Nickel closed Thursday's trading
session at $9.92/lb ($21,880/tonne). Indicators at 7:20 am CST today show
nickel trading around $.10/lb
higher. Stockpiles of nickel stored in LME licensed warehouses slipped
on Thursday and started the final trading day of July just over the
57,800 tonne level. Eramet, in their corporate results yesterday, put
the
average cost of nickel at $27,575/tonne ($12.51/lb) for the first half
of 2022. Analysts polled by Reuters, put nickel at $22,000/tonne for
the fourth quarter - about where it is trading at the moment. We are
running a little late this morning, so we will keep the comment section
short and get this uploaded. Have a great Friday, a relaxing weekend,
and we invite you to join us next month for more of the same. Stay safe
out there!
Average price of LME traded cash nickel
so far this month
- $9.73/lb
Reports
Reuters metals morning - Copper touches three-week peak on U.S. rates and softer dollar - more
Thursday's market review - Copper rebounds on hopes
for slower U.S. rate hikes, China stimulus - Copper prices rose to a
three-week high on Thursday as investors anticipated slower U.S.
interest rate rises and improved demand from top consumer China. - more
POLL-Copper due to recover on Chinese stimulus, infrastructure -
(excerpt) Analysts expect LME cash nickel prices to average $22,000 a
tonne in the fourth quarter, only 1% firmer than current levels. - more
Glencore’s ferrochrome production up on consistent smelter performance
- Ferrochrome production, which is South Africa-based, rose 2% in the
six months to June 30, reflecting consistent smelter performance,
Glencore reported on Friday. - more
China’s first generation electric cars are dying and no one knows how
to deal with their batteries - The small number of approved battery
recycling companies can’t get their hands on retired batteries, which
are mostly disappearing into small and often unsafe workshops. - more
Russia's Nornickel boosts output of all key metals - Russian metals
producer Nornickel's first-half nickel and palladium output rose year
on year thanks to returning production two mines hit by flooding in
2021, the company said on Thursday. - more
Nickel closed Wednesday's trading
session at $9.87/lb ($21,750/tonne). Indicators at 6:00 am CST today show
nickel trading around $.04/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and ended that session just below the 58,000 tonne level.
Nickel ended on the winning side yesterday, but not by much, and is
down this morning, but not by much. With the US Fed doing exactly what
the market expected yesterday, the lack of surprise meant the market
relaxed. Even the Euro / U.S. Dollar trading appears subdued. So far,
the success story of 2022 has been Indonesia. It seems every week, and
this week, every day, major named manufacturers are investing in
Indonesia thanks to their export ban of nickel. What was a huge and
dangerous gamble, has paid off big time for the country. Two trading
days left in the month. Stay safe out there and have a great Thursday!
Average price of LME traded cash nickel
so far this month
- $9.73/lb
Reports
Reuters metals morning - Most base metals climb on hopes of slower U.S. rate hikes, China stimulus - more
Wednesday's market review - Copper rises on
short-covering and China demand hopes - Copper prices rose on Wednesday
on hopes for improved demand from top consumer China and as some
speculative investors reversed bets on price falls. - more
Stainless steel future prices in China expected to rebound in short
future - The stock of pure nickel in China reached the lowest level in
its history. The low inventory supports the price of nickel, and
stainless steel futures rose accordingly. - more
China Stainless Steel Pricing Sentiment Appears Optimistic in the Remaining Q3 2022 - more
Analysis: Fund managers play the long game on inflation - Not convinced
by central banks' pledge to stamp on inflation, many investors are on
the hunt for assets that will protect their portfolios from years of
decline in the value of money. - more
Steel demand in India to rise by 7-8% during July-September, 2022: JSW
Steel - “Steel demand in the ongoing Q2 period is expected to be 7-8
per cent higher for the industry with a revival of re-stocking activity
from July. - more
Race to Secure Battery Metals Heats Up as GM, Ford Ink Deals -
Undeterred by the slowing global economy, buyers of key components in
the powering of electric vehicles are stepping up efforts to lock in
supplies, with two of the world’s biggest automakers signing direct
deals with producers of so-called battery metals. - more
Indonesia's Krakatau Steel, S.Korea's POSCO plan $3.5 bln investment - more
Nickel closed Tuesday's trading
session at $9.75/lb ($21,505/tonne). Indicators at 6:00 am CST today show
nickel trading around $.11/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell by
over 1000 tonnes and started today just over the 58,300 tonne level.
Stockpiles have fallen more this month than they have since February,
with the main difference being cancelled warrants were running in the
50% range in February, and were under 13% yesterday. On the surface one
might think that means there isn't the demand now that was present in
February, but the March debacle taught us all where most of those
'cancelled warrants' were. We suspect the 13% now is a much better
reflection of 'actual' demand. The Philippines experienced a major
earthquake overnight, but as of this morning, we are not hearing of any
reports of nickel mines being closed. Lot of infrastructure damage, and
collapsed buildings on the island of Luzon. Nickel fell yesterday, but
is higher this morning. All eyes are on the Fed today as they announce
another increase in interest rates in an attempt to get inflation under
control. Lower gas prices may give them cover to increase it less than
the market expects. Stay safe out there and have a great hump day!
Average price of LME traded cash nickel
so far this month
- $9.73/lb
Reports
Reuters metals morning - Copper rises on short-covering and China demand hopes - more
Tuesday's market review - Copper trims gains after
two-week high on China infrastructure hopes - Copper prices climbed to
their strongest in two weeks on Tuesday as optimism about new
infrastructure projects in top metals consumer China and concern about
mine supply spurred speculators to buy back more short positions. - more
China’s crude steel output drops in H1 y-o-y - In the first half of
this year, the crude steel output of China’s enterprise above
designated size was about 16.9 million tons, decreasing by 9% year on
year. - more
GM signs agreements with suppliers, on course to reach 1 million EV
capacity by 2025 - General Motors Co (GM.N) said on Tuesday it had
signed multi-year agreements with LG Chem Ltd and Livent Corp to secure
key raw materials used in manufacturing batteries for electric
vehicles. - more
India’s Jindal Stainless reports 8% rise in net profit in Q1 of FY
2022-23 - India’s Jindal Stainless Limited (JSL) reported net profit of
INR 3.29 billion ($41.31 million) in first quarter (April-June) of
fiscal 2022-23, up 8 percent over corresponding period of previous
fiscal year, a company statement said on Tuesday, July 26. - more
Merafe to post higher interim earnings - JSE-listed chrome miner Merafe
Resources expects to report basic earnings per share (EPS) of between
34.7c and 39.3c for the six months ended June 30, which would be a 51%
to 71% improvement on the basic EPS of 23c reported for the six months
ended June 30, 2021. - more
Toyota plans $1.8 bln Indonesia investment to build electric vehicles
- Japanese carmaker Toyota Motor Corp (7203.T) plans to invest 27.1
trillion rupiah ($1.80 billion) in Indonesia in the next five years to
produce electric vehicles (EVs), Indonesia's economics ministry said on
Wednesday. - more
Nickel closed Monday's trading
session at $10.04/lb ($22,135/tonne). Indicators at 6:00 am CST today show
nickel trading around $.11/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and ended that session just under the 59,400 tonne level. Nickel
is trading higher this morning, even though the Euro is trading lower.
A large group of environmental organizations have banded together and
asked Elon Musk not to invest in Indonesia. We suspect this will go no
where as Musk, more so than many others, appears to consider the
environmental impact before he builds. It is hard to do anything
without impacting the environment some how - the question becomes -
does the good outweigh the bad, and is the damage permanent? There are
those that argue that EV is bad on the environment because of the
damage done during the mining and manufacturing process. Our question
would be - what are their practical alternatives? Renewable energy was
in its infancy when President Reagan pitched the former White House
inhabitants solar panels into the trash. Now forty years later, you see
them everywhere. Yes mining and manufacturing have an environmental
impact. But they can be lessened and hopefully, more will make those
strides as time pasts. As for Musk. He has already caused quite an
environmental stir in the nickel mining industry, so give the man his
due. Stay safe out there and have a great Tuesday!
Average price of LME traded cash nickel
so far this month
- $9.71/lb
Reports
Reuters metals morning - Copper rises on supply risks and softening dollar - more
Monday's market review - Weaker dollar lifts copper,
but demand outlook still shaky - Copper prices rose on Monday, helped
by a weakening dollar that made metals cheaper for buyers with other
currencies, but prices remained near 20-month lows as slowing economic
growth clouded the demand outlook. - more
NGOs ask Musk to not invest in Indonesia's nickel industry over
environmental worries - Dozens of non-governmental organizations (NGOs)
have sent an open letter to Elon Musk, urging the Tesla Inc's (TSLA.O)
chief to not invest in Indonesia's nickel industry on environmental
concerns. - more
Copper Correction Coming? - After closing lower for six consecutive
weeks, and giving up $1.24 along the way, copper got a reprieve last
week, with a reminder that a correction may be coming. It’s not limited
to copper though, as all metals are ready for a bounce. - more
Courtesy AISI - In the week ending on July 23, 2022, domestic raw steel
production was 1,754,000 net tons while the capability utilization rate
was 79.6 percent. Production was 1,862,000 net tons in the week ending
July 23, 2021 while the capability utilization then was 84.4 percent. -
more
Nickel closed Friday's trading
session at $10.07/lb ($22,200/tonne). Indicators at 6:00 am CST today show
nickel trading around $.03/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and start the final week of July just under the 60,200 tonne
level. The World Steel Association reported crude steel production was
down nearly 6% in June compared to June 2021. The Russia/Ukraine region
was hit the hardest - down over 34%. No region was in the positive.
News is on the light side this morning, with nickel coming off a week
of solid gains. It's down this morning, but we don't really see any
reason why. You have five business days left to hit your July goals, so
it's time to "get sum". Stay safe out there and have a great week!
Average price of LME traded cash nickel
so far this month
- $9.68/lb
Reports
Reuters metals morning - London base metals prices pull back on faltering demand outlook - more
Friday's market review - Copper set for first weekly
gain in 7 weeks as risk appetite returns - Copper prices were on track
for their first weekly rise in seven weeks on Friday as investors
returned to riskier assets following a brutal sell-off. - more
ED&F Man gives up LME ring status amid takeover talks with Marex -
The London Metal Exchange (LME) has lost ED&F Man Capital Markets
as a ring dealing member after most of its floor team resigned because
they expect takeover talks with broker Marex to be successful, a source
close to the situation said on Friday. - more
SunSirs: Stainless Steel Fluctuated in a Narrow Range This Week (July
18-22) - According to the price monitoring of SunSirs, stainless steel
was mainly adjusted slightly this week. As of July 22, the daily
average price of spot 304/2B stainless steel flat plate 1.0*1219*2438
(tolerance 0.91) was 15,811.25 RMB/ton, down 0.08% from 15,823.75
RMB/ton at the beginning of the week and down 9.12% year-on-year. - more
Ferrochrome Prices Extended Decline amid Growing Pessimism - more
LME won't ban Nornickel's metal as Russian firm isn't under UK
sanctions -sources - The London Metal Exchange has told some of
its committee members it will not ban Nornickel's metal from its system
as the company is not under UK sanctions even though Chief Executive
Vladimir Potanin is, three sources familiar with the matter said. - more
June 2022 crude steel production - World crude steel production for the
64 countries reporting to the World Steel Association (worldsteel) was
158.1 million tonnes (Mt) in June 2022, a 5.9% decrease compared to
June 2021. - more
Nickel closed Thursday's trading
session at $9.74/lb ($21,470/tonne). Indicators at 6:15 am CST today show
nickel trading around $.13/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today's session just under the 60,800 tonne level.
We posted links to two articles below on forecasts for the supply side.
"Knotty nickel...." talks about risks keeping the price pressure to the
positive side, while "New Indonesia nickel supply...." feels what is
going on in Indonesia will keep the price pressure to the negative
side. After Volkswagen announced it was building its own nickel
processing plant in Indonesia on Wednesday, Ford announced it had
signed an agreement with Vale Indonesia to buy nickel. One thing is
becoming very clear. Indonesia is quickly capturing the lion's share of
the nickel destined for the EV industry. It's Friday and a scorcher
outside for much of the Northern Hemisphere. Stay safe out there and
have a relaxing and enjoyable weekend!
Average price of LME traded cash nickel
so far this month
- $9.67/lb
Reports
Reuters metals morning - Prices of industrial metals rise on supply risks - more
Thursday's market review - Copper retreats on
stubborn recession fears as ECB raises rates - Copper slipped on
Thursday as the European Central Bank raised interest rates by more
than expected, reminding investors of recession risk from aggressive
moves to curb inflation. - more
Knotty nickel supply chain highly exposed to fresh shocks - The nickel
market is hostage to two mercurial players: Russia’s Vladimir Potanin
and China’s Xiang Guangda. - more
New Indonesian nickel supply douses expectations for fresh price rally
- Substantial new nickel supplies from top producer Indonesia in years
ahead will ensure prices don’t return to levels that sparked chaotic
trading in March, despite robust demand growth from stainless steel and
electric vehicle battery makers. - more
Vale Indonesia, China's Huayou sign agreement with Ford for nickel
plant - Nickel miner Vale Indonesia, China's Zhejiang Huayou Cobalt and
U.S. car maker Ford Motor signed a non-binding memorandum of
cooperation to build a plant in Indonesia to extract nickel chemicals,
Vale said in a statement on Thursday. - more
Ford Makes Key Moves to Lock Down Raw Materials, Suppliers for 2 Million EVs - more
Ford Targets 600,000 EVs by Late 2023, Announces Major Battery Plans - more
China’s top steel mill adds its voice to industry’s alarm - The world’s
top steelmaker has added its voice to the growing sense of alarm among
China’s mills over crisis conditions in the industry due to poor demand
and plunging profits. - more
Nickel closed Wednesday's trading
session at $9.61/lb ($21,180/tonne). Indicators at 6:00 am CST today show
nickel trading around $.12/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today's session just under the 61,000 tonne
level. On Monday, the International Nickel Study Group
reported the world had witnessed a surplus of 16,100 tonnes thru the
first five months of 2022. On Wednesday the World Bureau of Metal
Statistics reported the world registered a deficit of 54,900 tonnes
during that same period. Well, isn't that nice. Nickel is trading lower
this morning, possibly due to the Euro taking a dip on the news of
upheaval in the Italian government. Union workers at the Raglan Mine
rejected the company's latest offer and Volkswagen is getting into the
nickel processing business. Stay safe out there and enjoy your Thursday!
Average price of LME traded cash nickel
so far this month - $9.68/lb
Reports
Reuters metals morning - Copper retreats on stubborn recession fears ahead of ECB move - more
Wednesday's market review - Copper rises as upbeat
sentiment lifts base metals - Prices of copper and most other base
metals continued to recover from multi-month lows on Wednesday as
strong U.S. corporate earnings and an easing of gas supply fears in
Europe boosted risk appetite and global stock markets. - more
January to May 2022 Metals Balances - (excerpt) The
nickel market was in deficit during January to May 2022 with apparent
demand exceeding production by 54.9 kt. - more
Steelworkers reject Raglan Mine’s contract offer - A majority of Raglan
Mine’s unionized employees have rejected the company’s July 10 offer
for a new collective agreement. - more
Volkswagen to build nickel processing plant in Indonesia this year -
German carmaker Volkswagen (VW) will build a production and processing
plant for nickel ore in Indonesia for the first time, Indonesian
Investment Minister Bahlil Lahadalia told a press conference on
Wednesday. - more
PolyMet and Teck form JV to develop Minnesota mining projects - PolyMet
Mining Corp and Teck Resources Ltd said on Wednesday they will form a
joint venture to develop their Minnesota copper and nickel mining
projects. - more
Taiwan is preparing to repel the invasion of Russian steel in Asia -
China Steel Corp. stated that it is closely following the offers of
hot-rolled products from Russia and is ready to take steps "against
unfair behavior in trade" if its Chinese customers switch to steel
supplies from Russia. - more
Nickel closed Tuesday's trading
session at $9.38/lb ($20,680/tonne). Indicators at 6:00 am CST today show
nickel trading around $.30/lb
higher. Stockpiles of nickel stored in LME monitored warehouses fell on
Tuesday and started today's session just over the 61,400 tonne level.
Nickel continues its bullish bounce, helped by a stronger Euro. Expect
the Fed to raise rates later this month, which should give the Dollar a
boost. If that happens, we may see this nickel rally stall. Vale
Indonesia reports lower nickel production, due to damage to a furnace.
Steel prices around the world are in decline, but at least one
commentator thinks that may end soon. Stay safe out there and have a
great hump day!
Average price of LME traded cash nickel
so far this month
- $9.68/lb
Reports
Reuters metals morning - Copper rises on weaker dollar, upbeat risk sentiment - more
Tuesday's market review - Demand fears return to
haunt copper prices - Copper prices fell on Tuesday as worries about
demand in top consumer China and elsewhere due to a growth slowdown
were reinforced by rising inventories, while a lower dollar provided
some support. - more
Frequent COVID Outbreak Weighed on Nickel Fundamentals - On the
supply side, although the current terminal demand has improved, the
stubbornly high premiums have led to less supply of Jinchuan nickel in
the market. - more
Losses from steel production in China exceeded $100 per ton - S&P - more
Steel prices in the EU continue to fall as the summer holidays begin -
European steel prices continued to decline this month. However, the
overall rate of decline has slowed, which may indicate that the bottom
will soon be reached. - more
The end of the steel price decline might be near - Let’s get the bad
news out of the way. - I usually start with steel prices and lead
times. But I’d like to start with demand this time, because, Houston,
we have a problem. - more
US makes affirmative determinations on AD & CVD orders on
corrosion-resistant steel products from 5 countries - According to the
US International Trade Commission (USITC)’s determination of five-year
reviews on corrosion-resistant steel products from China, India, Italy,
South Korea, and Taiwan, .... - more
Vale Indonesia Q2 nickel matte output falls 16.5% y/y -statement -
Nickel miner Vale Indonesia INCO.JK reported 12,567 tonnes of nickel
matte output for the April-June period, down 16.5% from the same period
last year which was at 15,048 tonnes, the company said in a statement
on Tuesday. - more
Nickel closed Monday's trading
session at $9.37/lb ($20,650/tonne). Indicators at 6:00 am CST today show
nickel trading around $.33/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and ended that session just below the 62,400 tonne level. Nickel
continues to rise, helped by a surging Euro. The Euro has a long way to
go to get back where it was earlier this year, but that could also
apply to nickel. BHP reported today "Nickel West production decreased
by 14% to 77,000 tons due to the significant impacts of Covid-19
related labor absenteeism and workforce shortages, and unplanned
downtime at the oxygen plant leading to a 15-day smelter outage in the
June 2022 quarter." For those tired of hearing about the "flu", the
recent surge in cases is having a direct, or indirect, economic impact
on business. INSG reports a surplus of nickel production in May. Stay
safe out there and have a great Tuesday!
Average price of LME traded cash nickel
so far this month
- $9.68/lb
Reports
Reuters metals morning - London copper falls as bleak demand outlook, firm dollar weigh - more
Monday's market review - Copper bounces on
short-covering as China supports property sector - Copper and other
industrial metals prices bounced on Monday as bearish investors bought
back positions following news about government support for the economy
in top metals consumer China, with further support coming from a weaker
dollar. - more
China's "nickel king" Tsingshan Group suspected of being squeezed by Glencore and countermeasures - more
Global nickel market surplus rises to 20,700 tonnes in May - INSG - The
global nickel market increased its surplus to 20,700 tonnes in May from
a surplus of 3,200 tonnes a month earlier, data from the International
Nickel Study Group (INSG) showed on Monday. - more
Courtesy AISI - In the week ending on July 16, 2022, domestic raw steel
production was 1,738,000 net tons while the capability utilization rate
was 78.9 percent. Production was 1,862,000 net tons in the week ending
July 16, 2021 while the capability utilization then was 84.4 percent. -
more
Challenging outlook for global supply chains as costs rise while orders
fall - Cocktail of challenges triggers a successive quarterly drop in
overall trade activity while invoice traffic drops by 7 points as
softening orders start to bite. - more
RCEP and the Rise of the Nickel-Based Industry - Dr. Harinowo served
the Central Bank of Indonesia for twenty-five years, including as
Director and Head of the Money Market and Monetary Management
Department, where he led the implementation and management of the
bank’s monetary policy. - more
Nickel-tycoon Vladimir Potanin has big plan for Arctic hub Dudinka - A
significant expansion of capacities is underway in the far northern
port town of Dudinka as shipping on the northern end of the Yenisey is
experiencing rapid growth. - more
Steel production unprofitable in Russia: report - more
Nickel closed Friday's trading
session at $8.82/lb ($19,440/tonne). Indicators at 6:00 am CST today show
nickel trading around $.37/lb
higher and nearly back in the plus side for the calendar year.
Stockpiles of nickel stored in LME licensed warehouses fell on Friday
and start the second half of July just over the 62,500 tonne level.
Cancelled warrants jumped from the 13 to 16% range on Friday as well,
the highest its recorded since the trading freeze of March. Nickel was
down sharply on Friday, before ending on the plus side for the day; a
trend it appears to be comfortable with this morning. The Euro is off
Thursday lows, which is helping add additional positive momentum. China
reported Friday that industrial production in that country for the
first half of 2022 was up 3.4%, while steel output was down 6.5%. It's
a new week, and depending on where in the States you live, this could
be a dangerous week with heat - much like Europe and England. So stay
cool, stay safe, and have a great week!
Average price of LME traded cash nickel
so far this month
- $9.73/lb
Reports
Reuters metals morning - Copper rebounds on short-covering as China supports property sector - more
Friday's market review - Copper rebounds from probe
below $7,000 after U.S. data - Copper prices rebounded on Friday after
touching 20-month lows after U.S. data eased worries about high
inflation and pushed the dollar lower. - more
LME delays by seven weeks requirement for OTC reporting - The
London Metal Exchange will delay by seven weeks a requirement for
members to report all over-the counter (OTC) positions, a move
initiated after off-exchange trading was partly blamed for a wild spike
in nickel prices in March. - more
Explainer: Price surge prompts regulators to peer into commodity hinterland - more
China’s crude steel output decreases by 6.5 percent in H1 as demand
slows - In the January-June period of the current year, China’s outputs
of pig iron, crude steel and finished steel amounted to 438.93 million
mt, 526.88 million mt and 667.14 million mt, decreasing by 4.7 percent,
6.5 percent and 4.6 percent, respectively, year on year, as announced
by China's National Bureau of Statistics (NBS). - more
China's industrial output up 3.4% in first half - more
SunSirs: Stainless Steel Fell Weakly This Week (July 11-15) - more
SS Contract Fell to a New Low under Pressure - more
Klöckner acquires stainless operations - Klöckner & Co has acquired
the companies Hernandez Stainless GmbH and RSC Rostfrei Coilcenter
GmbH, Kallanish learns from the German distribution group. - more
Supply Chains Unlikely to Stabilize Until 2024, Survey Finds - More
than half of supply chain executives don’t expect a "return to normal"
until the first half of 2024 or beyond, according to a new survey by
Carl Marks Advisors, in partnership with SupplyChainBrain. - more
Nickel closed Thursday's trading
session at $8.75/lb ($19,300/tonne). Indicators at 7:00 am CST today show
nickel trading around $.20/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today just under the 63,100 tonne level. Nickel is
no longer in danger of trading at 2022 lows, it is well below that
level now. Last nights close below and a continuing trend lower has put
traders in an area the haven't seen since last December. If you have
some stainless scrap, you might want to consider getting rid of it
sooner, rather than later. The index we follow has nose dived this
week. The International Nickel Study Group is convinced we will see a
nickel surplus this year, which in month 7 of 12, we have yet to
experience yet. Story below. In other news,the seven day average of new
covid cases in the U.S. is
nearing the 200,000 a day level. Updated statistics, show the seven day
average on fatalities, has risen from around 300 a week ago, to over
400 a few days ago. Actual U.S. deaths recorded on the 13th, was 880
souls. The newest variants have apparently mutated to get around much
of the immunity that Americans had built up from prior cases of covid
and/or vaccines. Highly contagious, Shanghai reported its first case of
the BA.5 variant earlier this week, and traders are bracing for
potential expanded closures and quarantines. Speaking of vaccine, the
U.S. has given emergency approval for another two shot vaccine - this
one from Novavax - severe allergic reactions a possible side effect.
Two shots again? What happened to those spray up your nose vaccines they were supposed
to be working on? California's AB 5 law, which is causing such an
uproar in the California trucking industry, does little more, in our
opinion, than confirm the legal description of an independent
contractor and brings it more in line with what the Federal law
says. An employer can not tell someone what to do, when to do it, where
to do it, and sometimes, how to do it - and oh by the way, you are an
independent contractor and run your own business and are not one of our
employees. Leasing trucks to drivers on lease to own programs,
mandating the prior, and then calling them independent contractors, has
become a major source of revenue for the trucking industry, so this
change is causing all sorts of consternation within the industry. Stay safe out there and have a great weekend!
Average price of LME traded cash nickel
so far this month
- $9.83/lb
Reports
Reuters metals morning - Copper breaks below $7,000 mark on weak Chinese data - more
Thursday's market review - Industrial metals tumble
as dollar rises and growth slows - Industrial metals prices fell
sharply on Thursday as markets braced for rapid interest rate rises
that will slow economic growth and reduce demand for metals. - more
Hedge fund Elliott, Jane Street invoke Human Rights in LME nickel
lawsuit - U.S. hedge fund Elliott Associates and Jane Street Global
Trading are invoking the Human Rights Act as they seek to sue the
London Metal Exchange (LME) for a combined $472 million over its
decision to cancel nickel trades in March. - more
LME used ‘expert judgment’ to wipe $4bn trades, defense to Elliott and Jane Street suit claims - more
Factbox-Extracts from court documents in LME nickel legal case - more
INSG: Global nickel supply to rise by 18.2% in 2022, driven by
increased capacity in Indonesia - According to a report from the
International Nickel Study Group (INSG), global nickel consumption rose
by 16.2% last year, boosted by the stainless steel industry and the
fast-growing battery industry. - more
Nickel closed Wednesday's trading
session at $9.59/lb ($21,145/tonne). Indicators at 6:00 am CST today show
nickel trading around $.31/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today's session just under the 63,500 tonne
level. Nickel fell overnight in China, and LME traders apparently are
taking a cue, as nickel is sharply lower this morning. Yesterday's
close was its lowest since early January and nickel is suddenly in real
danger of turning negative for the year. Stainless steel bar products
are on the rise, China steel output still lower, and the U.S. is
becoming more interested in securing sources of critical minerals. Stay
safe out there and have a great Thursday!!
Average price of LME traded cash nickel
so far this month
- $9.90/lb
Reports
Reuters metals morning - Industrial metals fall as dollar rises and growth slows - more
Wednesday's market review - Copper slides to
20-month low on economic slowdown fears - Copper prices on Wednesday
fell to their lowest since November 2020 as data showing the highest
U.S. inflation in over 40 years bolstered the case for more interest
rate rises that would restrain economic growth and metals demand. - more
Universal Stainless hikes base price of bar products by 9-12% -
Universal Stainless & Alloy Products, Inc., a stainless steel
manufacturer in the US, announced to hike the base price of its bar
products by 9% to 12%, becoming effective immediately. - more
Column:
Collapsing metal inventories clash with plunging prices - London Metal
Exchange (LME) stocks are rapidly dwindling. - more
U.S. Will Back Miners to Stop China's Weaponization of Battery Metals -
Developers of battery metals projects can win support from the U.S.
government as it seeks to counter the dominance of China in
clean-technology supply chains, Energy Secretary Jennifer Granholm
said. - more
CISA mills’ daily steel output down 1.98 percent in early July - The
China Iron and Steel Association (CISA) has announced that in early
July (July 1-10) this year the average aggregate daily crude steel
output of large and medium-sized steel enterprises in China - all CISA
members - totaled 2.0748 million mt, down 1.98 percent compared to late
June (June 21-30) this year. - more
Nickel closed Tuesday's trading
session at $9.67/lb ($21,325/tonne). Indicators at 6:00 am CST today show
nickel trading around $.03/lb
higher. Stockpiles of nickel stored in LME license warehouses fell on
Tuesday and started today just over the 63,600 tonne level. Another
ho-hum day with LME nickel continuing its slow slide, and up slightly
this morning. The US continues to average over 100,000 new COVID cases
a day, but it appears the fatality rate continues to edge lower. Europe
is getting hit much harder as well. This could add pressure to
worldwide economies already bracing for a potential slowdown. Inflation
could be slowing as well. That said - life has served you a big bag of
sour lemons today. What you do with them, is up to you. Might we
suggest - lemonade? Stay safe out there and have a great hump day!
Average price of LME traded cash nickel
so far this month
- $9.91/lb
Reports
Reuters metals morning - Copper sinks to 20-month low on economic slowdown fears - more
Tuesday's market review - China ramp-up sends
aluminum prices to 14-month lows - Aluminum prices tumbled to their
lowest in more than a year on Tuesday on expected increases to supply
from top producer China, where smelters have been ramping up output. - more
How a Chinese metal tycoon imploded the nickel market — and walked away
with billions - Most investors don't lose an $11 billion bet and walk
away unscathed, but a Chinese metal tycoon known as "Big Shot" has done
exactly that. - more
Are the nickel and cobalt chemical markets shifting away from
traditional pricing mechanisms? - Nickel and cobalt chemical prices
have traditionally been determined by their respective finished metal
prices, but lately they have shifted towards each being priced
independently. - more
Commodity swings could pose 'outsize' hit to economy, says G20 watchdog - more
Turkey's stainless steel imports grow in May m-o-m, y-o-y - According
to statistics, Turkey's stainless steel imports totaled 69,600 tons in
May this year, increasing by 1.25% compared to the previous month and
also growing by 8.9% from the same month a year ago. - more
Chrome prices to weaken but China stimulus could offset deterioration,
says Tharisa - Chrome prices were expected to “retreat” in the current
quarter following a slowdown in world economic activity, although there
was the possibility of declines being offset by China stimulus, said
Tharisa, the chrome and platinum group metals (PGMs) producer. - more
Nickel closed Monday's trading
session at $9.91/lb ($21,850/tonne). Indicators at 6:00 am CST today show
nickel trading around $.12/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Monday and ended that session just under the 64,100 tonne
level. The tanking Euro continues to pressure base metals, and nickel
bulls are struggling to keep their heads above water. No major
headlines to jolt the markets today, but a fair amount of news for your
reading pleasure. Stay safe out there and have a great day!!
Average price of LME traded cash nickel
so far this month
- $9.93/lb
Reports
Reuters metals morning - London copper falls on stronger dollar, demand worries - more
Monday's market review - Global demand fears,
soaring dollar slam copper prices - Copper prices fell on Monday as
worries about demand in top consumer China due to new coronavirus
restrictions, and elsewhere because of interest rate rises, were
reinforced by the soaring dollar. - more
LME hopes to soon announce nickel Asian trading return, CEO says - more
Stainless Report In the Middle - High
prices, material shortages have dominated the last year in the
specialty metals world, though how long those conditions last remains
to be seen. - more
Column: Hedge funds up the bear ante on Doctor Copper and friends -
Hedge funds are piling the pressure on Doctor Copper and his metallic
friends. - more
Domestic Stainless Steel Output in June Fell as Expected - According to
SMM survey, the domestic stainless steel output in June totalled about
2.6753 million mt, down 177,900 mt or 6.08% MoM and down 3.55% YoY. - more
Russia-Ukraine conflict creates uncertainty for high-grade nickel
supply - The Russia-Ukraine conflict has created uncertainty over
global supply of mined nickel – particularly high-grade nickel, which
is used as battery-grade nickel in the electric vehicle (EV) industry –
market research firm Fitch Solutions Country Risk and Industry Research
(Fitch Solutions) said in its ‘Global Nickel Outlook’ report on July 8.
- more
Raglan Mine makes new offer to striking employees - United Steelworkers
withdrew from negotiations last week; strike started around the end of
May - more
Quebec keeps its nickel control plan secret - The Ministry of the
Environment claims to gradually implement its plan, but does not
provide details. - more
Courtesy AISI - In the week ending on July 9, 2022, domestic raw steel
production was 1,748,000 net tons while the capability utilization rate
was 79.3 percent. Production was 1,862,000 net tons in the week ending
July 9, 2021 while the capability utilization then was 84.4 percent. - more
Nickel closed Friday's trading
session at $9.76/lb ($21,510/tonne). Indicators at 6:00 am CST today show
nickel trading around $.08/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell
sharply on Friday and started this week just under the 64,200 tonne
level. This morning's LME stockpile release was a shot across the bow
for those still forecasting nickel surplus this year. The drop of 1200+
tonnes on Friday was a reminder that they have yet to stop falling. The
Euro is falling this morning, and in our opinion, dragging base metals
with it. Covid is becoming a factor again, and not just inside China
with its zero case policy. New cases are on the rise around the world.
So stay safe out there and have a great week!
Average price of LME traded cash nickel
so far this month
- $9.96/lb
Reports
Reuters metals morning - Copper slips as China COVID worries dull demand outlook - more
Friday's market review - Copper steady as softer
dollar offsets China demand fears - Copper prices steadied on Friday as
the positive impact of a weaker dollar on industrial metals consumption
offset worries about demand in top consumer China. - more
SMM Data: China Stainless Steel Production to Decrease Further in July
after Sharp Decline in June - According to SMM survey, the domestic
stainless steel output totalled 2.68 million mt in June, a drop of
6.08% month-on-month and 3.55% year-on-year. - more
The World Nickel Market in 2022 - Return to Surplus Expected - The
stainless steel sector accounted for over 70% of nickel usage in 2021;
however, demand for electric vehicle batteries surpassed 11% market
share in 2021. - more
Glencore orders full fleet of Epiroc battery-electric mining equipment
for Onaping Depth nickel and copper mine in Canada - Glencore’s Sudbury
Integrated Nickel Operations (INO) has ordered a full fleet of Epiroc
battery-electric equipment for use at the Onaping Depth Project in
Ontario, Canada. - more
Top 50 mining stocks lose $1.2 trillion in market value from peak -
After a brutal second quarter, investors in the world’s 50 biggest
mining companies are in full retreat as metal prices slump and
uncertainty grips the sector. - more
New Study Reveals Serious Risk of Noise Pollution from Deep Sea Mining
- The noise from a single operating mine will travel hundreds of miles,
with devastating effects on deep sea life. - more
Nickel closed Thursday's trading
session at $9.80/lb ($21,595/tonne). Indicators at 7:00 am CST today show
nickel trading around $.14/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today's session just over the 65,400 tonne level.
Nickel closed lower on Wednesday and Thursday this week, and today
hasn't started any differently. A combination of a weaker Euro, Covid
outbreaks in China, and recessionary concerns have traders in a foul
mood. The covid outbreaks would, and do, go unnoticed in the US and
other countries, but China, which is still fighting to keep their zero
policy in place, a few dozen sick people is take seriously, which in
turn affects their economy. Which many times, affects ours and the
world economies. The U.S. continues to loose between 250 and 350
people per day to covid, although evidence exists that those numbers
may be low. If not, then explaining the death rate for working age
Americans suddenly spiking for no apparent reason, is a mystery. So
stay safe out there and have a great weekend!!
Average price of LME traded cash nickel
so far this month
- $10.03/lb
Reports
Reuters metals morning - Copper slides on China demand fears and stronger dollar - more
Thursday's market review - Copper bounces on China
stimulus hopes - News of possible stimulus in China pushed copper
prices up sharply on Thursday from the previous day’s 20-month low, but
many analysts expect further declines as rising interest rates stifle
global economic growth. - more
Nickel Big Shot Called the Shots - If you sell nickel futures at a
price of $25,000 per ton, and then the price of nickel futures goes up
to $100,000 per ton, then in some simple arithmetic sense you have lost
$75,000 per ton. - more
US maintains AD order on China’s stainless steel sheet and strip -
According to the final result of an expedited sunset review of the
anti-dumping (AD) duty order, the US Department of Commerce (USDOC)
found that the cancellation of the existing AD order on stainless steel
sheets and strips from China would be likely to lead to continuation or
recurrence of dumping at a magnitude of dumping margin of up to 76.64%.
- more
US maintains AD & CVD measures on stainless steel plate from 3 countries - more
Federal Appeals Court turns back steel tariff challenge - The U.S.
Court of Appeals for the District of Columbia Circuit dealt steel
importers their latest defeat as they continue to try and get out from
under the 25% tariff on imported steel first instituted by the Trump
Administration. - more
Europe's largest steel plant scoffs at EU environmental regulations -
POLITICO - The European Commission says EU citizens benefit from some
of the world's highest environmental standards. - more
Global production of molybdenum fell, while usage rose in Q1 2022 -
Figures released today by the International Molybdenum Association
(IMOA) show that the global production of molybdenum fell by 4% to
138.4 million pounds (mlbs) in Q1 2022 when compared to the previous
quarter - a fall of 7% when compared to the same quarter of the
previous year. - more
Liquefaction Continues To Be The Deadliest Risk For Bulk Ships - Dry
bulk shipowners association INTERCARGO is calling on industry partners
to do more to ensure the safety of crews as improperly loaded cargo
continues to cause loss of life in the sector. - more
Mining the deep sea for battery materials will be dangerously noisy,
study finds - The race is on to figure out how to protect the ocean
abyss as deep-sea mining operations look to extract minerals like
nickel, cobalt, and copper from the sea floor. - more
Nickel closed Wednesday's trading
session at $9.90/lb ($21,815/tonne). Indicators at 6:00 am CST today show
nickel trading around $.25/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and ended that session just over the 65,700 tonne level. And
nickel continues its up and down, see-saw movement. On days the price
falls, the media blames recession talk for spooking the markets, while
on days like today, they concentrate on traders concern over supply.
There was a time, not so long ago, when we posted a morning movement of
$.25.lb and defined trading as volatile. Now, a $.25lb movement is a
rather mild change. Stay safe out there and enjoy your Thursday!
Average price of LME traded cash nickel
so far this month
- $10.03/lb
Reports
Reuters metals morning - Copper prices leap from 20-month lows on Chinese stimulus hopes - more
Wednesday's market review - Copper hits almost
20-month low as recession fears grip market - Copper prices slid to
their lowest in almost 20 months on Wednesday as persistent worries
that a recession would dampen metals demand hit a market with thin
summer volumes. - more
LME
nickel chaos chills metals trading activity: Andy Home - The London
Metal Exchange’s (LME) suspension of its nickel contract in March has
led to a sharp drop in metals trading activity. - more
Tycoon Whose Bet Broke the Nickel Market Walks Away a Billionaire - more
WTO delays US metal tariff dispute ruling to the fourth quarter - The
World Trade Organization has delayed to fourth-quarter 2022 the
expected timeline for its rulings in cases involving complaints six
countries filed disputing the US’ steel and aluminum tariffs. - more
Sanctioned Potanin's Nornickel role a hurdle to Rusal merger -sources -
Sanctioned Russian businessman Vladimir Potanin is likely to represent
the biggest barrier to a potential $60 billion merger between Russia's
largest metals producers Nornickel and Rusal, two sources with direct
knowledge of the matter said. - more
In Response: When it comes to mining safely, this is Minnesota, not
Indonesia - From the column: "Our approach is to mine safely, putting
both respect for worker safety and the environment first." - more
Nickel closed Tuesday's trading
session at $10.27/lb ($22,650/tonne). Indicators at 6:00 am CST today show
nickel trading around $.15/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started today's session, just under the 66,100 tonne level.
Nickel continues its see saw trading action, with recession fears
overshadowing supply concerns. Another busy day on the news front, so
we leave you with it. Stay safe out there and have a great hump day!
Average price of LME traded cash nickel
so far this month
- $10.02/lb
Reports
Reuters metals morning - Copper tumbles to near 20-month low as recession fears grip market - more
Tuesday's market review - Copper lurches to 19-month
low as dollar jumps, speculators flee - Copper prices crumbled to their
lowest in 19 months on Tuesday after the dollar surged, drawing
investment flows away from commodities as fears of recession continued
to swirl. - more
Global copper and nickel smelting slips in June, satellite data shows -
Global copper smelting activity declined in June, hit by a stoppage in
top producer Chile, data from satellite surveillance of metal
processing plants showed on Monday. - more
Stainless Steel Sheet and Strip From the People's Republic of China:
Final Results of Expedited Sunset Review of the Antidumping Duty Order
- As a result of this expedited sunset review, the U.S. Department of
Commerce (Commerce) finds that revocation of the antidumping duty (AD)
order on stainless steel sheet and strip (SSSS) from the People's
Republic of China (China) would be likely to lead to continuation or
recurrence of dumping at the levels indicated in the “Final Results of
Review” section of this notice. - more
German steel market less bearish on pricing, expects production cuts: survey - more
Industry expects China to announce 2%-3% reduction in 2022 crude steel
output - China is likely to announce a 20 million-30 million mt, or
2-3% year on year, decline in its steel output cut target for 2022 in
July, according to industry sources. - more
India imports large amount of stainless steel from China in recent
years - In recent years, India's stainless steel imports have increased
significantly, especially from Indonesia and China. - more
Courtesy AISI - In the week ending on July 2, 2022, domestic raw steel
production was 1,767,000 net tons while the capability utilization rate
was 80.9 percent. Production was 1,849,000 net tons in the week ending
July 2, 2021 while the capability utilization then was 83.4 percent. - more
Russia's Potanin weighs $60 billion metals merger as defence against
sanctions - Russian businessman Vladimir Potanin has said he is ready
to discuss a possible merger between his mining group Nornickel and
aluminium producer Rusal, a move that could strengthen their defences
against any possible Western sanctions against them. - more
War helps Russian nickel king expand his realm - more
Nickel closed Friday's trading
session at $9.93/lb ($21,890/tonne) and Monday's session at $10.21/lb ($22,500/tonne)Indicators at 6:00 am CST today show
nickel trading around $.12/lb
lower. Stockpiles of nickel stored in LME rose on Friday and fell more
on Monday to start today just over the 66,300 tonne level. Nickel has
entered a see saw period, closing lower, then higher, then lower, etc.
Overall, the trend remains negative. Lot of news today, with talk of
recessions, war, controversies, supply and demand, mergers, and
possible strikes to start a shortened week. We also start the second
half of 2022 with the same site
sponsor that we ended the first half with. P.A. Inc of Houston, Texas,
stepped in last December after a decision had been made to discontinue
daily updates
due to a lack of monthly sponsors. It is because of their
willingness to step up and sponsor the site for the entire year, that
we still post daily updates in 2022. If you use and/or need stainless
steel or high nickel pipe, butt weld fittings, flanges or pressure
fittings, please give the folks at P.A. Inc. a call. We thank them for
their support! And we hope you have a safe and great week!
Average price of LME traded cash nickel
so far this month
- $10.06/lb
Reports
Reuters metals morning - Copper wallows near 17-month low as recession fears mount - more
Monday's market review - Copper hits 17-month lows
on China restrictions, manufacturing data - Copper prices fell to
17-month lows on Monday as new COVID restrictions in top consumer
China,slowing global manufacturing activity and a jump in inventories sparked demand worries and a sell-off. - more
Friday's review - Copper stumbles to 17-month low as
inflation data fans slowdown fears - Copper prices slumped on Friday to
their weakest in 17 months as inflation and factory data reinforced
fears that central bank tightening would push economies into a
recession and hit metals demand. - more
Bank of England takes deep dive into 'opaque' commodities - more
Metals melt down as recession fears overwhelm supply woes - more
Stainless Steel Futures Record Seven-Month Low, Will Expanding Production Cuts Support the Prices?
- The most-traded stainless steel futures contract consolidated after a steep fall on June 24 with downward potentials. - more
SMM Survey: 12 Blast Furnaces Newly Started
Maintenance Last Week - The following table is the latest situation of
overhaul and production reduction of domestic BF-based steel mills
surveyed and compiled by SMM. - more
Outlook for Nickel Prices amid Weak Expectation of Interest Rate Hikes and Poor Demand - more
Nickel sulfate vs metal: is the market moving towards new pricing
mechanisms? - Three months after a historic short squeeze on the London
Metal Exchange that pushed nickel prices above $100,000/mt, the LME is
back in the spotlight. - more
Why sentiment in industrial metals has been crumbling - more
Supreme Court Rules in Favor of Nickel Firm Over Row with State
Minister - The official website for the Indonesian Supreme Court (MA)
announced on Monday that the court had turned down the cassation filed
by Investments Minister Bahlil Lahadalia and ruled in favor of nickel
company PT Toshida Indonesia over a permit dispute on the use of a
forest area. - more
ENR 11: No notice given to firm to resume mining - The Department of
Environment and Natural Resources-Davao Region (DENR-Davao) clarified
it has not given a "notice to proceed operation" to the mining company
responsible for the siltation and discoloration incident of Mapagba
River and the coastal areas in Banaybanay, Davao Oriental early this
year. - more
Glencore going all-electric at new Canada mine, says Epiroc -
Diversified mining company Glencore has ordered a full fleet of
battery-electric equipment for use at its Onaping Depth Project at the
Sudbury integrated nickel operations, in Canada, says mining equipment
manufacturer Epiroc. - more
The United States refused to impose duties on Russian metals and
increase tariffs on iron imports - Earlier, within the framework of
depriving Russia of the “greatest assistance” status, the United States
announced an increase in duty rates on more than 570 groups of Russian
products in the amount of about $ 2.3 billion, but in reality they were
able to introduce new tariffs only on certain types of aluminum
products, finished steel rental and chemical products. - more
West Coast dockworkers fail to reach labor agreement with port
employers - Union dockworkers at West Coast shipping ports failed to
reach a labor agreement with cargo carriers and terminal operators on
Friday, but both sides committed that “normal operations will continue
at the ports,” according to a joint statement. - more
The United States celebrates its Independence Day on Monday, July 4th.
Our next update will be Tuesday July 5th.
Happy Canada Day to our northern neighbors!!
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $10.32/lb ($22,745/tonne). Indicators at 7:00 am CST today show
nickel trading around $.28/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started the new month just under the 66,500 tonne level.
For the first half of 2022, LME stockpile numbers are down 34,758
tonnes, and 4,974 of those tonnes were lost in June. That forecasted
surplus that never came last year, can start showing up at anytime.
Nickel closed the first trading day of 2022 at $21,095/tonne and
looking at yesterday's close, one just arriving from Mars, might
suspect the nickel market has been rather boring so far this year. And
yet, looking at film clips of the beginning and ending of a race might
tell you who started and ended the best, it does not tell the story of
the race itself. And the first half of 2022 was a unique ride, to say
the least. Lower material costs and lower demand are hurting steel
mills around the world, especially in China and the EU. Everyone is
worried about a potential recession and like personal relationships, we
tend to make things happen by worrying they might. And there is the
war. The Russians have proven once again that they are not part of the
thousand points of light, but a nation sucking black hole. They have
never learned how to earn the world's respect, so instead, they once
again turn to the fear of nuclear devastation as their pass to
terrorize their neighbors. If they want to live like barbarians, we
suggest the world treat them as such. It's a new month, and the end of
another week. Stay safe out there and have a great weekend. Happy
Canada Day to our friends to the north, and Happy Fourth to our U.S.
readers. See you next Tuesday.
Average price of LME traded cash nickel
so far this month
- $11.72/lb (average for June)
Reports
Reuters metals morning - Copper stumbles to 17-month low as inflation data fans slowdown fears - more
Thursday's market review - Copper sees sharpest
quarterly plunge since 2011 - Copper prices fell on Thursday to log
their biggest quarterly slump since 2011 as COVID lockdowns in China
and slowing economic growth curtailed demand. - more
Steel Mills Jointly Held the Prices Firm and the Spot Prices Rose
Stably - On June 30, the decline of stainless steel spot prices slowed
down. The base price of 304 from private companies in Wuxi and Fozhan
stood at 17,200 yuan/mt. - more
Inventory surge triggers rapid EU stainless price fall - Stainless
steel buying activity, in Europe, has remained considerably weaker than
anyone anticipated following the decline in April. - more
India’s steel majors cut production as demand falls - Amidst anaemic
demand, both locally and in the export market, the domestic steel
majors have not just cut down their production, but advanced their
maintenance shutdown work at some facilities to rein in the rising
inventory and also to keep the plant future-ready, industry sources
said. - more
China’s steel sector PMI decreases in June - In June this year, the
purchasing managers index (PMI) for the Chinese steel sector was at
36.2 percent, down 4.6 percentage points compared to May, as announced
by the China Steel Logistics Committee, which is part of the
China Federation of Logistics and Purchasing (CFLP). - more
(all
ton listings are metric tons = 2204.622 pounds ) Updated Monday thru
Thursday before 7 am CST, Friday version before 8 am CST - DisclaimerOriginal content and opinions copyright
www.estainlesssteel.com. All prices shown on
this page are indications only. Please note - for real time and
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prices, LME requires a user subscribe to an authorized LME vendor.
Daily Nickel/Stainless Steel Briefing 
($21,880/tonne). Indicators at 7:20 am CST today show
nickel trading around $.10/lb 
Reports
Shanghai Metals Market
London Metals Market
POLL-Copper due to recover on Chinese stimulus, infrastructure -
(excerpt) Analysts expect LME cash nickel prices to average $22,000 a
tonne in the fourth quarter, only 1% firmer than current levels. - 
Glencore’s ferrochrome production up on consistent smelter performance
- Ferrochrome production, which is South Africa-based, rose 2% in the
six months to June 30, reflecting consistent smelter performance,
Glencore reported on Friday. - 
China’s first generation electric cars are dying and no one knows how
to deal with their batteries - The small number of approved battery
recycling companies can’t get their hands on retired batteries, which
are mostly disappearing into small and often unsafe workshops. -
Russia's Nornickel boosts output of all key metals - Russian metals
producer Nornickel's first-half nickel and palladium output rose year
on year thanks to returning production two mines hit by flooding in
2021, the company said on Thursday. - 
Other News
Слава Україні! - 
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and ended that session just below the 58,000 tonne level.
Nickel ended on the winning side yesterday, but not by much, and is
down this morning, but not by much. With the US Fed doing exactly what
the market expected yesterday, the lack of surprise meant the market
relaxed. Even the Euro / U.S. Dollar trading appears subdued. So far,
the success story of 2022 has been Indonesia. It seems every week, and
this week, every day, major named manufacturers are investing in
Indonesia thanks to their export ban of nickel. What was a huge and
dangerous gamble, has paid off big time for the country. Two trading
days left in the month. Stay safe out there and have a great Thursday!
Steel demand in India to rise by 7-8% during July-September, 2022: JSW
Steel - “Steel demand in the ongoing Q2 period is expected to be 7-8
per cent higher for the industry with a revival of re-stocking activity
from July. -
GM signs agreements with suppliers, on course to reach 1 million EV
capacity by 2025 - General Motors Co (GM.N) said on Tuesday it had
signed multi-year agreements with LG Chem Ltd and Livent Corp to secure
key raw materials used in manufacturing batteries for electric
vehicles. - 
NGOs ask Musk to not invest in Indonesia's nickel industry over
environmental worries - Dozens of non-governmental organizations (NGOs)
have sent an open letter to Elon Musk, urging the Tesla Inc's (TSLA.O)
chief to not invest in Indonesia's nickel industry on environmental
concerns. - 
June 2022 crude steel production - World crude steel production for the
64 countries reporting to the World Steel Association (worldsteel) was
158.1 million tonnes (Mt) in June 2022, a 5.9% decrease compared to
June 2021. - 
New Indonesian nickel supply douses expectations for fresh price rally
- Substantial new nickel supplies from top producer Indonesia in years
ahead will ensure prices don’t return to levels that sparked chaotic
trading in March, despite robust demand growth from stainless steel and
electric vehicle battery makers. - 
Steelworkers reject Raglan Mine’s contract offer - A majority of Raglan
Mine’s unionized employees have rejected the company’s July 10 offer
for a new collective agreement. - 
Taiwan is preparing to repel the invasion of Russian steel in Asia -
China Steel Corp. stated that it is closely following the offers of
hot-rolled products from Russia and is ready to take steps "against
unfair behavior in trade" if its Chinese customers switch to steel
supplies from Russia. - 
Steel prices in the EU continue to fall as the summer holidays begin -
European steel prices continued to decline this month. However, the
overall rate of decline has slowed, which may indicate that the bottom
will soon be reached. - 
Challenging outlook for global supply chains as costs rise while orders
fall - Cocktail of challenges triggers a successive quarterly drop in
overall trade activity while invoice traffic drops by 7 points as
softening orders start to bite. - 
Klöckner acquires stainless operations - Klöckner & Co has acquired
the companies Hernandez Stainless GmbH and RSC Rostfrei Coilcenter
GmbH, Kallanish learns from the German distribution group. - 
Turkey's stainless steel imports grow in May m-o-m, y-o-y - According
to statistics, Turkey's stainless steel imports totaled 69,600 tons in
May this year, increasing by 1.25% compared to the previous month and
also growing by 8.9% from the same month a year ago. - 
ENR 11: No notice given to firm to resume mining - The Department of
Environment and Natural Resources-Davao Region (DENR-Davao) clarified
it has not given a "notice to proceed operation" to the mining company
responsible for the siltation and discoloration incident of Mapagba
River and the coastal areas in Banaybanay, Davao Oriental early this
year. -
