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Stainless Steel News and Nickel Prices



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Monday, July 31

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • US Economic Indicators: Industrial Production - pdf here
  • US Economic Indicators: Durable Goods Orders & Shipments - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

Friday, July 28

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

     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)

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

Thursday, July 27

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

     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)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

Wednesday, July 26

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • The Consumer Confidence Survey - more
  • US Economic Indicators: Durable Goods Orders & Shipments - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

     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
  • The Hidden Risk of Chinese Suppliers - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

Tuesday, July 25

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

     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)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

Monday, July 24

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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

  Reports

  • Reuters metals morning - none found
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

Friday, July 21

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

     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

   Other News

  • OnTrac expands into major Texas markets - more
  • Everything About The Critical Minerals For India - more
  • How Technology Is Combating the Trucker Shortage  - more
  • Russia Issues Warning to Ukrainian-Bound Ships - more

  Economic Stats and Prices (posted in Friday edition)

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

Thursday, July 20

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • US Economic Indicators: Industrial Production - pdf here
  • US Economic Indicators: Manufacturing Production & Capacity by Major Industries - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

     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)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

Wednesday, July 19

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • US Economic Indicators: Durable Goods Orders & Shipments - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

     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)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

Monday, July 17

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • Base Metals: Diversity And Green Credential - more
  • Made in America: The Past, Present and Future of the Steel Industry - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

Friday, July 14

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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

  Reports

  • Reuters metals morning - none found
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - none posted
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • Federal Reserve Beige Book - pdf here
  • Producer Price Index by Industry: Truck Transportation - chart here
  • Producer Price Index by Commodity: Externally Threaded Fasteners - chart here
  • Producer Price Index by Industry: Corrugated Box Manufacturing - chart here
  • Producer Price Index by Commodity: Steel Wire, Stainless Steel - chart here
  • Truck Tonnage Index - more
  • Fastener Distributor Index June 2023 - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

      ‘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)

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

Thursday, July 13

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - non posted
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

Wednesday, July 12

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • TOP-5 steel companies in the world in 2022 - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

Tuesday, July 11

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

       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)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

Monday, July 10

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • Top Geopolitical Risks of 2023 - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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)
  • AISI Releases June SIMA Imports Data - more

     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)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

Friday, July 7

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

     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)

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

Thursday, July 6

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • US Economic Indicators: Durable Goods Orders & Shipments - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

     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 2 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)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

Wednesday, July 5

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • Global Manufacturing PMIs - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

     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
  • China Travel Advisory - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

Monday, July 3

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

     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)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here


  June Archives


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(all ton listings are metric tons = 2204.622 pounds ) Updated Monday thru Thursday before 7 am CST, Friday version before 8 am CST - Disclaimer Original 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.



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