This
page is archived news covering the period of July 2013
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Free comprehensive information on worldwide nickel market pricing, stainless steel
prices and metals analysis and forecasts
Wednesday, July 31
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
$6.13/lb
. Indicators
at 6:50 am CST today show 3 month nickel trading around $.05/lb
higher, with other
London traded base metals trading mostly higher as well. Stockpiles of nickel
rose by a huge amount yesterday and set the ninth all time record high this
month. Stockpiles rose by over 2200 tonnes in one day and now total 203,028
tonnes. Base metals appear to be up this morning as traders square up their
books for month end, and start placing their bets on what the different PMI's
will tell us tomorrow. Asian markets ended lower overnight, European markets
are lower this morning, except for Great Britain, and US futures are flat
in anticipation of a Fed announcement today at the conclusion of their two
day meeting. It was rather stunning to see already record breaking stockpiles
of nickel increase by another full percentage point in this morning's reports.
On this date in 2012, LME licensed warehouses held 114,912 tonnes of nickel.
That amount has nearly doubled in a years time. Three month nickel ended
that trading day in 2012 at $7.26/lb. And while raw material costs are down,
it should be noted that the big three US stainless steel producers have announced
price 'increases' over the past two days. As Ripley would say 'Believe
it or not'.
Average price of cash nickel so far this month - $6.22/lb
Average price of LME traded nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb
/ avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(CK) The combined output of China's ten nonferrous metals rose 10% year on
year to 19.47 million metric tons in the first half of this year, accelerating
from a 6.7% growth in the same month of 2012, according to the latest statistics
released by the National Development and Reform Commission.
Commerzbank analyst Eugen Weinberg - "Sentiment right now is not very much
in favour of commodities. The whole industrial metals complex is under pressure
and it is very much about China."
Universal Stainless Reports Second Quarter 2013 Results -
more
Man charged in theft of nickel plates worth $110K -
more
AK Steel Press
Release - AK Steel said today that it will increase base prices for 200,
300 and 400 series flat rolled stainless steel products, effective with shipments
on August 1, 2013. AK Steel said this increase will be achieved through a
reduction in the functional discount of two percentage points for cold rolled
and hot rolled non-automotive exhaust products. Further, effective with shipments
on October 1, 2013, AK Steel will increase prices on all stainless products.
This increase will be achieved through a reduction in the functional discount
of an additional two percentage points for cold rolled and hot rolled
non-automotive exhaust products. Also, base prices for automotive exhaust
grades will be increased by $0.02 per pound to $0.04 per pound, depending
on the grade, effective on October 1, 2013. Surcharges for the broad range
of stainless steel products that AK Steel produces will remain in effect,
and can be found under the Markets and Products section of the company’s
web site at www.aksteel.com.
Allegheny Ludlum
Press Release - Effective with shipments beginning on August 1, 2013, ATI
Allegheny Ludlum is increasing base-selling prices for all 200 series grades,
300 series grades, and ATI 430™ cold-rolled sheet and strip, hot-roll
and cold-rolled tubular quality sheet and strip, and Precision Rolled
Strip® products. This price increase will be achieved by reducing the
functional discount by two percentage points. The polish discount on all
grades will be lowered by 10%. ATI Allegheny Ludlum is also increasing
base-selling prices by $0.04/lb. on all hot-roll and continuous-mill plate
and plate-mill plate products. In addition, effective with shipments on October
1, 2013, ATI Allegheny Ludlum is increasing base-selling prices for all 200
series grades, 300 series grades, and ATI 430™ cold-rolled sheet and
strip, hot-roll and cold-rolled tubular quality sheet and strip, and Precision
Rolled Strip® products. This additional price increase will be achieved
by reducing the functional discount by two percentage points. ATI Allegheny
Ludlum is also increasing base-selling prices by $0.04/lb. on all hot-roll
and continuous-mill plate and plate-mill plate products. This action is necessary
to support continued growth and investment in our business. We appreciate
your continued support as we implement these price increases. Please contact
your ATI Allegheny Ludlum sales representatives for further details.
North American
Stainless Press Release - For the month of August 2013, North American Stainless
will maintain the fuel surcharge at 33% for stainless flat and long products.
The surcharge rate is considered a maximum level for August and will be reviewed
monthly.
Indonesia's
Antam nickel ore output up by half in H1 - Indonesian miner Antam reported
a 50 percent year-on-year jump in nickel ore production for the first half
of the year and said its $490 million alumina refinery will start operating
in October, three months ahead of schedule. -
more
Nickel Institute to Address Critical Challenges for Nickel Users - As the
Nickel Institute regularly receives questions from downstream and end-users
at the global level regarding the classification and regulatory developments
on nickel and nickel chemicals, a special workshop on the topic is being
scheduled on September 11, 2013 from 9am to 5:30pm, in Toronto, Canada. -
more
Huge
nickel shipment drives up Marcventures' 1H net income - Marcventures Holdings
Inc today announced that its mining subsidiary enjoyed a surge in net income
in the first six months of the year. -
more
Zimbabwe:
BNC Raises Red Flag - Bindura Nickel Corporation warned of potential material
uncertainty on its status as a going concern if it fails to obtain short-term
bridging finance and execute a revised mining plan. -
more
Construction
company wants its due as mine waits out prices - A Manitoba construction
company caught up in the mining industry slowdown caused by declining metal
prices has been stuck with unpaid invoices for work on a northern Manitoba
nickel mine that's temporarily shut down. -
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 30
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
$6.21/lb. Indicators
at 6:45 am CST today show 3 month nickel trading around $.09/lb
lower, with other
London traded base metals also lower. Stockpiles of nickel stored in LME
approved warehouses reached a new all time record high on Monday, with a
new total of 200,7890 tonnes. Nickel has returned to its bearish trend, with
trading today threatening to break below support at $6.15/lb. Asian markets
ended higher overnight, European markets are trading higher on a positive
German consumer confidence index report, and US futures are higher as the
US Fed begins a two day meeting and the market awaits a consumer confidence
report release. Nickel broke the all time record high stock levels in licensed
warehouse for the eighth time this month, which is adding negative pressure
on nickel pricing.
Average price of cash nickel so far this month - $6.23/lb
Average price of LME traded nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb
/ avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(WSJ) OAO Norilsk Nickel, the world's largest nickel and palladium producer,
said Monday its second-quarter nickel output fell 5% on the quarter to 67,814
metric tons due to short delivery of semi-products from two facilities and
the mothballing of the Lake Johnston mine in Australia.
(SSY) China's daily steel production for the ten day period from 11-20 July
rose by 2.3% to 2.130 Mt, according to data from the China Iron and Steel
Association. This represents an increase of 6.9% year-on-year, although it
compares with a peak daily rate of 2.193 Mt in early May.
(AM) China refined nickel production up by 22.2% MOM in June
Negative Indian Ocean Dipole; ENSO remains neutral -
more
North American
Stainless Press Release - Effective with shipments August 1st North American
Stainless will increase prices for grades 200, 300, and 430 in Cold Rolled
products. This increase will be achieved by reducing the functional discount
by (2) discount points. The polish discount will be lowered by 10% and Hot
Roll products in 200 and 300 series will increase by $80.00 ton. Furthermore,
effective with shipments October 1st North American Stainless will increase
prices for grades 200, 300, and 430 in Cold Rolled products. This increase
will be achieved by reducing the functional discount another (2) discount
points and Hot Roll products in 200 and 300 will increase by another $80.00
ton. These increases are necessary to support further investment in our business.
All applicable surcharges will remain in effect, as outlined on our company
website.
Indonesia's
Antam nickel ore output up by half in H1 - Indonesian miner Antam reported
a 50 percent year-on-year jump in nickel ore production for the first half
of the year and said its $490 million alumina refinery will start operating
in October, three months ahead of schedule. -
more
Indonesia’s Antam Reports Increase in Ferronickel, Nickel Output -
more
Norilsk
Billionaire CEO Calls for Bank Exit From Metals Storage - Billionaire Vladimir
Potanin, the head of the world’s largest producer of nickel and palladium,
urged regulators to take measures to prevent banks from manipulating markets
by storing and trading metals. -
more
French
mining group Eramet reports loss due to low nickel prices - The French mining
group Eramet has reported a net loss for the first six months of the year,
citing a sharp decline in nickel prices and said it would step up its cost
cutting plan. -
more
Fire
at New Caledonia’s SLN plant - Staff at SLN’s nickel plant in New
Caledonia’s capital Noumea have been evacuated after a fire at the facility.
-
more
Courtesy AISI
- In the week ending July 27, 2013, domestic raw steel production was 1,871,000
net tons while the capability utilization rate was 78.1 percent. Production
was 1,823,000 tons in the week ending July 27, 2012, while the capability
utilization then was 73.3 percent. The current week production represents
a 2.6 percent increase from the same period in the previous year. Production
for the week ending July 27, 2013 is down 1.7 percent from the previous week
ending July 20, 2013 when production was 1,904,000 tons and the rate of
capability utilization was 79.5 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 29
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
$6.28/lb. Indicators
at 7:00 am CST today show 3 month nickel trading around $.02/lb
lower, with other
London traded base metals trading mixed and mostly sideways. Stockpiles of
nickel stored in LME approved warehouses rose on Friday and now total just
under the 200,300 tonne level , just 53 tonnes shy of the all time record
high. Asian markets ended lower on economic concerns, European markets are
trading higher so far today on merger news, and US futures are down slightly
on pessimistic concerns of this weeks release of economic data. The closely
watch Purchasing Managers Index will be reported on Thursday, while the US
Fed will meet on Tuesday and Wednesday. Nickel is off last weeks highs, with
support at $6.15/lb. We could see some volatility this week in base metals
trading, with external market news impacting the Euro/Dollar exchange.
Average price of cash nickel so far this month - $6.23/lb
Average price of LME traded nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb
/ avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(SSY) The preliminary July reading for HSBC's Flash Manufacturing Purchasing
Managers Index for China fell to 47.7, the lowest level since August 2012.
July's reading was the third consecutive month below 50, which signifies
contraction.
Russia Stocks Drop on Magnit Report as Norilsk Falls on Output -
more
Xstrata donation stocks tool boxes for heavy duty equipment program -
more
China's NPI
Production Slows Down Due to Slumping LME Ni Price =Downward adjustment is
made from initial annual production of 400,000 tons to 380,000 tons= Albeit
China's production of nickel pig iron (NPI) has rapidly increased since 2007,
it is anticipated to slow down slightly in 2013. -
more
Chaos
erupts as miners protest on Friday at Glencore Xstrata Steelpoort mine -
Business Times reports that three buses were torched and rubber bullets were
fired during a march at Glencore Xstrata Alloys' Eastern Chrome mines near
Steelpoort on Friday as protesters demanded the reinstatement of fired employees.
-
more
Norilsk
2Q Nickel Output Down 5% On Short Delivery and Facility Closure - OAO Norilsk
Nickel, the world's largest nickel and palladium producer, said Monday its
second-quarter nickel output fell 5% on the quarter to 67,814 metric tons
due to short delivery of semi-products from two facilities and the mothballing
of the Lake Johnston mine in Australia. -
more
ERAMET
: 1st half 2013 results - Patrick Buffet, Chairman & CEO of the ERAMET
group, stated: "The ERAMET Group, while benefiting from the 20% increase
in current operating income achieved by ERAMET Manganese, a division that
accounts for almost 50% of the Group's turnover, is heavily impacted by nickel
prices' fall to very low levels. -
more
Munali mine
to reopen soon, says Yaluma - Munali Nickel Mine can resume operations anytime
soon following the return of its Chinese shareholders, says mines minister
Christopher Yaluma. -
more
Photos show
shocking state of Ramu pipeline - New photos from Madang Province show the
shocking state of the Chinese built pipeline that transports mined ore from
the Ramu mine site to the refinery at Basumuk. -
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 26
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
$6.43/lb
. Indicators
at 7:00 am CST today show 3 month nickel trading around $.09/lb
lower, with other
London traded base metals trading lower as well. Stockpiles of nickel stored
in LME approved warehouses fell on Thursday and now totals just under the
199,600 tonne level. Asian markets ended lower overnight, with Japan falling
3%. European markets are trading lower this morning, and US futures are lower
as well. Nickel was unable to close above resistance of $6.45/lb for a second
day, and are trading lower again today. The technical signal is now sell,
so we will see if traders let the computers guide their trading pattern in
the coming week - or decide to gamble to beat the odds. For those of us operating
down the cycle and deal with stainless steel on a daily level, the lower
prices are a headache with higher priced inventory in our warehouses, but
the lack of volatility in the price of nickel is leaving stainless steel
prices to be guided more by supply and demand than raw material fluctuations.
Have a safe and restful weekend!
Average price of cash nickel so far this month - $6.22/lb
Average price of LME traded nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb
/ avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
US Fastener Imports & Exports Continue to Rise -
more
Thyssen
Americas sale talks slow -sources - German steelmaker ThyssenKrupp is continuing
talks on selling its Steel Americas division to Brazil's Companhia Siderurgica
Nacional (CSN) but meeting an initial end-September deadline is becoming
increasingly unlikely, two sources familiar with the situation said on Friday.
-
more
IMX Resources
Limited: Cairn Hill Ships Four Millionth Tonne of Ore - IMX Resources Limited
is pleased to announce that it has today loaded its four millionth tonne
of ore from the Cairn Hill Mining Operation, located near Coober Pedy in
South Australia.-
more
Anglo
CEO targets costs to boost bottom line - Anglo American's new boss vowed
to cut spending, halve its pipeline of projects and revive the performance
of lagging mines in order to lift cash flow by an annual $1.3 billion. -
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 25
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
$6.52/lb. Indicators at
7:00 am CST today show 3 month nickel trading around $.08/lb
lower, with other
London traded base metals trading lower as well. Stockpiles of nickel stored
in LME approved warehouses rose on Wednesday, and now total just over the
200,000 tonne level and just shy of the all time record high set on Monday.
Markets appear to be taking a breather today, with Asian markets ending lower,
European markets trading lower, and US futures pointed south as well. A
'mini-stimulus' announcement in China, which typically is greeted by market
enthusiasm, appears to have the markets wondering if things are worse in
China than the government will allow reported. Nickel closed above our resistance
line of $6.45/lb yesterday and a second close today, apparently in question
at the moment, could send a technical signal of more price gains ahead. Metals
appear to be caught up in a minor worldwide equity market correction and
a general market negativity for the day.
Average price of cash nickel so far this month - $6.22/lb
Average price of LME traded nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb
/ avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(SSY) According to the latest SteelBenchmarker published by World Steel Dynamics,
the world export price of hot rolled band rose for the first time since
end-February, up by $12/t from two weeks ago to $546/t. However, the world
HRB price was still down $42/t year-on-year.
(SA) SpetsStal reports a fall in exports of Russian-made stainless steel
products in May 2013, compared to April, by 29.2% down to 2,153 tons.
Mincor's June quarterly report proves positive -
more
Typically we post links to market or industry reports above, but this
is a nice presentation of 'numerous' presentations given at the nickel conference
a few weeks ago in New Caledonia -
more
Nickel price
may decline further on lower demand - Nickel prices are likely to extend
weakness in the rest of this year’s period due to record high production
and carryover stocks estimated for the second consecutive year in 2013. -
more
China orders
closure of outdated metals capacity by end Sept - China has ordered metal
smelters to close outdated capacity by the end of September and dismantle
it by the end of this year, the Ministry of Industry and Information Technology
said in a statement on Thursday. -
more
Prices of
CR Austenitic Stainless Sheets in Asia Level Off at Low Level - Negotiations
on cold-rolled (CR) stainless steel sheets in the East Asian region have
been carried forward for August/September shipment, and Korea's POSCO, Taiwan's
YUSCO and so on seem to have been proceeding with negotiations at $2,300
to 2,350 to SUS304. -
more
Asian Prices
of CR Austenitic Stainless Sheets Come Close to Bottoming Out - The movement
of the LME nickel price is lately stable even at the low level of $6.10 to
6.20 per pound. The stainless sales departments of the Japanese mills have
an expectation of a possibility that prices of cold-rolled (CR) stainless
steel sheets will bottom out if the nickel price goes on stabilizing. -
more
Nickel
miner to put strong focus on Lake King exploration - Western Australian nickel
miner Western Areas says it will focus much of its exploration efforts on
its Lake King project as it looks to expand its operations near Hyden. -
more
China Crude
Steel Output Set to Hit Record - China's crude steel production this year
is set to hit a new high if current output levels are maintained, according
to a government forecast, in the latest sign that state measures to control
overcapacity aren't working and global prices will likely remain sluggish.
-
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 24
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
$6.41/lb
. Indicators
at 7:00 am CST today show 3 month nickel trading around $.02/lb
higher, with other
London traded base metals mostly higher as well. Stockpiles of nickel stored
in LME approved warehouses fell on Tuesday and now total just under the 199,850
tonne level. While not official numbers, flash PMI's issued today are
confusing world traders. Chinese PMI numbers came in at an eleven month low,
while European numbers came in at a eighteen month high, and over the 50
level. Chinese stainless prices are on the increase reflecting the recent
rise in nickel prices. A second Chinese index we follow finally joined
with our daily index in reflecting these price increases. Nickel returned
to gains yesterday, but without much enthusiasm. And today, that enthusiasm
is still lacking. We show major resistance at $6.45/lb which could be putting
up a technical roadblock to the recent rally. Only time will tell what nickel
will do in the coming weeks, but nickel is overdue in drawing fund money
interest.
Average price of cash nickel so far this month - $6.21/lb
Average price of LME traded nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb
/ avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(CD) China's manufacturing operating conditions deteriorated at the quickest
pace, with HSBC's flash purchasing managers' index dropping to 47. 7 in July.
AK Steel Reports Financial Results For Second Quarter Of 2013 -
more
Allegheny Technologies Announces Second Quarter 2013 Results -
more
Outokumpu
Falls as Stainless Steelmaker’s Profit Outlook Weaker - Outokumpu Oyj,
the Finnish maker of stainless steel, fell the most in 10 months in Helsinki
trading after scaling back forecasts that profit will improve.
- more
Finland's Outokumpu sees no improvement in stainless demand -
more
SC
stops Zambales mines; Chinese ‘invaders’ socked - Newsflash:
The creeping Chinese invasion of Zambales mainland has been stopped —
for now. The Supreme Court yesterday issued a temporary environment protection
order (TEPO) against 94 “small-scale mines” that extract nickel
in Zambales. -
more
Falling nickel
prices hit profit at Spain's Acerinox - Low nickel prices hit profit at Spanish
steelmaker Acerinox in the first half of the year, the company said on Tuesday.
-
more
Panoramic
increases production forecast - Nickel miner Panoramic Resources has increased
its production forecast for 2014 after setting a new quarterly production
record and exceeding its 2013 production expectations. -
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 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
$6.38/lb
. Indicators
at 6:50 am CST today show 3 month nickel trading around $.01/lb
lower with other
London traded base metals trading mixed and quiet. Stockpiles of nickel stored
in LME approved warehouses set its 7th all time record high this month, and
now totals 200,334 tonnes. LME licensed warehouses have never held 200,000
tonnes of nickel prior to this month. Yesterday's lower close for three month
nickel was the first decline in five sessions, and today traders appear to
be waiting to see if the mini rally was just that, or the beginning of something
more solid.
Average price of cash nickel so far this month - $6.20/lb
Average price of LME traded nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb
/ avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(SSY) According to the European Steel Association (Eurofer), apparent steel
consumption in the EU fell by 7.3% year-on-year in the 1q13.
(SMW) Mwana Africa said the quarter year to June 30 had been one of mixed
fortunes for the company, and that it has embarked on a significant cost-cutting
exercise at corporate and project levels.
CFTC puts
metals warehouses on notice of possible probe - he U.S. commodities market
regulator has put Wall Street banks and other big traders on notice for a
possible investigation of their metals warehousing businesses following years
of complaints about inflated prices. -
more
London Metal Exchange trying to solve warehouse problem - The London Metal
Exchange’s metastasising warehouse problem must be solved once and for
all by prohibiting warehouse companies from issuing more warrants at affected
locations until load-out delays have been reduced to an acceptable level.
- more
Inflation suspicions put metal warehouses on possible probe -
more
Wall St reshapes commodities business to fend off regulation -
more
Taigang Stainless
cuts August ferrochrome purchase price: sources - China's Taigang Stainless
Steel has set its high carbon ferrochrome (50% basis Cr) purchase price at
Yuan 6,750/mt ($1,091/mt) for August deliveries, down by Yuan 100/mt from
its July price, according to market sources. -
more
Prices of
CR Austenitic Stainless Sheets in Asia Level Off at Low Level - Negotiations
on cold-rolled (CR) stainless steel sheets in the East Asian region have
been carried forward for August/September shipment, and Korea's POSCO, Taiwan's
YUSCO and so on seem to have been proceeding with negotiations at $2,300
to 2,350 to SUS304. The Japanese mills are offering at $2,500 to 2,600 CFR.
-
more
Falling nickel
prices hit profit at Spain's Acerinox - Low nickel prices hit profit at Spanish
steelmaker Acerinox in the first half of the year, the company said on Tuesday.
-
more
Vale may
hire foreign workers to solve Long Harbour crunch - Mining giant Vale admits
it may have to look outside the country to hire specialized workers to finish
its massive nickel processing facility in Newfoundland's Placentia Bay. -
more
Steelmakers
Raise Prices on China’s Economic Growth Optimism - Chinese steelmakers
including Hebei Iron & Steel Group (000709) and Jiangsu Shagang Group
Co. joined their Japanese peers in raising prices after Premier Li Keqiang
signaled China may support economic growth. -
more
Antam,
DNi work on nickel processing plants - Jakarta-listed diversified miner PT
Aneka Tambang (Antam) and Australian Direct Nickel Pty Ltd (DNi) have agreed
to continue their cooperation on the construction of nickel laterite processing
plants. -
more
Hundreds
Protest Nickel Mine - Hundreds of people gathered in a small town in Voronezh
region on Sunday for a new protest in their year-long campaign against plans
to open a nickel and copper mine in the area, police officials said. -
more
Chinese steel
giants facing toughest times in five years - Xinhua reported that China's
largest iron and steel group is determined to cut output and upgrade production
as it copes with the toughest market conditions since 2008. -
more
Courtesy AISI
- In the week ending July 20, 2013, domestic raw steel production was 1,904,000
net tons while the capability utilization rate was 79.5 percent. Production
was 1,823,000 tons in the week ending July 20, 2012, while the capability
utilization then was 73.3 percent. The current week production represents
a 4.4 percent increase from the same period in the previous year. Production
for the week ending July 20, 2013 is up 1.2 percent from the previous week
ending July 13, 2013 when production was 1,881,000 tons and the rate of
capability utilization was 78.5 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 22
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
$6.42/lb. Indicators at
6:15 am CST today show 3 month nickel trading around $.05/lb
higher, with all London
traded base metals trading higher this morning. Stockpiles of nickel stored
in LME approved warehouses rose to yet another all time record high on Friday,
with a new total of 199,782 tonnes. Nickel continues its slow price climb
and is trading at its highest in over a month. This week could tell us if
nickel has finally established a floor and put a halt to a downtrend that
has gripped the market since the first of the year - or if we are just
experiencing another suckers rally. The Euro is higher this morning, helping
commodity traders. New York Times article over the weekend about base
metals storage - sure to stir up some controversy, but it's doubtful it will
accomplish much more than that.
Average price of cash nickel so far this month - $6.19/lb
Average price of LME traded nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb
/ avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(BNA) Brazil's nickel output in June totaled 5,475t, up 33.3% from 4,108t
year-on-year, according to data released by the Brazilian institute of
non-ferrous metals, ICZ. Of the total, 65.9% was for export markets, or 3,655t.
The country's apparent nickel consumption totaled 1,387t in the month, down
13.2% year-on-year from 1,598t.
(RIN) "...Barclays has downgraded its 2014 London Metal Exchange (LME) nickel
price outlook to about $14,000 per metric ton (MT); that’s down from
its previous forecast from $18,000 per MT."
Solomons undersea miner says any mining is years away -
more
ENRC director says will defend himself against leak claim -
more
New ship orders, China demand threaten dry cargo recovery -
more
A Shuffle of Aluminum, but to Banks, Pure Gold - Hundreds of millions of
times a day, thirsty Americans open a can of soda, beer or juice. -
more
Is It Time to Ban Banks Completely From Commodities Trading? - Last night
the New York Times put up a story about the purchase of an aluminum warehousing
business by Goldman Sachs. -
more
Japan's Nisshin
Steel boosts ferrite stainless output on demand - Japanese steelmaker Nisshin
Steel has increased ferrite stainless steel production due to higher demand,
with the product making up half of its stainless steel output in July, a
company spokesman said Friday. -
more
Market Trend
of Import of Ferroalloy as of July 16, 2013 =Mo oxide price will dip below
US$10/lb shortly and Mn metal price continuously drops = Market trend of
import of ferroalloy as of July 16, 2013 is as follows. -
more
Belvedere
Provides Status Update on Hitura Nickel Mine and Kopsa Gold Project - Belvedere
Resources Ltd., announces a temporary suspension of pumping at the Hitura
Nickel Mine, as well as exploration results from the South Hitura drilling
programme and provide a general status update on their operations in Finland.
-
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 19
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
$6.35/lb
. Indicators
at 6:50 am CST today show 3 month nickel trading around $.02/lb
higher, with most London
traded base metals trading higher as well. Stockpiles of nickel stored in
LME approved warehouses slipped slightly on Thursday and now total just under
the 196,100 tonne level. Typical of a summer month in the northern hemisphere,
metals news has been, and continues to be, rather subdued. Thanks to China,
demand for nickel is higher than last year. Thanks to the reaction of a market
in deficit just a few years ago, production is now much higher than last
year as well - adding to a surplus in inventory that continues to drag on
the traded price. With the production of the so called pig nickel helping
China find independence from the normal supply chain, nickel miners and traders
are watching Indonesia with eager anticipation. Indonesia will not allow
rock containing nickel ore to be shipped out of the country after the beginning
of next year, without being smelted first. Indonesia is China's primary source
for laterite nickel ore, with the Philippines the other primary source. Will
the law stick and be enforced? No one knows at this point but one thing is
sure. The Chinese have always been very resourceful and inventive in overcoming
diversity. If the Indonesia ban does affect Chinese imports of low grade
laterite ore, we expect it to be a temporary setback but in the short term,
it may help boost the price of nickel. Enjoy your weekend.
Average price of cash nickel so far this month - $6.17/lb
Average price of LME traded nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb
/ avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(SMM) Construction of one of the first nickel pig iron smelters outside China,
by PT Sulawesi Mining Investment (SMI), formally kicked off in Indonesia
on July 16. SMI is a joint venture between Indonesia's nickel mining PT
Bintangdelapan Group and China's Tsingshan Holding Group’s NPI producing
subsidiary Fujian Dingxin Industries Co.
(SRI) Anglo American announced that its production decreased by 22% to 8,500
tonnes, driven by the permanent cessation of production at Loma de Níquel
in Venezuela in November 2012.
Anglo American plc : Anglo American Q2 Production Report -
more
(Macquarie Commodities Research) “Nickel remains the worst performer
among the base metals this year. A large surplus between supply and demand
has opened up and prices have collapsed.... At current prices more than 40%
of the industry is losing cash. Many nickel sellers are struggling to achieve
the LME price.”
(AM) Chinese stainless scrap participants unconfident of the coming market
(AMM) Melting-grade nickel premiums are steady in a range of 15 to 25 cents
per pound, while plating-grade premium remain at 50 to 60 cents per pound.
Russian steelmakers boost capacity, seek help to fight imports -
more
Talvivaara
Withdraws 2013 Nickel Output Target on Slow Restart - Talvivaara Mining Co.,
the Finnish nickel miner that has suffered stoppages after excess water and
waste-water leaks since September, withdrew its output estimate of 18,000
metric tons of the metal for this year. -
more
No Movement
Seen in SUS Scrap Price for Mid-July Despite Cheap Ni =Due to possible generation
decrease in summer and traders' resistance to price cut= The price of
nickel-containing stainless steel scrap (SABOT) Japanese stainless steel
mills purchase remains unchanged from a level of JPY135,000 per ton (delivered
at factory) in the beginning of July. -
more
Demand for
metals steady despite slowdown - China's demand for metals will remain steady
even as growth slows in the world's largest user, according to Beijing Antaike
Information Development Co. Copper, zinc and lead consumption will stay unchanged
this year from estimates in the fourth quarter, according to the researcher's
mid-year review. -
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 18
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
$6.33/lb
. Indicators
at 6:50 am CST today show 3 month nickel trading unchanged
with other London
traded base metals trading mostly lower, but just barely. Stockpiles of nickel
stored in LME approved warehouses rose on Tuesday, but shy of a new record
high. Levels are now just over the 196,150 tonne level. After two days
of gains and looking stronger than most of the London traded base metals,
nickel appears to be taking a break this morning. US Fed Chairman Ben Bernanke
testifies before Congress for a second day, and will continue to walk the
tight rope of pessimistic optimism. Ben needs everyone to believe the economy
is doing well, but not well enough that the Fed can stop pumping it up with
stimulus measures - measures that the market has come to depend on. He stuck
to his fall timetable but the Dow ended slightly higher after a late session
rally. This morning markets from Asia to the US are subdued and in a holding
pattern; waiting for his testimony before the Senate Banking Committee. Nickel
is trying to set another floor, but its far too early to tell if traders
will be successful. Supply is outpacing demand and as long as that continues,
it will be very difficult for nickel to benefit by anything more than a return
to the market of long term fund money. And at the moment, equity markets
are drawing fund traders.
Average price of cash nickel so far this month - $6.16/lb
Average price of LME traded nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb
/ avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(Reuters) China's average daily crude steel output declined sharply to 2.1
million tonnes in the first 10 days of July, down 4.5 percent from the preceding
ten-day period, the China Iron & Steel Association data showed on Wednesday.
(FAN) According to the customs statistics released by Japan's Ministry of
Finance, Japan's stainless flat steel exports totaled 60,891 metric tons
in May this year, falling by 4.2 percent month on month
(MBN) Brazil's exports of manganese ore reported a sharp fall in June while
nickel shipments increased, according to figures from the country's trade
ministry.
(AM) Japanese stainless scrap traders pessimistic about the coming market
(AM) Japan's stainless steel output rises by 0.7% m-o-m in May
Look out for opportunities within the iron ore market later this year with
a price correction expected in September, says Dan Morgan of UBS. -
more
Experts bullish on crude, silver & nickel, recommend buying -
more
Troubles at Northland Resources deter Nordic mining investment -
more
ArcelorMittal abandons dormant Indian project -
more
China's recent slowdown not hard landing: IMF expert -
more
Japan's 316
stainless steel scrap prices weaken tracking moly: traders - Spot prices
of SUS316 stainless scrap prices in Japan have weakened tracking spot molybdenum
prices, local market sources said Thursday. -
more
Xinjiang
Xinxin to Post Fall in H1 Profits on China's ``Structural Adjustment'' -
Major nickel producer Xinjiang Xinxin Mining Industry Co. is expected
to post a big fall in first-half profits partly due to ``structural adjustment
and slower growth’’ in China. -
more
U.S. and
Canadian Metals Shipments Continue to Decline in June - June service center
shipments of both steel and aluminum continued to decline in June at rates
that were similar to those displayed in May. -
more
Berong
nickel mine production rises as of June - London-Based Toledo Mining Corp.
said yesterday the production in its Berong nickel mine in Palawan increased
as of the second quarter of the year. -
more
Lundin Mining
closes $315m acquisition of Rio’s Eagle mine - Canadian base metals
mining company Lundin Mining has completed the acquisition of the high grade
Eagle nickel/copper mine from Rio Tinto Nickel Company, a unit of Rio Tinto,
for $315m. -
more
China's June
crude production rises to 31-month high of 4.26 mil b/d - China's domestic
crude production in June rose 7.1% year-on-year to 17.44 million mt or an
average 4.26 million b/d, according to output data from the National Bureau
of Statistics released Wednesday. -
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 17
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
$6.24/lb
. Indicators
at 7:00 am CST today show 3 month nickel trading around $.05/lb
higher, with other
London traded base metals trading sideways and mostly lower. Stockpiles of
nickel stored in LME approved warehouses fell on Tuesday and now total just
over the 195,750 tonne level. Base metals got a late session bounce yesterday
as the Dollar fell against the Euro. Currently the Euro is trading slightly
lower, and that pressure can be seen on most metals trades. Nickel continues
to trade in a sideways manner, with the overall trend still bearish. We
are seeing initial clues to a possible bottom, but these clues have been
seen before and failed to stick. Nickel's 10 day moving average is $6.17/lb,
and the market has closed above that level the last two days and on 3 of
the last 4 sessions. That happened during the first week of June and July
as well, only to see prices fall sharply thereafter. World markets are in
a waiting mode today, awaiting US Fed Chairman Ben Bernanke's appearance
on Capitol Hill. Ben has been credited with putting the brakes on the Great
Recession with his 'green shoots' statements on a 60 Minutes show. But a
few weeks back, Ben made the mortal sin of telling a stimulus addicted market
that it might have to break its addiction sooner, rather than later. Initially
the market tanked, although it was recovering even before the Fed began
'explaining' its chairman's statements. So today will prove to be a test
of how successful our Fed Chairman is at the 'spin'. One thing is for sure.
The markets will be watching closely.
Average price of cash nickel so far this month - $6.16/lb
Average price of LME traded nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb
/ avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(MBN) BHP Billiton reported a 6% fall in nickel output on the year in the
June 2013 quarter.
(SO) Japan’s crude steel output up 6.3 percent in May
Troubles at Northland Resources deter Nordic mining investment -
more
Mixed outlook
forecast by steel firms - Forecasts by China's major steel mills showed a
mixed earnings outlook. -
more
BNC seeks
short-term finance - Bindura Nickel Corporation is seeking short-term bridging
finance to cover the funding shortfall as it continues to focus on the
preservation and integrity of the business and its assets. -
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 16
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
$6.13/lb
. Indicators
at 7:00 am CST today show 3 month nickel trading around $.01/lb
higher, with other
London traded base metals trading mixed and sideways. Stockpiles of nickel
stored in LME approved warehouses fell on Tuesday and now total just under
the 196,100 tonne level. Markets are mostly quiet this morning, awaiting
some US financial reports, which may give traders some direction guidance.
European markets are mixed on a surprise drop in German investor confidence.
US Fed Chairman begins testimony in front of a Congressional committee tomorrow,
which will draw much attention as the market tries to figure out when, or
if, the central bank will begin to taper off its monthly asset purchases.
Average price of cash nickel so far this month - $6.16/lb
Average price of LME traded nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb
/ avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(MF) Baosteel cuts export prices of austenitic stainless by US$100/ton
(SMW) Toledo Mining Corporation said production of run-of-mine ore from Berong
Nickel Corporation's Berong nickel mine in the second quarter was 229,196
wmt at an average grade of 1.93% Ni.
(FAN) Turkey-based stainless steel producing joint venture of South Korean
steelmaker POSCO and Turkey's Assan Celik POSCO Assan TST has shipped its
first 1.5 mm stainless coil on July 14.
(SSY) Although short of May's record 67.0 Mt, Chinese steel production in
June was 64.7 Mt, up 4.4 Mt from the same month last year. As a result output
in the 1h13 reached 389 Mt, almost 30 Mt higher than the 1h12 volume.
(SM) According to the Japanese Ministry of Finance, the country’s total
imports of nickel ore during the month of May this year amounted to 400,542
tons. The imports are down 21% month-on-month. In comparison with same month
the previous year, the imports have jumped by 10.1%.
MC Norilsk Nickel appoints new chief operating officer -
more
Mwana to look at ways to improve cash flow from Zimbabwe nickel mine -
more
POSCO drops $5.3 bln Indian steel mill, keeps main project alive -
more
ThyssenKrupp's Brazilian mill sale not imminent -source -
more
European
molybdenum prices drop to 4-year low on weak demand - Molybdenum prices in
Europe dropped to a four-year low this week, mostly due to diminishing demand
from the stainless steelmakers, and are expected to fall further as industrial
activity slows during the summer. -
more
Crude SUS
Steel Production by Major SUS Steel Mills in May Is 299,463 Tons =Down by
1% from prior month, and NSSC reduces production due to regular repair=
more
Rio Tinto
keeps big iron ore plans on track, despite China cooling - Rio Tinto is pushing
ahead with plans to boost iron ore output over the next 18 months, as it
counts on demand from Chinese steel mills holding up, but the miner is assessing
if it can meet the target using existing mines to control costs. -
more
Tim Aiken
appointed Nickel Institute President - Tim Aiken brings with him career-long
experience at Nickel Institute member company Anglo Platinum. “As a
former Chair of the Board of the Nickel Institute, Tim brings a deep
understanding of the nickel industry and its stakeholders as well as the
Institute's membership,” said Glenn Kellow, Chairman, Nickel Institute.
-
more
Iron ore
miners face lackluster demand - Iron ore producers and traders face a weak
market with falling prices, and analysts believe these conditions will persist
through the third quarter. -
more
Courtesy AISI
- In the week ending July 13, 2013, domestic raw steel production was 1,881,000
net tons while the capability utilization rate was 78.5 percent. Production
was 1,823,000 tons in the week ending July 6, 2012, while the capability
utilization then was 73.3 percent. The current week production represents
a 3.2 percent increase from the same period in the previous year. Production
for the week ending July 13, 2013 is up 0.3 percent from the previous week
ending July 6, 2013 when production was 1,876,000 tons and the rate of capability
utilization was 78.3 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 15
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 $6.24/lb
. Indicators
at 6:50 am CST today show 3 month nickel trading around $.12/lb
lower, with other
London traded base metals trading lower as well. Stockpiles of nickel stored
in LME licensed warehouses rose to a new all time record high on Friday when
warehouses reported a total of 196,308 tonnes. In 11 reporting days, stockpiles
have gained 8,820 tonnes this month alone. China reported their overall growth
is slowing, with second quarter GDP slowing from 7.7% in the first quarter,
to 7.5%. This was within analysts expectations and markets are responding
positively. Commodities are lower though, with the slowdown hurting overall
demand for base metals. The Euro is trading lower this morning, adding pressure
to metals trading. The short term trend for nickel has moved back to a sideways
pattern, while the medium and long term trend remain negative. Over supply
continues to be a major problem for miners.
Average price of cash nickel so far this month -
Average price of LME traded nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(RN) US imports of up to 0.5% C low-carbon ferrochrome decrease
(MF) Baosteel cuts export prices of austenitic stainless by US$100/ton
Refined-Nickel Production Was Higher Than Consumption in May - World production
of refined nickel in May came to 155,100 metric tons, exceeding demand of
143,100 tons, according to the International Nickel Study Group. -
more
Gooding:
Ramu nickel project in full swing - The Ramu nickel cobalt project is progressing
through ramp up and is producing at a maximum rate of about 40%, Highlands
Pacific managing director John Gooding says. -
more
China June
Crude Steel Output Falls to Four-Month Low on Prices - Crude-steel production
in China, the world’s biggest consumer of the alloy, fell to a four-month
low in June after prices plunged. -
more
Vale
running out of cash as nickel price continues to slide - The price of nickel,
which has been suffering a ongoing decline in global metal markets, has
negatively affected the cash flow of publicly listed nickel producer PT Vale
Indonesia. -
more
Manitoba
mine looks to financing from frac sands - Victory Nickel is continuing its
efforts to develop a massive nickel sulphide deposit north of Grand Rapids,
MB., but in the absence of equally massive financing needed to get the project
going, the Toronto-based junior mining company is happy to embark on a side
project processing frac sand in Alberta. -
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 12
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
$6.18/lb
. Indicators
at 7:00 am CST today show 3 month nickel trading unchanged
, with all other London
traded base metals trading sideways and mostly lower. Stockpiles of nickel
stored in LME approved warehouses fell from record highs on Thursday and
now total just over the 194,400 tonne level. Shanghai and India nickel fell
overnight, and base metals trading in London appears to be muted so far today.
Yesterday commodities started strong but fell, even though the Euro strengthened
throughout the day. Maybe traders realized the Bernanke bounce meant little
to metals demand and decided to back off from the equity rush. European equity
stocks are trading higher and look to pull off a solid week of gains. The
US Dow futures are up slightly after a record breaking day yesterday, hitting
an all time high. We expect little movement today, as technical signals,
nor the news , appear to be giving the market momentum in either direction.
Have a safe and relaxing weekend!
Average price of cash nickel so far this month - $6.17/lb
Average price of LME traded nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb
/ avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(SO) According to statistics released by Japan's Ministry of Finance, Japan's
nickel ore imports totaled 400,542 metric tons in May this year, down 21
percent month on month and up 10.1 percent compared to May 2012.
(SMM) China’s production of nickel pig iron (NPI) fell 1.5% month-on-month
in June to 32,000 tons as high-grade producers continued to cut output on
depressed prices, according to a survey by Shanghai Metals Market.
(SM) Higher-than-expected oversupply worries have forced S&P to cut the
2013 price target for nickel from $7.50/lb to $7/lb. In longer term, the
nickel prices are poised to recover and touch levels of $8/lb or higher.
Nickel price slide hurting local miners - While nickel prices are as low
as they've been since the recession, the founding executive director of
Laurentian University's Goodman School of Mines said he expects mining to
“chug along” in this area. -
more
S. African
Charge Cr Price for Japan Also Is Settled down by US Cents 14.5 =US Cents
120.5/lb for Jul-Sept shipments, down by 11% from prior quarter= The negotiation
on the benchmark price of South African charge chrome meant for Japan for
July - September shipments has been settled at US Cents 120.5 per lb. -
more
New
Caledonia weighs up impact of nickel mining - Nickel mining is being blamed
for New Caledonia’s soaring carbon emission rate and a nagging problem
with pollution in the capital, Noumea. -
more
Guatemala
to ban new mining, exploration licenses - Guatemala’s president Otto
Perez Molina plans to place a two-year moratorium on issuing new mining and
exploration licenses giving the nation time to reform its mining law, says
Tahoe Resources -
more
Wary of trade
war, Asian steelmakers curb exports - Asian steelmakers have begun cutting
exports in the face of growing cross-border trade disputes, raising the prospect
that they may be forced to curtail production as they grapple with weak domestic
demand and overcapacity. -
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 11
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
$6.19/lb
. Indicators
at 7:00 am CST today show 3 month nickel trading around $.07/lb
higher, with other
London traded base metals trading higher as well. Stockpiles of nickel stored
in LME approved warehouses rose slightly on Wednesday and now total just
over the 194,750 tonne level. Markets around the world are rallying after
Fed Chairman Ben Bernanke calmed the markets with this assurance that the
Fed would not make the market go cold turkey from the free money flowing
into the markets anytime soon. The Euro is up on the news and this is helping
commodity trades. Once again we are seeing the price of nickel moving based
on external market factors and having nothing to do with the supply or demand
attributes of nickel itself. It would be nice to be able to tell you that
we think markets got spooked when they fell below $6/lb in Tuesday trading,
but in reality, technical signals are guiding the market and the $6/lb level
was just a minor piece of data. We are curious to see if the external factors
will be enough to establish a floor for nickel and the end to the decline
in the price. If traders become convinced that world economies will pick
up later this fall, we could start seeing some long term investment into
nickel. Right now the losses of the first half of 2013, are keeping the all
important fund money investment spooked, and away from the table.
Average price of cash nickel so far this month - $6.16/lb
Average price of LME traded nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb
/ avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
(SSY) The world export price of hot rolled band has declined $3/t over the
last two weeks to $534/t, according to the latest SteelBenchmarker published
by World Steel Dynamics. However, prices in China rose for the first time
since February to $481/t (+$8/t) while prices in the US increased $30/t to
$698/t.
Nickel
Leads Drop in Industrial Metals for 2013 as Supplies Grow - Nickel is leading
declines of the main industrial metals on the London Metal Exchange this
year, with surpluses dragging down copper to aluminum and zinc. -
more
LME Nickel
and Aluminum Trading Jumped in June - Buying and selling of nickel futures
and options rose 38 percent from a year earlier in June on the London Metal
Exchange. Trading increased 37 percent for aluminum and 30 percent for copper.
-
more
45 workers
cut as Poseidon Nickel suspends drilling - Forty-five contractors have been
cut at Andrew ‘Twiggy’ Forrest’s Poseidon Nickel project amid
speculation a bid to reopen the Western Australian mine has been hamstrung
by financing issues. -
more
WA nickel
miner bucks the trend - Western Australian nickel miner Panoramic Resources
this week announced it is increasing its quarterly nickel production by 18
per cent in the three months to June. -
more
Mine Mill,
First Nickel settle on 4-yr. deal - First Nickel Inc. and the union representing
about 105 production and maintenance workers at the company's Lockerby Mine
have settled a new four-year contract. -
more
Price
of S. African Charge Cr for Europe Is Lowered by US Cents 14.5 =US Cents
112.5/lb for Jul-Sept shipments, down by 11% from prior quarter= On July
5, Merafe Resources Limited, South Africa, a joint venture partner for Xstrata
Merafe announced in its home page that the benchmark price of South African
charge chrome meant for Europe for July - September shipments has been settled
at US Cents 112.5 per lb. -
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 10
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
$6.04/lb. Indicators
at 7:00 am CST today show 3 month nickel trading around $.14/lb
higher, with other
London traded base metals trading higher as well. Stockpiles of nickel stored
in LME approved warehouses rose on Tuesday to a new record high of 194,172
tonnes. Of eight recorded business days so far this month, we have seen the
all time record high broken four times. Nickel is up today on a stronger
Euro and mostly because it is the up day of the see saw trading pattern it
has been in for the past weeks. The overall trend remains bearish and yesterday's
official cash price below $6/lb, is causing heightened concern among nickel
mining companies.
Average price of cash nickel so far this month - $6.20/lb
Average price of nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
Low nickel prices hurting miners - A business analyst has warned low nickel
prices were putting pressure on miners, predicting mines may face the prospect
of closure. -
more
Nickel
Producers Scramble to Build Smelters in Indonesia - It was reported that
Indonesia will impose a 20% export tariff on raw ore, effective May 6, 2014.
-
more
China ferrochrome
spot prices stable amid mixed views - China's domestic spot prices for high
carbon ferrochrome (50% basis Cr) on Wednesday were assessed unchanged week
on week at Yuan 7,000-7,100/mt (equivalent to 86-87 cents/lb), on a delivered
basis including value added tax, amid mixed views in the market. -
more
Commodity
warehouse ownership rules need rethink -report - Conflicts of interest over
ownership of commodity warehouses can inflate prices of raw materials such
as aluminium, a report by two Brussels think-tanks said on Tuesday. -
more
Price Formation in Commodities Markets: Financialization and Beyond - ECMI
Research Reports -
more
Domestic
Consumption of Nickel in January - April in 2013 =14,164 tons, up by 1% from
year-earlier period due to increase in consumption for special steels= The
domestic consumption of nickel metal (in pure Ni equivalent) in the period
from January - April in 2013 compiled by the Ministry of Economy, Trade and
Industry was 14,164 tons, up by 0.7% from the year-earlier period (14,059
tons). -
more
Chinese
predict massive nickel haul from mine - Some 85,000 tons of nickel will be
extracted per annum from the Tagaung Taung nickel mine project, Chinese company
CNICO, who only recently got permission for the project, announced on Friday.
-
more
TNMC mine
life extended to 2016 - Moscow-based Mining and Metallurgical Company (MMC)
Norilsk Nickel approved Tati Nickel Mining Company's (TNMC) action plan that
extends the mine's life to 2016 last week. -
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 9
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
$6.09/lb
. Indicators
at 6:50 am CST today show 3 month nickel trading around $.09/lb
lower, with all London
traded base metals trading lower as well. Stockpiles of nickel stored in
LME approved warehouses fell for a second session and now total just over
the 193,400 tonne level. Yesterday's gain in nickel prices, after a steep
fall on Friday, appears to be nothing more than a dead cat bounce, with prices
retreating again today. Save some metals analysts pontificating the future,
market news is light. We are surprised we have not heard of more mine closures
due to lower prices yet, but expect that could change if nickel starts trading
below $6/lb. That hasn't happened since May 2009, when the monthly average
price of cash nickel was $5.73/lb. Asian, European and US equity markets
either closed, are trading, or appear to be opening all higher this morning.
Average price of cash nickel so far this month - $6.21/lb
Average price of nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
(SSY) According to data from the China Iron and Steel Association, the country's
daily steel production in 21-30 June rose for the third consecutive ten day
period to 2.181 Mt. This represents a substantial increase of 11% year-on-year.
(SO) The China Iron and Steel Association (CISA) has stated that in late
June (June 21-30) this year the average aggregate daily crude steel output
of its member enterprises in China totaled 1.7624 million mt, up 0.97 percent
or 17,000 mt compared to mid-June (June 11-20) and constituting a new record
high.
(Spetsstal) According to experts of the Association "Steels", the volume
of Russian exports of major products of stainless steel in May 2013 compared
to April, fell by 29.2% .....
Risks of having Corrugated Stainless Steel Tubing (CSST) tubing in your home
- more
Commodity Traders’ Buildup on Easy Money Seen as Risk in Report -
more
(China) Producer Prices for the Industrial Sector for June -
more
Local 598,
First Nickel reach tentative agreement - Mine Mill Local 598/CAW members
vote tomorrow on whether to ratify a tentative agreement with First Nickel
Inc. -
more
Commodity
super cycle not over, support should last another 15-20 years: SocGen - The
current and history's third commodities super cycle, which began in 2000,
is far from over, and the major factors supporting it -- population growth
and rapid urbanization -- would easily stay with us for another 15-20 years,
according to a senior analyst at Societe Generale. -
more
China, base
metal tiger, sets the trend for metals - Industrial metal prices have
struggled to find firm footing. Stefan Ioannou of Haywood Securities tees
up near-, medium- and long-term scenarios for three industrial
metals—copper, zinc and nickel—and explains why he is most enthusiastic
about zinc. -
more
Lagging nickel prices may slow production - As metal prices continue to decline,
mining operations could be forced to take a hard look at their bottom line,
says one mining executive. -
more
Analyst
says nickel price plunge putting pressure on Ravensthorpe mine - A business
analyst has warned Ravensthorpe could be facing its second mine closure in
a matter of months as a fall in the nickel price puts pressure on the First
Quantum mine. -
more
MCC admits
Ramu mine problems - Ramu NiCo Project in Madang is committed to delivering
the benefits to the stakeholders and the country despite the challenges faced
today, including the high cost of unit product and the slumping price of
nickel metal in the world market. -
more
Tighter Credit
May Be A Blessing in Disguise for China's Steel Sector - The Chinese
steel sector has been living in a fool’s paradise for most of this year.
Many of the mills have been making losses. -
more
Courtesy AISI
- In the week ending July 6, 2013, domestic raw steel production was 1,876,000
net tons while the capability utilization rate was 78.3 percent. Production
was 1,823,000 tons in the week ending July 6, 2012, while the capability
utilization then was 73.3 percent. The current week production represents
a 2.9 percent increase from the same period in the previous year. Production
for the week ending July 6, 2013 is up 3.0 percent from the previous week
ending June 29, 2013 when production was 1,822,000 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 8
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
$6.04/lb. Indicators
at 6:50 am CST today show 3 month nickel trading around $.04/lb
higher, with other
London traded base metals trading mostly higher as well. Stockpiles of nickel
stored in LME licensed warehouses slipped on Friday, after setting a new
all time record high of Thursday of 193,776 tonnes. Totals today are just
below 193,600 tonnes. Nickel fell sharply in Friday's trading after LME
stockpiles grew by 3,264 tonnes on Thursday, pushing nickel below major support
and squashing the technical signal of a potential bottom the market sent
mid last week. We put the next support line at $5.85/lb, and we are seeing
trading at levels not seen since May of 2009. The nickel market needs two
things to happen, if it hopes to see the trading price rise. First demand
from the stainless steel industry must pick up from current levels. Second,
production levels will have to lowered. After running a deficit in 2007,
followed by an economic crash in 2009, nickel producers are now facing more
supply than demand. Asian markets ended lower overnight, European markets
are trading higher this morning and US futures show Wall Street should open
higher as well.
Average price of cash nickel so far this month - $6.24/lb
Average price of nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
(Barclay's) "With nickel prices trading as deep as the 60th percentile on
the cost curve, the potential for cutbacks to be announced by mining companies,
ex-China, in the second quarter results season could provide the catalyst
for short covering in July"
Merafe
settles European benchmark Q3 ferrochrome price 11% lower than Q2 - South
Africa's Merafe Resources said Friday that it has settled the ferrochrome
price for the July-September quarter -- viewed as a benchmark in Europe --
at 112.5 cents/lb with major European stainless steel producers, down 11%
from 127 cents/lb in the second quarter. -
more
Anti-dumping
probe on stainless imports - Vietnam will conduct an anti-dumping investigation
on imported cold-rolled stainless steel from mainland China, Malaysia, Indonesia
and Taiwan. -
more
Antam
ready to ‘suffer’ following ore export ban next year - Listed
diversified miner PT Aneka Tambang (Antam) will fully abide by the ore export
ban to be implemented by the government beginning in 2014, even though the
company will have to scale down some of its mining operations due to the
export restriction, the company’s senior executive says. -
more
Market Trend
on Import of Ferroalloy as of June 28, 2013 - =Price of Mo makes all-time
low record for the first time in 3.5 years and silicon metal continues to
drop= Current market trend on import of ferroalloy as of June 28, 2013 is
as follows. -
more
China gives
green light to first non-official iron ore platform - China's first non-official
physical iron ore trading platform will begin operations on Tuesday, four
years after it was shut down, in a further sign that the government is relaxing
its tight grip over imports of the raw material. -
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 3
Tomorrow
the US celebrates its Independence and Friday we will be traveling. Our next
update will be Monday, July 8th. Have a safe and enjoyable weekend!
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
$6.37/lb. Indicators at
6:50 am CST today show 3 month nickel trading around $.07/lb
lower, with all London
traded base metals trading lower as well. Stockpiles of nickel rose to another
record high yesterday and now total 190,590 tonnes. These record stockpiles
are adding negative pressure on a metal also being hurt by demand, a stronger
US Dollar, which is trading at a 5 week high against the Euro, and an overall
cloud of negativity hanging over the commodity market from an investment
point of view. Portugal debt problems are back in the headlines today, with
the political situation in Egypt getting close attention as well. Neither
of these have much to do with nickel or stainless steel production or demand,
but they keep a level of uncertainty that rattle markets. Asian markets ended
lower last night, European equity markets are trading lower today, and US
Dow futures are negative as well. Nickel closed above our major support line
of $6.26/lb for a second consecutive day on Tuesday, for the first time in
two weeks, and might squeak out a third close above today. If the market
is sending a technical buy signal, it is being muted by the political turmoil
causing nervous volatility in markets. US markets are closed tomorrow
for Independence Day festivities, and will re-open on Friday. We are traveling
so our next update will be Monday. Happy Independence Day to our US readers,
and have a nice weekend to all.
Average price of cash nickel so far this month - $6.29/lb
Average price of nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
US steel pipe makers seek anti-dumping duties on nine countries -
more
(PR) For the
month of July 2013, North American Stainless will maintain the fuel surcharge
at 33% for stainless flat and long products. The surcharge rate is considered
a maximum level for July and will be reviewed monthly.
US
anti-dumping suit 'minimal impact' on Pantech - Pantech Group Holdings Bhd
expects minimal impact from the US Government's move to continue with the
anti-dumping suit on welded stainless steel pipes from Malaysia, Vietnam
and Thailand. -
more
Glencore
hiring SA workers - Glencore Xstrata Plc expects to appoint new employees
“shortly” at its South African chrome-mine operations as the union
whose members were fired for taking part in a strike demands their reinstatement.
-
more
Koniambo
project provides New Caledonia more autonomy - New Caledonia’s SMSP
mining company, which is owned by the Northern Province, says the huge Koniambo
nickel project is gradually providing the territory with more autonomy. -
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 2
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
$6.33/lb
. Indicators
at 6:45 am CST today show 3 month nickel trading around $.01/lb
higher, with other
London traded base metals mixed and trading mostly sideways. Stockpiles of
nickel stored in LME approved warehouses rose to another record high yesterday
and now total 188,652 tonnes. Nickel closed above the major support line
fo $6.26/lb on Monday and for the first time in awhile, looks like it might
close above it for a second consecutive day. this could send a technical
signal that a floor, however temporary, may have been established. If nickel
does close above this level today, it could send a technical signal to buy,
which could potentially mean a break out of its sideways channel. This is
only a technical signal, and markets are not yet run completely by computers,
so we could see the up and down pattern we have seen the last few weeks continue.
Or with record levels of nickel continuing to be broken, we could see nickel
stumble further, as the short, mid and long term trends remain bearish. Finland's
Talvivaara has announced plans to reduce its staff by 40% due to the low
trading price of nickel. Mine closures will add support to the price, but
we will have to see more mines close, or levels of nickel start to fall,
before this will make any significant dent. July and August are typically
slower months for stainless steel production and price increases we see now,
are typically traders betting on a strong rebound in fall production. With
Monday's PMI numbers showing the pace of the economic recovery still sputtering,
traders have yet to start placing any strong bets on that fall recovery.
European equity markets are lower this morning, with some traders taking
profits from yesterday's jump, while the US Dow futures are currently higher
on an expected strong manufactured goods new order report due to be
released this morning.
Average price of cash nickel so far this month - $6.28/lb
Average price of LME traded nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb
/ avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
ENSO neutral; a negative IOD likely for southern winter-spring -
more
Talvivaara
Falls on Plan to Cut 250 Jobs on Weak Nickel Prices - Talvivaara Mining Co.,
the Finnish nickel miner, fell the most in 10 weeks in London trading after
unveiling plans to fire as much as 40 percent of its workforce as prices
of the metal “remained weak” in the first half. -
more
Crude Steel
Production by Major SUS Mills in April Is 303,511 Tons =Up by 8% from prior
month, and production is recovered in new fiscal year= The crude steel production
by seven major stainless steel mills in April 2013 was 303,511 tons, which
represents an increase of 8.3% versus the prior month (280,319 tons). -
more
Analyst predicts
challenging conditions for gold, nickel and copper - A market analyst
is predicting challenging conditions for gold, nickel and copper miners will
persist for another six months. -
more
Environmental
headwinds buffet BHP in Colombia - In the wake of heightened environmental
sensitivities to the activities of mining companies in Latin America, BHP
Billiton's plans to expand a nickel mine in Columbia have been blocked. -
more
Courtesy
AISI - In the week ending June 29, 2013, domestic raw steel production was
1,822,000 net tons while the capability utilization rate was 76.1 percent.
Production was 1,862,000 tons in the week ending June 29, 2012, while the
capability utilization then was 74.8 percent. The current week production
represents a 2.1 percent decrease from the same period in the previous year.
Production for the week ending June 29, 2013 is down 3.1 percent from the
previous week ending June 22, 2013 when production was 1,881,000 tons and
the rate of capability utilization was 78.5 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 1
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
$6.22/lb
. Indicators
at 6:50 am CST today show 3 month nickel trading around $.07/lb
higher, with other
London traded base metals trading higher as well. Stockpiles of nickel stored
in LME approved warehouses rose on Friday, and ended June just over the 187,700
tonne level. June saw a net gain of 7,920 tonnes of nickel into licensed
warehouses. Nickel is getting a bounce today, after China reported its
manufacturing PMI stayed positive, although just barely. Monday is also the
up side of our daily see saw in LME nickel pricing. Metals traders are fighting
a weaker Euro so we expect any gain today to be limited in scope. Happy Canada
Day to our neighbors to the north!!
Average price of cash nickel so far this month - NA
Average price of nickel in 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb / avg 2009 - $6.64/lb
(SSY) According to data from the China Iron and Steel Association, the country's
daily steel production for 11-20 June was virtually unchanged from the previous
ten days at 2.16 Mt. This represents a large increase of 10% year-on-year
and compares with the year-to-date peak of 2.19 Mt during 1-10 May.
China's PMI Was 50.1 Percent in June - The PMI of Small-Sized Enterprises
Was 48.9 Percent -
more
(PR) Effective
with shipments July 1, 2013, North American Stainless is increasing prices
by 5% for martensitic and precipitation hardening bar grades between 7/8”
– 1.50” diameter. This increase is necessary to support further
investment in our business. All surcharges will remain in effect as outlined
on our website. Please contact your Regional Sales Representative with any
questions.
LME Seeks
to Reduce Lines at Warehouses Where Wait Is 100 Days - The London Metal Exchange,
the world’s biggest metals marketplace, is seeking to reduce waiting
times to withdraw metal from warehouses where the lines are more than 100
calendar days. -
more
S.African
union gives Glencore ultimatum to rehire sacked workers - A South African
union gave Glencore Xstrata a seven-day ultimatum on Friday to rehire more
than 1,000 workers fired at chrome mines for wildcat protests or face unspecified
action. -
more
New
Caledonia’s Koniambo nickel project vital for territory - The operator
of New Caledonia’s Koniambo nickel project says the long erm viability
of its operation means it is of great importance to the territory’s
ability to stand on its own feet. -
more
Amid price drop, nickel talks in New Caledonia - Problems facing the global
nickel market are being discussed in New Caledonia this week at a gathering
of the world’s top producers. -
more
Oversupply
forces Chinese steelmakers to react - Chinese steelmakers are dealing with
a substantial oversupply problem that will likely force them to transform
the way they do business. -
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
"A Guide To LME
Trading"...pdf here(all ton listings are metric
tons = 2204.622 pounds ) Updated daily before 8 am 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)
. Indicators
at 6:50 am CST today show 3 month nickel trading around $.05/lb
higher, with other
London traded base metals trading mostly higher as well. Stockpiles of nickel
rose by a huge amount yesterday and set the ninth all time record high this
month. Stockpiles rose by over 2200 tonnes in one day and now total 203,028
tonnes. Base metals appear to be up this morning as traders square up their
books for month end, and start placing their bets on what the different PMI's
will tell us tomorrow. Asian markets ended lower overnight, European markets
are lower this morning, except for Great Britain, and US futures are flat
in anticipation of a Fed announcement today at the conclusion of their two
day meeting. It was rather stunning to see already record breaking stockpiles
of nickel increase by another full percentage point in this morning's reports.
On this date in 2012, LME licensed warehouses held 114,912 tonnes of nickel.
That amount has nearly doubled in a years time. Three month nickel ended
that trading day in 2012 at $7.26/lb. And while raw material costs are down,
it should be noted that the big three US stainless steel producers have announced
price 'increases' over the past two days. As Ripley would say 'Believe
it or not'.
Reports
Commodity/Economic Comments
AK Steel Press
Release - AK Steel said today that it will increase base prices for 200,
300 and 400 series flat rolled stainless steel products, effective with shipments
on August 1, 2013. AK Steel said this increase will be achieved through a
reduction in the functional discount of two percentage points for cold rolled
and hot rolled non-automotive exhaust products. Further, effective with shipments
on October 1, 2013, AK Steel will increase prices on all stainless products.
This increase will be achieved through a reduction in the functional discount
of an additional two percentage points for cold rolled and hot rolled
non-automotive exhaust products. Also, base prices for automotive exhaust
grades will be increased by $0.02 per pound to $0.04 per pound, depending
on the grade, effective on October 1, 2013. Surcharges for the broad range
of stainless steel products that AK Steel produces will remain in effect,
and can be found under the Markets and Products section of the company’s
web site at www.aksteel.com.
Indonesia's
Antam nickel ore output up by half in H1 - Indonesian miner Antam reported
a 50 percent year-on-year jump in nickel ore production for the first half
of the year and said its $490 million alumina refinery will start operating
in October, three months ahead of schedule. -
Nickel Institute to Address Critical Challenges for Nickel Users - As the
Nickel Institute regularly receives questions from downstream and end-users
at the global level regarding the classification and regulatory developments
on nickel and nickel chemicals, a special workshop on the topic is being
scheduled on September 11, 2013 from 9am to 5:30pm, in Toronto, Canada. -
Huge
nickel shipment drives up Marcventures' 1H net income - Marcventures Holdings
Inc today announced that its mining subsidiary enjoyed a surge in net income
in the first six months of the year. -
Zimbabwe:
BNC Raises Red Flag - Bindura Nickel Corporation warned of potential material
uncertainty on its status as a going concern if it fails to obtain short-term
bridging finance and execute a revised mining plan. -
Construction
company wants its due as mine waits out prices - A Manitoba construction
company caught up in the mining industry slowdown caused by declining metal
prices has been stuck with unpaid invoices for work on a northern Manitoba
nickel mine that's temporarily shut down. -
Morning Nickel
Inventory and Price Statistics & Figures
Indonesia's
Antam nickel ore output up by half in H1 - Indonesian miner Antam reported
a 50 percent year-on-year jump in nickel ore production for the first half
of the year and said its $490 million alumina refinery will start operating
in October, three months ahead of schedule. -
Norilsk
Billionaire CEO Calls for Bank Exit From Metals Storage - Billionaire Vladimir
Potanin, the head of the world’s largest producer of nickel and palladium,
urged regulators to take measures to prevent banks from manipulating markets
by storing and trading metals. -
French
mining group Eramet reports loss due to low nickel prices - The French mining
group Eramet has reported a net loss for the first six months of the year,
citing a sharp decline in nickel prices and said it would step up its cost
cutting plan. -
China's NPI
Production Slows Down Due to Slumping LME Ni Price =Downward adjustment is
made from initial annual production of 400,000 tons to 380,000 tons= Albeit
China's production of nickel pig iron (NPI) has rapidly increased since 2007,
it is anticipated to slow down slightly in 2013. -
Chaos
erupts as miners protest on Friday at Glencore Xstrata Steelpoort mine -
Business Times reports that three buses were torched and rubber bullets were
fired during a march at Glencore Xstrata Alloys' Eastern Chrome mines near
Steelpoort on Friday as protesters demanded the reinstatement of fired employees.
-
Munali mine
to reopen soon, says Yaluma - Munali Nickel Mine can resume operations anytime
soon following the return of its Chinese shareholders, says mines minister
Christopher Yaluma. -
Photos show
shocking state of Ramu pipeline - New photos from Madang Province show the
shocking state of the Chinese built pipeline that transports mined ore from
the Ramu mine site to the refinery at Basumuk. -
Thyssen
Americas sale talks slow -sources - German steelmaker ThyssenKrupp is continuing
talks on selling its Steel Americas division to Brazil's Companhia Siderurgica
Nacional (CSN) but meeting an initial end-September deadline is becoming
increasingly unlikely, two sources familiar with the situation said on Friday.
-
IMX Resources
Limited: Cairn Hill Ships Four Millionth Tonne of Ore - IMX Resources Limited
is pleased to announce that it has today loaded its four millionth tonne
of ore from the Cairn Hill Mining Operation, located near Coober Pedy in
South Australia.-
Nickel price
may decline further on lower demand - Nickel prices are likely to extend
weakness in the rest of this year’s period due to record high production
and carryover stocks estimated for the second consecutive year in 2013. -
Prices of
CR Austenitic Stainless Sheets in Asia Level Off at Low Level - Negotiations
on cold-rolled (CR) stainless steel sheets in the East Asian region have
been carried forward for August/September shipment, and Korea's POSCO, Taiwan's
YUSCO and so on seem to have been proceeding with negotiations at $2,300
to 2,350 to SUS304. -
Asian Prices
of CR Austenitic Stainless Sheets Come Close to Bottoming Out - The movement
of the LME nickel price is lately stable even at the low level of $6.10 to
6.20 per pound. The stainless sales departments of the Japanese mills have
an expectation of a possibility that prices of cold-rolled (CR) stainless
steel sheets will bottom out if the nickel price goes on stabilizing. -
Outokumpu
Falls as Stainless Steelmaker’s Profit Outlook Weaker - Outokumpu Oyj,
the Finnish maker of stainless steel, fell the most in 10 months in Helsinki
trading after scaling back forecasts that profit will improve.
-
Falling nickel
prices hit profit at Spain's Acerinox - Low nickel prices hit profit at Spanish
steelmaker Acerinox in the first half of the year, the company said on Tuesday.
-
with other London
traded base metals trading mostly lower, but just barely. Stockpiles of nickel
stored in LME approved warehouses rose on Tuesday, but shy of a new record
high. Levels are now just over the 196,150 tonne level. After two days
of gains and looking stronger than most of the London traded base metals,
nickel appears to be taking a break this morning. US Fed Chairman Ben Bernanke
testifies before Congress for a second day, and will continue to walk the
tight rope of pessimistic optimism. Ben needs everyone to believe the economy
is doing well, but not well enough that the Fed can stop pumping it up with
stimulus measures - measures that the market has come to depend on. He stuck
to his fall timetable but the Dow ended slightly higher after a late session
rally. This morning markets from Asia to the US are subdued and in a holding
pattern; waiting for his testimony before the Senate Banking Committee. Nickel
is trying to set another floor, but its far too early to tell if traders
will be successful. Supply is outpacing demand and as long as that continues,
it will be very difficult for nickel to benefit by anything more than a return
to the market of long term fund money. And at the moment, equity markets
are drawing fund traders.
European
molybdenum prices drop to 4-year low on weak demand - Molybdenum prices in
Europe dropped to a four-year low this week, mostly due to diminishing demand
from the stainless steelmakers, and are expected to fall further as industrial
activity slows during the summer. -
Tim Aiken
appointed Nickel Institute President - Tim Aiken brings with him career-long
experience at Nickel Institute member company Anglo Platinum. “As a
former Chair of the Board of the Nickel Institute, Tim brings a deep
understanding of the nickel industry and its stakeholders as well as the
Institute's membership,” said Glenn Kellow, Chairman, Nickel Institute.
-
Guatemala
to ban new mining, exploration licenses - Guatemala’s president Otto
Perez Molina plans to place a two-year moratorium on issuing new mining and
exploration licenses giving the nation time to reform its mining law, says
Tahoe Resources -
Chinese
predict massive nickel haul from mine - Some 85,000 tons of nickel will be
extracted per annum from the Tagaung Taung nickel mine project, Chinese company
CNICO, who only recently got permission for the project, announced on Friday.
-
TNMC mine
life extended to 2016 - Moscow-based Mining and Metallurgical Company (MMC)
Norilsk Nickel approved Tati Nickel Mining Company's (TNMC) action plan that
extends the mine's life to 2016 last week. -
Anti-dumping
probe on stainless imports - Vietnam will conduct an anti-dumping investigation
on imported cold-rolled stainless steel from mainland China, Malaysia, Indonesia
and Taiwan. -
Tomorrow
the US celebrates its Independence and Friday we will be traveling. Our next
update will be Monday, July 8th. Have a safe and enjoyable weekend!
US
anti-dumping suit 'minimal impact' on Pantech - Pantech Group Holdings Bhd
expects minimal impact from the US Government's move to continue with the
anti-dumping suit on welded stainless steel pipes from Malaysia, Vietnam
and Thailand. -
Environmental
headwinds buffet BHP in Colombia - In the wake of heightened environmental
sensitivities to the activities of mining companies in Latin America, BHP
Billiton's plans to expand a nickel mine in Columbia have been blocked. -
