Nickel closed Friday's trading
session at $10.13/lb ($22,330/tonne). Indicators at 6:00 am CST today show
nickel trading around $.19/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell by a
single lot on Friday and remains just below the 37,550 tonne level.
Shanghai nickel rose last night, to 172,260 y/t. Some are quietly
grumbling about Saudi Arabia being allowed to buy into a Canadian
nickel mine. These concerns are becoming more vocal since the EV
industry has made natural resources more critical. It also was popular
in some parts of the U.S. during the last political season with some
crying foul as Chinese investors were buying up American farmland.
While much of this is mere noise, there is a degree of legitimacy, in
our opinion, when one country is taking advantage of another. What we
mean by that is if American investors are allowed to invest in a
country and own property or mines, then how can America close its
border to that country's investors? On the other hand, if a country has
closed its border to American investors and ownership of property and
mines, then why should America be required to allow that country and/
or its investors access to our country? Simply put, if America can own
property in Communist China, then China should be able to own property
here. Not hating on any country - just stating what seems to be common
sense. The again, politics and common sense do not seem to make good
bedfellows these days. It's the final day of the first month of the
second
half of 2023. Thank you to PA Inc, who sponsors this news page and
keeps it updated and free for all readers. You can help support this
site by visiting their web site and seeing if they offer services you
may need. Stay safe out there and enjoy your Monday.
Average price of LME traded cash nickel
so far this month
-
Reports
Reuters metals morning - Copper climbs to one-month high on hopes for China stimulus - more
Friday's market review - Copper gains on end-of-week covering, hopes
for China support - Copper prices rebounded on Friday after two days of
losses, helped by continued hopes for stimulus in top metals consumer
China and as investors cancelled some bearish positions ahead of the
weekend. - more
Yusco raises stainless steel prices for Aug to reflect rising
production costs - Yieh United Steel Corp. (Yusco), a leading stainless
steel mill in Taiwan, announced its new prices for August. - more
Nickel price surges on Indonesia’s decision to prevent nickel
oversupply - The LME nickel futures surged by US$618 last Friday (July
28), closing at US$22,307/ton. - more
Saudi Arabia nickel deal to test Canada's new foreign investor rules -
Canada’s vow to curb foreign investment in its critical minerals sector
will face its first major test with Saudi Arabia’s deal to buy into
some of the country’s largest nickel mines. - more
Saudis Make First Big Global Mining Bet With Vale Metals Stake - more
Saudi Arabia's Ma'aden to acquire 10% of Brazil base metals firm - statement - more
Forget China, The Hot Money in Mining Is Suddenly Saudi - more
Spain’s Acerinox posts lower sales revenue for Q2 and H1 - Spanish
stainless steel producer Acerinox S.A. has announced its financial
results for the second quarter and the first half of this year. - more
US assigns zero preliminary dumping margin for corrosion-resistant
steel products from S. Korea - The US Department of Commerce (DOC) has
announced the preliminary results of its administrative review of the
antidumping duty (AD) order on certain corrosion-resistant steel
products from South Korea. - more
Chinese Firms Are Seeking Korean Partners to Skirt US EV Rules - Chinese
firms are lining up to invest in South Korea’s battery industry because
they want to use it as a gateway to the US market, undermining the
Biden administration’s efforts to limit China’s involvement in the
electric car supply chain. - more
Other News
Visualizing changes in population using binary FRED maps - more
Why supply chain execs should watch the US housing market - more(this link will be added to our Friday economic stats links)
June Ocean Container Imports Drop 11% Compared to 2022 - more
A Brief Look Back at Recent Car Carrier Fires - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Thursday's trading
session at $9.84/lb ($21,700/tonne). Indicators at 4:45 am CST today show
nickel trading around $.07/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today's session just under the 37,550 tonne level.
Shanghai nickel rose to 171,910 y/t overnight, and we switch contracts
for August to end the week with a new price of 170,460 y/t. The U.S.
Dollar is trading higher today, but so far, nickel is trading higher as
well. Reuters published its mid year analysts base metals poll with
their findings linked below. The Saudi's apparently see the writing on
the wall with EV taking a bite out of their oil business, so they have
started investing in base metals with the purchase of a stake in Vale.
Yusco says they may raise the price of stainless next month, regardless
of lower nickel prices. US stainless steel surcharges for August are
lower than July's. And finally, Chinese scientists published a report
on the Canadian wildfires that contain some rather staggering
statistics and forecasts included. Stay safe out there and have an
enjoyable and restful weekend!
Average price of LME traded cash nickel
so far this month
-
Reports
Reuters metals morning - Most base metals fall on stronger dollar - more
Analysts mark down copper forecasts as output ramps up - (excerpt)
Analysts expect LME cash nickel prices to average $20,000 a metric ton
in the fourth quarter, down 11% from the previous poll. They expect the
global nickel market to show a surplus of 199,000 metric tons this year
and 150,000 tons in 2024. - more
Acerinox anticipates stainless order book improvement - Acerinox
anticipates its stainless steel order book to improve in the latter
half of the year once inventories have normalised across all markets,
despite uncertainties and weakened demand. - more
POSCO increases stainless steel production in Q2 q-o-q, y-o-y - South
Korean steelmaker POSCO’s stainless steel production totaled around
470,000 tons in the second quarter of this year, hiking by 20% compared
to the previous quarter and by 3% from the year-ago period. - more
Taiwan’s stainless steel prices may rise in Aug - Driven by the rebound
in LME nickel prices and the consecutive rise in China's stainless
steel market, Indonesia's Tsingshan has raised its export offers
continuously, with a total increase of about CNY 100-120 in July. - more
Saudis Make First Big Global Mining Bet With Vale Metals Stake - Saudi
Arabia has made the first big deal in a push to deploy its vast wealth
into the global mining industry, agreeing to buy a stake in Vale SA’s
base metals unit. - more
Other News
Canadian wildfires have caused astonishing global damage, Chinese scientists warn - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Wednesday's trading
session at $9.81/lb ($21,625/tonne). Indicators at 5:45 am CST today show
nickel trading around $.05/lb
higher. Stockpiles of nickel stored in LME licensed warehouses went
unchanged on Wednesday and remains just under the 37,600 tonne level.
Shanghai nickel fell overnight to 170,810 y/t. The US Dollar is down
this morning, which is helping base metals trade higher. Stay safe out
there and have a great Thursday!
Average price of LME traded cash nickel
so far this month
- $9.43/lb
Reports
Reuters metals morning - Copper rises on easing dollar as Fed's rate-hike cycle seen ending - more
India's prime minister's office probing dumping of Chinese stainless
steel, Jindal Stainless executive says - India's Prime Minister's
office (PMO) has launched a probe into potential dumping of Chinese
stainless steel products into the country, Abhyuday Jindal, managing
director of Jindal Stainless, said on Wednesday. - more
China's stainless steel imports & exports fall in Jun m-o-m, y-o-y
- According to statistics from the Stainless Steel Council of China
Special Steel Enterprises Association, China’s stainless steel imports
totaled around 118,000 tons in June, falling by 16.7% compared to the
previous month and by 56.5% from the year-ago level. - more
Slovenia’s SIJ suspends stainless steel operation at SIJ Acroni -
Slovenska Industrija Jekla (SIJ), a leading producer of stainless steel
and special steel in Slovenia, suspended production at SIJ Acroni due
to big damage caused by an accident at a hot rolling mill on July 13. -
more
Russia’s stainless steel imports rise in Jun y-o-y - According to
statistics from the Russian Special Steel and Alloys Consumers and
Suppliers Association (USSA), Russia imported around 42,000 tons of
stainless steel in June this year, falling by 9.3% compared to the
previous month and rising by 45% from the same month a year ago. - more
Thyssenkrupp Steel to receive $2.2 billion funding for decarbonisation
project - Thyssenkrupp's steel division is to receive federal and state
government funding totalling around 2 billion euros ($2.21 billion),
the company said on Wednesday. - more
As EVs surge, so does nickel mining’s death toll - In
the mineral-rich fringes of Indonesia, whose nickel will feed EV giants
like Tesla, the deaths of miners continue to mount. - more
Other News
Why Stanley’s Plan to Reshore Craftsman Failed - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Tuesday's trading
session at $10.21/lb ($22,500/tonne). Indicators at 5:45 am CST today show
nickel trading around $.28/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Tuesday and started today just under the 37,600 tonne
level. Shanghai nickel rose to 172,990 y/t overnight. So Goldman comes
out yesterday and says now is a good
time to sell or short the market. The bulls, always hungry for an
opportunity to tweak the bears, took nickel skyward yesterday, to draw
out those who might panic and decide to cover a short bet they might
have placed. This morning the bulls apparently have decided the shorts
aren't buying their bluff any longer, and nickel is crumbling again.
The bulls will likely try again, so expect some volatility in the
coming days. WSA reports crude steel production slipped .1% in June
compared to the same month last year. China reports exports of
stainless steel fell over 55% in June compared to the same month last
year. And UPS and the Teamster announced a tentative agreement
yesterday. Stay safe out there and enjoy the last hump day of July
2023.
Average price of LME traded cash nickel
so far this month
- $9.41/lb
Reports
Reuters metals morning - London copper eases ahead of Fed rate decision - more
Goldman Sachs says 'time to sell nickel' as oversupply concerns
loom - Goldman Sachs on Tuesday said that with nickel supply set
to outstrip any potential demand uplift and the metal's prices trading
at the very top of the curve, there is a good opportunity to short the
market. - more
June 2023 crude steel production - World
crude steel production for the 63 countries reporting to the World
Steel Association (worldsteel) was 158.8 million tonnes (Mt) in June
2023, a 0.1% decrease compared to June 2022. - more
China’s net stainless steel exports up 3.22 percent in June - In June
this year, China's stainless steel imports amounted to 118,100 mt, down
16.67 percent month on month and decreasing by 56.47 percent year on
year, according to China's customs authorities. - more
LME's clearing house names former Euroclear manager as CEO - The London
Metal Exchange’s clearing house, which was hit by a 2022 nickel crisis,
has appointed Michael Carty, former senior manager at securities
settlement house Euroclear, as chief executive from Oct. 2, it said on
Tuesday. - more
Huayou Cobalt boosts nickel capacity in Indonesia - China’s Zhejiang
Huayou Cobalt said on Tuesday it will invest in a $200 million nickel
sulfate project in Indonesia, expanding its production of the key
battery raw material. - more
The EU-Indonesia Fight Over Nickel and Who Gets to Own the Clean Energy
Future - Indonesia boasts some of the world’s richest mineral deposits,
but it has long focused on digging them up and shipping them to other
countries for processing. - more
Other News
UPS, Teamsters reach tentative agreement on national contract - more
Nickel closed Monday's trading
session at $9.73/lb ($21,440/tonne). Indicators at 5:45 am CST today show
nickel trading around $.10/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and started today's session just over the 37,600 tonne level.
Shanghai nickel rose overnight, playing catchup to LME nickel, to
170,930 y/t. China is promising more stimulus measures, which is
helping nickel, and the Euro is lower as business activity there slows,
which is adding negative pressure on nickel. Only one week for UPS and
the Teamsters to come to a contract agreement to avoid a nationwide
strike. Few business' appear to have a contingency plan in place, so
the general belief seems to be there will be no strike. Stay safe out
there and have a great Tuesday!
Average price of LME traded cash nickel
so far this month
- $9.39/lb
Reports
Reuters metals morning - Most base metals rise on China stimulus pledge - more
The Nickel Market's Roller Coaster Ride - After nickel prices saw a
sharp slowdown in May, prices started to form sideways trends in relief
to the downtrend. - more
Japanese crude steel output down 4.2 percent in June from May - In June
this year, Japanese crude steel production was down by 4.2 percent
compared to the previous month and by 1.7 percent compared to June
2022, totaling 7.32 million mt, according to the data released by the
Japan Iron and Steel Federation (JISF). - more
Indonesian officials detained over illegal nickel mining - Two
members of Indonesia’s Ministry of Energy and Mineral Resources have
been detained in relation to illegal nickel ore mining and selling from
the Mendiodo Block, North Konawe, Southeast Sulawesi, which is
estimated to have cost the state Rp5.7 trillion (US$379 million),
according to local media. - more
The Little Known Metals Giant that Rules a Global Market - China’s
Vital Materials is living up to its name and shows the scale of the
challenge facing the US and Europe to come up with alternative
supplies. - more
Courtesy AISI - In the week ending on July 22, 2023, domestic raw steel
production was 1,741,000 net tons while the capability utilization rate
was 76.6 percent. Production was 1,721,000 net tons in the week ending
July 22, 2022 while the capability utilization then was 78.1 percent. -
more
Other News
Why some UPS shippers haven’t diverted volume even as a potential strike looms - more
Distributor Trade Group Warns of Potential Consequences of UPS Strike - more
Indonesia plans incentives for EV makers, sets up meeting with BYD, Tesla - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Friday's trading
session at $9.42/lb ($20,770/tonne). Indicators at 6:00 am CST today show
nickel trading around $.02/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Friday and ended the week just over the 37,750 tonne level. Shanghai
nickel fell overnight, to 168,910 y/t. LME nickel fell back below the
$21,000 tonne level on Friday and ended the week there. The average LME
cash price for the month is running just over the $20,700 tonne level,
so the $21,000 tonne level appears to be more psychological, than
technical. News remains light and if past years are any measure, August
could be even lighter. Macquarie Group is warning the market of a glut
in nickel supply, which doesn't come as a surprise to anyone who has
followed the nickel industry over the years. Supply turns positive,
prices drop, nickel mines cut back or close, demand picks up, not
enough supply, price of nickel rises, miners build new mines in
anticipation of future demand, supply turns positive, prices fall
....... and the cycle starts over. The sudden rise of the EV industry
exacerbated the demand and anticipation of future need this round, and
thus slowed the curve some, but we have been here before and will be
again. The uncertainty of the new EV demand is supporting prices, while
a slowdown in the stainless industry is weighing on traders. It's the
start of the last full week of July - already. Stay safe out there and
have a great week!
Average price of LME traded cash nickel
so far this month
- $9.39/lb
Friday's market review - Copper, aluminium ease on
disappointment on Chinese stimulus - Copper and most industrial metal
prices edged lower on Friday after investors were disappointed with
modest stimulus measures announced by top metals consumer China to
boost its economy. - more
A Nickel Glut Is Looming - Supply of nickel deliverable to the London
Metal Exchange could jump next year by 35% compared to 2022 levels as
new plants for nickel processing in China and Indonesia could cause a
glut and crash prices, analysts at Macquarie Group say. - more
Nickel’s at a crossroads as supply boom hits LME, Macquarie says - more
The Commodities Feed: Metals markets eye key China meeting that might
drive demand - The metals markets are awaiting the outcome of China’s
‘Two Sessions’ political meeting in Beijing this weekend that might
drive demand. - more
Russia's withdrawal from the "grain deal" should lead to the unblocking
of Ukrainian steel exports by sea - Metinvest - Metinvest estimates
Ukraine's revenue in the event of a complete unblocking of ports at $20
billion a year. - more
Dead EV batteries turn to gold with US incentives - A little-publicized
clause in the U.S. Inflation Reduction Act has companies scrambling to
recycle electric vehicle batteries in North America, putting the region
at the forefront of a global race to undermine China's dominance of the
field. - more
Other News
Glencore expects 2023 trading unit profits of up to $4 billion - more
US ITC votes to maintain AD/CVD orders on wire rod imports from 10 countries - more
‘Mutual distrust’: the message in the US funding cut for China’s Wuhan Institute of Virology - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Thursday's trading
session at $9.65/lb ($21,275/tonne). Indicators at 5:50 am CST today show
nickel trading around $.08/lb
lower. Stockpiles of nickel stored in LME approved warehouses went
unchanged on Thursday and remain just over the 37,500 tonne level.
Cancelled warrants are running below the 4% range this week. Shanghai
nickel rose only slightly overnight, to 170,530 y/t. Nickel is down
this morning, most likely due to a stronger US Dollar. Another weak day
on the news front to end the week. Stay safe out there and have a
restful, or exciting, weekend!
Average price of LME traded cash nickel
so far this month
- $9.39/lb
Reports
Reuters metals morning - Most base metals rise on Chinese stimulus support - more
CISA: Steel prices in China up slightly in June, high output and slower
demand to weigh on market in July - Finished steel prices in China in
June edged up slightly, shifting from the downtrend seen in May, as
stated by the China Iron and Steel Association (CISA). As of June 30
this year, the China Steel Prices index (CSPI) stood at 109.19 points,
up 2.3 points, increasing by 2.15 percentage points month on month. - more
LME expects more fast-track listings after approval of new nickel brand
- The London Metal Exchange (LME) said on Thursday it had approved
nickel produced by Quzhou Huayou Cobalt New Material, a subsidiary of
China’s Zhejiang Huayou Cobalt, as a list brand and expects more brand
applications in coming months. - more
EU steel mills change approach to attract new orders - European steel
prices continued their downward trend this month amid poor demand
across most steel-using sectors. - more
Nickel closed Wednesday's trading
session at $9.50/lb ($20,950/tonne). Indicators at 5:45 am CST today show
nickel trading around $.28/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and ended the trading day just over the 37,500 tonne level.
Shanghai nickel jumped overnight to 170,490 y/t. All LME base metals
have jumped higher this morning, on another round of rumors about
possible Chinese stimulus. Our bullish readers should take a deep
breath before getting too excited as we have been here a few times in
the last few weeks. The $21,000 tonne level is hanging like an anchor
around the neck of the market, and until one or the other side wins the
tug of war, it remains intact. We were unable to find many industry
related articles today, so few links are provided. Stay safe out there
and have a great Thursday!
Average price of LME traded cash nickel
so far this month
- $9.38/lb
Reports
Reuters metals morning - Hopes of additional China economic support lift copper prices - more
Leading Stainless Steel Manufacturers of the Industry, 2022 -
Increasing urbanization, growing population, and rising climate change
are the trends driving steel demand and thus boosting market growth. - more
Big Brown prepares ‘temporary plan’ should Teamsters go on strike -
Global parcel carrier UPS is making preparations should the Teamsters
go on strike at the end of this month. - more
Other News
CMOC Gains as Chinese Miner Agrees to Pay Congolese Gov’t Additional USD2 Bln for Copper Mine - more
US measure would ban products containing mineral mined with child labor in Congo - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Monday's trading session at $9.52/lb ($20,980/tonne) and Tuesday's session at $9.59/lb ($21,140/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 Monday and rose on Tuesday and started
today's session just over the 37,550 tonne level. 36,810 tonnes,
recorded for June 18th, remains the lowest the LME has reported in many
years. Shanghai nickel continues to follow the LME, down on Monday to
164,810 y/t and up overnight to 165,370 y/t. LME nickel is back down
below $21,000/tonne this morning as the bulls and bears war over the
level. Lot of news over the past two days, so we leave you with it.
Also a reminder - if you send us an e-mail, the words "stainless steel"
must be in the subject line, or its automatically marked as spam by our
server and deleted. Stay safe out there and have a great hump day!
Average price of LME traded cash nickel
so far this month
- $9.38/lb
Reports
Reuters metals morning - Copper slips on lackluster China demand outlook, rising inventory - more
Industrial output of China’s steel sector up 5.5 percent in H1 - In the
January-June period this year, the value-added industrial output of the
ferrous metal smelting and rolling sector in China recorded a
year-on-year rise of 5.5 percent ..... - more
China’s nickel and stainless steel market expected to rebound in H2 2023 - more
Taiwan’s major upstream stainless steel mills expected to raise prices
for Aug - Supported by China’s policies and rebounded nickel prices,
Taiwan’s major upstream stainless steel mills, Yieh United Steel Corp.
(Yusco) and Tang Eng Iron Works Co., Ltd., were expected to raise or
maintain their prices for August. - more
Merafe’s ferrochrome output slips 9% - Merafe Resources, the junior
empowerment partner in a chrome joint venture with Glencore, said
yesterday that the attributable ferrochrome production from the
Glencore Merafe Chrome Venture for the six months ended June 30
decreased by approximately 9% compared to the prior comparative period.
- more
Luhut Reveals Alleged Illegal Export of Nickel to China - Coordinating
Minister for Maritime Affairs and Investment Luhut Binsar Panjaitan
said the Corruption Eradication Commission (KPK) is investigating the
alleged illegal export of 5.3 million tonnes of nickel ore to China. He
asked the public to wait for the results. - more
Indonesia, EU gear up for trade clash over nickel ore export ban - more
Indiana awarded $109m pay-out from Tanzania - The government of
Tanzania has been ordered to pay more than $109.5-million in
restitution to ASX-listed Indiana Resources for the reported "unlawful
expropriation" of the company’s Ntaka Hill nickel project. - more
Russia’s stainless steel imports climb by 45% in Jun y-o-y - According
to statistics released by the Russian Special Steel and Alloys
Consumers and Suppliers Association (SpetsStal Association), Russia
imported around 42,000 tons of stainless steel in June, falling by 9%
compared to the previous month and rising by 45% from the same month a
year ago. - more
Glencore to buy remaining 18% stake in PolyMet Mining - PolyMet Mining
Corp on Monday accepted Glencore Plc's proposal to buy the remaining
18% stake in the company for about $73 million. - more
Indonesia’s Coal Burning Hits Record High — And ‘Green’ Nickel Is
Largely Why - Indonesia burned 33% more coal in 2022 than the year
before, contributing to a 20% increase in the country’s carbon
emissions from fossil fuels, an analysis of official data shows. - more
Courtesy AISI - In the week ending on July 15, 2023, domestic raw steel
production was 1,716,000 net tons while the capability utilization rate
was 75.5 percent. Production was 1,721,000 net tons in the week ending
July 15, 2022 while the capability utilization then was 78.1 percent. -
more
Other News
Explorer Victor Vescovo says deep sea mining numbers don’t add up - more
Tendele coal mining rights were ‘unlawful and invalid’ – yet judge rules they remain legal - more
US Renewables Tracker:: ERCOT back on top in Q1 for total renewable generation output - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Friday's trading
session at $9.84/lb ($21,690/tonne). Indicators at 5:45 am CST today show
nickel trading around $.33/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and started this week just over the 37,300 tonne level. Shanghai
nickel slipped overnight, to 165,080 y/t. Nickel is trading back below
the $21,000 tonne level this morning as China reports its second
quarter GDP rose by only .8% from the preceding quarter, down from 2.2%
growth recorded in the first quarter. Year on year, it rose 6.3%, a
number most countries are jealous of, but China's
economy is seen as the canary in the coal mine. Many of the reports
coming out of the Asian region signal a worldwide slowdown. Our next
update will be Wednesday, the 18th, as we
are scheduled for a routine medical procedure Tuesday morning. We
apologize for the inconvenience and as long as the procedure remains
routine, will
see you on Wednesday morning. Stay safe and have a great week!
Average price of LME traded cash nickel
so far this month
- $9.38/lb
Reports
Reuters metals morning - Copper wilts on demand fears after soft Chinese data - more
Friday's market review - Copper pulls back on doubts about rates, China
stimulus - Benchmark three-month copper on the London Metal Exchange
slipped 0.3% to $8,665.50 a metric ton in official open-outcry trading
- more
Taiwan’s 300 series stainless steel HRC imports grow in H1 2023,
Indonesia takes 98.5% share - Taiwan’s 300 series stainless steel
hot-rolled coil imports amounted to around 318,300 tons in the first
half of this year, rising by 20.7% compared to the same period a year
ago. - more
Russia’s stainless steel imports down 9.3 percent in June from May - In
June this year, Russia\u2019s stainless steel imports totaled 41,970
mt, down by 9.3 percent compared to the previous month and up by 45.0
percent, according to Russia-based SpetsStal Association. - more
3 top questions on the future of lithium, cobalt and nickel supply: report - The
International Energy Agency is optimistic global supply of critical
minerals can keep pace with demand, but is skeptical when it comes to
diverse sourcing. - more
Other News
Critical minerals supply improves but many risks remain: Andy Home - more
Indonesia Ascends to World's Top Four IPO Markets, Bolstered by Trade with China: Deloitte Report - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Thursday's trading
session at $9.65/lb ($21,280/tonne). Indicators at 5:45 am CST today show
nickel trading around $.10/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today's session just over the 37,450 tonne level.
Shanghai nickel traded slightly lower overnight, to 166,200 y/t. The
Euro continues to climb against the U.S. Dollar, and this positive
momentum is carrying nickel higher this morning, regardless of any
overall bearish tone the market may be under. News is still light but
the monthly charts we follow - trucking, fasteners and corrugated boxes
were updated and linked to under "Reports". Stay safe out there and
have a restful and enjoyable weekend!
Average price of LME traded cash nickel
so far this month
- $9.34/lb
‘No blanket ban’ on Chinese investments in Australia as bilateral
tensions ease - Approval of Chinese group’s investment in Australian
nickel producer a positive sign after various blocked deals amid
previously frosty ties between 2018 and 2022 - more
Yusco: Decrease in stainless steel production to be beneficial to market
development - Statistics from World Stainless Association showed that
global crude stainless steel production slid by 5% year on year to
around 13.67 million tons in the first quarter of 2023. - more
Exclusive: India to reject call for anti-subsidy tax on some Chinese
steel products - India will not impose countervailing duty (CVD)
on select steel products imported from China despite a recommendation
from trade officials and lobbying from local steel manufacturers, a
government source told Reuters. - more
Other News
China trade: 5 takeaways from June’s data as exports tumbled - more
Supply chain must lead the shift from risk mitigation to competitive advantage - more
India considers banning most rice exports on inflation fears - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Wednesday's trading
session at $9.86/lb ($21,745/tonne). Indicators at 6:00 am CST today show
nickel trading around $.27/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and ended that session just under the 37,500 tonne level.
Shanghai nickel rose overnight, to 166,890 y/t. Nickel rose sharply
yesterday as the Euro spiked against the U.S. Dollar, and while the
Euro continues to trade higher this morning, LME nickel has given back
much of yesterday's gains. Prateek Gupta has decided the 'blame the
victim' strategy is his only defense, so he is now accusing employees
of Trafigura of master minding the shipments of worthless rocks in bags
which sold for nearly $600 million dollars and represented as nickel
last year. Trafigura responded yesterday that it "does not consider the
defence to be credible and will vigorously continue to pursue its
claim”. That is a delicate way of saying "Bull sh*t!". This claim by
Gupta is a head scratcher, as the money trail will easily prove or
disprove any such claim. Stay safe out there and enjoy your Thursday!
Average price of LME traded cash nickel
so far this month
- $9.31/lb
Reports
Reuters metals morning - Copper prices touch three-week peak as US dollar dives - more
Wednesday's market review - Sliding dollar propels
copper to 2-1/2-week high - Copper jumped to 2-1/2-week highs on
Wednesday as the dollar tumbled after U.S. June inflation data and
stronger credit data from top consumer China, but doubts about a
significant pick-up in demand weighed on sentiment. - more
Gupta denies Trafigura allegations in nickel fraud case-court document
- Lawyers for Indian businessman Prateek Gupta rejected commodity
trader Trafigura’s allegations of fraud against him in a court document
filed on Wednesday. - more
Alleged Fraudster Gupta Says Trafigura ‘Devised’ Nickel Scheme - more
Taiwan’s cold-rolled stainless steel imports grow by 31.2% in Jun m-o-m
- According to statistics, Taiwan’s cold-rolled stainless steel imports
totaled around 8,200 tons in June, growing by 31.2% compared to the
preceding month. - more
Wujin Stainless Steel’s net profit estimated to be RMB 185 million in
Jan-Jun - Jiangsu province-based Chinese stainless steel producer Wujin
Stainless Steel Pipe Group Co.,Ltd. announced on July 11 that its net
profit in the ... - more
Turkey’s stainless steel coil imports slide in Jan-May y-o-y -
According to the Turkish Statistical Institute (TUIK), Turkey imported
around 290,000 tons of stainless steel coils in the first five months
of this year, falling by 3% compared to the corresponding period a year
earlier. - more
Copper demand softens, adding further headwinds to Minnesota mining
projects - One of the main arguments in favor of copper-sulfide mining
in northern Minnesota is that those metals will have a major role to
play in the ongoing transition toward cleaner, greener energy sources.
- more
Other News
Rare earths prices sink to lowest since 2020 as China ramps up supply - more
Chip wars: How ‘chiplets’ are emerging as a core part of China’s tech strategy - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Tuesday's trading
session at $9.39/lb ($20,700/tonne). Indicators at 5:45 am CST today show
nickel trading around $.17/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started today just over the 37,600 tonne level. Shanghai
nickel did not follow LME nickel lower overnight, but instead rose to
165,090 y/t. And this morning, LME nickel is trading higher as well.
Depending on if your bearish or bullish, at least for now, the $21,000
tonne level is offering resistance and support. The market came within
a whisker of falling below the $20,000 tonne level just a few weeks
ago, so it's a comfortable buffer for some. News is on the light side.
Stay safe out there and enjoy your hump day!
Average price of LME traded cash nickel
so far this month
- $9.28/lb
Reports
Reuters metals morning - China credit data, lower dollar sustain copper prices - more
Tuesday's market review - Aluminium prices rise on
weaker dollar and China demand hopes - Aluminium prices rose on
Tuesday, helped by a weaker dollar, stronger auto sales in China and
Beijing’s support for the property market while investors await a U.S.
inflation update and Chinese trade data later in the week. - more
Exclusive: China's Metals Output in June - China’s refined nickel
output stood at 20,400 mt in June, up 9.39% MoM and 31.06% YoY. - more
Global stainless steel output down five percent in Q1 - In the first
quarter of this year, world stainless crude steel output decreased by
0.3 percent quarter on quarter to 13.66 million mt, while falling by
five percent compared to the same quarter of the previous year,
according to the preliminary report released by the International
Stainless Steel Forum (ISSF). - more
Nickel closed Monday's trading
session at $9.54/lb ($21,035/tonne). Indicators at 6:00 am CST today show
nickel trading around $.10/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and started today's trading session just under the 37,900 tonne
level. Shanghai nickel followed LME's lead and rose to 164,020 y/t
overnight. LME nickel is lower this morning, bucking the trend of other
base metals, that are using a stronger Euro to trade higher. And nickel
prices fell 37% in the first six months of 2023, making it the worst
performing metal on the LME. Stay safe out there and have a great
Tuesday!
Average price of LME traded cash nickel
so far this month
- $9.29/lb
Reports
Reuters metals morning - Industrial metals rise as dollar weakens - more
Stainless steel melt shop production decreased by 5.0%
year–on–year to 13.7 million metric tons in the first 3 months of 2023
- The world stainless association released figures for the first three
months of 2023 showing that stainless steel melt shop production
decreased by 5.0% year–on–year to 13.7 million metric tons. - more
China cuts crude stainless steel production in Jun-Jul - According to
statistics, the production of crude stainless steel in China’s 41 mills
amounted to around 3.04 million tons in June, falling by 2.5% compared
to the previous month and rising by 10% from the same month a year ago.
- more
Raw materials volatility puts price stability in doubt -
Declining raw material values have continued uncertainty about
stainless steel prices following MEPS International’s recent forecast
that the market had yet to bottom. - more
Europe flat stainless steel prices approach floor amid
reduced supply - EUROMETAL - Prices of stainless steel flat products in
Europe are showing signs of approaching a floor, largely due to reduced
supply, industry sources told Fastmarkets on Friday July 7. - more
China flexes critical metals muscles with export curbs: Andy Home -
China's threat to curb exports of gallium and germanium from the start
of August marks an escalation in the global competition for critical
minerals and metals. - more
Nickel under performs as surplus builds - Nickel
has been the worst performing metal on the London Metal Exchange (LME)
so far this year with prices slumping 37% in the first half of the
year. - more
U.S. should reach minerals deal with EU this year - U.S. official - The
United States is "well positioned" to reach a deal with the European
Union before the end of 2023 to allow critical minerals mined or
processed in Europe to qualify for U.S. clean vehicle tax breaks, a
senior U.S. treasury official said on Monday. - more
Courtesy AISI - In the week ending on July 8, 2023, domestic raw steel
production was 1,711,000 net tons while the capability utilization rate
was 75.2 percent. Production was 1,721,000 net tons in the week ending
July 8, 2022 while the capability utilization then was 78.1 percent. - more
Other News
Deep-sea mining could impact tuna fisheries - study - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Friday's trading
session at $9.45/lb ($20,830/tonne). Indicators at 6:00 am CST today show
nickel trading around $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and started this week just under the 37,950 tonne level.
Shanghai nickel fell to 161,030 y/t overnight. Lawyers for Gupta has
advised a London court they will file their defense this week against
charges his company shipped worthless rocks instead of nickel to
customers. In the last year there have been a lot of articles written
on the March LME debacle, but the one linked below today breaks down
the infamous day in an interesting and informative way. Worth a read if
this subject interests you. Italy's stainless steel producer AST
announced it will extend its summer closure due to low demand. U.S.
Treasury Secretary Janet Yellen returned from a visit to China.
Hopefully this is another step forward in the two country's talking
"to" one another, and not "at" one another. President Biden is in
Europe and will hopefully not say something to muck up the works again.
It's a new day, and a new week. Take a chance this week at something
new. Like a batter at the plate, you will likely miss the baseball when
you swing, but you will never hit a home run if you don't swing the
bat. So the signal is given, watch for the pitcher to make a mistake,
and swing for the cheap seats. Stay safe out there and have a great
week!
Average price of LME traded cash nickel
so far this month
- $9.27/lb
Reports
Reuters metals morning - Copper eases as China data disappoints; supply issues weigh - more
Friday's market review - Copper prices rise as dollar falls after U.S.
jobs data - Copper prices rose on Friday, recovering from three
sessions of falls, as the dollar weakened after U.S. employment figures
and stocks in LME-registered warehouses declined to their lowest since
April. - more
Gupta will file defence in Trafigura nickel fraud case by July 12
- Lawyers for Indian businessman Prateek Gupta and his firms will
file their defence in a legal case with commodity trader Trafigura by
the court deadline on July 12, Gupta's spokesman said on Friday. - more
China’s cold-rolled stainless steel production grows in Jun y-o-y -
According to statistics, the production of cold-rolled stainless steel
in China’s 34 mills amounted to around 1.23 million tons in June,
falling by 3.22% compared to the previous month and rising by 12.1%
from the year-ago level. - more
U.S. imports/exports of Nickel thru May - more // U.S. imports/exports of Stainless Steel thru May - more (use search bar at top of each page to search your item of interest)
LME’s nickel-crisis decision at heart of dispute in UK judicial review
involving US$12 billion in cancelled trades - Judicial review of LME’s
decision on March 8 last year has potential to reshape how bourses
respond to ‘market emergencies’ - more
Italy’s AST extends summer shutdown on weak market - Acciai Speciali
Terni (AST), a stainless steel manufacturer in Italy, decided to
suspend production during the period from July 19 to August 23 from the
traditional summer shutdown of August 7 to August 20, in response to
higher production cost, low steel prices, and weak sales. - more
EU Says Cost of Sanctions Will Hit Russia Harder Over Time - The
European Union’s sanctions against Russia will build over time and will
have a growing long-term impact on Moscow’s economy, according to the
bloc’s executive arm. - more
The rush for nickel: 'They are destroying our future' - Two men are
carrying torches and homemade arrows as they slip into the ocean at
night on an Indonesian island. - more
Other News
Yellen criticizes China's 'punitive' actions against US companies, urges market reforms - more
FedEx details capacity plan as UPS strike fears intensify - more
Taiwan exports plunge at fastest pace in 14 years on demand woes - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Thursday's trading
session at $9.62/lb ($21,200/tonne). Indicators at 6:45 am CST today show
nickel trading around $.23/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and
started today's session just over the 38,200 tonne level. LME closed
ever so slightly lower on Thursday, and Shanghai retreated overnight to
163,440 y.t. Here are your average costs for June, with a
comparison to the price in May. Nickel - $9.61/lb down from $10.08/lb
in May; Chromium - $4.95/lb down from $5.05/lb in May, and Molybdenum -
$21.94/lb up from $21.23/lb. Reuters noted yesterday about China
announcing restrictions on exports of gallium and germanium "On
Wednesday, former Vice Commerce Minister Wei Jianguo told the China
Daily newspaper that countries should brace for more should they
continue to pressure China, describing the controls as a
"well-thought-out heavy punch" and "just a start". It is officially the
weaponization of mineral containing rocks, and with the EV and solar
industry forecasted to strain these supply lines, it is only going to
get worse. Blood nickel does 'not' have a positive ring to it. Time for
countries to talk to one another, and not at one another. The
controversy over deep sea mining is not going away anytime soon, with
plans announced earlier now back on hold as the United Nations takes up
the matter. Two of the hottest, if not the hottest, days ever recorded
on earth were this past week (globally Tuesday and Wednesday)
and for those looking for cooler temperatures, Australia is seeing some
big snow in certain states. Stay safe out there, stay cool, and have a
great weekend!
Average price of LME traded cash nickel
so far this month
- $9.27/lb
Reports
Reuters metals morning - Copper up as LME stocks fall; focus on US jobs data - more
BMI cuts 2023 nickel prices as market moves into deeper surplus - BMI,
a Fitch Solutions firm, is revising down its nickel price forecast for
2023 to $23,500/tonne from $26,500/t as Class 2 nickel production
volumes rise significantly, pushing the market into deeper surplus,
Kallanish notes. - more
BofA Cuts Price Forecasts For Most Commodities In 2023 On Headwinds
From China, Tighter Monetary Policy - BOFA CUTS NICKEL PRICE FORECAST
TO $22,063/T IN 2023 ($23,222/T PREVIOUSLY); 2024 FORECAST UNCHANGED AT
$21,250/T - more
Explainer: Inside the opaque world of minor metals pricing - China's
abrupt announcement this week that it will restrict exports of some
germanium and gallium products from Aug. 1 is expected to disrupt
global supply chains for semiconductors. - more
Firms set to benefit from chrome ore export exemption - Government has
exempted the ban on the export of chrome ores for some firms in a move
designed to allow them to raise the necessary capital to complete the
construction and expansion of furnace, processing facilities and
upgrade key mining technology. - more
Deep-sea metal rush in doubt as regulatory body meets - Plans to
extract minerals from the ocean floor are expected to be put on hold
next week at a meeting of the U.N. body regulating the sector, with
environmental and economic risks threatening to scupper the industry
before it begins. - more
Other News
China's chipmaking export curbs 'just a start', Beijing adviser warns before Yellen visit - more
Russia's Nornickel sells US-based distribution company in all-cash deal - more
Rare earth stocks surge amid U.S.-China trade war fears - more
Chinese Vessel Comes Within 100 Yards to Block Philippine Coast Guard - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Wednesday's trading
session at $9.63/lb ($21,230/tonne). Indicators at 6:00 am CST today show
nickel trading around $.07/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today just over the 38,250 tonne level. Shanghai
nickel played follow the leader overnight, rising to 165,760 y/t. They
were playing catchup with LME nickel, which jumped yesterday afternoon.
LME nickel is quiet this morning, down slightly as the bulls catch
their breath. Stay safe out there and have a great Thursday!
Average price of LME traded cash nickel
so far this month
- $9.17/lb
Reports
Reuters metals morning - Copper falls on firm dollar, fragile demand outlook - more
Crisis-hit LME's clearing house names former LSE CFO as chair - The
London Metal Exchange's clearing house, which was hit by a
2022 nickel crisis, has appointed David Warren, former chief financial
officer of the London Stock Exchange, as chairman from July 20, it said
on Wednesday. - more
China’s policy to loosen housing sales and lending likely to boost
stainless steel market - The price of ferromolybdenum rose by 5.8%
recently, affecting the production cost of 316 products. Taiwan’s
upstream stainless steel mills, including Yieh United Steel Corp.
(Yusco) and Walsin Lihwa, raised their 316 prices for July and
maintained prices of other items. - more
Global production and usage of molybdenum falls in Q1 2023 - Figures
released today by the International Molybdenum Association (IMOA) show
that global production of molybdenum fell by 3% to 146.8 million pounds
(mlbs) in Q1 2023 compared to the previous quarter. - more
Indonesian authorities investigate allegedly illegal nickel ore exports
to China worth $1.3b - The Indonesian authorities are probing allegedly
illegal shipments of nickel ore to China worth 14.5 trillion rupiah
(S$1.3 billion) over 2½ years from early 2020. - more
Courtesy AISI - In the week ending on July 1, 2023, domestic raw steel
production was 1,740,000 net tons while the capability utilization rate
was 77.3 percent. Production was 1,735,000 net tons in the week ending
July 1, 2022 while the capability utilization then was 79.4 percent. -
more
Ukraine's top steelmaker sees steady production, no need for debt
restructure - The head of Ukraine’s largest steelmaker Metinvest
expects its production to be steady this year, albeit at deeply
depressed levels as the war with Russia continues, while it sees no
need to restructure its debt. - more
Other News
UPS’ chances of averting a strike are shrinking. How should shippers prepare for the worst? - more
Rights group reports allegations of dozens of abuses in critical minerals supply chains - more
Economic Stats and Prices (posted in Friday edition)
Nickel closed Monday's trading
session at $9.35/lb ($20,620/tonne) and Tuesday's at $9.30/lb ($20,510/tonne). Indicators at 6:00 am CST today show
nickel trading around $.04/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell to
just below the 38,500 tonne level on Monday and to just below the
38,400 tonne level on Tuesday. Shanghai nickel rose to 159,500 y/t on
Tuesday and fell to 158,290 overnight. Nickel, its short term surplus,
but long term deficit in the news today as more warn the shift to clean
energy will demand more of the mineral. In
other news below, China announced an export
restriction on two metals beginning August 1. With China producing 85%
of the world's gallium and the U.S. defense industry being heavily
dependent on the same, this is likely a tit for tat response for
restrictions on chip exports in place by U.S. and its allies. Were you
aware that our government has issued a travel advisory now discouraging
travel to China? Obviously the first attempt at both parties playing
nice together a few weeks ago didn't go so well and needs a serious do
over. As we are
entering a Presidential election campaign, and China has become
both parties favorite whipping post, we don't expect things to improve
any times soon. Putin is pleased, we have little doubt. Stay safe out
there and have a great hump day!
Average price of LME traded cash nickel
so far this month
- $9.18/lb
Reports
Reuters metals morning - Most base metals prices slide as demand outlook weighs - more
Taiwan’s stainless steel price depends on market situation - Taiwan’s
upstream stainless steel mills maintained prices for July orders,
taking a negotiation way, due to the depreciated new Taiwan dollar and
high raw material prices. - more
Nickel on a declining trajectory in 2023 - Nickel prices on the London
Metal Exchange (LME) dipped below $20,000/t for the first time in
nearly 12 months towards the end of June, as subdued demand-side
fundamentals in the world's major economies combined with still-growing
Indonesian supply to drive a sharp sell-off this year. - more
Column: Old economy drags base metals lower in first half of 2023 -
China's manufacturing sector contracted for the third straight month in
June. - more
High quality nickel glut to narrow nickel pig iron price gap - A
surplus of high quality nickel due to new sources of supply means
prices of the stainless steel ingredient will come under pressure over
coming years, narrowing the price differential against lower grade
nickel pig iron (NPI). - more
McKinsey Adds to Warnings of Clean-Energy Metals Shortages - McKinsey
& Co. joined the growing chorus warning that metals considered key
to the clean-energy transition face shortages in coming years,
potentially suppressing the adoption of electric cars, wind turbines
and solar panels. - more
Glencore proposes to buy remaining stake of PolyMet - Glencore Plc said
on Monday it had proposed to buy the remaining stake in copper miner
PolyMet Mining it does not already own for about $71 million. -
more
Andrew Forrest's Wyloo looks for more nickel deals as it seals Mincor
buy - Wyloo Metals, the privately held battery resources unit of
Australia iron ore baron Andrew Forrest, sees room to grow in nickel as
it closes out its A$750.3 million ($501.4 million) buyout of miner
Mincor Resources, its CEO said. - more
Deep sea mining permits may be coming soon. What are they and what
might happen? - The International Seabed Authority _ the United Nations
body that regulates the world’s ocean floor–is preparing to resume
negotiations that could open the international seabed for mining,
including for materials critical for the green energy transition. - more
Other News
EU rejects US proposal to end steel tariff dispute - more
Temperatures seen surging as El Nino weather pattern returns - more
China restricts exports of two metals that the EU considers of 'strategic' importance - more
Nickel closed Friday's trading
session at $9.32/lb ($20,540/tonne) Indicators at 5:50 am CST today show
nickel trading around $.06/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell last
Friday and started July just over the 38,500 tonne level. Nickel rose
in Shanghai overnight, to 159,240 y/t. With U.S. markets closed
tomorrow, many traders took an extended weekend, so we aren't expecting
much to happen today. And there is little to offer on the news front as
well. It's the beginning of the second half of 2023, so we have six
months left to meet those goals we set for ourselves. The U.S.
celebrates its Independence Day on Tuesday so our next update will be
on Wednesday! Stay safe out there and have a great Monday!
Average price of LME traded cash nickel
so far this month
- $9.61/lb (average June)
Reports
Reuters metals morning - China stimulus hope and falling inventories buoy copper - more
Are European stainless flat prices about to bottom? - As the summer
holiday months start in Europe, market participants believe that
stainless steel prices are approaching the bottom of the current cycle.
- more
Walsin Lihwa announces stainless steel wire rod prices for July -
Walsin Lihwa, a stainless steel wire rod and cable manufacturer in
Taiwan, announced its new prices of stainless steel wire rods for July.
- more
Activist investor wants mining giant Glencore's CEO replaced - Activist
investor Bluebell Capital Partners Ltd. wants Glencore PLC’s board to
replace chief executive Gary Nagle as the Swiss mining giant struggles
to acquire Canada’s largest diversified miner, Teck Resources Ltd. - more
Other News
UPS pledges to reach deal with Teamsters by July 5, union says - more
Economic Stats and Prices (posted in Friday edition)
(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
official LME
prices, LME requires a user subscribe to an authorized LME vendor.
Daily Nickel/Stainless Steel Briefing 
($22,330/tonne). Indicators at 6:00 am CST today show
nickel trading around $.19/lb 
lower. Stockpiles of nickel stored in LME licensed warehouses fell by a
single lot on Friday and remains just below the 37,550 tonne level.
Shanghai nickel rose last night, to 172,260 y/t. Some are quietly
grumbling about Saudi Arabia being allowed to buy into a Canadian
nickel mine. These concerns are becoming more vocal since the EV
industry has made natural resources more critical. It also was popular
in some parts of the U.S. during the last political season with some
crying foul as Chinese investors were buying up American farmland.
While much of this is mere noise, there is a degree of legitimacy, in
our opinion, when one country is taking advantage of another. What we
mean by that is if American investors are allowed to invest in a
country and own property or mines, then how can America close its
border to that country's investors? On the other hand, if a country has
closed its border to American investors and ownership of property and
mines, then why should America be required to allow that country and/
or its investors access to our country? Simply put, if America can own
property in Communist China, then China should be able to own property
here. Not hating on any country - just stating what seems to be common
sense. The again, politics and common sense do not seem to make good
bedfellows these days. It's the final day of the first month of the
second
half of 2023. Thank you to PA Inc, who sponsors this news page and
keeps it updated and free for all readers. You can help support this
site by visiting their web site and seeing if they offer services you
may need. Stay safe out there and enjoy your Monday. 
Reports
Shanghai Metals Market
London Metals Market
Yusco raises stainless steel prices for Aug to reflect rising
production costs - Yieh United Steel Corp. (Yusco), a leading stainless
steel mill in Taiwan, announced its new prices for August. - 
Nickel price surges on Indonesia’s decision to prevent nickel
oversupply - The LME nickel futures surged by US$618 last Friday (July
28), closing at US$22,307/ton. - 
Saudi Arabia nickel deal to test Canada's new foreign investor rules -
Canada’s vow to curb foreign investment in its critical minerals sector
will face its first major test with Saudi Arabia’s deal to buy into
some of the country’s largest nickel mines. - 
Spain’s Acerinox posts lower sales revenue for Q2 and H1 - Spanish
stainless steel producer Acerinox S.A. has announced its financial
results for the second quarter and the first half of this year. - 
US assigns zero preliminary dumping margin for corrosion-resistant
steel products from S. Korea - The US Department of Commerce (DOC) has
announced the preliminary results of its administrative review of the
antidumping duty (AD) order on certain corrosion-resistant steel
products from South Korea. - 
Other News
Слава Україні! - 
Analysts mark down copper forecasts as output ramps up - (excerpt)
Analysts expect LME cash nickel prices to average $20,000 a metric ton
in the fourth quarter, down 11% from the previous poll. They expect the
global nickel market to show a surplus of 199,000 metric tons this year
and 150,000 tons in 2024. - 
Saudis Make First Big Global Mining Bet With Vale Metals Stake - Saudi
Arabia has made the first big deal in a push to deploy its vast wealth
into the global mining industry, agreeing to buy a stake in Vale SA’s
base metals unit. - 
India's prime minister's office probing dumping of Chinese stainless
steel, Jindal Stainless executive says - India's Prime Minister's
office (PMO) has launched a probe into potential dumping of Chinese
stainless steel products into the country, Abhyuday Jindal, managing
director of Jindal Stainless, said on Wednesday. - 
Russia’s stainless steel imports rise in Jun y-o-y - According to
statistics from the Russian Special Steel and Alloys Consumers and
Suppliers Association (USSA), Russia imported around 42,000 tons of
stainless steel in June this year, falling by 9.3% compared to the
previous month and rising by 45% from the same month a year ago. - 
Thyssenkrupp Steel to receive $2.2 billion funding for decarbonisation
project - Thyssenkrupp's steel division is to receive federal and state
government funding totalling around 2 billion euros ($2.21 billion),
the company said on Wednesday. - 
June 2023 crude steel production - World
crude steel production for the 63 countries reporting to the World
Steel Association (worldsteel) was 158.8 million tonnes (Mt) in June
2023, a 0.1% decrease compared to June 2022. - 
Japanese crude steel output down 4.2 percent in June from May - In June
this year, Japanese crude steel production was down by 4.2 percent
compared to the previous month and by 1.7 percent compared to June
2022, totaling 7.32 million mt, according to the data released by the
Japan Iron and Steel Federation (JISF). - 
Courtesy AISI - In the week ending on July 22, 2023, domestic raw steel
production was 1,741,000 net tons while the capability utilization rate
was 76.6 percent. Production was 1,721,000 net tons in the week ending
July 22, 2022 while the capability utilization then was 78.1 percent. -
Dead EV batteries turn to gold with US incentives - A little-publicized
clause in the U.S. Inflation Reduction Act has companies scrambling to
recycle electric vehicle batteries in North America, putting the region
at the forefront of a global race to undermine China's dominance of the
field. - 
Leading Stainless Steel Manufacturers of the Industry, 2022 -
Increasing urbanization, growing population, and rising climate change
are the trends driving steel demand and thus boosting market growth. - 
‘No blanket ban’ on Chinese investments in Australia as bilateral
tensions ease - Approval of Chinese group’s investment in Australian
nickel producer a positive sign after various blocked deals amid
previously frosty ties between 2018 and 2022 - 
Turkey’s stainless steel coil imports slide in Jan-May y-o-y -
According to the Turkish Statistical Institute (TUIK), Turkey imported
around 290,000 tons of stainless steel coils in the first five months
of this year, falling by 3% compared to the corresponding period a year
earlier. - 
Italy’s AST extends summer shutdown on weak market - Acciai Speciali
Terni (AST), a stainless steel manufacturer in Italy, decided to
suspend production during the period from July 19 to August 23 from the
traditional summer shutdown of August 7 to August 20, in response to
higher production cost, low steel prices, and weak sales. - 
Firms set to benefit from chrome ore export exemption - Government has
exempted the ban on the export of chrome ores for some firms in a move
designed to allow them to raise the necessary capital to complete the
construction and expansion of furnace, processing facilities and
upgrade key mining technology. - 
Ukraine's top steelmaker sees steady production, no need for debt
restructure - The head of Ukraine’s largest steelmaker Metinvest
expects its production to be steady this year, albeit at deeply
depressed levels as the war with Russia continues, while it sees no
need to restructure its debt. - 
High quality nickel glut to narrow nickel pig iron price gap - A
surplus of high quality nickel due to new sources of supply means
prices of the stainless steel ingredient will come under pressure over
coming years, narrowing the price differential against lower grade
nickel pig iron (NPI). - 
Glencore proposes to buy remaining stake of PolyMet - Glencore Plc said
on Monday it had proposed to buy the remaining stake in copper miner
PolyMet Mining it does not already own for about $71 million. -
