This
page is archived news covering the period of July 2012
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Free comprehensive information on worldwide nickel market pricing, stainless steel
prices and metals analysis and forecasts
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.
(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
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)
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.
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)
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.
(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)
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."
(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.
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)
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.
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)
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
(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
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)
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.
(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)
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.
(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)
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.
(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)
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.
(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)
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.
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)
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.
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)
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.
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)
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.
(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)
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.
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)
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.
(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)
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.
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
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)
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.
(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
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)
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)
(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
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)
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
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
(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.
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."
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
(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
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
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
(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.
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
"A Guide To LME
Trading"...pdf here(all ton listings are metric
tons = 2204.622 pounds ) Updated twice daily - before 8 am CST and before
1 pm CST weekdays -
DisclaimerOriginal content and opinions copyright
www.estainlesssteel.com. All prices shown on this page
are indications only. Note - For real time and official LME prices, LME requires
a user subscribe to an authorized LME vendor.
Daily
Nickel/Stainless Steel Briefing
(8:00 AM CST is 1PM in London)
. 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.
Reports
Commodity/Economic Comments
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.
-
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. -
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. -
Morning Nickel
Inventory and Price Statistics & Figures
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. -
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. -
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. -
. 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
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. -
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. -
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. -
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. -
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. -
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%. -
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. -
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.
-
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. -
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. -
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. -
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. -
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. -
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. -
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. -
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. -
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. -
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. -
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 -
