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news covering the period of January 2020
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Friday, January 31
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $5.72/lb ($12,620/tonne). Indicators at 6:05 am CST today show
nickel trading around $.07/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Thursday and started this last trading day of January just over the
195,900 tonne level. Traders appear to be having a little more success
keeping nickel prices off session lows today, but there are still a few
hours of trading remaining. China is back in business on Monday, at
least much of it will be.
How will traders there react to this weeks retreat in nickel prices?
This virus isn't concentrated half way around the world like it is for
most of us; it's in their backyard. Nothing abridged about this
Friday's update - lots of news. Besides the China virus scare, Britain
leaves the EU today. At one time, Brexit frightened world markets, but
now, the virus is taking care of that. Death toll has risen to 213,
with confirmed cases numbering 9,709. The US and Europe both reported
their first person to person transmission cases yesterday. On a much
brighter note, we want to thank our
January sponsor, Mr. Schiavoni, President of Duraloy Technologies, for
helping keep this page updated in 2020. We
encourage you to visit their website
and see what services and product they can offer you.We
hope each of you has a safe and relaxing weekend. And finally, "Go Chiefs"!
Average price of LME traded cash nickel
so far this month
- $6.17/lb
Thursday's market review - Copper slides to five-month low
on China demand angst - Copper prices sank to five-month lows on
Thursday as funds sold on expectations of slowing demand in top
consumer China, where a coronavirus outbreak has raised the prospect of
an economic slowdown. - more
Iconic symbol to Ontario mining to disappear - Known for its giant
‘nickel’ five cent coin, symbolising nickel mining, the other landmark
is a truly gigantic smokestack from a smelting facility. - more
Column: Nickel and copper are bull stand-outs in base metals poll -
Nickel and copper are the bull stand-outs in the latest Reuters poll of
base metals analysts, with both set to rise in price over the next two
years thanks to supply constraints and expected market deficits. - more
Universal Stainless Announces Shape Bar Base Price Increase -
Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) today
announced a base price increase of 5% to 25% on all flat, square and
hex bar products manufactured at its Dunkirk facility. - more
Thousands on virus lockdown at China-backed plant in Indonesia - More
than 40,000 workers at a vast Chinese-controlled industrial complex in
Indonesia have been quarantined over fears about the spread of a deadly
coronavirus strain which has killed more than 200 people in China, it
said Friday. - more
China's stainless steel production capacity to be released more
intensively in 2020 - It was reported that China's stainless steel
production capacity will be further released this year, and the pace of
production capacity launch will speed up. - more
Eurofer cuts 2020 EU steel consumption outlook on weaker-than-expected
2019 - Eurofer cut its 2020 EU apparent steel consumption outlook
to an increase of 1.2% at 159 million mt from a 1.4% forecast in its
fourth-quarter 2019 report, the trade association said Thursday. - more
2019 was difficult for the steel industry, 2020 is expected to be
better - the coronavirus introduces more uncertainty - more
Webinar from Steel Construction Institute - Designing in stainless
steel - 56 minutes long (bookmark for a slow day) - here
Is It Time To Turn Bullish On Battery Metals? - One of the most
prevalent current trends concerning mined commodities is the shift,
driven by the effort to reduce our carbon footprint, is towards the
electrification of the global transportation system. - more
Nickel closed Wednesday's trading
session at $5.69/lb ($12,550/tonne). Indicators at 6:15
am CST today show
nickel trading around $.06/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose
slightly on Wednesday and started today just under the 194,600 tonne
level. Nickel continues to trade choppy and for the most part,
sideways. The overall trend appears to be moving lower as the
daily highs and lows are slightly lower each day. Today's virus numbers
are over 7700 confirmed cases and 170 deaths. The bad news is this
virus is spreading much faster than the SARS virus did. But, on the
positive side, SARS was far more deadly based on infections versus
deaths. We heard this morning that the movie Contagion has moved back
into a top 10 movie rental, reflecting an undertone of fear out there.
On the news side, it's much quieter today, although we did link to a
bunch of new reports. Enjoy your Thursday - you have two days left to
complete the month.
Average price of LME traded cash nickel
so far this month
- $6.19/lb
Wednesday's market review - Copper extends losses as
coronavirus spreads - Copper prices fell on Wednesday, taking losses
over the last seven trading days to 10% as an outbreak of coronavirus
in China curtailed economic activity and threatened to reduce metals
demand. - more
How will the coronavirus affect oil, gold, metals and Bitcoin? - As the
death toll from coronavirus rises above 130, the main question on
everyone's mind is if the outbreak can be contained. - more
End of the road for Merafe Resources? - Merafe Resources, once a
punters’ favourite, may be at the end of the road as power cuts and low
prices bite - more
The South African billionaire apologizes for loving Trump Africa -
South Africa’s leading black industrialist and billionaire, Patrice
Motsepe, apologized for saying that President Donald Trump at a dinner
in Davos, Switzerland said that Africa loves him. - more
Nickel closed yesterday's trading
session at $5.82/lb ($12,825/tonne). Indicators at 6:15 am CST today show
nickel trading around $.04/lb lower.
Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday
by over 2200 tonnes and started the day just over the 194,500 tonne
level. Nickel is trading choppy this morning, and as we publish today's
update, its on the upswing. But it has already bounced off the
$12,600/tonne level ($5.72/lb) twice this morning, so it is yet to show
any trend. The bulls are making an attempt to build a floor, and time
will tell if they are successful. With China markets closed, it is hard
to know how Chinese traders are reacting to the coronavirus outbreak.
As of last evening, there were over 6000 confirmed cases of
coronavirus, and the death toll has more than doubled since Sunday to
132. Lot of industry news today, with Reuters publishing its experts
'average' forecast at $6.95/lb. That compares to our readers average
forecast of $6.53/lb. It will take another 11 months to see who was
closer.
Average price of LME traded cash nickel
so far this month
- $6.21/lb
Yesterday's market review - Copper extends rout as China
virus death toll climbs - Copper fell to a near four-month low on
Tuesday, extending losses triggered by fears that a deadly virus in
China could worsen and impact the top metal consumer’s economy. - more
Uptick in world growth, supply constraints to lift copper prices -
(excerpt) The LME cash price of nickel is expected to average $15,325 a
tonne this year, up 22% from the latest price. - more
(note - this is $6.95/lb. The average 2020 estainlesssteel 2020 price
forecast of ess readers was $14,400/tonne or $6.53/lb.)
Uncertainty to cloud global nickel market outlook in 2020 - more
Nickel demand set to rise in 2020 along with growth in electric vehicle sales - more
Gold Rises As Coronavirus Spreads, But Don’t Forget Other Metals - Gold
has been rising amid continuing worries over the Wuhan coronavirus.
But, at the risk of sounding heartless, there could be better
investment returns on offer from a sector of the commodity market which
has been taking a battering: industrial metals. - more
Firm Quarantines 3,000 Chinese Workers at Indonesian Plant over
Coronavirus Fears - A Chinese- regulated firm claimed Tuesday it had
actually quarantined all 3,000 of its Chinese staff members that
function at a commercial facility in Indonesia’s Central Sulawesi
district, amidst fears that the brand-new coronavirus can spread out
right here after thousands of brand-new workers got here from China
recently. - more
The Buses Just Stopped Running in China’s Biggest Steel Town - Public
buses have been ordered off the roads in Tangshan, the biggest center
for steel in the world’s largest producer. - more
Nickel prices go from red hot to ice cold - Nickel, the world's hottest
commodity in 2019, is having a poor start to 2020, dropping this week
to its lowest level since July. - more
Steel Imports Down 17 Percent in 2019 - Based on preliminary Census
Bureau data, the American Iron and Steel Institute (AISI) reported
today that the U.S. imported a total of 1,553,000 net tons (NT) of
steel in December 2019, including 1,347,000 net tons (NT) of finished
steel (down 0.5% and up 1.2%, respectively, vs. November final data). -
more
U.S. Imports for Consumption of Steel Products (FT900A) - December 2019 - more
‘Wiggle room,’ deleted emails, and a controversial phone call: What we
learned after five days of testimony in the PolyMet hearing - In March
of 2018, staff at the Minnesota Pollution Control Agency were
slammed. - more
Nickel closed Monday's trading
session at $5.72/lb ($12,615/tonne). Indicators at 6:15 am CST today show
nickel trading around $.02/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
slightly again on Monday and started today's session just over the
192,300 tonne level. After three straight sessions that saw drops in
inventory, we are now off yearly highs by .... (drum roll please) ....
588 tonnes. Maybe when China comes back from holiday break they will
need some because the rest of the world apparently doesn't. Then
again, would you buy with the price in a free fall? Lot of unknowns out
there right there. Corona virus spreading worldwide, Brexit happening
in Europe this weekend, and we shouldn't forget the fires in Australia.
The only thing we think is certain is the US President will not be
impeached by the Senate. Nickel made an attempt to recover the
$13,000/tonne level after we posted yesterday, but the attempt was
unsuccessful and all that was gained, was immediately lost. For the
last two days, $12,600 is setting itself up as temporary support, but
time will tell if it holds. A bullish attempt earlier today has proven
unsuccessful as well, but it did not carry the enthusiasm as
yesterday's charge.
Average price of LME traded cash nickel
so far this month
- $6.24/lb
Monday's market review - Copper in longest losing streak
for six years on China virus fears - Copper fell for a ninth
consecutive session on Monday, the longest losing streak in six years,
as investors worried that a spreading coronavirus outbreak in China
would hit demand in the world's biggest metals consumer. - more
Global crude steel output increases by 3.4% in 2019 - Global crude
steel production reached 1,869.9 million tonnes (Mt) for the year 2019,
up by 3.4% compared to 2018. Crude steel production contracted in all
regions in 2019 except in Asia and the Middle East. - more
Indonesia’s 2019 nickel ore output surges, 2020 output to slow - Indonesia's
2019 nickel ore output stood at 52.8 million tonnes, Director of
Minerals Yunus Saefulhak at the Ministry of Energy and Mineral
Resources said on Thursday, more than double production of 22.1 million
tonnes a year earlier. - more
Courtesy AISI - In the week ending on January 25, 2020, domestic raw
steel production was 1,919,000 net tons while the capability
utilization rate was 82.3 percent. Production was 1,871,000 net tons in
the week ending January 25, 2019 while the capability utilization then
was 80.4 percent. The current week production represents a 2.6 percent
increase from the same period in the previous year. Production for the
week ending January 25, 2020 is down 0.5 percent from the previous week
ending January 18, 2020 when production was 1,928,000 net tons and the
rate of capability utilization was 82.7 percent. - more
Understanding nickel usage in lithium batteries - This Insight focuses
on current nickel use in the battery sector, how it has changed in
recent years, what is driving these changes and what our base case
demand forecasts for nickel are. - more
Supporting presentation for lecturers of Architecture/Civil Engineering
Chapter 05: Corrosion Resistance of Stainless Steels - pdf here
Nickel closed Friday's trading
session at $5.89/lb
($12,975/tonne). Indicators at 6:10 am CST today show
nickel trading around $.15/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell
slightly again on Friday and started this week just under the 192,500
tonne level. Nickel fell nearly 7% last week as the
market prepared for China to shut down this week as they celebrate
Lunar New Year. On Friday, the traded price fell below the
psychologically important $13,000/tonne level, as well as a major
technical line of support. With trades down over 2-1/2% more just this
morning, it is safe to say the bear is making a major move.
Nickel is not alone as the trading board is a sea of red this morning,
save the safe haven precious metals. It is becoming more apparent that
coronavirus
concerns are impacting markets worldwide. As of Sunday evening, death
toll numbers had risen to 80, with 2700 confirmed cases, nearly 6000
suspected cases, and 51 cured cases (according to the Guardian). 51
cured and 80 deaths? Concerned yet? As China suspends more operations
(all schools nationwide are closed until further notice) and puts more
cities under quarantine (4 at last count), the potential for economic
disruption becomes
more evident. China reported 769 new cases on Sunday alone.... from all
parts of their nation. So we enter the week with a big unknown hanging
over the markets. We hope this last week of January is a good one for
you, and you reach those short term goals you set a few weeks ago. If
not, you still have a week left. Go get em'.
Average price of LME traded cash nickel
so far this month
- $6.27/lb
Friday's market review - Copper posts steepest weekly drop
since 2015 on virus fears - Copper prices recorded their biggest weekly
fall in five years on Friday on concerns that the spread of the
coronavirus could hit the Chinese economy and metals demand. - more
Trump increases tariffs on derivative steel, aluminum products from
some countries - U.S. President Donald Trump on Friday signed a
proclamation increasing tariffs on derivative steel products by an
additional 25 percent and boosting tariffs on derivative aluminum
products by an additional 10 percent. - more
EU widens tariff threat on steel from China, Taiwan, Indonesia - The
European Union ordered its customs officials to register flat-rolled
stainless steel imports from China, Taiwan and Indonesia, widening the
threat of tariffs on the shipments. - more
Chinese-owned miner in Morowali stops worker influx from China amid
coronavirus outbreak - Nickel Miner PT Indonesia Morowali Industrial
Park (IMPI) in Central Sulawesi has stopped incoming foreign workers
from China amid the fast-spreading coronavirus originating from the
city of Wuhan in Hubei province. - more
Greece to sell troubled nickel producer Larco's assets, says minister -
Greece plans to liquidate Larco, one of Europe’s biggest nickel
producers which is struggling under heavy debt, and then look for an
investor for some of the company’s assets, its energy minister said on
Friday. - more
Commission Implementing Regulation (EU) 2020/105 of 23 January 2020
making imports of certain hot rolled stainless steel sheets and coils
originating in the People’s Republic of China and Indonesia subject to
registration - pdf here
Commerce Finds Dumping of Imports of Fabricated Structural Steel from
Canada, China, and Mexico, and Countervailable Subsidization of Imports
of Fabricated Structural Steel from China and Mexico - pdf here
Nickel closed yesterday's trading
session at $6.06/lb ($13,350/tonne). Indicators at 6:10 am CST today show
nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Thursday and started today just under the 192,800 tonne
level. Shanghai nickel inventories rose 498 tonnes this week and ended
the week at 36,932 tonnes. Next week may be quiet with China
celebrating the Lunar New Year, a week long holiday. Nickel fell
sharply yesterday, for a second consecutive day, and is within a few
hundred dollars per tonne of testing another line of strong technical
support. For the most part, the commodity trading board is a sea of red
this morning, and most news outlets are blaming the virus spreading in
and from China. Speaking of China, except for the three cities on lock
down, nearly 3 billion Chinese will be traveling over the next week.
Considering the number of confirmed cases of the Corona virus rose from
200 to 600 just this week, one can understand why governments are
concerned and why China is reacting so strongly. Media is also
reporting one of the 26 deaths was reportedly an otherwise healthy
person in their 30's. On that cheerful note, we leave you with today's
news and our hopes the weekend finds you healthy and relaxed.
Average price of LME traded cash nickel
so far this month
- $6.29/lb
Yesterday's market review - Copper slides further as China
virus fears grow - Copper prices fell to their lowest in more than six
weeks on Thursday as the rising coronavirus death toll heightened fears
over the outbreak’s potential impact on the Chinese economy. - more
Vale's restructure in New Caledonia likely to cost more than 100 jobs -
The planned restructure of the Vale nickel plant in New Caledonia is
expected to result in at least 100 employees losing their jobs. - more
World’s biggest nickel miner has a plan for its crisis-ridden border
town: here could come a hub for Arctic tourism - Nornickel might invest
up to 10,5 billion rubles (€153 million) in the development of a
tourism cluster in Pechenga, the municipality located along border to
Norway and Finland. - more
Private equity fund GSOL eyes takeovers to expand ferronickel business
- The Global Special Opportunities Ltd (GSOL) fund aims to boost its
output of 50,000 tonnes a year of ferronickel both by expanding its
current two operations and possible takeovers, Marcos Camhis said. - more
Mining watchdog expected to have a few choice words to say about
ferrochrome smelters - MiningWatch co-founder Joan Kuyek will be
delivering a primer to Sault Ste. Marie residents on the “true social
and economic costs” of the mining industry in Northern Ontario. - more
Anglo American delivers on 2019 production targets - Diversified miner
Anglo American delivered on its production targets across the business
for the year ended December 31, CEO Mark Cutifani said on Thursday with
the release of the group’s unaudited production results for the fourth
quarter and the full-year. - more
Indonesia to have four new smelters this year as mineral ore export ban
nears - The government expects four smelters with a combined annual
input capacity of 2.07 million tons and output capacity of 200,923 tons
to begin operations this year. - more
Steel News: Will 2020 be a Better Year for Steel Mills - 2019 was a
challenge for steel suppliers, with both demand and pricing on a
downward slope for the first three quarters of the year. Although it’s
still early, signs suggest that 2020 could prove to be a better year
for the steel industry. - more
Tube & Pipe Market Update: Manufacturing outlook improves - more
From sulphur to solar: A big idea for Sudbury’s Superstack - Sudbury’s
story is inextricably linked to our Superstack. The story is not just
environmental degradation. - more
Leaked e-mail comes under scrutiny at PolyMet hearing - Testimony by
the email's author, a former MPCA assistant commissioner, and
questioning by a lawyer for the mine opponents dominated the day.
- more
China Locks Down 40 Million People as Anger Grows Over Virus - more
Thursday, January 23
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $6.19/lb ($13,640/tonne). Indicators at 6:00 am CST today show
nickel trading around $.12/lb lower.
Stockpiles of nickel stored in LME licensed warehouses rose
yesterday and started today just over the 192,900 tonne level. While we
are always very weary about giving any reasons for why the market is
moving in one direction or the other, we tend to believe you can't
tease the market with a slowdown in inventory gains, then hit the
market in a sour mood because of the spreading virus, with a one day
gain of 2 tonnes less than a 5000 tonne gain, and expect traders to
welcome it with open arms. Add Brexit being approved for next week and
you add more skepticism to the day. LME inventories seem to be in a
flux,
spending a few days not knowing what they want to do, then getting hit
with unexplainable big shipments. Cancelled warrants stay in the 30%
range. Regardless of the up and down daily movements, the inventory
trend remains in an accelerated growth mode. We are less than 8000
tonnes from the psychologically important 200,000 tonne level, and it
appears some traders are already planning for that level being hit.
This is the second day this week, where LME nickel was trading 2% lower
when we started updating this site. Look for the next major line of
technical support to be around the $13,000/tonne mark, where the
trading price bottomed out on the 9th of December. Lots of nickel
industry news, so we leave it to those interested.
Average price of LME traded cash nickel
so far this month
- $6.31/lb
Wednesday's market review - Copper falls to a near 3-week
low as virus death toll rises in China - Copper fell to a near
three-week low on Wednesday as the rising death toll from the Wuhan
virus outbreak deepened concerns over potential damage to economic
growth and metals demand. - more
First shipment marks progress for Ravensthorpe Nickel Mine restart -
The first of ongoing shipments of sulphur destined for the First
Quantum Minerals Ravensthorpe Nickel Operation arrived at the Esperance
Port on January 17, signifying a major step forward for the re-opening
of the mine. - more
Nickel market records deficit in January to November 2019 - The nickel
market was in deficit during January to November 2019 with apparent
demand exceeding production by 38.8 kt. In the whole of 2018, the
calculated deficit was 98.7 kt. - more
Sherritt lifts 2020 nickel guidance - Nickel and cobalt producer
Sherritt raised its 2020 nickel production guidance from the previous
year at its Moa joint-venture in Cuba, while cobalt output expectations
were unchanged. - more
Indonesia 2019 nickel ore output surges, 2020 output to slow - official
- Indonesia's 2019 nickel ore output stood at 52.8 million tonnes,
Director of Minerals Yunus Saefulhak at the Ministry of Energy and
Mineral Resources said on Thursday, more than double production of 22.1
million tonnes a year earlier. - more
Stainless Metal Trade Seeks 0 Accountability on Ferro-Nickel, Scrap in
Upcoming Price range - Forward of the finances, chrome steel avid
gamers have sought some healing measures like elimination of import
responsibility on key uncooked fabrics ferro-nickel and chrome steel
scrap. - more
Former EPA official: Minnesota regulators wanted PolyMet critiques kept
out of public comment to avoid ‘press’ - A former federal official
testified in court on Tuesday that state regulators asked his office to
shield criticism of a key water permit for the PolyMet copper-nickel
mine in part to avoid news coverage. - more
BHP's Iron, Copper Production Up, Retains Fiscal 2020 Guidance - BHP
Group (BHP) released production details for the first half of fiscal
2020 (ended Dec 31, 2019) and also stated that it is maintaining
production and cost guidance for fiscal 2020. - more
Is it time for the miners to take control at BHP? - more
Nickel closed Tuesday's trading
session at $6.20/lb ($13,665/tonne). Indicators at 6:10 am CST today show
nickel trading around $.05/lb
higher. Stockpiles of nickel gained a little more than they lost
yesterday and started today's session just over the 187,900 tonne
level. Nickel got whacked yesterday, closing at its lowest this year,
and below support of $6.21/lb. Today, traders have climbed back over
the technical level of support, but has stalled after slipping from
early morning highs. Sentiment appears to have turned negative and it
is possible the concerns over the spread of the deadly coronavirus in
China. With that country about to break for a week long holiday, and
the busiest travel day of the year in that country, officials are
expressing deep concern over its spread. US media is reporting
America's first confirmed case. Industry news has quieted back down.
It's hump day.
Average price of LME traded cash nickel
so far this month
- $6.32/lb
Tuesday's market review - Copper hits two-week low on
China virus and inventory jump - Copper prices slumped on Tuesday as
investors liquidated recent bullish positions over fears that a new
strain of coronavirus in China could hit economic growth in the world’s
top metals consumer. - more
OSHA seeks $132,600 penalty from refinery - (excerpt) The piece of
piping that failed had a high nickel and copper content—carbon steel
with a higher percentage of nickel and copper corrodes at a faster rate
than carbon steel with a lower percentage when used in a process with
hydrofluoric acid. - more
PolyMet opponents accuse Minnesota regulators of destroying evidence -
The Minnesota Pollution Control Agency (MPCA) was accused Tuesday
morning of destroying computer records on a controversial water permit
for PolyMet Mining Corp. as a Ramsey County judge opened a hearing on
alleged irregularities in the handling of the permit. - more
Low-flying helicopters to measure minerals around Queenstown - A
specially adapted helicopter is completing the third part of an aerial
survey over Queenstown this month. - more
Readers Write: PolyMet mine, Trump supporters, primary voting,
Mississippi River projects - In the past two weeks, with the PolyMet
permitting process being reviewed in the courts, you have been given
the opportunity to hit the “reset” button on copper-nickel mining in
northeastern Minnesota. - more
Is this nickel player Norm Seckold’s next payday? - Santana Minerals
has landed itself a highly prospective exploration project that has all
the hallmarks of China’s largest nickel mine and is backed by
successful mining investor Norm Seckold. - more
Nickel closed yesterday's trading
session at $6.36/lb
($14,020/tonne). Indicators at 6:00
am CST today show
nickel trading around $.08/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell for
only the second time this year and started today just over the 186,300
tonne level. Nickel is lower this morning, but off earlier lows, while
the commodity board in general, is bathed in red. Shanghai Metals
Market ended about .75% lower. This is a week to watch Chinese markets
as traders jockey for a comfortable position before next weeks week
long holiday shut down. More than once the market has made some
significant moves on LME markets while the Chinese were on their break.
So how they react this week this week, could have less to do with
playing follow the LME leader, and more on their hunches what LME
nickel will do next week. It will also be interesting to see what LME
inventory numbers start doing, as Chinese buyers place orders for
future shipments. We saw a nearly 1500 tonne lowering today ..... have
we turned a corner yet or are we destined to see more growth in LME
stockpile numbers? Stay tuned.
Anyone who is a fan of the NFL, or
lives in San Francisco, is well aware of who the quarterback for the
Super Bowl bound 49er's is. For the rest of the world it is Garapa-who?
Let's be honest, Garoppolo does not roll off the tongue like Brady or
Mahomes, Brees, Rivers, Ryan, Rodgers, Wilson, Mayfield, Foles or
Jackson. And he doesn't get the 'attention' from national sports
writers other quarterbacks do like .... well nearly all of them.
Last year, his peers rated him the 90th best NFL football player in the
Top 100 Players of the NFL. 90th! This guy already has two Super Bowl
rings, as the bench warming backup for Tom Brady of the Patriots. Now
it's his turn. And yet, when sportscasters talk about the 49er's, they
usually want to talk about the teams defense. Think
he has something to prove in two weeks? Many employees
can be successful,
without being in the spotlight all the time. There are those employees
that are very good at self promotion, and those that aren't. There are
those who attract attention from others, while most don't. There are
those who shy away from being in the spotlight, while others need it.
You have
heard
many times that there are talkers and there are doers. As a society, we
tend to give our attention to the noise makers, even when others are
scoring more touchdowns. Regardless, both play a role,and both are
necessary for a business to succeed. But we suspect the quiet
quarterbacks in your office will be rooting for that Garap-a-guy.
Average price of LME traded cash nickel
so far this month
- $6.32/lb
Yesterday's market review - Zinc hits two-month high as
technicals trigger buying - Zinc prices rose to two-month highs on
Monday after a break of key technical levels triggered a flurry of
buying and as the market worried about historically low
inventories. - more
South African chrome firms warn of more than 1,200 job cuts - South
African chrome firms on Monday warned of more than 1,200 potential job
cuts, citing power cuts, rising electricity tariffs and increased
competition from overseas. - more
Australia's Western Areas wins contracts to supply nickel to BHP unit,
Jinchuan - Australian nickel miner Western Areas on Tuesday said it has
won new contracts to supply high grade concentrate from its Forrestania
operations to BHP unit Nickel West China’s Jinchuan Co Ltd. - more
Courtesy AISI - In the week ending on January 18, 2020, domestic raw
steel production was 1,928,000 net tons while the capability
utilization rate was 82.7 percent. Production was 1,871,000 net tons in
the week ending January 18, 2019 while the capability utilization then
was 80.4 percent. The current week production represents a 3.0 percent
increase from the same period in the previous year. Production for the
week ending January 18, 2020 is up 0.3 percent from the previous week
ending January 11, 2020 when production was 1,923,000 net tons and the
rate of capability utilization was 82.5 percent. - more
Nickel closed Friday's trading
session at $6.31/lb ($13,910/tonne). Indicators at 6:00 am CST today show
nickel trading around $.02/lb
higher. Stockpiles of nickel stored in LME licensed warehouses returned
to their huge growth cycle on Friday and started the week just shy of
the 187,800 tonne level. Cancelled warrants in the 32% range for a
second session. Nickel was unable to climb back above the $14.000/tonne
level on Friday, and appears to be in a holding pattern since. Bulls
may be gaining momentum for another run, but they have to be careful.
Since the first of the year, nickel has passed over the $14,000/tonne
level on three occasions, but has been unable to hold any of the tries.
The last try, last Wednesday, did not last two complete days, and thus
technical signals could quickly change from neutral to bearish if
another try falls short. We are somewhat surprised they haven't already
turned bearish. After a single day this year of LME nickel stockpiles
falling, they were up over 4800 tonnes on Friday. We are now seeing
numbers last seen in late March 2019. Shanghai Futures Exchange only
reports nickel inventory numbers on Friday's and for last week, they
fell by 469 tonnes to 36,434 tonnes. The traded price of stainless
steel on the same exchange went from 14205 on the 10th, to 14055
Friday. Good start to the week for industry news, but little of it
will matter much to the average distributor and consumer of stainless
steel. It's Monday, a fresh week and a fresh start. Good luck!
Average price of LME traded cash nickel
so far this month
- $6.33/lb
Friday's market review - Chinese data holds copper near
eight-month high - Copper prices hovered near eight-month highs on
Friday as expectations of stronger demand from top consumer China were
boosted by better than expected economic data and optimism for a
U.S.-China trade agreement. - more
Measures to boost domestic stainless steel production - To augment
domestic manufacturing, the domestic stainless steel industry body,
Indian Stainless Steel Development Association (ISSDA), has recommended
some curative measures to the government ahead of the Union budget
2020. - more
Budget 2020: Stainless Steel Sector Seeks Zero Duty On Ferro-Nickel, Scrap - more
Good morning Vietnam – Blackstone hits 60m nickel zone - Blackstone
Minerals has revealed its most impressive drill result to date at its
Ta Khoa nickel project in Vietnam with 60m grading 1.3% nickel and
another 11.9m intersection further down-hole grading 1.09% within a
142m mineralised intersection that also showed 0.22% copper and 0.29g/t
PGM plus gold. - more
Severstal's Q4 steel output, sales fall on quarter on furnace works -
Russian mining and steel company Severstal said Friday its steel output
and sales both fell in the fourth quarter, compared with Q3, due to
short-term maintenance on steelmaking furnaces at its Cherepovets Iron
and Steel Works, although annual sales remained unchanged. - more
Request for Comments on Indonesia Market Access under the Country
Practice Review of the Generalized System of Preferences - letter
from AISI to Erland HerfindahlDeputy Assistant U.S. Trade
Representative for the Generalized System of Preferences Office
of the U.S. Trade Representative - reference nickel ore export ban - more
85 FR 3014 - Initiation of Antidumping and Countervailing Duty Administrative Reviews - pdf here
Cameras will be allowed at PolyMet mine hearing, judge rules - News
organizations will be allowed to have cameras in the courtroom next
week at a hearing on the handling of a key environmental permit for
PolyMet Mining Corp., a judge has ruled. - more
Nickel closed Thursday's trading
session at $6.25/lb ($13,775/tonne). Indicators at 6:05 am CST today show
nickel trading around $.05/lb
higher. Stockpiles of nickel stored in LME licensed warehouse, for the
first time in 2020, fell a few tonnes and started the day just over the
182,900 tonne level. Cancelled warrants are near the 33% level. Wow -
what a busy Friday. China's economic growth for 2019 was reported as
6.1%, its lowest this century, but within the 6 to 6.5% range the
government targeted. Crude steel production in that country had another
record breaking year, gaining 8.3% and totaling just shy of 1 billion
tonnes. Below, you will find an article by former LME trader, now
Reuters reporter, Andy Home on nickel. We also have a link for the
seriously bored amongst you - the entire "phase one" agreement China
and the U.S. just signed. We also post some EV sales news and finally,
we look at the inspirational message about life and business, that can
be found in last week's Kansas City Chiefs victory. Thank you for
sharing a moment of your Friday with us, and we invite you back next
week. Have a safe and relaxing weekend.
Average price of LME traded cash nickel
so far this month
- $6.33/lb
Thursday's market review - Copper hovers around 8-month
highs as market weighs trade deal - Copper touched an eight-month high
on Thursday after the United States and China inked an initial deal in
a prolonged trade dispute, boosting hopes for a revival in metals
demand. - more
LME stock surge grounds high-flying nickel, but for how long? Andy Home
- Nickel, the best performer among the base metals last year, is
currently getting a reality check in the form of surging exchange
stocks. - more
China 2019 crude steel output jumps 8.3%, sets 2nd straight annual
record - Crude steel production in China climbed to a record just shy
of 1 billion tonnes in 2019, boosted by a resilient property market and
robust demand as Beijing beefed up infrastructure spending in a bid to
weather a slowdown in economic growth. - more
Glencore to restructure SA ferrochrome following “material losses” at
Rustenburg smelter - HIGH electricity tariffs, interruptions and
deteriorating conditions in the ferrochrome market have forced Glencore
and its joint venture partner, Merafe Resources, to consider
restructuring at its Rustenburg smelter, Glencore today announced. - more
Economic and Trade Agreement Between the United States of America and
the People's Republic of China - Phase One - 94 page agreement online here
PolyMet will appeal permit ruling to Minnesota Supreme Court - PolyMet
Mining Inc. said Thursday it will ask the Minnesota Supreme Court to
overturn a ruling that canceled three permits needed for its proposed
copper-nickel mine in northeastern Minnesota. - more
Trucker.com - The November Freight TSI 0.1% increase was narrowly based
with increases only in pipeline and rail carloads, with trucking,
water, air freight and rail intermodal declining.
Battery nickel price regains premium over metal - Much like prices for
cobalt, lithium and graphite, nickel feedstock for battery manufacture
ended 2019 on a weak note, as a retreat in Chinese electric vehicle
sales in the second half of the year and slower than expected
transition to nickel-rich battery chemistries hurt demand. - more
Using numbers supplied by Inside EV's - Worldwide sales of electronic
vehicles rose each of the first seven months of 2019 over the same
month in 2018. Beginning in August, and each month since, 2019
worldwide sales were less than the same month in 2018. Total sales for
December 2019 have yet to be tabulated. For example, November 2019
sales were 176,500+ vehicles. During November 2018, 237,500+ EV's were
sold.
21-0. If you turned the TV off after the first quarter of last week's
Chiefs-Titans football game, you might have wondered why the Chiefs
were even in the play-off's. The team looked like they could do nothing
right and with a 24-0 lead early in the second quarter, the Texans were
heading to the next round. The game was pretty much over for the
Chiefs. But wait a moment, the second quarter wasn't over, and neither
was the rest of the game. KC roared back in record breaking fashion and
when the dust finally settled, the Chiefs had won 51-31. In a moment, a
team that could do nothing right, suddenly could do nothing wrong. In a
moment, a team destined to failure, was conquering. In a moment, a team
with every reason to give up, chose not to. ......... Down 24 - 0? One
can give up or watch for that moment - to pounce.
Thursday, January 16
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $6.50/lb ($14,320/tonne). Indicators at 6:20 am CST today show
nickel trading around $.02/lb
higher. Stockpiles of nickel stored in LME licensed warehouses was back
to its 4000+ tonne gains yesterday and started today reading just over
the 183,000 tonne level. Cancelled warrants are jumping as well, and
are reading just shy of the 30% level. This means while nickel is
flowing in, over the last few days, the market is seeing commitments
against some of the inflows. As we learned the hard way in December,
that doesn't mean its actually being 'sold' to be used, and can merely
be an investment on the hopes prices will go up in the future, making
the purchased nickel profitable to sell. In the meantime, LME
stockpiles have nearly tripled since mid November. We have tried to
write an analysis of the price predictions we received last week from
readers, and no matter how we write it, it comes out disappointing. So,
even though we had some great reasoning shared behind the price
predictions, we are not going to use them at the present time, but
reserve the right to possibly use them later. At least from those who
did not request anonymity. We can, however, share the average price
forecast with you today. The lowest prediction was $13,000/tonne
($5.90/lb), and the highest $16,535/tonne ($7.50/lb). The average 2020
estainlesssteel 2020 price forecast of ess readers is $14,400/tonne or
$6.53/lb. We have listed some price predicitons below that we have
found online. Reuters usually does a poll of metals analysts sometimes
in late January. As can be seen, our readers are a whole lot more
pessimistic about the annual price than many of the 'experts'. And we
join with our readers. Our personal forecast for the average LME cash
price of nickel for 2020 is even more pessimistic - $14,000/tonne or
$6.35/lb. (Also,
we are expecting an ice storm tomorrow morning so power outages are
expected. If we haven't updated in a timely manner, that might explain
why)
Average price of LME traded cash nickel
so far this month
- $6.32/lb
SMM - So SMM expects nickel prices to remain volatile and
weak before the festival, rebound after the festival or stabilize, and
run weakly in the second half of the year.
NIN - FocusEconomics’ panel of analysts projects that the
price of nickel will fall in the coming months. Prices are forecast for
US$15,856 in Q4 2020, while the average price for Q4 2021 is set at
US$15,344.
Stockhead - S&P Global forecast that while nickel
prices had come off its September highs, it expected the metal to
average $US16,500 per tonne in 2020.
AMM - “We are currently trying to speculate how low nickel
prices will go,” Mothersole (HIS Markit) said, stating that after
overshooting on the upside at about $18,000/tonne due to the panic
buying, he believes that about $15,500/tonne is a defensible average
price for 2020.
MP - Fastmarkets' analysts forecast an average London Metal Exchange nickel cash price of $16,375 per tonne in 2020....
ABARE - Prices are forecast to increase to US$15,800 a tonne in 2020, before rising to US$16,500 a tonne in 2021
U.S. Imports of Stainless Steel Mill Products - more
US Exports of Stainless Steel Mill Products - more
Wednesday's market review - Copper retreats from 8-month
high on profit-taking, China deal - Copper retreated on Wednesday as
investors cashed in on a rally that took prices to an eight-month peak after doubts set in over a U.S.-China trade deal. - more
5 Factors to Consider When Selecting a Grade of Stainless Steel -
Stainless steel is a commonly used material in applications ranging
from medical instruments or chemical storage to transport or power
generation because of its high corrosion resistance, hygiene, and
strength. - more
China’s nickel sulphate output up in 2019 - Production rose by 21pc
from 2018, to 560,000t, showed data by the China non-ferrous metal
industry association. - more
Ferroalloy production grows in Kazakhstan - According to energyprom.kz
ferroalloy production has grown in Kazakhstan. - more
Proposed federal legislation bans copper-nickel mining near Boundary
Waters - Proposed federal legislation could have significant
ramifications on the proposed Twin Metals mine in northern Minnesota. -
more
Nickel closed Tuesday's trading
session at $6.29/lb ($13,870/tonne). Indicators at 6:15 am CST today show
nickel trading around $.09/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose
yesterday, but for the first time this year, the amount was just under
the 1000 tonne level. Today's numbers started just under the 178,600
tonne level. Nickel has bounced sharply this morning, but has yet to
recover completely from yesterday's dive. At the moment, nickel is
trading around the $14,100 tonne level with technicals sending a buy
signal.Another quiet day in industry news.Today is the
half way point of January, the first month of the 2020 decade. Have you
planted the seeds you told yourself you would at the first of the year?
The Chinese have a proverb "The best time to plant a tree was 20 years
ago, the second best time is today." We leave you with this thought and
question. If not today, when?
Average price of LME traded cash nickel
so far this month
- $6.32/lb
Tuesday's market review - Strong Chinese trade data pushes
copper to 8-month high - Copper prices reached their highest
in eight months on Tuesday as better-then-expected trade data in China,
the world’s largest metals consumer, pointed to a modest recovery in
demand and the yuan strengthened. - more
Indonesia exports 3.04 million tons of nickel ore in the last month
before the ban takes effect - Indonesian statistics released data on
Wednesday showing that the country exported 3.04 million tons of nickel
ore in December, up from 2.7 million tons the previous month (up 12.6
per cent from the previous month) and up from 1.62 million tons in the
same period in 2018 (up 87.8 per cent from a year earlier). - more
In review: ‘PolyMet is the precedent’ - State appeals court decision
could have a ripple effect across industries - more
Nickel closed Monday's trading
session at $6.39/lb ($14,095/tonne). Indicators at 6:15 am CST today show
nickel trading around $.17/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose by
over 4000 tonnes for their second consecutive Monday and started
today's trading session around the 177,600 tonne level, with cancelled
warrants up to the 22% range. Lot of interesting info there. First
nickel is down over 2%, which is a big movement regardless of the
direction. Secondly, stockpiles now register where they did last April.
And thirdly, cancelled warrants moved up nearly 5 points even with the
huge increase in stockpiles. In industry news, US courts rejected some
Polymet permits, putting up another roadblock for the company, which
has been fighting in courts for years, in an effort to open a
copper.nickel mine in northern Minnesota. New Caledonia is allowing
Eramet to ship more nickel ore to China, which will help partially fill
the void caused by Indonesia's ban on exports of the same. And
Ravensthorpe hopes to produce between 15 and 20,000 tonnes of nickel
this year, as it fires back up after being in mothballs for years.
Nickel is testing that weak support level we mentioned yesterday, its
Jan 6th trading low, a $600 tonne drop thus far today.
Average price of LME traded cash nickel
so far this month
- $6.33/lb
Monday's market review - Copper hits eight-month high
ahead of Chinese data - Copper prices on Monday hit their highest since
May as traders awaited the signing of a U.S.-China Phase 1 trade deal
and Chinese data that will show whether a pick-up in economic activity
has been maintained. - more
Minnesota court rejects three PolyMet permits, sends them back to DNR
for hearing - Plans to build Minnesota’s first copper-nickel mine
suffered a major setback Monday when the state Court of Appeals
reversed three permits issued to PolyMet Mining Corp. and kicked them
back to state regulators for additional review. - more
Ravensthorpe to ramp up - First Quantum Minerals, owner of the
previously mothballed Ravensthorpe nickel operation in Western
Australia, has set its production targets for the mine as it is now
coming online - more
New Caledonia tightens biosecurity, bans pork from China - (excerpt) At
its weekly meeting, the government today also decided to approve some
nickel ore sales to China and Japan. - more
Courtesy AISI - In the week ending on January 11, 2020, domestic raw
steel production was 1,923,000 net tons while the capability
utilization rate was 82.5 percent. Production was 1,871,000 net tons in
the week ending January 11, 2019 while the capability utilization then
was 80.4 percent. The current week production represents a 2.8 percent
increase from the same period in the previous year. Production for the
week ending January 11, 2020 is up 1.3 percent from the previous week
ending January 4, 2020 when production was 1,898,000 net tons and the
rate of capability utilization was 82.0 percent. - more
Nickel closed Friday's trading
session at $6.44/lb ($14,190/tonne). Indicators at 6:20 am CST today show
nickel trading around $.04/lb
higher. Stockpiles of nickel stored in LME licensed warehouses continue
to grow by thousands of tonnes daily and started the week just over the
173,500 tonne level. Cancelled warrants finally moved up to the 19+%
level. Stockpiles have risen by 22,812 tonnes since the first of the
year and we still have three business days to go before the month is
half way over. If we see them grow to 192,528, then they will have
tripled since November 14th. Two months ago today, we were reporting on
stockpile numbers at 64, 194 tonnes, with cancelled warrants running
over 40%. Nickel is off morning highs, but remains positive on the day.
$6.55/lb still looks to put up some resistance, while $6.23/lb shows
minor support. Weekend industry news remained weak. It's Monday - a
fresh week, a fresh start, a fresh opportunity. The canvas is empty
and you have been given the pain and brushes. What you do with them
this week is entirely up to you. What you will end up will depend on
how hard you work to overcome the fact you were not born with the name
Rembrandt. Yet, even he, had to pick up the brush to discover that he
had a gift. Have a great and successful week.
Average price of LME traded cash nickel
so far this month
- $6.31/lb
Friday's market review - Strengthening dollar curbs copper
rebound - Copper was up by more than 1% for the week on Friday as fears
of conflict in the Middle East diminished and exchange inventories
continued to dwindle, though prices were kept in check by a stronger
dollar. - more
Brazil pushes plans for mining on tribal lands to European diplomats -
Brazil's government on Friday said it was pushing ahead with plans to
allow mining on tribal lands, briefing European diplomats on proposals
that have drawn criticism from indigenous advocates in Brazil and
overseas. - more
US slaps new sanctions on Iranian steel and metals in tit-for-tat
action - The US has imposed new sanctions on Iran's steel and
metals exports, Secretary of State Mike Pompeo and Treasury Secretary
Steven Mnuchin said at a press conference at the White House Friday. - more
This
week only
we are inviting our readers to participate in a price forecast
poll. Forecasting the price of nickel is, for a better phrase, a
nearly impossible task in a volatile market, so your guess could easily
be as
good as your neighbors. We have added a special email address for this
poll estainlesssteel (at) yahoo.com. Here are the three questions - you
are welcome to answer only number one or preferably, all three.
What do you think the average price of LME cash nickel will
be for the entire year of 2020 (in US $). (We determine by taking the average for
each month, totaling, and using that number to determine the annual
average)
Do you have a reason behind your forecast of the price
being lower/higher than 2019?
If applicable, can we use your forecast and/or comment, or
would you rather remain anonymous? No answer to this question, will
automatically put
you in the anonymous column.
Per special request, here are the LME cash averages for the
last 4 years - (2019 $6.42/lb) - (2018 $5.95/lb) - (2017 $4.73/lb) -
(2016 $4.36/lb)
Sorry, no prize unless someone out there wants to sponsor
one - but bragging rights for the closest answer - which we won't know
for 12 months. We encourage all of our readers to participate. Let's
see
how men/women from the industry do against the number crunchers.
Thank you for participating!
Abridged Nickel/Stainless
Steel Briefing
Nickel closed Thursday's trading
session at $6.39/lb ($14,085/tonne). Indicators at 6:35
am CST today show
nickel trading around $.02/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose yet
again on Thursday and started the day just under the 171,100 tonne
level. Cancelled warrants remain stuck in the 17% range. $14,250/tonne
is giving nickel some resistance, as nickel tried and failed four times
over the last two days to break thru that level. Going into the weekend
with a little more news than we have had the last few days. Either we
missed it, or US media overlooked it, but terrorists attacked and
killed a group of miners in Burkina Faso last week. Not nickel, but
still an industry we all benefit from daily. We want to thank those of
you who have taken part in the nickel forecasting poll we have been/are
taking this week and hope to have something with the results in the
next week or so. Nickel had a bullish first full week of the 2020's
decade and we hope your second weekend is both relaxing, and safe.
Average price of LME traded cash nickel
so far this month
- $6.31/lb
First Quantum Minerals Announces 2020-2022 Guidance - pdf here
Thursday's market review - Copper touches highest in a
week on easing trade and Middle East tensions - Copper prices scaled
one-week
highs on Thursday, supported by easing tensions in the Middle East,
China confirming it would sign a preliminary trade deal with the United
States next week and expectations of stronger Chinese demand. - more
As metal trade shrinks, exchanges fight back with new products: Andy
Home - Base metals trading volumes shrank on all three major global
exchanges last year as trade war uncertainty and range-bound markets
dampened speculative activity. - more
China's steel production likely to grow by 4-5% this year:
analyst - Official forecasts for China's steel production in 2020
vary between a contraction of almost 1% and growth of 1.2%, but Alfa
Bank's Boris Krasnozhenov says the country's investment in
infrastructure would back less conservative predictions, pegging growth
of up to 4%-5%. - more
First Quantum to ramp up Ravensthorpe operations - First Quantum
Minerals has set a production guidance for the previously mothballed
Ravensthorpe mine in Western Australia. - more
Q&A: making nickel mining greener with Norilsk - Russian nickel
mining company Norilsk has recently taken steps towards reducing
emissions at its operations on the Russia-Norway border, and has
collaborated with the UN to explore environmentally-sound mining
technologies. - more
Billionaire pledges to donate $48 million to fire relief in Australia
- Australian billionaire mining magnate Andrew Forrest has
pledged 70 million Australian dollars ($48.1 million) in aid for the
country's brushfire crisis, joining a growing list of celebrities
chipping in to fight the fires. - more
US-China Trade Deal May Be Little More Than A Truce – OpEd - more
AISI Releases December 2019 SIMA Imports Data - more
Many still missing after ambush of Canadian mine workers kills 37 and injures 60 in worst attack in Burkina Faso in years - more
Thursday, January 9
Reader's 2020 Price Forecast - only 1 more day
This week only
we are inviting our readers to participate in a price forecast
poll. Forecasting the price of nickel is, for a better phrase, a
nearly impossible task in a volatile market, so your guess could easily
be as
good as your neighbors. We have added a special email address for this
poll estainlesssteel (at) yahoo.com. Here are the three questions - you
are welcome to answer only number one or preferably, all three.
What do you think the average
price of LME cash nickel will be for the entire year of 2020 (in US
$). (We determine by taking
the average for each month, totaling, and using that number to
determine the annual average)
Do you have a reason behind
your forecast of the price being lower/higher than 2019?
If applicable, can we use
your forecast and/or comment, or
would you rather remain anonymous? No answer to this question, will
automatically put
you in the anonymous column.
Per special request, here are
the LME cash averages for the
last 4 years - (2019 $6.42/lb) - (2018 $5.95/lb) - (2017 $4.73/lb) -
(2016 $4.36/lb)
Sorry, no prize unless
someone out there wants to sponsor
one - but bragging rights for the closest answer - which we won't know
for 12 months. We encourage all of our readers to participate. Let's
see
how men/women from the industry do against the number crunchers.
Thank you for participating!
Daily
Nickel/Stainless Steel Briefing
Nickel closed yesterday's
trading
session at $6.37/lb
($14,050/tonne). Indicators at 6:15 am CST today show
nickel trading around $.08/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Wednesday and started today's session just over the 167,900 tonne
level. Nickel closed above the psychological resistance level of
$14,000/tonne yesterday and looks to do so again today. This puts
$6.62/lb as the next line of resistance, the high point of a bullish
attempt back in November. Minor resistance could show at $14,500/tonne,
the high point of the most recent bull run, that peaked on December
23rd. Just for the record, we really aren't one of those that puts a
lot of faith in these 'technical' signals. They are, however, something
to talk about when there isn't anything else - like industry news. It
is possible traders
are taking nickel higher on the hopes the 'Phase One" agreement to be
signed January 15th, will help kick start both economies. Or they may
be hoping that stockpiles will stop climbing and evidence of the
Indonesia nickel ore export ban will start showing up in the
statistics. Or they could just be trying to make a few bucks doing a
little riding of the most recent bull run. This is a challenging way to
make a living however, as nickel runs have a tendency to be wild, and
bare back riding has a way of unseating the rider with a hard fall. If
you have been in the stainless steel or nickel industry for longer than
13 minutes, you know that what goes up will come down. Tomorrow is
Friday so our update can post a little later. And tomorrow is our last
day to collect your best guess for the 2020 nickel average. Responses
so far have been very limited in number, so we encourage you to make an
anonymous guess.
Average price of LME traded
cash nickel
so far this month
- $6.29/lb
Yesterday's market review - Zinc near eight-week high as
Iran-U.S. fears ease - Zinc prices hit the highest in nearly eight
weeks on Wednesday as fears of further Iran-U.S. military escalation
eased, while concerns about short-term supplies of the metal, mainly
used for galvanizing steel, increased. - more
Indonesia approves environmental study for battery-grade nickel plants:
minister - Indonesia has approved environmental impact studies for
factories to produce battery-grade nickel chemicals in Morowali,
Coordinating Minister of Maritime and Investment Affairs Luhut
Pandjaitan said on Wednesday. - more
This week only
we are inviting our readers to participate in a price forecast
poll. Forecasting the price of nickel is, for a better phrase, a
nearly impossible task in a volatile market, so your guess could easily
be as
good as your neighbors. We have added a special email address for this
poll estainlesssteel (at) yahoo.com. Here are the three questions - you
are welcome to answer only number one or preferably, all three.
What do you think the average
price of LME cash nickel will be for the entire year of 2020 (in US
$). (We determine by taking
the average for each month, totaling, and using that number to
determine the annual average)
Do you have a reason behind
your forecast of the price being lower/higher than 2019?
If applicable, can we use
your forecast and/or comment, or
would you rather remain anonymous? No answer to this question, will
automatically put
you in the anonymous column.
Per special request, here are
the LME cash averages for the
last 4 years - (2019 $6.42/lb) - (2018 $5.95/lb) - (2017 $4.73/lb) -
(2016 $4.36/lb)
Sorry, no prize unless
someone out there wants to sponsor
one - but bragging rights for the closest answer - which we won't know
for 12 months. We encourage all of our readers to participate. Let's
see
how men/women from the industry do against the number crunchers.
Thank you for participating!
Daily
Nickel/Stainless Steel Briefing
Nickel closed Tuesday's
trading
session at $6.32/lb
($13,935/tonne). Indicators at 6:15 am CST today show
nickel trading around $.04/lb
lower. Stockpiles of nickel store in LME licensed warehouses rose by
over 4600 tonnes on Tuesday and started today's session just under the
166,100 tonne level. That's the highest recorded since late June 2019.
Another day with not a lot to report. Iran fired some ballistic
missiles as US bases in Iraq but based on the President's late night
tweets, it was no big deal. Will President Trump escalate or leave
alone? Business media is reporting the Iranian reaction is having an
effect on European markets, and thus might be having some affect on LME
traders, but we doubt it. We would like to think traders are becoming
concerned about the growth in stockpile numbers. For a period in 2018,
and likewise, for a time in 2019, it looked like LME stockpiles of
nickel could be depleted by sometime this year. Not so much these days.
Indonesia miners shipped as much nickel ore as they could to China
before the ban was implemented on January 1st. This could be having
some effect on supply/demand, but we suspect it has more to do with the
demand, than the supply these days. Technically, nickel appears to
remain in bearish territory. We will see. Please send us your best
guess for the nickel average for 2020 - you will remain anonymous
unless you answer #3 in the positive (see above).
Average price of LME traded
cash nickel
so far this month
- $6.29/lb
Tuesday's market review - Copper closes higher as
investors take stock and look to China - Copper prices clawed higher on
Tuesday as U.S.-Iran tensions eased and investors expected leading
metals consumer China to extend its stimulus policies. - more
Base metals hope for manufacturing recovery in 2020: Andy Home - Well,
at least there was nickel. Looking back on 2019 it was nickel that
provided most of the thrills and a fair share of the spills in the base
metals complex. - more
Nickel bulls press abort button on 2020 run - (excerpt) S&P Global
forecast that while nickel prices had come off its September highs, it
expected the metal to average $US16,500 per tonne in 2020. - more
FPX Nickel's shares shoot up on nickel recoveries announcement -
Successful leach testing of high-grade nickel concentrates from
Vancouver-based explorer FPX Nickel’s Decar nickel district, near Fort
St James, British Columbia, has confirmed nickel recoveries up to 99.5%
in producing a high-concentration nickel/cobalt chemical solution
suitable for the electric vehicle (EV) battery supply chain. - more
This week only
we are inviting our readers to participate in a price forecast
poll. Forecasting the price of nickel is, for a better phrase, a
nearly impossible task in a volatile market, so your guess could easily
be as
good as your neighbors. We have added a special email address for this
poll estainlesssteel (at) yahoo.com. Here are the three questions - you
are welcome to answer only number one or preferably, all three.
What do you think the average
price of LME cash nickel will be for the entire year of 2020 (in US
$). (We determine by taking
the average for each month, totaling, and using that number to
determine the annual average)
Do you have a reason behind
your forecast of the price being lower/higher than 2019?
If applicable, can we use
your forecast and/or comment, or
would you rather remain anonymous? No answer to this question, will
automatically put
you in the anonymous column.
Per special request, here are
the LME cash averages for the
last 4 years - (2019 $6.42/lb) - (2018 $5.95/lb) - (2017 $4.73/lb) -
(2016 $4.36/lb)
Sorry, no prize unless
someone out there wants to sponsor
one - but bragging rights for the closest answer - which we won't know
for 12 months. We encourage all of our readers to participate. Let's
see
how men/women from the industry do against the number crunchers.
Thank you for participating!
Daily
Nickel/Stainless Steel Briefing
Nickel closed yesterday's
trading
session at $6.27/lb
($13,820/tonne). Indicators at 6:20 am CST today show
nickel trading around $.04/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Monday and started today's session just over the 161,400 tonne level.
Nickel turned higher late yesterday and we see $14,000/tonne putting up
minor resistance, with somewhere around $6.56/lb - $6.60/lb a stronger
line of resistance. LME stockpiles continue to grow and now nearly
match where they were on July 2nd - except nearly 37% of the inventory
back then was committed, while only a little over 17% is today. We find
these numbers particularly discouraging, as the market deficit we have
been lead to believe the market is in, appears not to be as bad as
someone wanted everyone to believe. Or doesn't exist at all. Either
nickel production is more than capable of keeping up with demand, or
demand is suffering as the world economy slows much faster than we
feared. Lot of noise filling the news cycles while the negative
economic news is getting buried. If you haven't checked lately, world
manufacturing PMI's look rather dismal (here).
We all are quick to blame the trade war between the US and China for
it, but economies operate in cycles and since the Great Recession, we
have been in one of the longest lasting bull markets in history. We are
overdue for a slowdown and evidence is out there, that it may be time
to start tightening our belts. Or not. The bull could have plenty of
room left to run. It's obvious some traders hope that, with nickel
fighting the tide to push nickel higher. We started 2019 with 206,400
tonnes of nickel stored in LME stockpiles and started this year with
153,318 tonnes. For that 25% drop, we saw the trading price of nickel
swing wildly thru the year. S0 what will 2020 bring - stay tuned.
Average price of LME traded
cash nickel
so far this month
- $6.29/lb
Yesterday's market review - Copper resilient despite
weaker China data and Mideast tensions - Copper edged higher on
Monday as a rise in oil prices offset softer Chinese economic data and
an escalation in tension between the United States and Iran, analysts
said. - more
Santa Rita restart moves along - Atlantic Nickel has sold the first
concentrate from its Santa Rita nickel sulphide open-pit project in
Bahia, Brazil - more
Mincor seeking superlatives for latest Kambalda nickel find - Mincor
Resources has again struck pay dirt at its Cassini deposit near
Kambalda. - more
PolyMet hires new director to build Minnesota’s first copper-nickel
mine - PolyMet Mining announced Monday that it hired Richard Lock as
its new senior vice president and project director for the proposed
NorthMet copper-nickel mine near Hoyt Lakes. - more
Courtesy AISI - In the week ending on January 4, 2020, domestic raw
steel production was 1,898,000 net tons while the capability
utilization rate was 82.0 percent. Production was 1,861,000 net tons in
the week ending January 4, 2019 while the capability utilization then
was 79.4 percent. The current week production represents a 2.0 percent
increase from the same period in the previous year. Production for the
week ending January 4, 2020 is up 1.2 percent from the previous week
ending December 28, 2019 when production was 1,876,000 net tons and the
rate of capability utilization was 81.1 percent. - more
This week only
we are inviting our readers to participate in a price forecast
poll. Forecasting the price of nickel is, for a better phrase, a
nearly impossible task in a volatile market, so your guess could easily
be as
good as your neighbors. We have added a special email address for this
poll estainlesssteel (at) yahoo.com. Here are the three questions - you
are welcome to answer only number one or preferably, all three.
What do you think the average
price of LME cash nickel will be for the entire year of 2020 (in US
$). (We determine by taking
the average for each month, totaling, and using that number to
determine the annual average)
Do you have a reason behind
your forecast of the price being lower/higher than 2019?
If applicable, can we use
your forecast and/or comment, or
would you rather remain anonymous? No answer to this question, will
automatically put
you in the anonymous column.
Sorry, no prize unless
someone out there wants to sponsor
one - but bragging rights for the closest answer - which we won't know
for 12 months. We encourage all of our readers to participate. Let's
see
how men/women from the industry do against the number crunchers.
Thank you for participating!
Daily
Nickel/Stainless Steel Briefing
Nickel closed yesterday's
trading
session at $6.24/lb
($13,755/tonne). Indicators at 6:15 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose
again on Friday and started this week over the 159,400 tonne level.
This now puts LME nickel stockpiles higher than they were on September
30th, 2019, when numbers began to decline rapidly, and in large
shipments. In fact, stockpile numbers are now back to where they were
the first week of July 2019. We now have circumstantial evidence that
supply has been exceeding demand for some time now. Nickel got whacked
on Friday, and remains in trouble today, after world markets reacted
negatively to news US forces had assassinated a leading Iranian
military figure. We see December's low of around $5.95/lb as support
and we will worry about resistance if the market looks to head that
direction. It's the first full week of 2020 and we hope its a great one
for you!
Average price of LME traded
cash nickel
so far this month
- $6.30/lb
Yesterday's market review - Copper falls after U.S. kills
top Iranian commander - Copper dropped more than 1% on Friday and other
industrial metals fell as the killing of a top Iranian commander by the
United States sent shockwaves through markets, pushing oil prices
sharply higher. - more
Technical working group to draft national nickel industry roadmap - The
Philippine Nickel Industry Association (PNIA) is initiative the
creation of a technical working group (TWG) to draft the national
nickel industry roadmap to propel the growth of sustainable mining in
the Philippines, PNIA Executive Director Cha Olea said. - more
Certain Carbon and Alloy Steel Cut-to-Length Plate From Taiwan: Final
Results of Antidumping Duty Administrative Review and Final
Determination of No Shipments; 2016-2018 - The Department of Commerce
(Commerce) finds that producers or exporters of certain carbon and
alloy steel cut-to-length plate (CTL plate) from Taiwan sold subject
merchandise at less than normal value during the period of review
(POR), November 14, 2016 through April 30, 2018. - pdf here
Stainless Steel Sheet and Strip From the People’s Republic of China:
Rescission of Countervailing Duty Administrative Review; 2018 - The
Department of Commerce (Commerce) is rescinding the administrative
review of the countervailing duty (CVD) order on stainless steel sheet
and strip (SSSS) from the People’s Republic of China (China) for the
period January 1, 2018 through December 31, 2018. - pdf here
For your records - Hexavalent Chromium Is Not present In Stainless and
Specialty Steels - EU ROHS Statement from SSINA - here
Nickel closed Thursday's
trading
session at $6.47/lb
($14,260/tonne). Indicators at 6:20 am CST today show
nickel trading around $.23/lb
lower. Stockpiles of nickel stored in LME licensed warehouses started
the new year as they ended the old, and started today's trading session
just under the 156,400 tonne level. Typically we do not join with other
media sites and attempt to explain the unexplainable, but today, with
all LME metals trading lower, and precious metals trading higher, it is
apparent the market is spooked by the death of the Iranian general late
yesterday, and what retaliatory, if any, measures Iran might take. As
we have discussed before, the markets dislike the unknown interfering
with their reality, and thus, uncertainty is hurting 'production'
metals, while boosting the 'safe haven' rocks. Other than the news from
Iraq, and the heart wrenching videos of desolation in Australia, there
is little to talk about in the nickel and stainless steel industry. We
hope you have a safe and relaxing weekend and invite you to join us
next week for the first 'full' week of 2020.
Average price of LME traded
cash nickel
so far this month
- $6.38/lb
Thursday's market review - Copper climbs towards
eight-month high after China eases policy - Copper prices rose towards
eight-month highs on Thursday as demand expectations were boosted by
economic measures in China and optimism that the world’s top metals
consumer would also sign a preliminary trade deal with the United
States. - more
Union rejects restructure of nickel company in New Caledonia - A New
Caledonian union has rejected the planned restructure of the
Brazilian-owned Vale nickel company. - more
Student Falls Victim to Machete Attack after Anti-Mining Protest
- A
student of the Halu Oleo Kendari University, Muhammad Iksan, fell
victim to a machete attack by an unknown person on Thursday, January 2,
after participating in a protest against the disarray surrounding the
nickel mine at North Konawe. - more
Meteor now believed to have caused local explosion, flash of light -
(excerpt) Dr. Rapson said the bolides are made up of iron and nickel.
She said the iron will produce a yellow glow in the sky, and the nickel
is what likely contributed to that flash of green reported by so many.
- more
The
five environmental stories to watch in 2020 - Next year will be a
pivotal one for many of Minnesota’s most controversial environmental
debates, from mining to climate change and the 2020 elections. - more
Due
to a server change by the company hosting our site, our email did not
function on Tuesday and Wednesday. If you sent us an e-mail on either
of these two days, please resend. And please put stainless steel in the
header.
Daily
Nickel/Stainless Steel Briefing
Nickel closed yesterday's trading
session at $6.36/lb ($14,025/tonne). Indicators
at 6:20
am CST today show
nickel trading around $.08/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
the last day of 2019, and started the new year just over the 153,300
tonne level. This now puts LME nickel stockpile higher than they were
on October 1st, after the first 5,850 tonne shipment had been taken, in
what would become a near 91,000 tonne depletion thru the month of
October 2019. 157,986 tonnes on September 30th remains a pivotal amount
in this whole suspected market manipulation ploy that were bad. If
inventory levels grow beyond this level, then this will mean stockpiles
numbers grew 'without' the whole manipulation deal having taken place.
As it stands the whole up and down over the last three months is rather
mute as stockpiles have done little - after bouncing around a lot. Next
week, once we are confident our email is working 100% again, we want to
give our readers an opportunity to forecast. There will be three
questions asked. #1 What do you think will be the average price of
nickel for 2020? #2 Do you have a comment on why you think the price
will be higher or lower than 2019? #3 Do you wish to remain anonymous
or can we use your name and/or comment if applicable? We really do not
have a prize for the most correct answer, so the closest guesser will
have bragging rights only. We are doing this for a couple of reasons.
First, for fun. Let's see how market followers, the guys and gals
working with stainless steel and nickel every day, do against the
metals analysts. Second, we will post the group average, which buyers
who read our news daily, might find useful, as they consider what
others are thinking. Let's start this on Monday, so please be thinking
about it over the next few days. We will run it for a week, and then
post the average later in the month. It's a new year.... a new decade.
Day numero one. We wish you a great year and hope it brings you above
all other things, health and happiness. And that Australia will get a
whole lot of rain.
Nickel prices ended 31% higher for
the year of 2019.
Average price of LME traded cash
nickel
so far this month
- $6.26/lb (December average)
Yesterday's market review - Metals upswing hangs on
U.S.-China trade war truce - A thawing in the U.S.-China trade war
could fuel a rally in base metals in 2020 after the prolonged conflict
largely kept a lid on prices in 2019. - more
Jakarta flooding deterred NPI shipments - Several vessels carrying
nickel pig iron have been deterred from leaving Indonesia, as its
capital city—Jakarta—is suffering the worst flooding in years, SMM
learned from a market participant. - more
Global EV Sales In November 2019: Down 26% Year-Over-Year - While the
general plug-in car market shrunk significantly, Tesla is pushing
forward - more
(all
ton listings are metric tons = 2204.622 pounds ) Updated Monday thru
Thursday before 7 am CST, Friday version before 8 am CST - DisclaimerOriginal content and opinions
copyright
www.estainlesssteel.com. All prices shown on
this page are indications only. Please note - for real time and
official LME
prices, LME requires a user subscribe to an authorized LME vendor.
Daily Nickel/Stainless Steel Briefing 
($12,620/tonne). Indicators at 6:05 am CST today show
nickel trading around $.07/lb 
Reports
Why Stainless Steel 
Thursday's market review - Copper slides to five-month low
on China demand angst - Copper prices sank to five-month lows on
Thursday as funds sold on expectations of slowing demand in top
consumer China, where a coronavirus outbreak has raised the prospect of
an economic slowdown. - 
Iconic symbol to Ontario mining to disappear - Known for its giant
‘nickel’ five cent coin, symbolising nickel mining, the other landmark
is a truly gigantic smokestack from a smelting facility. - 
Column: Nickel and copper are bull stand-outs in base metals poll -
Nickel and copper are the bull stand-outs in the latest Reuters poll of
base metals analysts, with both set to rise in price over the next two
years thanks to supply constraints and expected market deficits. - 
Universal Stainless Announces Shape Bar Base Price Increase -
Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) today
announced a base price increase of 5% to 25% on all flat, square and
hex bar products manufactured at its Dunkirk facility. - 
Thousands on virus lockdown at China-backed plant in Indonesia - More
than 40,000 workers at a vast Chinese-controlled industrial complex in
Indonesia have been quarantined over fears about the spread of a deadly
coronavirus strain which has killed more than 200 people in China, it
said Friday. - 
China's stainless steel production capacity to be released more
intensively in 2020 - It was reported that China's stainless steel
production capacity will be further released this year, and the pace of
production capacity launch will speed up. - 
Eurofer cuts 2020 EU steel consumption outlook on weaker-than-expected
2019 - Eurofer cut its 2020 EU apparent steel consumption outlook
to an increase of 1.2% at 159 million mt from a 1.4% forecast in its
fourth-quarter 2019 report, the trade association said Thursday. - 
2019 was difficult for the steel industry, 2020 is expected to be
better - the coronavirus introduces more uncertainty - 
($12,550/tonne). Indicators at 6:15
am CST today show
nickel trading around $.06/lb 
End of the road for Merafe Resources? - Merafe Resources, once a
punters’ favourite, may be at the end of the road as power cuts and low
prices bite - 
Global crude steel output increases by 3.4% in 2019 - Global crude
steel production reached 1,869.9 million tonnes (Mt) for the year 2019,
up by 3.4% compared to 2018. Crude steel production contracted in all
regions in 2019 except in Asia and the Middle East. - 
Understanding nickel usage in lithium batteries - This Insight focuses
on current nickel use in the battery sector, how it has changed in
recent years, what is driving these changes and what our base case
demand forecasts for nickel are. - 
Greece to sell troubled nickel producer Larco's assets, says minister -
Greece plans to liquidate Larco, one of Europe’s biggest nickel
producers which is struggling under heavy debt, and then look for an
investor for some of the company’s assets, its energy minister said on
Friday. - 
Vale's restructure in New Caledonia likely to cost more than 100 jobs -
The planned restructure of the Vale nickel plant in New Caledonia is
expected to result in at least 100 employees losing their jobs. - 
World’s biggest nickel miner has a plan for its crisis-ridden border
town: here could come a hub for Arctic tourism - Nornickel might invest
up to 10,5 billion rubles (€153 million) in the development of a
tourism cluster in Pechenga, the municipality located along border to
Norway and Finland. - 
Sherritt lifts 2020 nickel guidance - Nickel and cobalt producer
Sherritt raised its 2020 nickel production guidance from the previous
year at its Moa joint-venture in Cuba, while cobalt output expectations
were unchanged. - 
Stainless Metal Trade Seeks 0 Accountability on Ferro-Nickel, Scrap in
Upcoming Price range - Forward of the finances, chrome steel avid
gamers have sought some healing measures like elimination of import
responsibility on key uncooked fabrics ferro-nickel and chrome steel
scrap. - 
Low-flying helicopters to measure minerals around Queenstown - A
specially adapted helicopter is completing the third part of an aerial
survey over Queenstown this month. - 
Good morning Vietnam – Blackstone hits 60m nickel zone - Blackstone
Minerals has revealed its most impressive drill result to date at its
Ta Khoa nickel project in Vietnam with 60m grading 1.3% nickel and
another 11.9m intersection further down-hole grading 1.09% within a
142m mineralised intersection that also showed 0.22% copper and 0.29g/t
PGM plus gold. - 
85 FR 3014 - Initiation of Antidumping and Countervailing Duty Administrative Reviews - 
Using numbers supplied by Inside EV's - Worldwide sales of electronic
vehicles rose each of the first seven months of 2019 over the same
month in 2018. Beginning in August, and each month since, 2019
worldwide sales were less than the same month in 2018. Total sales for
December 2019 have yet to be tabulated. For example, November 2019
sales were 176,500+ vehicles. During November 2018, 237,500+ EV's were
sold. 
21-0. If you turned the TV off after the first quarter of last week's
Chiefs-Titans football game, you might have wondered why the Chiefs
were even in the play-off's. The team looked like they could do nothing
right and with a 24-0 lead early in the second quarter, the Texans were
heading to the next round. The game was pretty much over for the
Chiefs. But wait a moment, the second quarter wasn't over, and neither
was the rest of the game. KC roared back in record breaking fashion and
when the dust finally settled, the Chiefs had won 51-31. In a moment, a
team that could do nothing right, suddenly could do nothing wrong. In a
moment, a team destined to failure, was conquering. In a moment, a team
with every reason to give up, chose not to. ......... Down 24 - 0? One
can give up or watch for that moment - to pounce. 
Ferroalloy production grows in Kazakhstan - According to energyprom.kz
ferroalloy production has grown in Kazakhstan. - 
Brazil pushes plans for mining on tribal lands to European diplomats -
Brazil's government on Friday said it was pushing ahead with plans to
allow mining on tribal lands, briefing European diplomats on proposals
that have drawn criticism from indigenous advocates in Brazil and
overseas. - 
US slaps new sanctions on Iranian steel and metals in tit-for-tat
action - The US has imposed new sanctions on Iran's steel and
metals exports, Secretary of State Mike Pompeo and Treasury Secretary
Steven Mnuchin said at a press conference at the White House Friday. - 
Technical working group to draft national nickel industry roadmap - The
Philippine Nickel Industry Association (PNIA) is initiative the
creation of a technical working group (TWG) to draft the national
nickel industry roadmap to propel the growth of sustainable mining in
the Philippines, PNIA Executive Director Cha Olea said. - 
Certain Carbon and Alloy Steel Cut-to-Length Plate From Taiwan: Final
Results of Antidumping Duty Administrative Review and Final
Determination of No Shipments; 2016-2018 - The Department of Commerce
(Commerce) finds that producers or exporters of certain carbon and
alloy steel cut-to-length plate (CTL plate) from Taiwan sold subject
merchandise at less than normal value during the period of review
(POR), November 14, 2016 through April 30, 2018. - 
For your records - Hexavalent Chromium Is Not present In Stainless and
Specialty Steels - EU ROHS Statement from SSINA - 
