Tuesday, July 31

• Three month nickel closed Monday's trading session at $6.28/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Monday and started today just over the 256,000 tonne level. Unless the warehouses get hit with large shipments of nickel today, July stockpile numbers will reveal the rate of decrease is not slowing down during the summer. In fact, July numbers appear to have shown a higher rate of reduction than we saw in the first half of the year. For the first six months of this year, stockpiles fell an average of 15,860 tonnes per month. This past month, they fell 16,572 tonnes. That may not sound like a big deal until you realize a continuation at this rate of decline means LME stockpiles will only last 16 more months. For those new to nickel trading or the stainless steel industry, end users do not want to see LME stockpile numbers evaporate. The last time that happened was back in 2007 and when it did, the trading price of nickel almost hit $50,000 tonne. That was over $22/lb. And now you know why we remain long term bullish on nickel. Hopefully we don't sound like a broken record when we discuss this at the end of each month, but we believe everyone in the industry should be watching this.
• Average price of cash nickel so far this month - $6.25/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Copper shrugs off strike fears, set for worst month since 2016 - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• SO - CISA mills' average daily crude steel output down 0.92% n mid-July
• Commodity Contagion Spreads as Raw Material Crash Threatens Calm - more
• Bonds Edge Up After BOJ, China Data; Stocks Mixed: Markets Wrap - more
• El Niño WATCH continues - more

     Monday's market review - Copper dives as China demand fears overshadow mine strike ballot - Copper prices fell on Monday as investors shrugged off a potential strike at the world’s largest copper mine and focused instead on economic data this week expected to show slowing growth in top metals consumer China. - more

      Norilsk Nickel nickel output falls 9% to 49,460 tns in Apr–Jun - The nickel output of Russian metals giant Norilsk Nickel fell 9% on the quarter to 49,460 tonnes in April–June, the company said on Tuesday. - more

     Philippines lifts two-year ban on mining exploration - The Philippines has lifted a two-year moratorium on approving mining exploration permits, in a move that the government and industry hope will help determine the potential of some prospects in the world’s No. 2 nickel ore exporter. - more

     Is the Outlook for Base Metals Miners Improving? - Base metals have been hit hard in recent weeks by fears of an escalating trade war between the world’s two largest national economies: the U.S. and China. Copper dipped to a one-year low, while zinc, nickel, and lead all softened, hitting miners like Lundin Mining Corporation hard. - more

     How U.S. tariffs on China minerals could hurt industry, consumers - U.S. President Donald Trump’s proposed tariffs on another $200 billion of Chinese goods threaten a niche trade in minor metals and rare earths used in everything from stomach remedies and jet engines to consumer electronics. - more

  Morning Nickel Price Statistics & Figures

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

Monday, July 30

• Three month nickel closed Friday's trading session at $6.26/lb . Indicators at 6:45 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and Friday and started the week just under the 256,200 tonne level. Nickel is back to trading inside a channel, this time apparently content with trading between the 100 and 200 day moving average lines. These lines obviously don't meander as much as the 30 and 60 day, and will not experience any foreseeable squeeze anytime soon. the 60 day fell below the 100 day today, and this could potentially set up another squeeze, but doubtful. Markets were higher to end last week, after President Trump announced he was calling a truce with Europe on any further tariff's, although those  already in place, stay. Today, the attention has apparently turned to China, where stocks moved lower overnight on fears of slowing growth. Industry news dried up for the end of last week and over the weekend, typical for this time of year, with August usually the slowest month. Charts are sending no signals one way or the other, and the news, for the most part, contains little of substance today. The next few days could be quiet, with Wednesday bringing a rash of reports and a new month. Have a great week!
• Average price of cash nickel so far this month - $6.25/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Copper dives as China demand fears overshadow mine strike - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Mixed Trend in EU Flat Product Steel Prices in July - more
• How Chinese scrap bans are transforming global metal flows - more
• Charles Koch Says Trump Tariffs Could Trigger U.S. Recession - more
• Mnuchin Outlook for Sustained 3% Growth at Odds With Forecasters - more
• Stocks Slip Amid Earnings Deluge; Bonds Retreat: Markets Wrap - more

     Friday's market review - Copper on track for first weekly gain in seven weeks - Copper was set for its first weekly rise in seven weeks after a deal between the European Union and the United States reduced fears that new trade barriers would erode demand for metals. - more

      China investors to build $10B metallurgical complex in South Africa  - Chinese investors signed agreements to build a $10 billion metallurgical complex in South Africa during President Xi Jinping's state visit this week and hope to start construction next year, an executive involved in the project and a provincial official told Reuters. - more

     China to AD Investigate HR Stainless Steel from 4 Nations incl. Japan - Ministry of Commerce of the People's Republic of China officially announced on 23 July that it will launch an anti-dumping (AD) investigation against stainless steel semi-manufactures (slab and billet) as well as hot-rolled (HR) stainless steel (sheet and coil) imported from Japan, South Korea, Indonesia, and the EU. Details of the investigation are still unclear. - more

     Competition stays hot for Ring of Fire processing plant - Alan Coutts is dragging out the suspense to find a northern Ontario home for a Ring of Fire ferrochrome production plant for just a few more months. - more

  Morning Nickel Price Statistics & Figures

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

Thursday, July 26

• Three month nickel closed Wednesday's trading session at $6.21/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Wednesday and started today just over the 259,300 tonne level. Nickel pushed itself out of a tightening channel it was seemingly trapped in, and as we thought it might, has pushed to the positive side. But, while breaks like this are usually anticipated by traders to be possible pivots for market trends, this break has yet to show much enthusiasm. As it stands, the market turned positive on Tuesday, maintained this on Wednesday, breaking out of the channel, and so far today, is maintaining its position. Other than that, not much in the way of news on the nickel front. A lot of nickel exploration going on all of a sudden. In economic news, which seems to be what traders are watching these days, President Trump and the head of the European Union announced they were backing off threats of tariff's on possible automobile exports. They also said they would work on a resumption of free trade a priority. In other words, if things don't change with a Tweet, nothing in place changes, but it is far less likely that more tariff's will be attached by either side. In other words, the trade war with Europe, won't get worse .... maybe. Truly, interesting times we live in. This is our final update for the week, and we wish each of you a restful and safe weekend, and invite you back next week. July and August have been quiet periods for our news page in years past, but so far this year, has been anything but.
• Average price of cash nickel so far this month - $6.26/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - London metals rise amid EU, U.S. trade hopes - more
• Reuters Daily Inside Metals - pdf here
• U.S. Imports of Stainless Steel Mill Products - more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Global Steel Sector in Turmoil - more
• US lawmakers hold hearing on Section 232 exemption process - more
• Temporary Safeguard Measures Unsettle EU Steel Market - more
• Trump says agreed with EU to work to lower trade barriers - more
• France says any U.S. trade deal should be reciprocal -Le Maire - more
• Germany welcomes US-EU trade reprieve as step in right direction - more
• Stocks Mixed on Trade Hopes, Earnings; Euro Slips: Markets Wrap - more

     Wednesday's market review - Copper clings to gains on outstanding wage deal at Escondia mine - Copper held at two-week highs on Wednesday after jumping nearly 3 percent the previous session, as the market awaited a resolution to wage talks at the world’s largest miner of the industrial metal. - more

       June 2018 crude steel production - World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 151.4 million tonnes (Mt) in June 2018, a 5.8% increase compared to June 2017. - more

      First gold from Mincor’s Widgiemooltha fuels nickel search - Mincor Resources has poured first gold from its $2.2 million Widgiemooltha project in the Goldfields. - more

  Morning Nickel Price Statistics & Figures

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

Wednesday, July 25

• Three month nickel closed Tuesday's trading session at $6.17/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and started the day around the 260,400 tonne level. While the 10 day and 200 day MVA bands continue to squeeze closer together, nickel remains in the ever tightening channel. At present, traders are testing the upper side of the channel. Nice Bloomberg article below on automaker's concerns about future nickel supply. In the tariff world, President Trump has once again changed the rules. He threw tariff's on European allies, or foes, depending on the day, and Europe naturally, retaliated. Last night, Trump tweeted he is ready to drop the tariff's, but apparently wants Europe to blink first. Of course, even though that is the way the tweet reads, this is, of course, fake news.
• Average price of cash nickel so far this month - $6.26/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Shanghai copper jumps as Escondida makes final wage offer - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Trump Says U.S., EU Must Cut All Tariffs Ahead of Key Talks - more
• Stocks Mixed as Focus Turns to Trade; Dollar Slips: Markets Wrap - more

     Tuesday's market review - Aluminum hits two-week high as funds cut short positions - Aluminum hit a two-week high on Tuesday as funds cut bets on lower prices placed in anticipation of sanctions on Rusal being lifted, with the market also factoring in an expected drop in supplies from China. - more

      Nickel Is New Headache for Automakers as Cobalt Fears Abate - Locking in supplies of key battery raw materials lithium and cobalt has been a headache for electric car manufacturers, but these days it’s the supply of nickel and graphite that’s keeping them up at night. - more

      French metals group Eramet warns favourable outlook could be dented by trade rows - A sharp rise in manganese ore and nickel prices helped Eramet post higher profits in the first half of the year but the French metal and mining group warned on Tuesday that current favourable markets could be hurt by global trade tensions. - more

      China's steel conundrum as rising output, prices meet pollution controls: Russell - China’s vast steel sector is currently a study in contrasts, with record output despite ongoing production curbs, and high prices even though there is mounting concern about the demand outlook. - more

• Fear factor: China steel exporters delay shipments, giving space to rivals - more

      A new era begins; how long will it last? - With smelting and refining operations at Vale’s Manitoba Operations shut down never to return, the mining industry in Thompson has entered a new era, one in which the only processing to be done will consist of milling and which will see Thompson act as a feeder operation for smelters and refineries in Sudbury, Ontario, and Voisey’s Bay in Newfoundland and Labrador. - more

  Morning Nickel Price Statistics & Figures

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

Tuesday, July 24

• Three month nickel closed Monday's trading session at $6.08/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.05/lb higher. Stockpiles of nickel were unchanged yesterday and remain just over the 260,700 tonne level. Nickel trading remains inside an ever tightening band formed by the 200 day MVA ($6.03/lb) and the 10 day MVA ($6.20/lb). We suspect a break will be made in the next few days and while the overall trend has remained negative since early June, we tend to believe the break out could be to the positive side. That is if Twitter suddenly goes out of business. Otherwise all bets are off. US stainless steel producers published their August surcharges yesterday and for the most part they are back to near June levels, give or take a little to the negative or positive, depending on the producer. Interesting article below by Tex Report on the disconnect between LME nickel prices and stainless steel prices in Asia. The Chinese stainless steel index we follow shows stainless steel prices up 3.48% from this time last year and down 1.19% from this time last month.  Steel ,on the other hand, is up nearly 15% YOY and down slightly MOM.
• Average price of cash nickel so far this month - $6.27/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - London copper rebounds on supply concerns, aluminium dips - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Europe will not give in to U.S. threats on trade - Germany - more
• Don't upset Trump, foreign policy establishment tells Malcolm Turnbull - more
• Stocks Rally on Earnings, China; Euro Trims Drop: Markets Wrap - more

     Monday's market review - Aluminium bounces on short-covering after Rusal news - Aluminium rebounded on Monday as investors bought back bearish positions after a U.S. official raised the prospect of lifting sanctions on Russia's Rusal. - more

      Commentary: What's behind the metals price rout, and is it over now? - Doctor Copper has been having a rough time over the last few weeks. - more

      Falling Nickel Price at LME Has No Effects on Ni-base CR Steel in Asia - The price of nickel (Ni) is falling at London Metal Exchange (LME); however, it has exerted no effects on the prices of Ni-base steel sheets in overseas markets. - more

      Ni SUS Scrap Price Concentrated in around JPY150,000 in latter Half of July = All of Stainless steel mills have low motivation to buy = As of July 17, some of the stainless steel mills in the Kanto area lowered the purchase price of nickel-containing stainless steel scrap (SABOT), which resulted in the price being around JPY150,000 (delivered at plant). - more

     The Base Metal Boom: The Start of a New Bull Market? - Base metals are the most fundamental minerals produced for the modern economy, and metals such as copper, zinc, nickel, lead, and aluminum are the key components that support sustained economic growth. - more

      Western Areas pins hopes on Odysseus - Nickel miner Western Areas is hopeful its new Odysseus development in the northern Goldfields will have the scale to prosper through the cycle, after Australia’s only pure-play nickel miner again made production guidance from its Forrestania mines. - more

      Courtesy AISI - In the week ending on July 21, 2018, domestic raw steel production was 1,815,000 net tons while the capability utilization rate was 77.4 percent. Production was 1,733,000 net tons in the week ending July 21, 2017 while the capability utilization then was 74.3 percent. The current week production represents a 4.7 percent increase from the same period in the previous year. Production for the week ending July 21, 2018 is up 1.8 percent from the previous week ending July 14, 2018 when production was 1,783,000 net tons and the rate of capability utilization was 76.1 percent. - more

  Morning Nickel Price Statistics & Figures

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

Monday, July 23

• Three month nickel closed Friday's trading session at $6.14/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and rose on Friday and started the week just over the 260,700 tonne level. After trading momentarily below the 200 day moving average on Thursday, nickel has traded above this level since. But as the 10 day moving average level rapidly falls, nickel is being forced into a rapidly narrowing channel between the two lines. At the moment, nickel remains firmly entrenched in a downward trend. On the news front, President Trump is drawing another line in the sand - this time with Iran. So far, oil traders are taking it in stride. On Friday, he told an interviewer he was ready to impose tariff's on every item China exports to the US. Marketwatch reported "Trump’s “bellicose comment” about more tariffs on Chinese goods “turned a previously somnolent session into another red-soaked mess, with the markets taking a dive almost immediately after the interview went out,” said Connor Campbell, financial analyst at Spreadex, in a note." US Dollar is lower, which appears to be helping traded metals, but not as much as one might expect. Have a successful week!
• Average price of cash nickel so far this month - $6.28/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - London copper steady, trade tensions crimp demand outlook - more
• Reuters Daily Inside Metals - pdf here
• LME Brochures - more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Poseidon Nickel appoints new CEO ahead of restarting nickel mines - more
• Volatility's Coming for Your Summer Break as Headwinds Build - more
• Stocks Stall as Investors Mull Growth; Yen Climbs: Markets Wrap - more

     Friday's market review - Copper bounces on short-covering as inventories slide - Copper received a boost from short-covering and falling inventories on Friday after steep losses driven by trade tensions. - more

      Reuters Poll -Nickel, copper seen recovering in H2 after… Nickel, the top performing industrial metal this year, is expected to recover recent losses in the second half of the year, a Reuters poll showed. - more

      China probes stainless steel imports from Indonesia, EU, Japan and Korea - China on Monday launched an anti-dumping probe into stainless steel imports worth $1.3 billion, including from a privately owned Chinese mill with operations offshore, after complaints that a flood of product has damaged the local industry. - more

     Metal price outlook: When the going gets tough… Escalating trade tensions and fears about the impact on global growth, and with it metals demand, have wiped 15% off the industrial metal index from its June peak. - more

      Nickel market records deficit in January to May 2018 - The Nickel market was in deficit during January to May 2018 with apparent demand exceeding production by 54 kt. In the whole of 2017 the calculated deficit was 96.0 kt. - source

      Terrafame mine wins building permit for battery chemicals plant - The zinc and nickel miner says the proposed new plant would provide 150 permanent jobs and give Finland a leg-up in the electric and hybrid motor supplies market. - more

      Gov’t chases Canadian, Australian companies for BCL - Government is running helter-skelter to find a technical partner and have BCL mine re-opened following a compelling case necessitated by the rising copper and nickel prices in the global market. - more

• Norilsk cries conspiracy after court blocks BCL talks  - more

      S&P Global Platts China Steel Sentiment Index stable in July: steel production seen rising, export outlook recovers - Chinese steel market sentiment is generally unchanged in July from the month before, with domestic orders expected to remain stable, though the outlook for export orders has improved, according to the latest S&P Global Platts China Steel Sentiment Index or CSSI, which showed a headline reading of 27.45 out of a possible 100 points. - more

      Tesla's battery maker Panasonic suspends cobalt supplier amid sanctions concern - Panasonic Corp said Friday it was unable to determine how much of the cobalt used in batteries it makes for Tesla cars comes from Cuba, a country subject to U.S. sanctions, and that it had suspended relations with a Canadian supplier as a result of its concerns. - more

  Morning Nickel Price Statistics & Figures

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

Thursday, July 19

• Three month nickel closed Wednesday's trading session at $6.18/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.17/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and now total just over the 261,100 tonne level. Yesterday's drop of over 1000 tonnes is the first drop of this size since the 10th. It will be interesting to see if the market starts seeing declines at the rate of the first six months of the year, or continues to calm for the typically slower summer months. Nickel squeezed out a small gain yesterday, but the commodity trading board is bright red this morning. As we print today's update, nickel is sitting at the 200 day moving average level, and what happens from here could say a lot about the next few months. This level should offer some major support and if nickel can't hold it, those who trade by technicals, would tell us the market has room left to fall. We tend to think a little bit more old fashioned style, although that has proved less than efficient in years past. Regardless of the short term, unless this stupid trade war drives the world economies into the toilet, the future for nickel remains positive and bullish. In the short term, it appears the fears of what the trade war could do, and some of the reactions countries are taking to protect themselves, are very concerning to commodity traders. Nickel traders have learned to watch China closely, and while intelligence isn't always easy to get from that country, there is enough coming out, to show China is very concerned about the trade war, and is taking action to combat a slowdown, including monetary measures that make commodities more expensive. That's it for us this week. We hope you all have a relaxing and safe weekend, and invite you back as we follow the market again next week.
• Average price of cash nickel so far this month - $6.32/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - LME zinc falls sharply as sell-off resumes after Shanghai surge - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Trump’s Damage to International Trade Will Take Years to Repair - more
• Poseidon looks to fund restart of nickel operations after positive feasibility study - more
• Dollar Extends Advance on Upbeat Fed; Stocks Drop: Markets Wrap - more

     Wednesday's market review - Zinc notches up largest daily gain in a year, copper and lead hit 1-year low - Zinc chalked up its largest daily gain in a year on Wednesday, recovering from this week’s one-year low on bargain hunting and falling inventories, while copper and lead hit one year lows as the dollar rose and trade tensions simmered. - more

      Analysis of refined nickel as raw material in stainless steel production - New-energy vehicles have been touted as the future driver of demand for nickel, which is one of the major raw materials in stainless steel production. - more

      S&P Global Platts China Steel Sentiment Index stable in July: steel production seen rising, export outlook recovers - Chinese steel market sentiment is generally unchanged in July from the month before, with domestic orders expected to remain stable, though the outlook for export orders has improved, according to the latest S&P Global Platts China Steel Sentiment Index or CSSI, which showed a headline reading of 27.45 out of a possible 100 points. - more

      Global Market Calm at Risk as Commodities Sink Into Correction - Don’t be fooled by the relative calm across financial markets: The inputs in the global supply chain are flashing warning signs. - more

      Clive Mensink and his lawyer 'have never spoken' - A lawyer for former Queensland Nickel director Clive Mensink has told a court he has never actually spoken to his client, and that Mr Mensink's uncle, Clive Palmer, was their "conduit". - more

  Morning Nickel Price Statistics & Figures

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

Wednesday, July 18

• Three month nickel closed Tuesday's trading session at $6.12/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.07/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and started today just over the 262,400 tonne level. The average cash price of nickel fell below $14,000 tonne yesterday, for the first time since May 11th. With the 200 day moving average at $6.00/lb, the traded price of nickel is getting dangerously close to testing that level of support. The daily price is now trading where it was back in early April. Another quiet summer day for industry news. Yesterday's official cash price was 29% higher than it was this day last year, but 15% lower than its high for the year of $7.14/lb of May 7th. The bottom remains to be identified.  
• Average price of cash nickel so far this month - $6.34/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Zinc prices rally from 1-year lows as inventories drop - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Commentary: As trade war escalates, China's steel exports are rising again - more
• Dollar Extends Advance After Powell; Stocks Climb: Markets Wrap - more

       Tuesday's market review - Copper falls as upbeat U.S. Fed boosts dollar - Copper prices edged lower on Tuesday along with aluminium and nickel, pushed down by a stronger dollar and fears that demand will be damaged by a global trade war and weaker economic growth in top consumer China. - more

      Viewpoint: Stainless scrap looks to maintain uptrend - The stainless steel scrap market enters the second half of 2018 supported by positive consumer sentiment and LME nickel price momentum. - more

      Production at District 10, China Expected to Make Recovery = Price of SiMn gets weakened prior to others = A large-scale inspection the Ministry of Ecology and Environment of China (MEE) made in 10 districts (Inner Mongolia, Ningxia, Yunnan, Guangxi, Hebei, Jiangsu, Guangdong, Henan, Jiangxi and Heilongjiang) from the end of May finished on July 7. - more

      LME to launch monthly 'implied pricing' for base metals - The London Metal Exchange (LME), the world’s biggest and oldest market for industrial metals, is implementing an “implied pricing” functionality, a set of synthetic monthly prices, in an attempt to offset increasing competition from other exchanges such as those operated by CME Group. - more

     Baosteel Keeps Domestic Prices of Most Sheets for August Unchanged - According to informed sources, China's Baosteel disclosed on 10 July its domestic prices of steel products for August shipment. At this point, it is said to have raised the price of stainless steel plate, which has been included since July shipment, by 300 CNY ($46). - more

      Courtesy AISI - In the week ending on July 14, 2018, domestic raw steel production was 1,783,000 net tons while the capability utilization rate was 76.1 percent. Production was 1,733,000 net tons in the week ending July 14, 2017 while the capability utilization then was 74.3 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 14, 2018 is down 0.5 percent from the previous week ending July 7, 2018 when production was 1,792,000 net tons and the rate of capability utilization was 76.4 percent. - more

      Lakes, rivers near abandoned mine sites likely source of antibiotics - Canadian scientists from Laurentian University have found that waterbodies impacted by decades of mining activity could be a potential new source of antibiotics. - more

  Morning Nickel Price Statistics & Figures

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

Tuesday, July 17

• Three month nickel closed Monday's trading session at $6.20/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.01/ln lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today's session just under the 263,300 tonne level. There was a noticeable change in the rate of stockpile withdrawals midway thru last week. Since the first recorded gain of the month last Tuesday, daily withdrawal totals have been much smaller than they were prior. Cancelled warrants fell below 25% last week, but back over the 25% level this week. Nickel is deeply entrenched in its negative trend today, and at the moment, testing minor support at $6.18/lb. Not much on the industry news front. Chinese steel production numbers are surprising some western analysts, who felt the pollution control measures that country is taking, would adversely affect production. Other economic news from that country was less impressive to traders. And Noront has lowered its list of candidates for a new billion dollar Canadian ferrochrome plant to two cities.
• Average price of cash nickel so far this month - $6.37/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - London copper rebounds on low inventories, technicals - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• 3 major trends that battery metals investors must pay attention to in 2018 - more
• Stocks Swing as Traders Await Powell; Dollar Slips: Markets Wrap - more
• El Niño WATCH continues, positive Indian Ocean Dipole may develop - more

     Monday's market review - Copper eases after China Q2 data - Copper eased along with most other metals in London on Monday after data showed that China’s economy expanded at a slower pace in the second quarter, pointing to weaker demand. - more

      Special Steel Demand Forecast in Jul-Sept 2018 = Up by 0.5% from year-earlier period = On July 9, the Ministry of Economy, Trade and Industry made clear its demand forecast about special steel products in the period from July to September in 2018 in the lecture made in the Special Steel Association of JAPAN. - more

      Cobalt, lithium and nickel are booming due to China’s insatiable appetite for electric vehicles - World prices of cobalt, lithium and nickel are booming as China’s insatiable need for the battery packs used in electric vehicles drove up demand, recreating the economic bonanza that fuelled commodity-exporting countries a decade ago. - more

      Noront Resources won't be building its $1B Ferrochrome plant in Sudbury or Thunder Bay - The four cities vying for Noront Resources' Ferrochrome Production Facility has been reduced to just two candidates: Timmins and Sault Ste. Marie. - more

      Myanmar reveals strong nickel-cobalt upside at Bawdwin - Myanmar Metals has unearthed some very significant intervals of copper and cobalt mineralisation by reassessing drill data generated over the last 12 months at its world class Bawdwin polymetallic deposit in central Myanmar. - more

  Morning Nickel Price Statistics & Figures

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

Monday, July 16

• Three month nickel closed Friday's trading session at $6.34/lb. Indicators at 6:30 am CST today show 3 month nickel trading around $.07/lb lower. Stockpiles of nickel stored in LME approved warehouses fell both Thursday and Friday and started today just over the 263,500 tonne level. Nickel is back in the downward channel it has been trading in since early June. It peaked its head out Thursday, just as the 10 day MVA moved below the 100 day MVA, but was unable to hold its head above water longer than a day. The 200 day MVA is currently sitting at $5.99/lb and still rising, so it is possible, however unlikely, we could see traders eye it for strong support. Nickel averaged $6.88/lb last month, and is averaging $.50/lb lower than that for the half way point of the month. While the mainstream media likes to find reasons for things happening the way they do, and the Trump trade war gets most of the blame for the rout in commodities, there are positives out there in the fundamentals. China is reporting steel production was up 7-1.2% in June and according to Reuters, the highest it has been since May 2014. Some blame the rise in the US Dollar, but looking at charts, the last month in that market has been rather ho-hum compared to the rest of the year to date. The trade war is of obvious concern, and if this is the single driver for commodity traders, then the market is far more nervous than equity traders are.  Today President Trump is meeting with the Russian president and there is concern what might be said in his unscripted and unrecorded one on one meeting. Many remember the last time these two met, Trump revealed top secret information to the Russian leader, and after his unscripted promise to stop military exercises with South Korea to get the North Korean leader's approval, some wonder what will really happen behind closed doors today. And the European Union is now on President Trumps list of 'foes'.
• Average price of cash nickel so far this month - $6.38/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - London copper eases after China Q2 data; eyes on tariff response - more
• Reuters Daily Inside Metals - pdf here
• U.S. Exports of Stainless Steel Mill Products - more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• U.S. import prices post biggest drop in over two years - more
• The Rout in Commodities Can No Longer Be Ignored - more
• China's Jun crude steel output increases 8% on year at 80.20 mil mt - more
• China June crude steel output on daily basis highest since at least May 2014 - Rtrs calculation - more
• Trump Was Asked Who the Biggest U.S. Foe Is. He Mentioned the EU First. - more
• Stocks Mixed as Earnings Rev Up; Dollar Declines: Markets Wrap - more

     Friday's market review - Copper clocks fifth weekly loss, aluminium falls ahead of Trump-Putin summit - Copper clocked up a fifth weekly loss on Friday as trade tensions between the United States and China rumbled on, while aluminium hit a three-month low ahead of a summit between U.S. President Donald Trump and Russian President Vladimir Putin. - more

      China set to play key role in metals markets - Metals and minerals price index of the World Bank rose by 4 per cent in the first quarter following a 24 per cent surge in 2017 due to strong global demand and various supply bottlenecks. - more

      Sault, Timmins still in hunt for smelter - Sault Ste. Marie is one of two Northern Ontario communities still being considered for Noront's ferrochrome processing facility. - more

     Mining town faces loss of bank, doctor, petrol station as it fights for survival - What would happen if your town lost its bank, doctor's surgery, and petrol station within the space of a few months? - more

• Esperance Port trade down but future positive: Port chief - more

      Indonesia's export edges up in June on steep commodity price hike - Indonesia logged a steep shipment of products offshore in June year-over-year as some commodities prices hike lingered, the national statistics bureau said Monday. - more

      Panoramic to reopen nickel project - Panoramic Resources has announced it will reopen its mothballed Savannah nickel project in the east Kimberley, after securing a $40 million loan facility with Macquarie Bank. - more

      Concentrating solar power moves into a whole new age (and DOE is on board) - Despite the usual political headwinds, the US Department of Energy seems determined to sail the ship of US energy independence into the sparkling green future of renewables. - more

      How Mining Tycoons Are Trying to Foil a Big U.K. Bribery Probe - The mining tycoons behind Eurasian Natural Resources Corp., the former FTSE 100 company suspected of paying bribes to buy mines in Kazakhstan and Africa, say their own lawyer conspired with Britain’s top cop to incriminate them so he could fleece them for millions of pounds. - more

  Morning Nickel Price Statistics & Figures

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

Thursday, July 12

• Three month nickel closed Wednesday's trading session at $6.30/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.15/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose for the firs time this month and started today's session just over the 263,700 tonne level. Nickel fell to a low of $6.20/lb yesterday, and has rebounded this morning and is currently trading at last Friday's level. This move has helped keep the 10 day moving average just north of the 100 day, and nickel is currently trading above both. The 30 day moving average, which had been in an upward trend for as long as we can remember, went negative the last week of June and has now fallen back below the $15,000/tonne level. Today's spike pushes nickel out of its five week down trend, and if it holds, this fact could give technical traders ammo for a further push north. While the fundamentals support nickel, political factors are causing hesitation and volatility in both commodities and equities. Will the trade spat hurt future growth, or worse? Will cooler heads prevail or will the spat grow more nasty? Will Russia and the US be allies next week, or will NATO decide Putin would make a more predictable friend? We live in interesting times indeed. This is our last update for the week, so we hope each of you has a safe and enjoyable weekend and invite you back next week.   
• Average price of cash nickel so far this month - $6.39/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Nickel rebounds as bullish investors go bargain hunting - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Shizuishan, China Begins to Sort out Polluting Firms - more
• The shadowy Chinese fund at the heart of the copper rout: Andy Home - more
• US Voters support mine permitting reform to decrease import reliance of defense supply chain - more
• China, U.S. Hint at Chance for Talks After Trump's Tariff Threat - more
• European Stocks Rebound From Trade Spat Concerns, Sky Surges - more

     Wednesday's market review - Metals slide on escalating trade war; consumers dip in - Industrial metals tumbled on Wednesday, with copper, zinc and lead sinking to the lowest in about a year as speculators unleashed selling on the back of a further escalation in the U.S.-Chinese trade conflict. - more

      Prices of CR Stainless Steel in Asia Remain Extremely Sluggish - The prices of cold-rolled stainless steel in the Asian region, which have remained sluggish awhile, are now showing almost no fluctuations at all. What lies behind this is said to be PT Indonesia Tsingshan Stainless Steel advancing into the export market more aggressively than before. - more

     Low Prices, Sapling Trees Weigh on Philippine Nickel Miners - Nickel ore exports from the world’s second largest nickel producer, the Philippines, could decline in 2018, according to industry insiders. - more

• Nickel miners flaunt planting 4.2 million trees - more

      Contractor's worker proves her metal in HAL: Helps scrap dealer steal 1,050 kg of nickel and titanium; three arrested - Just three months ago, a driver and helper of a water tanker were caught on their way out with 40.5 kg of aluminium block stolen from the Hindustan Aeronautics Limited (HAL) aircraft division. And now, a private firm which bid for purchasing scrap from HAL in an auction is in trouble as its employees were caught by the HAL security personnel with metal stolen from a factory in HAL’s Foundry and Forge Division. - more

      Nickel miners deny ‘conspiracy’ to oust Gina Lopez as DENR chief - The Philippine Nickel Industry Association (PNIA) has belied claims made by President Duterte that miners conspired and lobbied against Gina Lopez to stop the powerful congressional body from approving her appointment as Environment secretary. - more

  Morning Nickel Price Statistics & Figures

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

Wednesday, July 11

• Three month nickel closed Tuesday's trading session at $6.42/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.21/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and started today just over the 263,200 tonne level. On the news front, most was very positive for the future of nickel . Lower prices are forcing Philippine miners to look for higher grade nickel - a positive long term if their search is successful. Stainless steel production around the world was up 9.5% in the first quarter of the year, with only North America showing a slight decrease, Tesla announced plans to build a plant in China with a capacity to build 500,000 electric cars a year, that's a lot of nickel containing batteries, and stockpiles continue to fall. So one might think the price of nickel would be heading higher today, especially after the recent stumble it has taken. But there is one more news item out there overshadowing all the positive and that is the announcement by the US President yesterday that he is taking another $200 billion dollar shot in the trade war he started. Markets around the world, which had finally swallowed the fact the whole trade war threat was more than a dare, and had decided the economy was too strong for any trade spat to disrupt the good times, were taken off guard by the announcement. There are very few things you can count on as predictable in world trading markets, but negative reactions to bad surprises can be quick, and in some cases, overdone. Nickel prices, in a one hour span this morning, fell off a cliff, but at least for the last few hours, have stabilized. The charts are looking rather dismal this morning, and technical traders are probably doing some deep analysis. Just a week ago, the trading price of nickel fell below the 100 day moving average, and the 200 day, looked too low to be even considered a threat. Today, the charts reveal nickel is trading about half way between the 100 day and the 200 day and today or tomorrow, the 10 day line will slip below the 100 day. Reuters has the 200 day at $5.96/lb and with nickel trading around $6.21/lb at the moment, what seemed impractical a few days ago, suddenly seems possible. Today's drop does push nickel back into the down trend channel it has been in since early June, which early trading yesterday had almost broke out of. The long term demand picture for nickel remains positive - with only the potential damage from a nasty trade war as an immediate threat to the picture.
• Average price of cash nickel so far this month - $6.43/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Metals sink on fresh U.S. tariff threat; copper, zinc at 1-yr low - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Tesla goes big in China with Shanghai plant - more
• China Has Arsenal of Non-Tariff Weapons to Hit Back at Trump - more
• European Stocks Fall as U.S., China Trade Tensions Intensify - more

     Yesterday's market review - Zinc hits 1-year low, narrower deficit on the horizon - Zinc prices fell to their lowest in more than a year on Tuesday as expectations of rising supplies and a narrowing deficit sparked a sell-off that accelerated after prices fell below key technical support levels. - more

      Stainless Steel Production increases by 9 5 percent to 12 8 Million Tons in the first three Months of 2018 - The International Stainless Steel Forum (ISSF) has released figures for the first three months of 2018 showing that stainless steel melt shop production increased by 9.5% year on year to 12.8 million metric tons. - more

      PH nickel exports seen dropping 25% this year - Philippine nickel ore shipments are seen to decline by 25 percent to 30-35 million wet metric tons (WMT) in 2018 as nickel producers shift to higher-grade ore to compensate for price drops in the world market, the Philippine Nickel Industry Association (PNIA) said on Tuesday. - more

      Nickel miners pinning hopes on greater adoption of e-vehicles - Nickel miners said their confident outlook is based on the rise of electric vehicles, despite depressed global prices for the metal. - more

  Morning Nickel Price Statistics & Figures

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

Tuesday, July 10

• Three month nickel closed Monday's trading session at $6.45/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME approved warehouses fallen Monday and started today just below the 264,000 tonne level. Nickel closed slightly higher yesterday, but still closed below the 100 day moving average, which for the last few sessions, is acting more like a line of resistance, than a price average. Commodities are mostly trading in the negative this morning and except for tin, all base metals are in the red. Nickel averaged $6.88/lb last month and is currently averaging $.44/lb lower this month. LME nickel stockpiles have fallen another 3% in the last seven sessions, in a period that is typically called the "slow period" for stainless steel production in much of the world.  
• Average price of cash nickel so far this month - $6.44/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - LME zinc sinks to 1-year low as metals rally fades - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Nickel Outlook Key To Independence Group - more
• China Factory Inflation Accelerates as Commodity Prices Edge Up - more
• China 2020 pollution plan adds uncertainty to iron ore, steel prices: Wood Mac - more
• Centaurus Metals’ Itapitanga nickel-cobalt project impresses with high recoveries - more
• A U.S. Recession Indicator Flashes Red for Leuthold's Paulsen - more
• Stocks Advance Before Earnings; Pound Declines: Markets Wrap - more

     Monday's market review - Copper rallies, focus on U.S.-China trade dispute - Copper rallied on Monday alongside equities as worries about economic growth receded, but an escalating trade dispute between the United States and China is expected to cap prices. - more

      Electric vehicle demand will double nickel price – as soon as 2022 - After a gravity-defying run, nickel has now also succumbed to weakness in the industrial metals complex as global trade fears mount, declining to $14,125 per tonne on Monday. - more

      Philippines nickel ore exports seen dropping up to 17 pct on low prices - The Philippines’ nickel ore exports could drop by up to 17 percent this year as weaker prices curb output in the world’s second-biggest supplier, the head of a nickel mining industry group said on Tuesday. - more

• How China's e-vehicle demand boosts Philippines' nickel industry - more

      Price surge sees nickel mining industry in Australia rebound - A recent jump in the price of nickel has reinvigorated the industry in Australia with the Avebury nickel mine set to reopen on the island state of Tasmania. - more

      Courtesy AISI - In the week ending on July 7, 2018, domestic raw steel production was 1,792,000 net tons while the capability utilization rate was 76.4 percent. Production was 1,733,000 net tons in the week ending July 7, 2017 while the capability utilization then was 74.3 percent. The current week production represents a 3.4 percent increase from the same period in the previous year. Production for the week ending July 7, 2018 is up 0.6 percent from the previous week ending June 30, 2018 when production was 1,781,000 net tons and the rate of capability utilization was 76.0 percent. - more

  Morning Nickel Price Statistics & Figures

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

Monday, July 9

• Three month nickel closed Friday's trading session at $6.44/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Thursday and Friday and started the week just over the 265,500 tonne level. Nickel closed below the $14,000 tonne level for the first time since early May on Friday, and after spending the last four trading days below the 100 day moving average, it appears traders have finally been able to crawl above that level this morning. The market has been in a down trend since the middle of June, but with the 200 day MVA running just below $6/lb, the bull market remains intact. For news, the last four days have been very quiet, with the trade sanctions and the recognition by the mainstream media, we are finally in a trade war, taking the headlines. Avebury nickel mine in Australia is gearing up to re-open, thanks to the higher nickel prices and positive long term outlook. The World Cup is an all Europe affair with France, England, Belgium and Croatia advancing to the final four. But the headline that has the world's attention appears to be the ongoing rescue of the boys soccer team in Thailand, that have been trapped in a cave for over a week now. It has been a long time since prayers from so many different religions, have been spoken for a single cause. Here is hoping no more lives are lost in this rescue mission of mercy, and that you have a successful week.
• Average price of cash nickel so far this month - $6.46/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Copper rallies, focus on U.S.-China trade dispute - more
• Reuters Daily Inside Metals - pdf here
• U.S. Imports of Stainless Steel Mill Products - more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Fastmarkets reports that Chinese customs has suspended the publication of trade data for some key metal products including nickel scrap and concentrates.
• Metal Markets Are Preparing for a New World Disorder - more
• Here's How a Trade War Between the U.S. and China Could Get Ugly - more
• Stocks Rally Before Earning Season; Dollar Weakens: Markets Wrap - more

     Friday's market review - Copper pares losses, some see fresh 11-month low as bottom - Copper rebounded on Friday from a fresh 11-month low, as some investors regard the recent sharp losses as exaggerated and believe the metal has hit bottom. - more

      Rising nickel price prompts owners to restart Avebury mine after nine-year halt to operations - The Avebury nickel mine near Zeehan is expected to restart as early as January next year, with hopes it will create more than 200 jobs on Tasmania's west coast. - more

     Australian Mines to export record battery-grade cobalt and nickel samples - Australian Mines will export 40kg of battery-grade nickel sulphate and 4kg of battery-grade cobalt sulphate to Korean off-take partner SK Innovation, setting a record for the largest known shipment of such ores mined and processed in Australia. - more

       Voisey’s Bay: Project Update & Opportunities - The Early Days - I remember way back in the early 1990’s; there were a lot of lands staked in Labrador as prospectors were looking for diamonds. - more

      Madang landowners get K25m payment - Landowners of the Ramu nickel and cobalt mine in Madang receive their royalty payment of more than K25.5 million on Friday. - more

  Morning Nickel Price Statistics & Figures

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

Thursday, July 5

• Three month nickel closed Wednesday's trading session at $6.42/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.05/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and Wednesday and started todays session just below the 268,400 tonne level. Nickel fell below its 100 day moving average (MVA) yesterday and is currently fighting to stay above this technically important level. The commodity trading board has a lot less red showing on it this morning, as traders prepare for the next wave of tariff's to begin on Friday, but apparently hope the talk about auto tariff's is more rhetoric than realistic. Much of the news has more to do with min9ing PR than with news. Norilsk is trying to convince Russians that the reason their plant turned rivers red is part of their anti pollution crusade. Philippine miners are trying to convince their President that their tree planting crusade is good for the environment, irregardless the trees were there first. And a group calling themselves Minnesota miners is trying to convince Minnesotan's without their proposed mine, they might no longer have modern things like cell phones. And Australia's favorite miner, Clive Palmer, is decorating Australia with "Make Australia Great Again" billboards featuring a photo of the billionaire. Proving to the Millennial's that there is a future in Public Relations - and politics. This is our last update for a shortened week and we hope each of you has a safe and relaxing weekend and invite you back next week.
• Average price of cash nickel so far this month - $6.54/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Base metals sink as U.S.-China tariff war looms - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Miner buys claim in search of cobalt and nickel near Cootamundra - more
• Australian Mines Breaks Records with Nickel and Cobalt Shipment - more
• Europe Stocks Rally With U.S. Futures; Euro Rises: Markets Wrap - more

     Wednesday's market review - Copper, zinc hit new multi-month lows amid trade tensions - Copper and zinc slid to fresh lows on Wednesday as speculators stepped up selling ahead of new trade tariffs on goods from China and the United States which could dampen demand for industrial metals. - more

      Bullish office tips gold to hit $US1380 an ounce - (quote) It now expects nickel to average $US13,525/t across 2019 and $US13,250/t over 2020, with the commodity’s contribution to the nation’s exports climbing from $US2.35 million last financial year to $2.82 million in 2019-20. - more

      Blood coloured rain in Arctic? A biblical plague? The apocalypse? What’s going on? - In fact, the 'rain’ turning all cars red in a Norilsk parking lot is a sign that pollution IS finally being tackled. - more

      Nickel miners claim planting program covers 2,000 hectares - The philippine Nickel Industry Association said its members have been planting trees to rehabilitate sites near their mines in northeastern Mindanao and Palawan. - more

      Bindura Nickel Corp in the red - Bindura Nickel Corporation is in the red after the group’s current liabilities exceeded current assets by $4,7 million according to the financial report for the year ended March 31, 2018. - more

      Minnesota Miners Purchase Billboard - The group Minnesota Miners has taken a step further in their efforts to promote the importance of copper-nickel mining. - more

  Morning Nickel Price Statistics & Figures

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

Tuesday, July 3

• Three month nickel closed Monday's trading session at $6.60/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.07/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today just under the 269,900 tonne level. Nickel fell as low as $6.56/lb this morning but is currently trading higher. The 10 day moving average is at $6.75/lb, and there is plenty of room left to recover yesterday's losses. The overall downward trend in place since early June continues. Nickel may be getting a psychological boost today from reports President Duterte of the Philippines has promised to end mining in that country "soon". It is hard to tell if this is simply populist rhetoric, or another threat, but any talk of banning mining in the Philippines, sends a nervous shudder thru the nickel market. Last century, that threat may not have meant much, but with the wide use of the so called "pig nickel" in China in the last decade, and the sudden market for low nickel content rock, talk of any potential disruption in service from either Indonesia or the Philippines makes the entire industry stand up and take notice. Tomorrow is Independence Day, here in the States, so our next update for this week, will be on Thursday.
• Average price of cash nickel so far this month - $6.61/lb
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Copper bounces back from 7-month low, focus on U.S.-China trade dispute - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Halfway through 2018 and the mining rally is over - more
• Trade tensions, China worries cloud commodities outlook - more
• Commodities Face a Twin Threat, Morgan Stanley Says - more
• SocGen Buys Commerzbank Equity Markets and Commodities Unit - more
• Stocks Rise as China Talks Up Yuan; Oil Advances: Markets Wrap - more
• ENSO neutral, but 50% chance of spring El Niño - more

     Monday's market review - Copper hits 7-month low as U.S., China trade tensions rumble - Copper prices hit seven-month lows on Monday as the market priced in weaker demand in top consumer China, which is embroiled in the trade spat with the United States even as its manufacturing sector slows. - more

      Inventory draws highlight nickel shortages, buttress prices - Two years ago the chances of a nickel price recovery seemed remote, but that mindset has changed as shrinking stocks and falling supplies have created a bullish backdrop for the stainless steel ingredient. - more

      Philippines' Duterte says to end mining 'one of these days' - Philippine President Rodrigo Duterte said on Monday he would soon halt mining in the Southeast Asian nation because of the environmental damage it has caused, renewing his threat made nearly two years ago to shut down the industry completely. - more

      The difficulties of enforcing regulations on the dangerous nickel ore trade - The extreme dangers of the nickel ore trade, where liquefaction of the cargo can cause a vessel to sink in a matter of minutes are well known, but enforcing regulations on this valuable business has proved difficult in remote mining and loading locations. - more

      Glencore Slumps as U.S. Orders Documents in Corruption Probe - Glencore Plc tumbled the most in two years as its African troubles escalated dramatically after U.S. authorities demanded documents relating to possible corruption and money laundering. - more

      Courtesy AISI - In the week ending on June 30, 2018, domestic raw steel production was 1,781,000 net tons while the capability utilization rate was 76.0 percent. Production was 1,747,000 net tons in the week ending June 30, 2017 while the capability utilization then was 74.9 percent. The current week production represents a 1.9 percent increase from the same period in the previous year. Production for the week ending June 30, 2018 is up 0.5 percent from the previous week ending June 23, 2018 when production was 1,772,000 net tons and the rate of capability utilization was 75.6 percent. - more

      Letter: Enviro review of Coniston smelter unlikely - I was greatly concerned with Mayor Brian Bigger’s statements about assessments and reviews of smelters in Ontario. - more

  Morning Nickel Price Statistics & Figures

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

Monday, July 2

• Three month nickel closed Friday's trading session at $6.75/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.13/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and Friday and started the second half of 2018 just over the 271,800 tonne level. Nickel rose on Thursday and then closed the week and month where it did on Wednesday. Today, the market is trading much lower and looks to test minor support at $6.60/lb. If that level fails, look to $6.30/lb as the next important level. So why is the commodity board swimming in red this morning? Many of the tariff's that have we have been talking about for the past few weeks, started on Sunday, and the markets are reacting. Generally, July and August are not bullish months for nickel, as stainless steel production slips with summer vacations. We didn't see this last year, with the market in its second month of a bullish run we are still in. This day last year, nickel was trading for $4.64/lb, up over $.50/lb from May 1st. And while the price has risen, stockpiles are down. On this date last year, LME stockpiles stood at 371,460 tonnes, and six months ago, they stood at 366,612. That is a drop of a little over 5000 tonnes in the last six months of 2017, but a nearly 100,000 tonne drop since. That is a mind boggling figure considering cancelled warrants are down to the 25% range. Unless someone is secretly buying and stockpiling nickel somewhere off the board, these numbers are alarming and show the supply/demand cycle has shifted to favor production, which is apparently having a difficult time keeping up. Short work week for many North Americans, with Canada celebrating Canada Day today, and US closed on Wednesday for Independence Day. Enjoy your week!
• Average price of cash nickel so far this month - $6.85/lb (final for June)
• Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

• Reuters metals morning - Copper hits 3-month low as U.S., China trade tensions rumble - more
• Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price - more
• Yieh Daily Asian Stainless Steel News - more
• Baltic Dry Index - (chart)
• Alloyed for Lasting Value video - here
• Self Repairing for Lasting Value video - here
• Trillion dollar wipeout: world stocks' worst first half since 2010 - more
• Russia Files Claim Against U.S. Steel, Aluminum Duties to WTO - more
• China cuts tariffs on imports from South Korea, India and others as trade war with US looms - more
• ‘It’s going to be a major concern for us’: Canada-U.S. trade dispute hurting local business - more
• Trump Tweet, Saudis Scramble: Here's How the U.S. Steers OPEC - more
• 'Accidental' gold discovery in Ring of Fire prompts Noront Resources to seek exploration partner - more
• Stocks Slump on Trade Risk; Euro Falls With Pound: Markets Wrap - more

     Friday's market review - Zinc prices slip to worst quarter since 2015 - Zinc prices slipped on Friday, notching up their worst quarter since 2015 with investors skeptical of reports that Chinese smelters plan to cut output by 10 percent in response to low prices and treatment charges. - more

      Clive Palmer calls for Government support to reopen Townsville nickel refinery but Premier says no - Queensland's Premier has ruled out giving controversial businessman Clive Palmer any help to reopen the beleaguered Yabulu nickel refinery near Townsville, instead saying he should pay workers and bills. - more

• Clive Mensink 'probably having too much fun' overseas, son tells court - more

     Local nickel mine to be purchased - A local Cobalt-Nickel mining project between Cootamundra, Young and Grenfell is in the process of being purchased by E2 Metals Ltd. - more

      Press Release - For the month of July 2018, North American Stainless will decrease the fuel surcharge to 26% for stainless flat and long products. - source

  Morning Nickel Price Statistics & Figures

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

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