the rate of capability utilization was 81.0 percent. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Monday, January 7

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Friday's trading session at $5.04/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Thursday and Friday and started the week just under the 204,900 tonne level. Nickel trading ended the week over the $11,000/tonne and $5/lb level for the first time since mid December. While the economic news, primarily plummeting PMI numbers, was negative, the market was stared for some positive news. This came from China who cut their bank reserve ratio in order to stabilize their economy. This is positive, but it is wise to keep in mind, the Chinese government tried this four times last year - without much success. The better news, in our opinion, was the announcement Friday that negotiators from China and the US would meet face to face today for the first time since early December. Electronic vehicle sales for December in the US are in. Sales jumped from 17,100+ EV vehicles last December to 42,500+ this December. Worldwide sales estimated show an increase from 176,600+ vehicles last December to 237,500+ vehicles this December.
  • Average price of cash nickel so far this month - $4.85/lb
  • Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

  • Reuters metals morning - Base metals rise in relief rally after China RRR cut - more
  • Reuters Daily Inside Metals - pdf here
  • SMM Evening Comments - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Chinese steel consumption is expected to rise in 2019 - more
  • Nickel miner could set house price record with $15 million mansion on market - more
  • Stock Rally Falters as Dollar Declines, Oil Jumps: Markets Wrap - more

     Friday's market review - Copper rebounds as China and U.S. prepare for trade talks - Copper prices rallied on Friday from the previous day’s 18-month low after China cut bank reserve requirements and announced new trade talks with the United States. - more

      Greenback bull nearing exhaustion buffs metals' shine for 2019 - Metals are at a discount in a bull market that’s ripe for recovery in 2019, with trade tension and a strong dollar - the primary 2018 pressures - near a peak and losing their punch, in our view. - more

      Goldman Sounds the China Alarm and Cuts Metals Outlook - Goldman Sachs Group Inc. chopped back its near-term metals forecasts as China’s economy has “decelerated notably,” while balancing that outlook with a prediction mainland policy makers will respond by stoking expansion in the second half, aiding a revival in copper and aluminum. - more

      China slowdown a big threat to industrial metals in 2019 - analyst - Global markets plummeted this week on China slowdown worries, dragging industrial metals prices along and increasing future demand concerns, which has prompted analysts to question whether Beijing is doing enough to address the country's economic contraction. - more

      CTA partially grants mining firm’s nickel VAT refund claim - The Court of Tax Appeals (CTA) partially granted the tax refund claim of Taganito Mining Corp. for P28.93 million in excess input value added tax (VAT) attributable to zero-rated sales for 2014, but approved only P25.95 million while finding the remainder without documentary support. - more

     Man admits to stealing over $2 million in nickel cathode plates from employer's warehouse - He roped in three others and evaded multiple layers of security to carry out heists on his employer’s warehouse. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Thursday, January 3

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Wednesday's trading session at $4.93/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.02/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Wednesday and start the day near the 206,100 tonne level. Nickel pulled off a gainer yesterday and we show, since the support level of $4.85/lb was not beaten for two consecutive sessions, that it held and remains our level of support. Look for traders to eye the $5/lb level as a floating board in a sea of sinking boats, as a goal to reach and hold onto. We doubt anyone expects the bearish sentiment that is paralyzing base metals to turn bullish until the U.S. President decides to end the trade war with China. And since there is little evidence of that happening anytime soon, we doubt the market will make major movements in either direction. While we have gotten spoiled on a few short weeks, we will resume normal daily updates on Monday. We hope you enjoy your first weekend of 2019 and may it be a safe one.
  • Average price of cash nickel so far this month - $4.74/lb
  • Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

  • Reuters metals morning - London copper firms after deep losses, China concerns weigh - more
  • Reuters Daily Inside Metals - pdf here
  • SMM Evening Comments - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • The future might not belong to China after all - more
  • AusQuest gives up on WA nickel, zinc projects - more
  • Apple Woes Add to Headwinds for Stocks; Yen Surges: Markets Wrap - more
  • Oil Retreats as Chinese Growth Fears Sour Risk Appetite - more

     Yesterday's market review - Copper hits 3-1/2 month low, China data reinforces demand angst - Copper prices hit 3-1/2 month lows on Wednesday as worries about economic and demand growth in top consumer China were reinforced by manufacturing data. - more

      Review of nickel market in 2018 - During the first quarter of 2018, nickel price moved in a range bound before going downward. The main reason was that domestic consumption could not digest the flood of nickel supply, due to increased imports from Indonesia. - more

      Strike launched at SLN sites in New Caledonia - A strike has been launched at two mining sites of the nickel company SLN in New Caledonia. - more

      Cobalt 27 ups stake in PNG Ramu nickel-cobalt mine with acquisition of Highlands Pacific - Cobalt 27 Capital Corp has entered into a definitive scheme implementation agreement with Highlands Pacific Ltd dated January 1, 2019, pursuant to which Cobalt 27 will acquire all of the issued ordinary shares of Highlands that it does not own by means of a scheme of arrangement under Part XVI of the PNG Companies Act in Papua New Guinea. - more

     Courtesy AISI - In the week ending on December 29, 2018, domestic raw steel production was 1,899,000 net tons while the capability utilization rate was 81.0 percent. Production was 1,676,000 net tons in the week ending December 29, 2017 while the capability utilization then was 71.9 percent. The current week production represents a 13.3 percent increase from the same period in the previous year. Production for the week ending December 29, 2018 is up 1.6 percent from the previous week ending December 22, 2018 when production was 1,870,000 net tons and the rate of capability utilization was 79.8 percent. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Wednesday, January 2

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Monday's trading session at $4.85/lb . Indicators at 6:30 am CST today show 3 month nickel trading around $.06/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and start the new year at 206,400 tonnes. They started 2018 at 366,612 tonnes. Nickel closed the year at $4.85/lb, below support. It closed 2017 at $5.78/lb. After gaining thru much of the first 5 months, nickel peaked on May 6th at $7.15/lb and has lost over 30% since. Nickel averaged below $5/lb in December for the first time since 2017. Thanks to the strength of those first five months, nickel averaged nearly $6/lb for the year, it's best showing since 2014. Today, commodity trading boards are a sea of red, with the Chinese monthly PMI number of 49.4 showing that economy is slowing faster than expected and recording a low not seen since January 2016. It would appear the first day of the trading year will see a lowering of support levels; not a positive sign.
  • Average price of cash nickel so far this month - $4.92/lb (average for December)
  • Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

  • Reuters metals morning - Copper hits 3-1/2 month low, China data reinforces demand angst - more
  • Reuters Daily Inside Metals - pdf here
  • SMM Evening Comments - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • As US-China trade war simmers, impacts felt across many commodities - more
  • China widens ban on ferrous, non-ferrous scrap imports from Jul 1 - more
  • Rough Start to Year as Stocks Reel From China Data: Markets Wrap - more

     Monday's market review - Fears of China slowdown drag metals to weakest year since 2015 - Industrial metals prices recorded their biggest annual fall in years after signs of slowing growth in China's commodities-hungry economy and a United States-China trade war reversed a 2½-year rally. - more

      Price outlook for base metals and key factors to watch on January 2 - Opinions above collected from First Futures, China Securities, Everbright Futures, East Asia Futures, SDIC Futures, Jinrui Futures, Minmetals&Jingyi Futures, Holly Futures, GF Futures, Mailyard Futures and ITG futures. - more

      Downstream nickel PMI rises from Nov to 46.91 in Dec - The purchasing managers' index (PMI) for the downstream nickel industries rebounded to 46.91 in December, according to SMM data. - more

     NAS Press Release - For the month of January 2019, North American Stainless will reduce the fuel surcharge to 25% for stainless flat and long products. The surcharge rate is considered a maximum level for January, and will be reviewed monthly. - more

      Public Power says it will continue supplying Greek nickel producer Larco until Jan. 11 - Greece’s Public Power Corp (PPC) will continue to supply debt-laden Larco, Europe’s biggest nickel producer, with electricity until next month, extending a previous deadline which expires later on Monday. - more

     Miners dig deeper into vast Kola nickel reserve - The company, a regional subsidiary of Norilsk Nickel, has officially opened a new 440 meter deep production level. - more

      Reader's View: Land of sky blue waters threatened - It is really too bad we don't have more judges like the late Miles Lord. He would stand up for the citizens of Minnesota and not for mining interests. He stood for Lake Superior and the people who drink its water. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

December Archives


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"A Guide To LME Trading"...pdf here (all ton listings are metric tons = 2204.622 pounds ) Updated Monday thru Thursday before 8 am CST - Disclaimer Original content and opinions copyright www.estainlesssteel.com. All prices shown on this page are indications only. Note - For real time and official LME prices, LME requires a user subscribe to an authorized LME vendor.

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