This page is archived news covering the period of July 2012
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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

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Nickel PricesStainless Steel News

Tuesday, July 31

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones reports three month nickel closed Monday's trading session at $7.37/lb . Sucden has next major resistance at $7.51/lb. Indicators at 7:05 am CST today show 3 month nickel trading around $.09/lb lower, with other London traded base metals mostly higher. Stockpiles rose by a large amount again on Monday, and now total just over the 114,900 tonne level. The Euro is trading higher this morning against the US Dollar, even though the Eurozone unemployment hit a record 11.2% today and Greece announced it was nearly out of cash. The Federal Reserve begins two days of meetings today, with the European equivalent to meet Thursday. Nearly 1/2 of India is without power today after a second day of blackouts.
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Reuters morning - Copper treads water ahead of central bank meetings - more
  • LME Morning - Base metals subdued, traders cautious ahead of central bank meetings in US and Europe - more

  Reports

  • June 2012 Crude Steel Production - more
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • Oakvale Daily Market Report - more
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • Weekly Market Report - pdf here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  

  Commodity/Economic Comments

  • China E-Stainless Steel Daily Price Index - 93.58
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • European Debt Crisis Live - more
  • Major metal output cuts - more
  • (Interfax) China has raised regulatory requirements for the molybdenum industry in a bid to accelerate consolidation and stabilize the market amid a supply glut that dragged prices to a record low.
  • (WS) Japanese nickel ore imports from Indonesia advanced by more than four times from a year earlier to 136,600 tonnes in June this year, as per latest monthly customs data released by the Ministry of Finance on Monday.
  • Norilsk Nickel's appeal against disclosure order to be heard on Sep.10 - more
  • URU Metals focus on nickel - more
  • Hedge Funds Add Wagers in Longest Streak Since 2009: Commodities - more
  • Commodity niches lure as markets converge - more
  • Bungled Bank Bailout Leaves Behind Righteous Anger - more
  • Why a Euro-Zone Crisis Can’t Be Avoided Very Much Longer - more
  • Iron and steel industry continues deterioration - more
  • (China) Survey: Growth to bounce back in H2 - more
  • Pacific remains close to El Niño thresholds - more

  China Cr Ore Imports Drop - June 2012 = Down 14% from May to 710,168 tons; less from South Africa and Australia = According to China's customs statistics, details of the imports of chrome ore in June 2012 as well as during the first half of 2012 were as per the table attached hereto. - more

  E-United Group Will Invest in Nickel Mining in Indonesia - E-United Group, Taiwan’s leading stainless steel maker, will join hands with a major mining group in Indonesia for investing NT$10 billion in nickel mining and a nickel-iron alloy plant. - more

  Productivity improves at Xstrata - Newly commissioned expansions and improved productivity delivered stronger second quarter production for Xstrata in coal, copper, nickel, zinc and lead compared to the first three months of 2012. - more

  Morning Nickel Inventory and 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
  • 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 reports and information free of charge. Contact us

Monday, July 30

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones reports three month nickel closed Friday's trading session at  $7.20/lb , up $.01/lb for the day, down $.03/lb from a week ago, and down $.17/lb from a month ago.. Indicators at 7:05 am CST today show 3 month nickel trading around $.07/lb higher, with other London traded base metals trading mostly lower. Stockpiles of nickel continue to rise for a fourth consecutive day, and now total just under 113,700 tonnes. So far this morning, nickel is holding up well against a lower Euro. Markets bet heavy that the European Central Bank and the US Federal Reserve's meetings this week will produce further stimulation. Now they have entered a wait and see position.
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Reuters morning - LME copper slips as dollar firms; stimulus hopes support - more
  • Bloomberg morning - Copper Drops Before ECB, Federal Reserve Policy Makers Gather - more
  • LME Morning - Base metals led by currencies, volatility expected in week ahead - more

  Reports

  • Reuters Inside Metals - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • Oakvale Daily Market Report - more
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • Weekly Market Report - pdf here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  

  Commodity/Economic Comments

  • China E-Stainless Steel Daily Price Index - 93.68
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • European Debt Crisis Live - more
  • Miner Eramet's profits hit by economy, shares slide - more
  • Weekly Scoreboard - pdf here

  Tough Times for Nickel ETFs? - ETF News And Commentary - Thanks to a strong dollar and lower demand, there have been just a few winners so far this year in the commodity ETF space. - more

  Russia's Norilsk Q2 nickel output down 8 pct q/q - Russia's Norilsk Nickel , the world's largest nickel and palladium producer, said on Monday its nickel output declined to 69,639 tonnes in the second quarter of 2012 from 75,824 tonnes in the preceding quarter. - more

  Korea Ferroalloy Imports January - June 2012 = 584,000 tons, up 3% from the same period of 2011 = Korea's imports during the first half (January - June) of 2012 according to the Import Statistics of Korea, were 584,017 tons, up 3.0% from 566,971 tons recorded in the same period of 2011, and basically in line with the growth in Korea's crude steel production during the same period, i.e. up 3.1% to 35.02 million tons compared to the same period in 2011. Details of the imports are as per the table attached hereto. - more

  Morning Nickel Inventory and 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
  • 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 reports and information free of charge. Contact us

Friday, July 27

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones reports three month nickel closed Thursday's trading session at $7.19/lb . Nickel showed weakness in yesterday's trade, falling early, then gaining as the Euro bounced. However, while the Euro held its gains, nickel did not and collapsed late in the session. Indicators at 7:00 am CST today show 3 month nickel trading around $.06/lb higher, with other London traded base metals trading higher as well. Nickel opened higher this morning, and has done little since. Stockpiles of nickel stored in LME approved warehouses rose for a third consecutive day on Thursday and now total just under the 112,700 tonne level. Over the last three days, stockpiles of nickel have risen by over 2,100 tonnes. The Euro is trading higher and stock markets around the world continue to trade higher on European hopes. The 2012 Olympics begin later today in London.
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Reuters morning -  Copper edges up after Draghi; eyes US data - more
  • LME Morning - Base metals track currencies higher, ECB comments lift market - more

  Reports

  • UBS Commodity Price Review July 2012  - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • Oakvale Daily Market Report - more
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • Weekly Market Report - pdf here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  

  Commodity/Economic Comments

  • China E-Stainless Steel Daily Price Index - 93.74
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • European Debt Crisis Live - more
  • (Dow Jones) Brazilian mining heavyweight Vale SA will restart its VNC nickel project in New Caledonia in the fourth quarter, the company's director of base metals and information technology said Thursday.
  • (Interfax) Iron ore stockpiles at China's ports declined this week as steelmakers began to restock amid prices that are at an eight-month low.
  • (Interfax) A growing number of Chinese steelmakers are conducting maintenance and cutting production as profit margins evaporate amid sliding steel prices.

  Brazil's Vale nickel output falls short, operations 'challenging' - Lower-than-expected nickel output at Brazilian mining giant Vale -- including teething problems at two of its nickel projects -- means the company may not meet its output target for 2012, a company official said Thursday. - more

  ThyssenKrupp Cuts Working Hours of Steel Europe Staff on Weak Demand - Germany's largest steelmaker by output--said Thursday it will reduce working hours for some staff of its European steel business from August, adding that it expects the reduced working hours to remain in place through the end of the year due to muted demand for its products. - more

  Metals Service Center Shipments Flat in June - June 2012 steel shipments from metals service centers were down roughly 2% in the U.S. and 1% in Canada from June 2011 levels, according to the Metals Service Center Institute. Aluminum shipments were down 4% in the U.S. but up 1% in Canada. - more

  Japan not planning WTO action against Indonesia over mining - Japan is lobbying Indonesia to end curbs on metal exports, but is not planning at this time to lodge a complaint with the World Trade Organisation, a Japanese official said on Friday. - more

  Judge refuses to stop work on nickel mine - A federal judge has refused a private outdoor sporting club's plea to halt construction of a nickel and copper mine in Michigan's Upper Peninsula, saying the group failed to convince him that its lawsuit challenging the mine would be successful. - more

  Japan Nickel Production - May 2012 = Ferronickel production during the first five months of 2012 was up 44% from the same period of 2011 = According to the statistics released by Ministry of Economy, Trade and Industry, Japan's nickel production in May 2012 as well as during the first five months of 2012 were as per the tables attached hereto. - more

  Morning Nickel Inventory and 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
  • 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 reports and information free of charge. Contact us

Thursday, July 26

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones reports three month nickel closed Wednesday's trading session at $7.20/lb on a stronger Euro. Indicators at 7:00 am CST today show 3 month nickel trading around $.07/lb higher, with other London traded base metals higher as well. Metals are benefitting from a big spike in the Euro this morning, which is up over 9/10 of 1% against the US Dollar at the moment. Stockpiles of nickel rose on Wednesday and now total just under the 112,250 tonnes level. Markets and the Euro are way up this morning on comments by Sir Mervyn King, governor of the Bank of England in which he stated " .... within our mandate the ECB is ready to do whatever it takes to preserve the euro, and believe me, it will be enough."
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Reuters morning - Copper rises as dollar falls, debt crisis subdues gains - more
  • LME Morning - Base metals track euro moves, downside risks from eurozone crisis remain - more

  Reports

  • Steel Founders' Society Of America July 2012 Casteel Reporter - pdf here
  • MolyReview July 2012 - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • Oakvale Daily Market Report - more
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • Weekly Market Report - pdf here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  

  Commodity/Economic Comments

  • China E-Stainless Steel Daily Price Index - 93.80
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • European Debt Crisis Live - more
  • (Interfax) China's imports of nickel ore and concentrate declined in June, while the Philippines became the largest supplier following the introduction of export restrictions in Indonesia.
  • (CD) China's stocks on Thursday slumped to record low, 2,126 points, in more than three years as fears of further economic slowdown.
  • (China) IMF: Soft landing 'possible' - more

  IMF Says Metals May Decline 2.7% If China Real Estate Weakens - Zinc and nickel prices may be the hardest hit if real estate investment in China, the top user of industrial metals, contracts by 2 percent, bringing about a 2.7 percent drop in metals, the International Monetary Fund said. - more

  Ambatovy hits permit snag - Sherritt International of Toronto is pressing forward toward commercial production at the Ambatovy laterite nickel project of which it owns 40%. - more

  Vale Counting on China Rebound as Profit Sinks - Vale SA , the world’s largest iron- ore miner, is counting on a rebound in Chinese economic growth to boost sales after declining prices caused it to post its lowest quarterly profit in more than two years. - more

  China's crude steel output up 1.8% in H1 - China, the world's largest steel producer, saw its crude steel output rise 1.8% YoY in the first half of this year, slowing from a 9.6% growth in the same period of 2011, according to the latest statistics released by the National Development and Reform Commission. - more

  Sherritt profit drops on nickel price, coal volume - Canada's Sherritt International Corp said on Wednesday its second-quarter profit fell 32 percent on lower nickel prices and lower export thermal coal sales volumes but the drop was less severe that expected and its shares rose. - more

  Mineral exports take a dive over tighter export rules - A preliminary report on Indonesia’s mineral exports for the month of June shows at least three commodities were severely affected by a set of new regulations that stipulate, among other things, a 20 percent export tax and the so-called “clean-and-clear” mechanism. - more

  Freeport-McMoRan's Q2-2012 Molybdenum Production = 20 million pounds, down 5% from 1Q-2012; commercial production started at Climax = Production and sales data during the Q2 (April - June) of 2012 of Freeport-McMoRan have been made known. Figures related to molybdenum and cobalt are in the attached table hereto. - more

  Morning Nickel Inventory and 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
  • 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 reports and information free of charge. Contact us

Wednesday, July 25

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones reports three month nickel closed Tuesday's trading session at $7.14/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.01/lb higher, with other London traded base metals trading higher as well. Nickel has recently crawled out of the red and is trending higher on a stronger Euro. Nickel stockpiles jumped on Tuesday, and now total over 111,750 tonnes. Bargain hunters for nickel were out in force yesterday, and it appears those hunting cheap equity trades are out in force today. The news out of Europe remains dismal, with Spanish borrowing costs hitting new record highs, and a report showing the UK economy is sinking much faster than previously thought.
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Reuters morning - Copper steady, higher euro counters Spain debt impact - more
  • LME Morning - Base metals stabilise alongside euro but caution remains - more

  Reports

  • US Imports of Stainless Steel Mill Products - more
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • Oakvale Daily Market Report - more
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • Weekly Market Report - pdf here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  

  Commodity/Economic Comments

  • China E-Stainless Steel Daily Price Index - 93.93
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • European Debt Crisis Live - more
  • Commodity Risk Trends Look for Direction - more

  LME Shareholders Approve HKEx’s $2.2 Billion Takeover Offer - London Metal Exchange shareholders approved the $2.2 billion takeover offer from Hong Kong Exchanges & Clearing Ltd., ending a 10-month contest. - more

  Indonesia nickel mining, exports mostly halted by new rules -assoc - - Indonesia's nickel mining operations and exports have been mostly halted since the government restricted exports of unprocessed minerals in May, and levied a 20 percent export tax, the Indonesian Nickel Association (ANI) said on Wednesday. - more

  Ferrochrome producer wants chrome-tax clarity - International Ferro Metals Ltd., a ferrochrome producer in South Africa, said it wants the government to clarify if it will introduce an export levy on chrome-ore exports by year-end. - more

  Vale's Production Results For Q2-2012 = Compared to Q2-2011, nickel/cobalt up while Mn ore/alloys down = Vale of Brazil released on July 18 results of production and sales during the second quarter (April - June) of 2012. Excerpts covering the production results of manganese ore, ferroalloys, nickel and cobalt are as per the table attached hereto. - more

  China's 10 nonferrous metal output up 6.7% in H1 - The combined output of the ten nonferrous metals rose 6.7% YoY to 17.69 million metric tons in the first half of this year, slowing from a 9.8% growth in the same period of 2011, according to the latest statistics released by the National Development and Reform Commission. - more

  China to Flood Steel Market Hurting ArcelorMittal: Commodities - China, the world’s biggest steel producer, is exporting at the highest level in two years, exacerbating a global glut that may hurt competitors from ArcelorMittal to U.S. Steel Corp. - more

  Morning Nickel Inventory and 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
  • 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 reports and information free of charge. Contact us

Tuesday, July 24

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones reports three month nickel closed Monday's trading session at $7.08/lb , its lowest close since July 14, 2009. During 2009, nickel had bottomed at $6.57/lb just two days prior and was beginning a recovery. Indicators at 7:00 am CST today show 3 month nickel trading around $.05/lb higher, with most other London traded base metals lower. Stockpiles of nickel slipped for a third day and now total just under 110,600 tonnes. Nickel fell early in London trading, but has been rebounding ever since. Most markets are quiet, with traders licking their wounds from yesterday's blood bath. HSBC reported its July PMI reading for China rose, while Spanish borrowing rates hit new highs this morning. The Euro is trading lower again after German economy minister Philipp Rösler reportedly says he was very skeptical European leaders could rescue Greece. Mirabella Nickel CEO Ian Purdy is telling stockholders that he estimates most global nickel producers are losing money at the current trading price of nickel.
  • US stainless steel producers AK Steel and Allegheny Ludlum announced 304 and 316 stainless steel surcharges for August and can be found here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Reuters morning - Copper retreats on downbeat European factory data - more
  • LME Morning - Metals struggle after covering slows, weak European PMIs seen - more

  Reports

  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • Oakvale Daily Market Report - more
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • Weekly Market Report - pdf here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  

  Commodity/Economic Comments

  • China E-Stainless Steel Daily Price Index - 94.03
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • European Debt Crisis Live - more
  • (Dow Jones) Zambia's sole nickel mine, Munali Nickel Mine, will remain closed following the collapse of talks with a potential investment partner who had expressed interest in recapitalize the troubled mine, Australia-based Albidon Ltd., owners of the mine, said Monday.
  • (FAN) According to the customs data, Chinese imports 79900 tons HC ferrochrome in June, a decline of 24.52% over last month, -43.40% yoy.
  • (FAN) Tsingshan Group expected its stainless steel output in 2012 is potential to grow up by 24%YoY to 2 million tonnes and Nickel pig iron (NPI) output is expected to hit 50000 tonnes.
  • Landowner company wins Ramu Nico road contract - more
  • Statistics of China 2011 Fastener Exports - more
  • (China) Flash PMI at 5-month peak: HSBC - more

  Mirabela Nickel axes jobs, cuts costs - Beleaguered miner Mirabela Nickel has axed hundreds of jobs in Brazil as it continues cutting costs at its Santa Rita operations while the nickel price languishes at depressed levels. - more

  Indonesia June exports of nickel, copper ore slump - govt - Indonesia's June exports of nickel and copper ores and concentrates slumped up to 90 percent, trade ministry data said on Tuesday, showing that new government mining rules have hurt shipments from a major metals supplier to China. - more

  Power Dearth Threatens Indonesia Smelter Bids: Southeast Asia - A shortage of electricity in Indonesia may hamper President Susilo Bambang Yudhoyono’s plan to ban all raw-ore exports by 2014, as he seeks to increase revenue by forcing companies to refine locally. - more

  Taiwanese firms file complaints on Korean stainless steel products - Taiwanese steel manufacturers have filed anti-dumping complaints on South Korean stainless steel products, saying they are sold at excessively low prices, South Korea's trade agency said Monday. - more

  Chamber backs suspension of Chinese nickel miner - The Chamber of Mines of the Philippines has backed the decision of the Mines and Geosciences Bureau to suspend the operations of a nickel miner in Surigao del Norte for causing excessive siltation along the shoreline of Claver town. - more

  China's steel giants cut major product prices for August - Angang Steel Company Limited and Beijing Shougang Co., Ltd. will cut the August prices of its major products, finance.china.com reported. - more

  Courtesy AISI - In the week ending July 21, 2012, domestic raw steel production was 1,837,000 net tons while the capability utilization rate was 74.3 percent. Production was 1,834,000 tons in the week ending July 21, 2011, while the capability utilization then was 75.0 percent. The current week production represents a 0.2 percent increase from the same period in the previous year. Production for the week ending July 21, 2012 is down 0.3 percent from the previous week ending July 14, 2012 when production was 1,843,000 tons and the rate of capability utilization was 74.6 percent.

  Morning Nickel Inventory and 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
  • 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 reports and information free of charge. Contact us

Monday, July 23

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones reports three month nickel closed Monday's trading session at $7.23/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.18/lb lower, with other London traded base metals trading much lower as well. Stockpiles of nickel fell slightly on Friday and now total just over 110,600 tonnes. Markets and futures are down sharply this morning on European concerns. Euro is trading much lower, which is putting serious pressure on commodity trading. With the European crisis apparently steering commodity trading trends for some time now, we have added a permanent link under "Commodity/Economic Comments" to a daily live blog ran by The Telegraph. Nickel opened lower on Asian markets closing much lower, and have fallen further on lower European equity markets. Based on much lower futures for US markets, we don't nickel price recovery today.
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Reuters morning - Copper hits 3-week low, euro zone woes weigh - more
  • LME Morning - Metals crumble as eurozone woes inflamed, nickel hits three-year low - more

  Reports

  • Weekly Scoreboard - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • Oakvale Daily Market Report - more
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • Weekly Market Report - pdf here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  

  Commodity/Economic Comments

  • China E-Stainless Steel Daily Price Index - 94.14
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • European Debt Crisis Live - more
  • (LGMI) China’s crude steel output is projected by the CISA at 1.96 million tons on a daily basis during July 1-10, down 0.35 percent from the previous ten days. This represented the third consecutive weekly decline.

  MGB orders suspension of mining operations of Chinese nickel miner - The Mines and Geosciences Bureau (MGB) has ordered the suspension of the operations of nickel miner Shenzou Mining Group Corporation in Claver, Surigao del Norte because of excessive siltation in the area. - more

  Indonesia’s June Coal, Nickel Shipments Decline From May - Indonesia’s coal shipments fell to 26.2 million metric tons in June from 30.16 million tons in May, according to data released by the trade ministry. - more

  Morning Nickel Inventory and 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
  • 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 reports and information free of charge. Contact us

Friday, July 20

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones reports three month nickel closed Thursday's trading session at $7.28/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.04/lb lower, with other London traded base metals lower as well. Stockpiles of nickel stored in LME approved warehouses fell on Thursday and now total just over 110,650 tonnes. Nickel struggled late yesterday, and is showing continuing weakness so far today. The Euro is getting beat up again this morning, which is adding negative pressure on base metals traders. European markets are currently falling as Spanish bond yields have crept back above 7%. US futures are lower as well.
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Reuters morning - LME copper edges off 2-week top on China property warning - more
  • LME Morning - Base metals drift lower, eurozone back in focus - more

  Reports

  • SSINA Releases Market Data for April 2012 - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • Oakvale Daily Market Report - more
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • Weekly Market Report - pdf here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  

  Commodity/Economic Comments

  • China E-Stainless Steel Daily Price Index - 94.22
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • (Yieh) It's reported that the U.S. International Trade Commission (ITC) announced on July 17, 2012 to make the final affirmative ruling on the rapid sunset review of anti-dumping against stainless steel bars originating in Brazil, India, Japan and Spain, and would continue the anti-dumping measures to the product concerned.
  • (DP) Freeport also said it achieved commercial production in the second quarter at its Climax molybdenum mine near Leadville. Output from the mine will increase to a rate of 20 million pounds of molybdenum a year in 2013.
  • Iron Ore-Spot at 8-1/2 month low, Shanghai rebar falls 2 pct - more
  • (TEX) China's Steel Production In June Showed 84,470,000 Tons, Up 3.4% From May
  • Presentation of MMC Norilsk Nickel for investors - pdf here

  Finland's Outokumpu sees weakness persisting in Q3 - Finnish stainless steel maker Outokumpu forecast weak business conditions would persist in the third quarter after booking a wider underlying quarterly operating loss, reflecting the weaker European economy and lower nickel prices. - more

  POSCO to increases HR sales - POSCO is to expand its sales of high-end hot-rolled stainless steel which will replace expensive imported materials. - more

  Japan auto-steel makers reduce July moly oxide consumption on soft demand - Two Japanese consumers of molybdenum oxide powder have asked their overseas term suppliers to postpone July shipments, as consumption volumes have fallen on slow specialty steel demand, consumer sources said Friday. - more

  Japan Ferroalloy Market Report - July 13, 2012 = Indian SiMn offer prices up as Rupee rebounds = Summary of the current market situation of ferroalloys in Japan as of July 13 is as follows. - more

  Morning Nickel Inventory and 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
  • 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 reports and information free of charge. Contact us

Thursday, July 19

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones reports three month nickel closed Wednesday's trading session at $7.30/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.09/lb higher, with other London traded base metals higher as well. Stockpiles took another big jump on Wednesday and now total just shy of the 111,200 tonne level. Base metals opened higher this morning and have crept higher as the day has gone on. Equity markets are higher this morning on strong earnings reports and the ever persistent hope that governments will be forced to take more stimulus measures to kick start world economies.
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Reuters morning - Copper gains 1 pct, lifted by housing data, dollar - more
  • LME Morning - Base metals buoyed, risk appetite improves on global stimulus hopes - more

  Reports

  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • Oakvale Daily Market Report - more
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • Weekly Market Report - pdf here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  

  Commodity/Economic Comments

  • UBS Commodity Price Review - pdf here
  • China E-Stainless Steel Daily Price Index - 94.35
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • (Dow Jones) The global nickel market was in surplus by 26,000 metric tons between January and May, the World Bureau of Metal Statistics said Wednesday. This compares with a surplus of 7,000 tons for all of 2011.
  • (Yieh) Yieh United Steel Corporation and Tang Eng, the two largest stainless steel producers in Taiwan, have jointly filed an application to the Department of Customs Administration, Ministry of Finance to urge for antidumping investigation and provisional antidumping duty in 300 and 400 grades cold rolled stainless steel products imported from four countries including China, South Korea, Vietnam and Thailand.
  • Sandvik overhaul helps deliver record profit - more
  • (China) Base metal output hits highs in June - more

  LME Nickel Stockpiles Jump to the Highest Since June 17, 2011 - Nickel stockpiles in London Metal Exchange-monitored warehouses climbed to the highest level since June 17, 2011. - more

  Japan Crude Stainless Steel Production Shrinks - May 2012 = 290,091 tons, down 13% from the sharp increase in April = Crude stainless steel production in May 2012 by the 7 major Japanese stainless steel mills was 290,191 tons, down 13.3% from 334,632 tons recorded in April. Details are as per the table attached hereto. - more

  Catching the drift - A downward drift in nickel prices and steady nickel pig iron output in China have restrained stainless steel scrap demand. - more

  S.African union threatens strike at ARM's nickel mine - South Africa's National Union of Mineworkers (NUM) said on Thursday it was preparing to strike at Nkomati, a nickel mine jointly owned by African Rainbow Mineral's and Russia's Norilsk. - more

  Morning Nickel Inventory and 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
  • 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 reports and information free of charge. Contact us

Wednesday, July 18

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones reports three month nickel closed Tuesday's trading session at $7.30/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.03/lb , but off earlier lows. Other London traded base metals are lower as well. Stockpiles of nickel stored in LME warehouses rose dramatically on Tuesday and now sit just over the 109,300 tonne level, a 13 month high. European markets are off earlier highs, but still mostly higher, while US futures are slightly lower. The Euro is trading 1/3 of 1% lower, adding pressure to commodity trading. US Federal Chairman Ben Bernanke will testify for a second day before Congress, and yesterday's testimony revealed little.
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Reuters morning - Copper steadies; growth, demand fears cap gains - more
  • LME Morning - Metals track lower, optimism wanes again in thin trading - more

  Reports

  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • Oakvale Daily Market Report - more
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • Weekly Market Report - pdf here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  

  Commodity/Economic Comments

  • China E-Stainless Steel Daily Price Index - 94.42
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • HSBC's largest downward revision was to nickel, which had its forecast for this year slashed 10% to $18,030/ton. - source
  • (MF) Wuxi market stainless steel inventory surged in first 10 days of July
  • Chinese mining seeks investors - more
  • (China) A rocky six months for manufacturers - more
  • Iron ore prices may hit fresh lows this year - more
  • How to Look Past Negativity to See Opportunity - more

  Shipments Flat in June - Steel shipments declined by roughly 2% in the U.S. and about 1% in Canada from June 2011 levels. - more

  China refined copper production up 7 pct in June m/m - (excerpt) Nickel production surged 33.4 percent from a month ago to hit a year high of 23,688 tonnes in June after output fell 18.4 percent to a 15-month low of 17,761 tonnes in May. - more

  Vale's application to prosecute strikers granted - Newfoundland and Labrador Supreme Court has granted mining giant Vale's application to prosecute striking workers at the company's job site in Long Harbour. - more

  Courtesy AISI - In the week ending July 14, 2012, domestic raw steel production was 1,843,000 net tons while the capability utilization rate was 74.6 percent. Production was 1,834,000 tons in the week ending July 14, 2011, while the capability utilization then was 75.0 percent. The current week production represents a 0.5 percent increase from the same period in the previous year. Production for the week ending July 14, 2012 is down 1.4 percent from the previous week ending July 7, 2012 when production was 1,869,000 tons and the rate of capability utilization was 75.6 percent.

  Morning Nickel Inventory and 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
  • 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 reports and information free of charge. Contact us

Tuesday, July 17

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones reports three month nickel closed Monday's trading session at $7.35/lb , adding a few pennies to Friday's bounce. Indicators at 7:00 am CST today show 3 month nickel trading around $.02/lb lower, with other London traded base metals mixed and mostly quiet. Stockpiles of nickel stored in LME approved warehouses slipped open Monday, and now total just under 107,000 tonnes. So far today, nickel trading has been choppy but limited to a narrow band. The Euro is over 1/10 of 1% higher against the US Dollar adding support to base metals trading. US Federal Reserve Chairman Ben Bernanke begins a report to Congress today, and traders will be following every word for clues about further government stimulus possibilities. US futures are higher at the moment, and European markets are slightly higher.
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Reuters morning - LME copper up on stimulus hopes ahead of Bernanke testimony - more
  • LME Morning - Metals mixed, look for incentives from Bernanke testimony later - more

  Reports

  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • Oakvale Daily Market Report - more
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • Weekly Market Report - pdf here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  

  Commodity/Economic Comments

  • China E-Stainless Steel Daily Price Index - 94.52
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Robry Monday Morning Economic Assessment - more
  • Tropical Pacific remains close to El Niño thresholds - more
  • IMF World Economic Outlook Update - more

  Nickel Traders Probably Added to Bets That Prices Will Decline - Nickel traders probably added to wagers on falling prices last week as the number of outstanding futures contracts climbed to the highest in at least seven years at the same time as prices declined. - more

  Workers back on job as walkout at Vale site in Newfoundland appears over - It appears the five-day strike is over at the Vale nickel processing site in southern Newfoundland. - more

  TRO stops Surigao City from selling national gov’t mining equipment - The Aquino administration’s Privatization and Management Office has obtained a Court of Appeals Temporary Restraining Order against the planned sale of alleged national government assets by the City government of Surigao City. - more

  Morning Nickel Inventory and 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
  • 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 reports and information free of charge. Contact us

Monday, July 16

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones reports three month nickel closed Friday's trading session at $7.33/lb . Up $.17/lb for the day, dead even for the week, and down $.37/lb for the month. Indicators at 7:00 am CST today show 3 month nickel trading around $.16/lb lower, with all London traded base metals trading lower. Nickel fell early and has done little since. Stockpiles of nickel stored in LME authorized warehouses rose hard on Friday, and now total just over 107,100 tonnes. 107,826 tonnes is the highest level we have seen so far this year. MarketWatch is reporting metal prices are lower this morning "following remarks over the weekend from Chinese Premier Wen Jiabao that the economic rebound in China wasn’t yet stable, according to a state-media report." We expect fairly quiet markets today as traders wait for US Federal Chairman Ben Bernanke's testimony on Tuesday and Wednesday before Congress and any stimulus clues he may offer.
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Reuters morning - LME copper comes off 1-wk high; China stimulus, Fed eyed - more
  • LME Morning - Base metals rally runs out of steam on China concerns - more

  Reports

  • EUROFER Economic & Steel Market Outlook 2012-2013 - more
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • Oakvale Daily Market Report - more
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • Weekly Market Report - pdf here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  

  Commodity/Economic Comments

  • China E-Stainless Steel Daily Price Index - 94.63
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Shanghai outlines five-year steel plan - more

  China's nickel ore importers turn to the Philippines -trade - China's importers of laterite ores used to make nickel have switched to the Philippines as industry curbs reduced shipments from Indonesia, cutting June imports by as much as a quarter from a May record, traders and sources at smelters said. - more

  Chinese Firm Plans Two Chrome Processing Plants For Zimbabwe - Chinese firm Afrochine Smelting said Thursday it will soon construct two chrome smelters with capacity to produce at least 40,000 tonnes of ferrochrome per annum. - more

  Japan's Austenitic Stainless Mills To Find A Way Out In Distinct Graded Rather SUS304 - Such movement is found that even not many but some customers of cold-rolled austenitic stainless steel sheets increase purchase quantity from usual 100 tons a month to 200 to 300 tons in August shipment.- more

  Protesters defy stun grenades to halt construction of $1.6 billion factory in China - While Shifang city government officials have announced that construction on the refinery will be halted, some residents have continued to protest in the streets to demand the release of some protesters detained during the protests including an unknown number of college students from a nearby aviation academy. - more

  Councilor warns Surigao mayor on public auction of nickel plant’s scraps - A lawyer-councilor has warned the city government against its planned auction of a mothballed nickel refinery plant on Monday which can result to a legal imbroglio in the future. - more

  Vale's huge iron ore ship back in service after maiden accident - Vale Beijing, one of the world's largest dry bulk carriers, is back in service seven months after being damaged while loading its maiden cargo, amid indications that China eventually plans to allow similar huge vessels to dock at its ports. - more

  Morning Nickel Inventory and 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
  • 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 reports and information free of charge. Contact us

Monday, July 16

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones reports three month nickel closed Friday's trading session at $7.33/lb . Up $.17/lb for the day, dead even for the week, and down $.37/lb for the month. Indicators at 7:00 am CST today show 3 month nickel trading around $.16/lb lower, with all London traded base metals trading lower. Nickel fell early and has done little since. Stockpiles of nickel stored in LME authorized warehouses rose hard on Friday, and now total just over 107,100 tonnes. 107,826 tonnes is the highest level we have seen so far this year. MarketWatch is reporting metal prices are lower this morning "following remarks over the weekend from Chinese Premier Wen Jiabao that the economic rebound in China wasn’t yet stable, according to a state-media report." We expect fairly quiet markets today as traders wait for US Federal Chairman Ben Bernanke's testimony on Tuesday and Wednesday before Congress and any stimulus clues he may offer.
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Reuters morning - LME copper comes off 1-wk high; China stimulus, Fed eyed - more
  • LME Morning - Base metals rally runs out of steam on China concerns - more

  Reports

  • EUROFER Economic & Steel Market Outlook 2012-2013 - more
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • Oakvale Daily Market Report - more
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • Weekly Market Report - pdf here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  

  Commodity/Economic Comments

  • China E-Stainless Steel Daily Price Index - 94.63
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Shanghai outlines five-year steel plan - more

  China's nickel ore importers turn to the Philippines -trade - China's importers of laterite ores used to make nickel have switched to the Philippines as industry curbs reduced shipments from Indonesia, cutting June imports by as much as a quarter from a May record, traders and sources at smelters said. - more

  Chinese Firm Plans Two Chrome Processing Plants For Zimbabwe - Chinese firm Afrochine Smelting said Thursday it will soon construct two chrome smelters with capacity to produce at least 40,000 tonnes of ferrochrome per annum. - more

  Japan's Austenitic Stainless Mills To Find A Way Out In Distinct Graded Rather SUS304 - Such movement is found that even not many but some customers of cold-rolled austenitic stainless steel sheets increase purchase quantity from usual 100 tons a month to 200 to 300 tons in August shipment.- more

  Protesters defy stun grenades to halt construction of $1.6 billion factory in China - While Shifang city government officials have announced that construction on the refinery will be halted, some residents have continued to protest in the streets to demand the release of some protesters detained during the protests including an unknown number of college students from a nearby aviation academy. - more

  Councilor warns Surigao mayor on public auction of nickel plant’s scraps - A lawyer-councilor has warned the city government against its planned auction of a mothballed nickel refinery plant on Monday which can result to a legal imbroglio in the future. - more

  Vale's huge iron ore ship back in service after maiden accident - Vale Beijing, one of the world's largest dry bulk carriers, is back in service seven months after being damaged while loading its maiden cargo, amid indications that China eventually plans to allow similar huge vessels to dock at its ports. - more

  Morning Nickel Inventory and 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
  • 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 reports and information free of charge. Contact us

Friday, July 13

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones reports three month nickel closed Thursday's trading session at $7.16/lb , its lowest close since July 2009. Indicators at 7:00 am CST today show 3 month nickel trading around $.21/lb higher, with other London traded base metals higher as well. Base metals are trading higher on speculation that China will take more stimulus measures after second quarter GDP numbers for the country came in at its lowest reading in three years. We feel yesterday's sell off, particularly hard hit nickel, was too extreme and today's dead cat bounce has gained momentum as shorts are forced to cover. While metals and equity markets could easily fall further in light of slowing world economies, the market is currently oversold. Nickel inventories fell on Thursday and now total just over 105,750 tonnes.
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Reuters morning - Copper steady after China GDP data shows slowing growth - more
  • LME Morning - Base metals rise after Chinese data but rally seen as short-lived - more

  Reports

  • U.S. Exports of Stainless Steel Mill Products - more
  • Reuters Inside Metals - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • Oakvale Daily Market Report - more
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • Weekly Market Report - pdf here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  

  Commodity/Economic Comments

  • China E-Stainless Steel Daily Price Index - 94.81
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • (Dow Jones) China's gross domestic product slowed to 7.6% year-over-year in the second quarter, down from 8.1% in the first quarter and its lowest level since the beginning of 2009.
  • Copper Traders Most Bearish in Six Weeks on Demand: Commodities - more

  Why Indonesia’s Export Ban Hasn’t Boosted Nickel Prices - On May 6, the Indonesian government banned the export of 14 metal ores, including nickel. The move had originally been planned for 2014 but was moved up in light of rapidly rising shipments. Indonesia exported 33 million tonnes of nickel ore in 2011. - more

  Lower LME nickel prices fail to inspire buying in European market - The European physical nickel market remained quiet this week with lower prices on the London Metal Exchange failing to see an improvement in physical buying. - more

  Japan's Austenitic Stainless Mills To Find A Way Out In Distinct Graded Rather SUS304 - Such movement is found that even not many but some customers of cold-rolled austenitic stainless steel sheets increase purchase quantity from usual 100 tons a month to 200 to 300 tons in August shipment. - more

  Vale labour dispute in Long Harbour enters 2nd day - Disgruntled crane operators are off the job again this morning at the Vale nickel plant construction site in Long Harbour. - more

  Abandoned nickel plant in Surigao poses health hazard - Anticipating possible untoward incidents anytime soon at the mothballed nickel refinery located in Nonoc Island off Surigao City, health authorities here are recommending the destruction of the old processing plant. - more

   Nickel Asia shipment volumes up by 19% - The company’s four operating mines sold an aggregate 5.02 million wet metric tons (WMT) of nickel ore in the first half of 2012 as compared to 4.22 million WMT in the same period last year, or an increase of 19 percent. - more

  Morning Nickel Inventory and 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
  • 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 reports and information free of charge. Contact us

Thursday, July 12

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones reports three month nickel closed Wednesday's trading session at $7.30/lb .  Indicators at 7:00 am CST today show 3 month nickel trading around $.08/lb lower, with other London traded base metals lower as well. Stockpiles of nickel rose on Wednesday and now total just over 105,900 tonnes. Nickel is trading at a 2-1/2 year low, with the Euro trading below $1.22 and at a two year low. Markets are in a foul mood this morning, with Asian markets ending lower, the European markets trading lower, and US futures lower as well. Spanish and Italian bond yields are on the rise this morning, while Holland's two year bond yield went negative this morning for the first time ever.
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Reuters morning - Copper capped by caution over China GDP, Fed - more
  • LME Morning - Base metals uninspiring in dull trading, nickel hits 32-month low - more

  Reports

  • US Imports of Stainless Steel Mill Products - more
  • Reuters Inside Metals - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • Oakvale Daily Market Report - more
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • Weekly Market Report - pdf here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  

  Commodity/Economic Comments

  • China E-Stainless Steel Daily Price Index - 94.97
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • British metals analysts Brook Hunt reports a  20% of the global nickel industry is operating in the red at current prices.
  • (Dow Jones) U.S. nickel imports rose 8.4% in May from last month, and/but was up 1.2% from the previous year, the Commerce Department reported Wednesday.
  • (Dow Jones) U.S. nickel exports fell 21.3% in May from the previous month, but was up 8.0% from the previous year, the Commerce Department reported Wednesday.
  • (Reuters) China's Baoshan Iron & Steel will cut prices of its main products by 200-260 yuan ($31-41) per tonne for August, after it cut prices for the first time in July.
  • (Dow Jones) Nickel Asia: 1H Nickel Ore Output up 19% but Revenue Tad Lower
  • BTG, former Vale head to invest $500 mln in miner venture-report - more
  • Freight Shipments Unchanged in May from April - more

  Chinese steel mills plan to cut spot iron ore imports on poor steel demand - Several Chinese steel mills have plans to reduce their spot iron ore import volumes and maintain lower inventory levels, as steel demand remained lackluster and losses plagued end-users, several mill sources said. - more

  Surigao City wants to collect P200M in unpaid taxes from PMO - Saying it would help boost the city’s capability to finance development projects, Surigao City Mayor Ernesto T. Matugas is pushing for the collection of P200,739,598.72 million in unpaid real property taxes from the Privatization and Management Office (PMO). - more

  Morning Nickel Inventory and 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
  • 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 reports and information free of charge. Contact us

Wednesday, July 11

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones reports three month nickel closed Tuesday's trading session at $7.28/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.09/lb higher, with other London traded base metals mostly higher and quiet. Stockpiles of nickel stored in LME warehouses rose on Tuesday and now total just over 105,500 tonnes. Nickel appears to be getting some motivation this morning from the strength in the Euro on the back of austerity measures announced in Spain. Cancelled warrants for nickel remain high and were nearly 9% yesterday.
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Reuters morning - Copper treads water; global growth worries weigh - more
  • LME Morning - Markets range quietly, sideways trading seen in short term - more

  Reports

  • SMR Monthly Stainless Steel Briefing - more
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • Oakvale Daily Market Report - more
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • Weekly Market Report - pdf here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  

  Commodity/Economic Comments

  • China E-Stainless Steel Daily Price Index - 95.12
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • (ZB) The New Caledonian mining Eramet plans to increase to 65,000 tons per year of nickel production within three years, against 58,000 tons for fiscal 2012.
  • CaNickel suspends work at Manitoba mine; CEO resigns - more
  • (China) Steel industry downturn to continue in H2 - more
  • (China) Premier focuses on stabilizing growth - more

  Earth's Oldest Meteor Impact Site Discovered at North American Nickel's Maniitsoq Ni-Cu-PGE Project, Southwest Greenland - North American Nickel Inc. North American Nickel is pleased to note that on June 28, 2012 the Geological Survey of Denmark and Greenland announced that the Maniitsoq Structure represents "The remains of a gigantic, three-billion-year-old meteorite impact. - more

  Pressing on the accelerator – taking metals innovation to the next level - Metals companies can be great at innovation but it may not be enough in the future. With competition from rival companies and materials ever more intense, fresh innovation will be key. - pdf here

  Morning Nickel Inventory and 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
  • 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 reports and information free of charge. Contact us

Tuesday, July 10

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones reports three month nickel closed Monday's trading session at $7.44/lb , boosted by a stronger Euro. Indicators at 7:05 am CST show 3 month nickel trading around $.07/lb lower, with other London traded base metals mostly lower. Stockpiles of nickel stored in LME approved warehouses fell slightly on Monday and remain just over the 105,000 tonne level. Nickel appears to be playing follow the leader with the Euro so far this morning, and without any major news, we expect it to stay this way for the remainder of the day.
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Reuters morning - Copper dips after weak China imports, awaits stimulus - more
  • LME Morning - Metals trawl lower, fluctuate routinely with currency shifts - more

  Reports

  • Reuters Inside Metals - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • Oakvale Daily Market Report - more
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • Weekly Market Report - pdf here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  

  Commodity/Economic Comments

  • China E-Stainless Steel Daily Price Index - 95.17
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • UBS cut its 2012 outlook on nickel by 5% to $7.92/lb
  • (Yieh) The market prices of stainless steel keep tumbling for five months in a row with slack nickel prices. The Taiwanese stainless steel mills also decline their domestic prices by around NT$1,000~NT$1,500/ton for July.
  • Bulls Lift Wagers by Most in Two Years After Rally: Commodities - more
  • Chinese workers unhappy with jobs - more
  • Small Business Optimism Dives in June - more

  Outokumpu says Q2 hit by Europe, nickel prices - Finnish stainless steel maker Outokumpu said second-quarter results were weaker than expected due to economic uncertainty in Europe and lower nickel prices. - more

  South African ChCr Q3 Benchmark For Japan Also Cut US‘10/lb = To US¢133/lb Cr based on decline of demand from summer curtailment = The benchmark for South African charge chrome shipped to Japan during the Q3 (July - September) of 2012 was agreed to cut US¢10/lb Cr, down 7%, to US¢133/lb Cr. - more

  Nickel Production, usage and prices - The question of whether the natural resources of the planet are in danger of being exhausted is sometimes raised. In the case of nickel there appears to be little reason for concern. - more

  Steel companies report losses in the first half - Up to 70 percent of China's listed steel companies said they are expecting losses for the first half of the year and predicted declining profits in the second half, the Securities Daily reported. - more

  Courtesy AISI - In the week ending July 7, 2012, domestic raw steel production was 1,869,000 net tons while the capability utilization rate was 75.6 percent. Production was 1,834,000 tons in the week ending July 7, 2011, while the capability utilization then was 75.0 percent. The current week production represents a 1.9 percent increase from the same period in the previous year. Production for the week ending July 7, 2012 is down 0.6 percent from the previous week ending June 30, 2012 when production was 1,881,000 tons and the rate of capability utilization was 76.1 percent.

  Morning Nickel Inventory and 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
  • 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 reports and information free of charge. Contact us

Monday, July 9

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones reports three month nickel closed Friday's trading session at $7.33/lb , after Friday's US jobs report disappointed and pulled the Euro lower. Indicators at 7:05 am CST show 3 month nickel trading around $.08/lb higher, with most London traded base metals trading higher as well. Stockpiles of nickel stored in LME licensed warehouses reportedly rose on Friday and now total just over the 105,000 tonne level. The Euro is trading 3/10 of 15 higher this morning against the US Dollar, which is giving nickel a boost. European equity markets are quiet so far this morning, and US futures are lower.
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg morning - Industrial Metals Climb as China CPI Points to Easing - more
  • Reuters morning news - Copper steadies from week low; growth worries weigh - more
  • LME Morning - Metals soggy, downbeat macroeconomic mood weighs - more

  Reports

  • Weekly Scoreboard - pdf here
  • Reuters Inside Metals - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • Oakvale Daily Market Report - more
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • Weekly Market Report - pdf here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  

  Commodity/Economic Comments

  • China E-Stainless Steel Daily Price Index - 95.21
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • (SA) According to an expert estimate by SpetsStal Association, Russian exports of main types of stainless steel products in May 2012, compared to the previous month, decreased 11.5% to 452 tons.
  • Philippines: new law needed before granting new mine deals - more
  • Xstrata hands Glencore more time for Qatar talks - more
  • China's inflation eases to 29-month low - more
  • Metalformers Look for Decline in Summer of 2012 - more
  • Robry Monday Morning Economic Assessment - more

  Nonferrous metals see big output growth fall - China's nonferrous metals industry is unlikely to grow in the second half of the year, as the economy continues to struggle, after officials reported a significant drop in output growth during the first five months. - more

  Overseas focus remains key for nonferrous metals -  China will accelerate the overseas exploration of nonferrous metals to meet growing domestic demand, senior industry officials said on Friday. - more

  Ancient Greenland crater find good news for Canadian nickel miner - The discovery of the oldest known meteorite impact crater on Earth - a vanishingly faint, 100-km wide impression in southwest Greenland created by a colossal space rock at least three billion years ago _ could prove to be a bonanza for the Canadian nickel-mining company with exploration rights at the site. - more

  Chief waits for MPPs' replies  - The chief of Atikameksheng Anishnawbek (Whitefish Lake) First Nation is waiting for replies from several Ontario cabinet ministers before weighing in on Cliffs Natural Resources' plan to build a $1.8-billion ferrochrome smelter near Capreol. - more

  LME shareholders to vote on HKEx takeover on July 25 - London Metal Exchange (LME)shareholders will vote on July 25 on a 1.4 billion pound takeover proposal by Hong Kong Exchanges and Clearing Ltd , the LME said on Monday. - more

  Tax risks driving miners to Africa, says Base chief - Tim Carstens reckons he is living proof that the mining tax furor of the past two years has helped divert billions of dollars worth of potential investment away from the nation to more welcoming regions such as Africa. - more

  Beaconsfield set for new $70 million nickel and iron ore mine - Beaconsfield, the town made famous by the Todd Russell and Brant Webb rescue, has struck gold with a new $70 million mine. - more

  Chemical Leak Cleaned Up at Site of UP Nickel Mine -  The company that's building an Upper Peninsula nickel and copper mine says it has contained and cleaned up a chemical leak at a water treatment plant on the Marquette County site. - more

  Morning Nickel Inventory and 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
  • 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 reports and information free of charge. Contact us

Friday, July 6

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Indicators at 7:10 am CST show 3 month nickel trading around $.07/lb lower, with other London traded base metals trading mostly lower this morning. Stockpiles of nickel rose on Thursday and now total just over 103,850 tonnes. Nickel fell early in today's session and has changed little during the last few hours. Markets are waiting for June's nonfarm-payrolls report, to be released in about 20 minutes. This could give the market a bump if numbers come in better than expected. Today, we switch to a single daily update format, which we adopt thru the summer. Have a safe and relaxing weekend!
  • Baltic Dry Index - (current - usually updated by 8 am CST) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Reuters morning - Copper dips on strong dollar, economic fears - more
  • LME Morning - Base metals weaken ahead of US jobs data, stock builds constrain copper and aluminium - more

  Reports

  Commodity/Economic Comments

  • China Stainless Steel Daily Price Index - 95.12
  • Yieh Daily Stainless Steel News - more
  • (FAN) It is reported that Nippon Steel Sumikin Stainless, the largest stainless steel producer in Japan, will keep the prices of stainless cold rolled coils and plates unchanged for July 2012 contracts
  • (China) Interest rates cut to spur growth - more

  Changing nickel landscape a concern – analyst - The nickel industry faces an era of relatively low prices with a looming nickel oversupply, reports Perth-based Intierra Resource Intelligence, a supplier of business intelligence to the global resources sector. - more

  Nonferrous metals see big output growth fall - China's nonferrous metals industry is unlikely to grow in the second half of the year, as the economy continues to struggle, after officials reported a significant drop in output growth during the first five months. - more

  Japan Ni-Alloyed SUS Scrap July Prices Decline = Down Yen5,000/ton from June on LME price softening = SUS mills' purchasing price for nickel-alloyed stainless steel scraps (new clippings) for July deliveries was cut by Yen5,000/ton from the price for June to Yen135,000/ton delivered in most of the July contracts. - more

  Morning Nickel Inventory and Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  (updated)
  • India MCX Nickel Price - more
  • 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 reports and information free of charge. Contact us

Thursday, July 5

  Daily Nickel/Stainless Steel Wrap-up
  • Baltic Dry Index - plus 35 to 1138  (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Indicator charts show nickel did little early, jumped and then dove on the ECB action and following statements. For the day, Dow Jones reports three month nickel closed at $7.58/lb , down $.10/lb from yesterday's close. Nickel stockpiles fell for a second day and now total just over 103,500 tonnes. Markets are back in a crystal ball quandary. Markets haven risen on steps taken by governments to stabilize and stimulate their respective economies, but the actions are starting to come so fast and furious, they are taking on a hint of desperation, and this has markets spooked. US jobs data released today was a potential bright spot for the day. China's surprise lending rate cut and the European Central Bank's expected interest rate cut added more stimulus hopes to markets. Nickel was looking solid until the Euro took a deep dive against the Dollar, and then it faltered. Nickel traders are obviously trying to take nickel thru resistance level, which Ed Meir of FC Stone has at $7.71/lb, but sour economic news and a global slowdown are making it difficult to justify. Tomorrow we have the U.S. nonfarm employment numbers for June as the watched report. We will also be dropping the afternoon update, and expanding our morning briefing for the remainder of the summer.

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:10 am CST show 3 month nickel trading around $.04/lb higher, with other London traded base metals mixed. Trading is choppy at the moment, with nickel spiking, then diving after the ECB announced an interest rate cut. This followed a surprise announcement overnight that China had cut its interest rate for the second time within a month. Nickel stockpiles slipped on Wednesday for a second session.
  • Reuters morning -  Copper up after China rate cut, awaits ECB decision - more
  • LME Morning - Metals range narrowly, interest slow ahead of policy meetings - more

  Reports

  Commodity/Economic Comments

  • (FAN) Reportedly, Macquarie reduced the forecast for global stainless steel outputs to 35.4 million tonnes for 2012 from the previous 36 million tonnes.

  Eramet says to raise nickel output in New Caledonia  - French mining and metals group Eramet SA aims to raise annual nickel output at its New Caledonia plant to 60,000 tonnes within 1-2 years from 54,000 tonnes in 2011, Chairman and CEO Patrick Buffet said on Thursday. - more

  Nickel miner denies posing threat to residents - The ferrous nickel mining company Cormidom Wednesday denied its operations of the Cerro de Maimon Concession and environmental impact study pose a threat to residents, as local media report. - more

  Hongda molybdenum-copper project halted - Authorities in Sichuan Province’s Shifang City have ordered privately-owned conglomerate Hongda Group Co. Ltd. to halt construction of a molybdenum-copper processing plant after thousands of local residents clashed with police in protests over the project’s environmental impact. - more

  Japan Imported Ferroalloy Market Report - June 29, 2012 = Ferroalloy prices have been put unstable by weakened Indian Rupee and South African Rand = Summary of the current market situation of ferroalloys in Japan as of June 29 is as follows. - more

  Steel prices collapse around the world - MEPS reports that steel prices declined in June in 25 of the 28 countries researched. However, all values decreased in US dollar terms. - more

  Courtesy AISI - In the week ending June 30, 2012, domestic raw steel production was 1,881,000 net tons while the capability utilization rate was 76.1 percent. Production was 1,864,000 tons in the week ending June 30, 2011, while the capability utilization then was 76.2 percent. The current week production represents a 0.9 percent increase from the same period in the previous year. Production for the week ending June 30, 2012 is down 1.5 percent from the previous week ending June 23, 2012 when production was 1,854,000 tons and the rate of capability utilization was 75.0 percent.

  Morning Nickel Inventory and Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  (updated)
  • 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 reports and information free of charge. Contact us

Tuesday, July 3

  The US celebrates its Independence Day tomorrow and our next update will be on Thursday, July 5th.

  Daily Nickel/Stainless Steel Wrap-up

  • Baltic Dry Index - plus 50 to 1063  (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Indicator charts show nickel jumped at the session opening and steadily rose throughout the day, slipping late. For the day, Dow Jones reports three month nickel closed at $7.84/lb . Stockpiles of nickel rose as well, and now total just over 103,850 tonnes. Commodity markets appear to be rallying on hopes that central banks will take further stimulus steps to combat weakening economic conditions. Except for the periodic "green shoot", economic reports from around the world are not encouraging. The Baltic Dry Index is bucking the trend though and could possibly signal better times ahead. As RBC Capital Markets put it in a daily report ""The worse things get, the lighter the light at the end of the tunnel."

  Reports

  • Commodities Daily - here

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:00 am CST show 3 month nickel trading around $.18/lb higher, with other London traded base metals trading higher as well. Commodities are mostly rallying this morning with the Euro offering no support. Nickel stockpiles rose again on Monday.
  • Reuters morning - Copper hits 6-week high, stimulus prospects help - more
  • LME Morning - Base metals firmer on growing monetary easing expectations - more

  Reports

  Commodity/Economic Comments

  • (Dow Jones) India, the world's third-largest exporter of iron ore, has been importing large quantities of the raw material in the last four months as a mining ban in the southern Karnataka state and transport curbs have hurt local supplies to steel mills.
  • (Yieh) It’s reported that Nippon Steel & Sumikin Stainless (NSSC), the largest stainless steel producer in Japan announced to keep the prices of stainless cold rolled coils (CRC) and plates unchanged for July contracts, in response to stable alloy prices and exchange rate.
  • (SMM) According to a recent SMM survey of price movements this week, 50% market players expect nickel prices to rally, and price gains may be significant. - more
  • China - Steel inventory up for first time in 17 weeks - more
  • Increasing risk of El Niño in 2012 - more

  China Nickel Imports/Exports - May 2012 = Record-high monthly imports of ores and oxides = According to China's Customs Statistics, imports and exports of nickel-bearing materials including ores during May 2012 were as per the attached table hereto (all the figures in the table are the weight of material). - more

  Meps: Nickel price decreases push stainless steel values lower - Stainless steel transaction prices are heavily influenced by raw material values. Producers in the Far East amend effective prices to reflect input costs, while mills in Europe and North America issue monthly alloy surcharges, which are based on published prices for the main ingredients of the product. - more

  BNP Paribas Sees a Huge Nickel Surplus of 40,000 Mt in 2012 - BNP Paribas S.A. (Euronext: BNP) likely to expected a huge nickel surplus of 40,000 metric tons (mt) in this year. - more

  China to Become World's Largest Ferrochrome Producer by 2013: Eti Krom - China may become world's largest ferrochrome producer, outperforming South Africa, by 2013, according to Eti Krom Inc., Turkish ferrochrome producer. - more

  Ramu mine to commission two further productions lines - The Ramu Nickel operations is well underway with its first load commissioning of ore mining and beneficiation at Kurumbukari (KBK) Mine with the slurry sent to Basamuk Refinery - more

  Talvivaara says will miss 2012 production guidance - Finnish miner Talvivaara said it will miss its full-year 2012 production guidance and that its second-quarter result will be hit by weak nickel price. - more

  Morning Nickel Inventory and Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  (updated)
  • 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 reports and information free of charge. Contact us

Monday, July 2

  Daily Nickel/Stainless Steel Wrap-up
  • Baltic Dry Index - plus 9 to 1013  (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Indicator charts show nickel had an uneventful trading day, spending most of it within a $100 trading band either side of where it ended Friday. For the day, Dow Jones reports three month nickel started the second half of 2012 at $7.60/lb , up $.01/lb. Nickel stockpiles rose on Friday and now total near 103,350 tonnes. Markets were jarred by PMI numbers coming out lower than expected, with US numbers falling below expectations.

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:00 am CST show 3 month nickel trading around $.01/lb lower, with other London traded base metals mostly lower. Nickel stockpiles rose on Friday. Commodity traders are disappointed with the drop in the Chinese PMI, but with the ECB meeting later this week to discuss further European stimulus measures, they are not yet ready to abandon Friday's bullish run. The Euro is down over 1/2 of 1% as well, adding pressure to commodity traders.
  • Reuters morning - Copper dips after EU deal, weak factory data weighs - more
  • LME Morning - Base metals relief rally falters on poor Chinese data - more

  Reports

  Commodity/Economic Comments

  • (Yieh) Posco, the largest stainless steel producer in South Korea announced to remain its domestic prices of austenitic stainless cold rolled and hot rolled coils unchanged for July contracts.
  • (MB) Macquarie sees nickel prices in the near term sliding to $17,000-$19,000 per tonne in a surplus market, the head of China commodities research at the firm Bonnie Liu told Metal Bulletin at the 7th Asian Stainless Steel Conference.
  • (China) Manufacturing hits 7-month low - more

  Glut of nickel affecting prices - U.S. nickel premiums have fallen below 20 cents per lb for the first time in more than two years, market participants said, as an overhang of supply has slowed spot activity. - more

  Ni/Cr Ore Potential Supply Restrictions To China (Part 2) = Strong oppositions from domestic miners in Indonesia and in South Africa =  (Continued from Part 1) (2) South Africa, an exporter of chrome ore (i)A McKinsey report was completed last December with regard to possible restrictive measures against chrome ore exports. - more

  Philippines' mining moratorium depends on lawmakers - Aquino - An 18-month moratorium on new mining projects in the Philippines can be lifted only after lawmakers approve new legislation on mining revenues and a presidential executive order is signed, Philippine President Benigno Aquino said on Monday. - more

  Norilsk eyes nickel mining start - Norilsk Nickel says it hopes to start mining at what it describes as one of the world's largest undeveloped nickel deposits, by 2016. - more

  China steel industry anticipates gradual recovery - After a difficult start to the year for China’s steelmakers, encouraging manufacturing data for June and an improved demand outlook in the second half (H2) hint that the industry is on the road to a gradual recovery. - more

  Morning Nickel Inventory and Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  (updated)
  • 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 reports and information free of charge. Contact us

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