Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $9.35/lb ($20,620/tonne). Indicators at 5:15 am CST today show nickel trading around $.10/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today at 38,850 tonnes. Shanghai nickel rose overnight to 157,500 y.t. Nickel dipped its toe below the $20,000 tonne level yesterday for the first time since October 2021, but bounced late. This morning, the Euro is lower, as is nickel. We thank you for sharing the first half of 2023 with us and invite you back Monday as we start the second half. We also thank PA Inc for their continual support by sponsoring the news page monthly. If your requirements call for high nickel alloy and specialty stainless steel piping products, please keep PA Inc in mind. That banner at the top of the page keeps the rest of the page updated, so click it and see what they have to offer. Stay safe out there and enjoy your weekend!
  
• Average price of LME traded cash nickel so far this month - $9.64/lb
  

     Yusco adjusts stainless steel prices for Jul - Yieh United Steel Corp. (Yusco), a leading stainless steel mill in Taiwan, announced its new prices for July. - more

     China’s crude stainless steel production falls in Jun - According to statistics, the crude stainless steel production of 41 China’s mills initially totaled around 2.97 million tons in June this year, falling by 4.6% compared to the preceding month and rising by 7.6% from the year-ago level. - more

     Nickel Prices Soften Amid Indonesia Supply Boost - Makers of electric vehicle batteries and the cars that run on them have benefited from surging output by Indonesia, the world's largest producer of nickel, a key battery component that soared in value last year. - more

     Fixing deep-sea mining damage would be double the cost of extraction, study says - Extracting minerals from the ocean floor could negatively impact biodiversity on a scale of up to 25 times greater than land-based mining, and fixing the damage would cost twice as much as extraction, a new report said on Thursday. - more

   Other News

• UPS strike ‘now appears inevitable,’ Teamsters president says - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $9.11/lb ($20,085/tonne). Indicators at 6:00 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and ended that session just over the 38,900 tonne level. Shanghai nickel traded lower, to 155,190 y/t overnight. Nickel is hugging the $20,100 tonne level this morning, and as the second quarter and first half of 2023 nears a final trade tomorrow, it is possible both the bears and bulls have accepted this level to square their books. Stay safe out there and enjoy your Thursday!
  
• Average price of LME traded cash nickel so far this month - $9.67/lb
  

     Chinese steel enterprises’ loss amounts to RMB 2.1 billion in Jan-May - In the January-May period this year, of the 41 industrial sectors in China, 14 witnessed year-on-year increases in gross profit, 24 saw decreases in ... - more

     Indonesia strives to preserve right to downstream: minister - Indonesia strives to preserve the nation’s downstreaming policy despite the dispute over its nickel ore export ban, Coordinating Minister for Economic Affairs Airlangga Hartarto said on Tuesday. - more

     India's govt lists 30 critical minerals in clean energy push - The Indian government said on Wednesday that it had listed 30 minerals, including nickel, titanium, vanadium and tungsten as critical to drive its clean energy push. - more

• BHP urges nations to avoid critical minerals protectionism - more
  

   Other News

• The corrosion behaviour of stainless steels and Ni-based alloys in nitrate salts under thermal cycling conditions in concentrated solar power plants - pdf here
• Right place, right time: Supply chain outlook for third quarter 2023 - more
• Bloated inventories are changing cash flow strategies - more
• NCIS: "Free Smartwatches" for Sailors Might be Covert Cyberattack - more
• ISM - The Monthly Metric: Inventory as a Percentage of Sales - more
• Republican presidential candidates trade barbs over China policy - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $9.44/lb ($20,820/tonne). Indicators at 6:00 am CST today show nickel trading around $.23/lb lower. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Tuesday and remain just under the 39,350 tonne level. Shanghai nickel switched contracts overnight, and fell to 157,910 (160,810 old contract). We are seeing nothing in the news to account for nickel's steep drop this morning, although we suspect end of second quarter/half year profit taking might account for some of it. News is quiet this morning with another death in an Indonesia smelter catching attention. There has already been one violent strike this year over worker safety and this incident will not improve relations between Chinese management and Indonesia labor. And more on Chinese steel figures for May posted below. Stay safe out there and have a great hump day.
  
• Average price of LME traded cash nickel so far this month - $9.71/lb
  

• CISA: Steel prices in China maintain downtrend in May - more
• China's steel prices may trend lower; output rises further in mid-June - more

     Australia's critical minerals industry needs quicker permits, not subsidies -BHP - Australia's critical minerals strategy does not need the sugar hit of more subsidies as good projects will find investment, but the country needs to hasten mine development timeframes and rework new workplace legislation, BHP's CEO said on Tuesday. - more

   Other News

• Inside the story of jaw-dropping stainless steel Fords so rare just 11 have been built in nearly 100 years - more
  
• Miners tap waste for critical minerals - more
  
• Wagner revolt in Russia sparks questions about Putin’s power, stability in Middle East and Africa - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $9.25/lb ($20,400/tonne). Indicators at 6:00 am CST today show nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today just under the 39,350 tonne level. Shanghai nickel fell overnight, to 172,410 y/t. Ferrochrome prices for the third quarter are falling, at least in Europe. Stainless steel imports into China rose in May, but remain well below 2022 levels. LME nickel closed at a 2023 low yesterday, and is struggling to bounce with any momentum today. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $9.73/lb
  

    Monday's market review - Copper escapes widespread declines across base metals - Copper prices edged up on Monday as declining stocks in warehouses registered by the London Metal Exchange (LME) and rain-hit mining operations in Chile offset a firm dollar and concerns about global economic growth. - more

   Other News

• Billionaire Miner Friedland Warns of a Copper 'Train Wreck' as Supply Stalls - more
• Talon Metals: A U.S. Nickel Mining Industry - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $9.68/lb  ($21,350/tonne). Indicators at 6:00 am CST today show nickel trading around $.21/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and ended last week just over the 39,450 tonne level. Shanghai nickel returned to trading overnight, and nickel fell to 163,500 y/t. Markets appear to be confused this morning, trying to figure out what weekend developments in Russia mean. Putin's private mercenary army, known as the Wagner's, turned on him over the weekend and began a military advance on Moscow, before a peaceful arrangement was entered into. Whatever the outcome, Putin's reputation has been seriously damaged and what this could mean in the future is anyone's guess. Holding over half of the world's nuclear arsenal, a cornered dog is a dangerous animal. China's initial reaction was the western media was making more of this than was really there, but since has voiced its support for its new strategic partner. We haven't heard much from Putin since this whole ordeal started, but when he comes out of hiding, we are sure this will be the West's fault. Stay safe out there and have a great final week of the first half of 2023.
  
• Average price of LME traded cash nickel so far this month - $9.76/lb
  

    Friday's market review - Copper declines weekly on rate hike and dollar strength - Copper prices posted a weekly decline on Friday after three weeks of gains, as London Metal Exchange (LME) shares fell on concerns over global economic growth after an interest rate hike. support waned. - more

• Analysis: Nerves on edge as exchanges, funds await ruling in LME nickel case - more
  
• LME's nickel crisis: major developments since trading halt - more

   As electric cars take off, makers pledge $11.3 billion for US lithium iron phosphate - Interest and investment in lithium iron phosphate (LFP) battery cells and materials, used to power electric vehicles, continue to climb in the United States. LFP is a lower-cost competitor to nickel cobalt manganese cells. - more

   Other News

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $9.60/lb ($21,160/tonne). Indicators at 6:45 am CST today show nickel trading  unchanged. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and ended that session just over the 38,850 tonne level. Shanghai markets remain closed and will reopen on Monday. The Euro is down sharply against the U.S. Dollar this morning, and the fact that nickel is unchanged is rather amazing, at least in our opinion. A weaker Euro is a bearish indicator for London metal traders so if the trend remains intact, going unchanged today could be seen as bullish. The LME trial is apparently over, as it was only scheduled to last three days. Now we wait for a decision. The case comes down to a single question, in our opinion. Can a trading house, such as the London Metal Exchange, make moves under the guise of an emergency, that will decide who wins and who loses in a trade. There is little doubt the LME had the right to halt trading, although we would like our readers to note - the market was correcting itself quickly when the LME finally decided to step in. The move was poorly timed, but not illegal. To cancel trades that had already been made is the question the court faces. A few of those who saw their bets pay off big, and then saw those winnings snatched away from them, are not happy and suing for compensation. Those who were suddenly looking at billions in loses and then were rescued by the LME cancellation move - have remained rather quiet through this whole ordeal. Not a lot of news out there except for coverage of the last day of the LME trial. China remains on holiday and will return on Monday. Stay safe out there and have an enjoyable weekend!
  
• Average price of LME traded cash nickel so far this month - $9.77/lb
  

• LME casts doubt on Elliott's nickel damages claim in judicial review - more
• LME lacked senior staff monitoring trading as nickel prices spiked: Jane Street - more
• UK Regulator Was Missing in Action at Start of Nickel Crisis, Filings Show - more
• LME faced ‘death spiral’ with as many as a dozen firms at risk of default amid nickel chaos: lawyer - more
  

     Indonesia’s nickel boom tests Western green sensibilities - In a miserable year for initial public offerings, Indonesia’s capital is turning heads. The Jakarta Stock Exchange enjoyed record IPO volumes in the first quarter. - more

   Other News

• BMI outlines most prominent mineral, metal trends for the coming years - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $9.67/lb  ($21,320/tonne). Indicators at 6:00 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today's trading session just under the 39,100 tonne level. Shanghai markets are closed for the remainder of the week for a holiday. Lot of articles today on the LME court case, with media attention returning after an apparent less than exciting first day. The Euro is climbing again, and really hasn't lost any of its value since nickel peaked with it last week. Nickel, on the other hand, has fallen over $1600/tonne during the same period. INSG reporting the nickel industry is still in a surplus condition, while Talon Metals has applied for a permit from the Minnesota Dept of Natural Resources. Talon Metals proposed mine does not seem to get near the attention that Polymet's does. Crude steel production globally was up 5.1% in May over the same period last year according to worldsteel. Stay safe out there and enjoy your Thursday!
  
• Average price of LME traded cash nickel so far this month - $9.78/lb
  

• Explainer-LME nickel surge puts clearing houses in the spotlight - more
• Explainer-Nuts and bolts of the LME's cancelled nickel trades legal case - more
• What Really Happened the Night the Nickel Market Broke - more
• LME had options to avoid cancelling trades during last year’s nickel crisis, funds say - more
• LME dropped the ball in Asia trading as nickel rocketed - more
• LME failed to probe Tsingshan before nickel chaos, London court hears - more
  

      Global nickel market in 20,500 tonne surplus in April - The global nickel market had a surplus of 20,500 metric tons in April, compared with a deficit of 2,600 tons in the same month last year, data from the International Nickel Study Group (INSG) showed on Wednesday. - more

     Talon Metals seeks regulatory permit for Minnesota nickel mine - Canada's Talon Metals Corp said on Wednesday that it has submitted an application with the Minnesota Department of Natural Resources for the environmental review of its proposed nickel mine located in the state. - more

     Courtesy AISI - In the week ending on June 17, 2023, domestic raw steel production was 1,743,000 net tons while the capability utilization rate was 77.5 percent. Production was 1,738,000 net tons in the week ending June 17, 2022 while the capability utilization then was 79.6 percent. - more

   Other News

• Holidays cannot come quickly enough for EU stockists - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $9.98/lb ($21,995/tonne). Indicators at 6:00 am CST today show nickel trading around $.07/lb lower. Stockpiles of nickel stored in LME licensed warehouses jumped on Tuesday and started today just over the 39,150 tonne level. Shanghai nickel fell overnight, to 167,950 y/t.  The London court hearing involving the LME continued today, although media attention has shifted elsewhere. The hearing is expected to last thru tomorrow. Saudi Arabia appears to be looking at base metals for the future, as a government investment fund is apparently the lead bidder for Vale's copper and nickel mining division. An eyebrow riser for certain. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $9.79/lb
  

• What Really Happened the Night the Nickel Market Broke - more
  

     China's nickel imports surge in May with jump in Russian supplies - China's refined nickel imports in May more than tripled from the previous month, customs data showed on Tuesday, as Russia increased shipments after concluding prolonged contract negotiations with Chinese buyers. - more

     WTO: China’s AD measure on Japan’s stainless steel violates WTO agreement - On June 19, 2023, the WTO dispute panel issued a report, saying that China’s anti-dumping (AD) measures imposed on stainless steel products from Japan go against the WTO agreement and recommending China bring its measures into conformity with the WTO agreement. - more

     Saudi's PIF emerges as lead bidder for $2.5 billion Vale base metals stake, Bloomberg reports - Saudi Arabia's Public Investment Fund (PIF) is emerging as the leading bidder to acquire a $2.5 billion stake in Brazilian miner Vale's nickel and copper operations, Bloomberg News reported on Tuesday. - more

     Indonesia's Chinese investment-dominated nickel industry: Social and environmental safeguards needed - Acknowledged as a key industry in the National Mid-Term Development Plan 2015-2019, Indonesia's nickel industry has witnessed significant investments, especially from China. - more

     Japan signed a critical minerals deal with the U.S. — but it’s still losing the global EV race - Tokyo in March signed the U.S.-Japan Critical Minerals Agreement, securing both countries’ commitment to strengthen supply chains and promote EV battery technologies. - more

   Other News

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $10.20/lb ($22,480/tonne). Indicators at 6:00 am CST today show nickel trading around $.24/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Monday and started today just under the 37,800 tonne level. Shanghai nickel fell slightly lower to 168,410 y/t overnight. LME nickel has slipped below the $22,000 tonne level this morning, down over $1250/tonne since Friday. The LME squared off with a hedg fund this morning, as Elliott Associates sued them over their decision to void trades during last years great nickel debacle. It is hard to tell what the court will decide, but while trading houses have the right to halt trading to calm markets, the act of "do overs" to protect some traders at the expense of others would appear to cross a line. More evidence from Taiwan that the stainless steel industry may be picking up in Asian markets. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $9.78/lb
  

    Monday's market review - LME nickel volumes perk up, but full recovery uncertain - Efforts by the London Metal Exchange (LME) to fix its broken nickel contract have revived volumes after last year's crisis, but hopes of a full recovery any time soon are likely to be dashed, industry sources said. - more

• Factbox: Elliott Associates sues London Metal Exchange for cancelled trades - more
• LME set to defend itself in 3-day trial in London over nickel chaos from last year’s trading freez - more
• LME had options to avoid quashing nickel trades, hedge fund tells High Court - more
  

     UK to revoke CVD on stainless steel bars from India - The UK's Trade Remedies Authority (TRA) has announced that the UK government has accepted its recommendation to revoke the countervailing measure on imports of stainless steel bars and rods from India. - more

    Europe in danger of losing EV battery race - Court of Auditors - Europe is in danger of losing the race to become a global battery powerhouse as access to raw materials remains a major roadblock along with rising costs and fierce competition, a report by the European Court of Auditors (ECA) said on Monday. - more

   Other News

• Talking Supply Chain: AI is powering the next supply chain revolution - more
• NOAA National Hurricane Center alert - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $10.42/lb ($22,970/tonne). Indicators at 6:00 am CST today show nickel trading around $.14/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started this week just over the 36,800 tonne level. Shanghai nickel fell overnight to 168,560 y/t. LME nickel is down this morning as the Euro slips against the Dollar on news of an EU interest rate increase. Most of the news centers around legal controversies involving nickel. There is some evidence that stainless steel demand might be picking up in Asia, but time will tell. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $9.75/lb
  

    Friday's market review - Copper pulls back from five-week high as LME inventories rise - Copper prices touched their highest in more than five weeks on Friday but came off the peak as data showed growing inventories on the London Metal Exchange (LME), highlighting an improving supply picture. - more

     Firm owned by tycoons Reuben Brothers sues Trafigura in nickel fraud - Hyphen Trading Ltd, owned by property and metals tycoons the Reuben brothers, has filed a legal claim against commodity trader Trafigura which a source close to the situation said was linked to an ongoing alleged nickel fraud case. - more

     Taiwan’s stainless steel market slightly revives on higher raw material prices - Taiwan’s stainless steel market prices slightly hiked by NT$500/ton recently, driven up by higher prices of raw materials such as LME nickel and China’s nickel pig iron. - more

     Indonesia Tsingshan raises export offers on better stainless steel market conditions - Indonesia Tsingshan informed its customer of a hike in export offers today (June 17). China’s stainless steel market prices have been moving upward recently, coupled with policy benefits such as interest rate cuts and rising prices of nickel and nickel pig iron, stainless steel prices have rebounded gradually. - more

   Other News

• India examining recommendation to impose countervailing duty on Chinese steel imports - more
• The U.S. will soon be in a recession, based on commodity price declines: strategist - more
• Centaurus secures full nickel rights at Jaguar - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed yesterday's trading session at $10.42/lb ($22,970/tonne). Indicators at 5:30 am CST today show nickel trading around $.07/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today just over the 37,000 tonne level. Overnight, Shanghai nickel rose to 173,320 y/t. The Euro spiked against the U.S Dollar yesterday, giving base metal traders some positive momentum. It's trading quietly this morning, and refusing to give up any of yesterday's gain. Industry news turned quiet as we start the last day of the week and first day of the month's second half. Onlt two weeks left in the first half of 2023. Stay safe out there and enjoy your weekend!
  
• Average price of LME traded cash nickel so far this month - $9.68/lb
  

    Yesterday's market review - Weaker dollar pushes copper back to 5-week high -  Copper prices reversed an earlier fall to touch a five-week high in London on Thursday on a weaker dollar and hopes that top consumer China would do more to support its economy after disappointing May output data. - more

     NSSC raises stainless steel prices for June - Nippon Steel Stainless Steel Corp. (NSSC), the largest stainless steel producer in Japan, announced a price hike in nickel-based cold-rolled stainless steel sheets of 5,000 yen per ton, up by around 1%, applied to the June contract. - more

     Standardised ESG reporting could help solve mining's image issues - A global move to standardise reporting on environmental, social and governance issues could make the mining industry more investable and help attract talented graduates to the sector, private equity and industry sources said on Thursday. - more

   Other News

• Tentative Labor Agreement for U.S. West Coast Ports - more
  
• Why automakers are fretting over four words in the Inflation Reduction Act - more
  
• Master's Thesis in Mechanical Engineering - An Experimental Investigation on Weld Characteristics For A SAhield Metal Arc Welding with SS304 & SS409- pdf here
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $10.31/lb ($22,725/tonne). Indicators at 6:00 am CST today show nickel trading around $.08/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell by one lot on Wednesday and started today just over the 37,100 tonne level. Shanghai nickel rose on more banking stimulus announced in China to 171,110 y/t. LME nickel is trading higher this morning, as China banks announced more rate cuts and the U.S. Fed left rates alone after ten consecutive increases. Both actions, taken on opposite sides of the planet, warn of a slowing global economy and bullish nickel traders have a steep uphill climb to overcome. Our monthly following of fasteners and boxes is under reports - not because they mean what they used to, but because your author is old and refuses to give up on what used to be important gauges of industrial activity. The Philippines are getting a battery factory - for electric motorbikes - and Russian hackers attacked the Port of Rotterdam website last week. Stay safe out there and enjoy the downhill slide toward the weekend!
  
• Average price of LME traded cash nickel so far this month - $9.62/lb
  

    Wednesday's market review - Lower dollar supports copper, zinc up on supply concern - Copper prices rose on Wednesday as a lower dollar and expectations of further stimulus to boost economic growth in top consumer China boosted sentiment. - more

     US confirms dumping fact of India’s welded stainless pressure pipes - According to the final results of the anti-dumping (AD) duty administrative review, the US Department of Commerce (USDOC) determined that India sold its welded stainless pressure pipes in the US market at prices lower than normal value during the period of review from November 1, 2020 to October 31, 2021. - more

     The critical minerals supply chain is the new front line of US-China rivalry - On British Prime Minister Rishi Sunak’s recent visit to the United States, he and US President Joe Biden announced an “Atlantic Declaration” for enhanced cooperation, which covered three important areas: clean energy, critical minerals and artificial intelligence (AI). - more

     Pro-Russian Hackers Target Website of Europe’s Busiest Port - The website of the port of Rotterdam was targeted in a cyberattack blamed on Russia-aligned hackers last week. - more

   Other News

• China's population is shrinking: what does it mean for food demand? - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $9.98/lb ($22,000/tonne). Indicators at 6:00 am CST today show nickel trading around $.08/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today just over the 37,100 tonne level, its lowest this year. Shanghai nickel played catch-up overnight, increasing to 169,950 y/t. Nickel jumped yesterday on Chinese banking changed made to stimulate the domestic economy. Markets also appear to be betting the Federal Reserve will not raise interest rates later today. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $9.57/lb
  

    Tuesday's market review - Base metals rise as China's rate cut raises stimulus hopes - Prices for copper and other base metals rose in London on Tuesday after the central bank of top metals consumer China lowered a short-term lending rate for the first time in 10 months to prop up its post-pandemic recovery. - more

     EU’s ‘anti-dumping police’ cracks down on fraudulent importers - The European Antifraud Office (OLAF) has set out how it is tackling the imports of metal products which are systematically being given incorrect codes by importers to avoid anti-dumping duties. - more

     GM, SDI will build $3 billion battery manufacturing plant in Indiana - General Motors and Samsung SDI will build a more than $3 billion EV battery cell plant in Indiana scheduled to begin operations in 2026, creating 1,700 jobs, the state's governor said Tuesday. - more

     Panoramic suspends concentrate production at Savannah - Nickel miner Panoramic Resources has suspended ore processing and concentrate production at its Savannah nickel project, in Western Australia with the miner also revising production guidance. - more

     Red floods near giant Indonesia nickel mine blight farms and fishing grounds - Ansal grabbed a makeshift raincoat, an empty rice sack, and ran home as the rain began to pound the fields of Pomalaa. - more

   Other News

• Why Should You Audit Your Freight Bills? - more
• Consumer Price Growth Slows, but Underlying Inflation Measures Remain High - more
• Falling commodity prices stoke fear of global recession - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $9.45/lb ($20,840/tonne). Indicators at 6:00 am CST today show nickel trading around $.17/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and ended that trading session just over the 37,700 tonnes. Shanghai nickel fell overnight to 161,310 y/t. Nickel is trading higher this morning on news that China has cut its short term borrowing rate in an attempt to stimulate their economy. Bulls need to keep nickel trading above the $21,000 tonne level, as it closed below that level on Monday, for the third time this month, which is creating a psychological line of support. News from around the world so we leave you with it. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $9.56/lb
  

    Monday's market review - METALS-Copper pressured by China demand prospects as Fed decision looms - Copper prices fell on Monday as the market fretted about demand in China while awaiting the U.S. Federal Reserve’s next meeting on interest rates, though a weaker dollar offered some support. - more

     LME gets first request to list nickel brand since launch of fast-track - The London Metal Exchange (LME) said on Friday it had received an application to approve nickel produced by China's Quzhou Huayou Cobalt New Material Co. for delivery against its nickel contract. - more

     Russia’s stainless steel imports down 10.3 percent in May from April - In May this year, Russia's stainless steel imports totaled 46,250 mt, down by 10.3 percent compared to the previous month, according to Russia-based SpetsStal Association. - more

     Courtesy AISI - In the week ending on June 10, 2023, domestic raw steel production was 1,739,000 net tons while the capability utilization rate was 77.3 percent. Production was 1,738,000 net tons in the week ending June 10, 2022 while the capability utilization then was 79.6 percent. - more

   Other News

• Arab nations seek collaboration with Chinese firms to explore mining sector - more
• Slowdowns led to weekend closures at Port of Seattle, PMA says - more
  
• Where is poverty (in the U.S.)? - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $9.62/lb ($21,215/tonne). Indicators at 6:00 am CST today show nickel trading around $.05/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and ended the week just under the 37,750 tonne level. Shanghai nickel rose overnight to 163,500 y/t. Nickel is up slightly this morning, once again being helped by a weaker U.S. Dollar. Glencore and a couple of car makers are buying some nickel producing mines in Brazil for a mere billion dollars. The popular U.S Trade Numbers monthly release is out below. And more news linked below. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $9.56/lb
  

     Ukraine has lost 60% of export revenue from sales of metal products since the beginning of 2023 - A sharp decline in Ukrainian exports of ferrous metallurgy products is observed across the entire range of metal products, with the exception of exports of hardware products, which not only remained at the level of last year, but is also growing in double digits. - more

• ArcelorMittal Kryvyi Rih Suspends Rolled Steel Production Due to Water Shortage - more
• Rinat Akhmetov demands $3.5 billion compensation from the Russian Federation for property destroyed by the war - more
  

     China's steel industry PPI decreases by 16.8 percent in May - In May this year, China's producer price index (PPI) for its ferrous metal smelting and rolling sector declined by 16.8 percent year on year, while down 4.2 percent month on month, according to the data released by China's National Bureau of Statistics (NBS). - more

   Other News

• White House comments on port disruptions as trade groups call for intervention - more
• Marriages in China slump to historic low - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $9.55/lb ($21,060/tonne). Indicators at 6:00 am CST today show nickel trading around $.25/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today's trading session just over the 37,200 tonne level. Shanghai nickel rose overnight, to 162,640 y/t. Nickel is turning volatile again, rising and falling over $400/tonne in just a few moments. Last night, we saw the drop, as bears tried to drag nickel below the $21,000/tonne level. The bulls are back this morning, with nickel bouncing nearly $500/tonne this morning. News is quiet again, but there is an interesting article below worth reading titled "Critical Nickel Reserves.....". Everyone is looking to Indonesia as the new nickel supplier to the world, but according to information in this article, that may last for less than a decade. Stay safe out there and have a relaxing, or exciting weekend!
  
• Average price of LME traded cash nickel so far this month - $9.53/lb
  

    Thursday's market review - Weakening dollar drives copper higher - Copper prices rose on Thursday after data showing a surge in U.S. weekly jobless claims led the dollar to extend losses, making dollar-denominated metals more attractive to holders of other currencies. - more

• Critical Nickel Reserves, Few People in Southeast Sulawesi Experience the Benefits of Mining - more
  

   Other News

• Indonesia accuses EU of 'regulatory imperialism' with deforestation law - more
• How job openings are measured - more
• El Niño Has Officially Arrived - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $9.74/lb ($21,465/tonne). Indicators at 6:00 am CST today show nickel trading around $.05/lb lower. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Wednesday and remain just under the 37,400 tonne level. Shanghai nickel slipped overnight, to 158,980 y/t. Lot of news as the weekly downhill slide begins. Stay safe out there and have a great day.
  
• Average price of LME traded cash nickel so far this month - $9.53/lb
  

    Wednesday's market review - Copper retreats on worries about global growth - Copper prices pulled back on Wednesday after touching their highest level in nearly four weeks, as worries about slowing global economic growth offset cautious hopes that China will inject more stimulus into its economy. - more

     Why are US stainless steel prices so high? - US stainless steel mills continue to maintain their selling prices at among the highest in the world despite pressure from slowing demand and rising import competition. - more

     Commodities trader Trafigura posts record H1 2023 net profit - Global commodities Trafigura posted a record net profit of $5.5 billion in the first half of its 2023 financial year that ended March 31, double the amount it earned for the same period in 2022. - more

     US Army Corps revokes permit for Minnesota mine, cites threat to downstream tribe's water standards - The U.S. Army Corps of Engineers said Tuesday it has revoked a crucial federal permit for the proposed NewRange Copper Nickel mine in northeastern Minnesota, a project popularly known as PolyMet, saying the permit did not comply with the water quality standards set by a sovereign downstream tribe. - more

     Outokumpu launches Inner Circle initiative to make scrap supply circular smooth - Outokumpu, a global stainless steel manufacturer, is launching a new circularity initiative, Outokumpu Inner Circle. - more

     Indonesia counts its nickels as resources boom brings wave of prosperity - A global commodities boom is fueling rapid growth in resource-rich Indonesia, and sustained demand for its minerals is expected to drive even bigger economic gains in the years ahead. - more

   Other News

• India\u2019s IMFA Limited reports 50 percent fall in net profit in Q4 FY 2022-23 - more
• Trinidad's TTIS agrees to buy idled steel plant from ArcelorMittal - more
• Some States Fine EV Owners For Not Paying For Gas: Here's The List - more
• EUROFER welcomes OLAF and EPPO joint efforts in uncovering fraud on the steel market - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $9.52/lb ($20,980/tonne). Indicators at 6:00 am CST today show nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today's session just under the 37,400 tonne level. Shanghai nickel traded slightly higher again overnight, up to 159,090 y/t. After closing under the $21,000/tonne level for two consecutive days, a slightly stronger Euro is helping push nickel above that level this morning. Stay safe out there today and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $9.53/lb
  

     Global Life Cycle of Stainless Steel - Team Stainless has issued a summary of the detailed analysis of stainless steel stocks and flows by the Karlsruhe Institute of Technology. The analysis concluded that on average 95% of stainless steels are recycled once they reach their end of life. - more

     CISA mills’ daily steel output down 6.68 percent in late May - The China Iron and Steel Association (CISA) has announced that in late May (May 21-31) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members..... - more

     China's EV Battery Sector Is Preparing a New Breakthrough - Gotion High-Tech aims to mass produce cheaper LMFP cells that promise to match the performance of more expensive technology. - more

     Factbox: Wildfires halt mining operations in Canada - Canada has been witnessing intense wildfires this year, with Quebec currently being the worst-affected region. - more

   Other News

• Economic Research: Could Green Growth Be An Oxymoron? - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $9.49/lb ($20,925/tonne). Indicators at 6:00 am CST today show nickel trading around $.11/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today's session just over the 37,500 tonne level. Shanghai nickel rose slightly overnight, to 158,590 y/t. The Euro was trading higher earlier this morning, but has since lost all its earlier gains, so it will be interesting to see if nickel can hold on to its early gains. Port of Long Beach is reporting labor troubles has shut down its biggest terminal. Over the years we have received inquiries on why we use the Financial Post website to post Reuters stories on daily metals trading. Reuters  provides excellent coverage on the LME but many, of not most, of its stories, are subscriber base. Financial Post provided these stories for free and placed a lot of advertisement on the page to compensate for the expense. As of the first of this month, FP is no longer making these stories available to the public and we are struggling to find a new daily source. Thus, under our daily entries " ___day Market Review" and "Reuters metal morning" we will provide what we can find until we can identify a reliable source - if that is possible. Until then, if you click one of these links and don't get a Reuters article, the morning source has proven unreliable. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month -  $9.52/lb
  

    Monday's market review - Copper under pressure from demand worries and dollar - Copper prices came under pressure on Monday from worries about demand, particularly in top consumer China, and a stronger dollar which makes metals priced in the U.S. currency more expensive for holders of others. - more

     Courtesy AISI - In the week ending on June 3, 2023, domestic raw steel production was 1,754,000 net tons while the capability utilization rate was 78.0 percent. Production was 1,757,000 net tons in the week ending June 3, 2022 while the capability utilization then was 80.5 percent. - more

     US suspends tariffs on Ukrainian steel for one year - According to the report, the US Department of Commerce decided to extend by one year the temporary suspension of tariffs on Ukrainian steel under Section 232. - more

   Other News

• Gauging underlying inflation - more
• Long Beach port’s largest terminal closed to truckers - more
• I love electric vehicles – and was an early adopter. But increasingly I feel duped - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $9.58/lb ($21,110/tonne). Indicators at 6:00 am CST today show nickel trading unchanged. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Friday and ended last week just under the 37,600 tonne level. Shanghai nickel fell overnight, to 158,160 y/t. Here are your average prices for May and how they compared to April. Nickel - $10.08/lb - down from $10.77/lb; Chromium - $5.05/lb - down from $5.10/lb; Molybdenum - $21.23/lb - down from $21.81/lb. So far, nickel has spent the first few days of June quietly. The Euro continues to slide against the U.S. Dollar, which is keeping negative pressure on base metals trading. We want to thank our 2023 sponsor, PA Inc, who makes this daily updated page possible. If you require high nickel content piping, fittings, or flanges, check our their web site and see if the services they offer can be of assistance to you. Click the banner above to visit their site. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $9.60/lb
  

    Friday's market review - Copper limps towards first weekly gain since April -  Copper was heading for its first weekly gain in seven weeks on Friday but the day's upward progress stalled after stronger than expected U.S. employment data boosted the dollar. - more

     Zhejiang Yongjin decides to terminate stainless steel project in Indonesia - On June 1, 2023, the board of directors of Zhejiang Yongjin Metal Technology Co., Ltd., passed a termination of an investment of a wide-width cold-rolled stainless steel strip project ... - more

   Other News

• Labor disruptions throughout West Coast ports sow uncertainty - more
• Recession Ahead? By 1 Metric, One's Already Here - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $9.66/lb ($21,300/tonne). Indicators at 6:00 am CST today show nickel trading around $.16/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today just over the 37,600 tonne level. Shanghai nickel jumped overnight, to 163,060 y/t. The US Senate passed the debt limit bill overnight, and world markets are reacting positively. The Euro also started trading higher yesterday and this helped nickel turned bullish in the charts. The LME got another black eye yesterday when nickel producer Eramet said it was no longer using LME pricing as a benchmark for its pricing, and instead using a SMM contract. And UBS is refusing to join with the bearish commodity forecasts of others. Stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $9.46/lb
  

    Thursday's market review - none found

     London Metal Exchange renews stocks transparency drive: Andy Home - The London Metal Exchange (LME) is once again looking to shine more light on what lies in the shadows of its warehousing system. - more

     Fundamentals still favor higher commodity prices - Broad commodity indexes have come under pressure amid disappointing macroeconomic news, with the UBS Constant Maturity Commodity Index (CMCI) hitting the lowest level since September 2022. - more

     China’s steel sector PMI decreases to 35.2 percent in May - In May this year, the purchasing managers index (PMI) for the Chinese steel sector was at 35.2 percent, down 9.8 percentage points compared to April this year, as announced by the China Steel Logistics Committee (CSLC), which is part of the China Federation of Logistics and Purchasing (CFLP). - more

     Minnesota plans rewrite of rules for copper-nickel mining near popular wilderness - Minnesota regulators have concluded that state rules governing where copper-nickel mines can be built are insufficient to protect the pristine Boundary Waters Canoe Area Wilderness from noise and light pollution, creating another potential obstacle to the proposed Twin Metals mine in northeastern Minnesota. - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $9.34/lb ($20,595/tonne). Indicators at 5:55 am CST today show nickel trading around $.19/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and ended that session just under the 37,700 tonne level. Shanghai nickel rose overnight, to 159,790 y/t. Nornickel is forecasting a global nickel market surplus of 200,000 this year and 180,000 tonnes in 2024. In articles linked below, Macquarie and S&P Global make surplus forecasts as well. Month six of 2023 begins today and whether it will be a good month or not, is dependent on how we approach and navigate it. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month -
  

    Wednesday's market review - Copper heads for second monthly drop on dismal China data - Copper prices fell back towards six-month lows on Wednesday after data showed factory activity in top consumer China shrank faster than expected in May. - more

     China’s net stainless steel exports up 78.12 percent in April - In April this year, China\u2019s stainless steel imports amounted to 122,000 mt, down 1.02 percent month on month, while down 48.93 percent year on year, according to China\u2019s customs authorities. - more

• LME launches two consultations on reforms in wake of nickel crisis - more
  

     Nickel market seen in surplus until at least 2027 - Macquarie - The global nickel market is expected to face a surplus every year through to at least 2027, as output ramps up quickly in Indonesia, said a Macquarie analyst.- more

• In its monthly Nickel Commodity Briefing Service (CBS) report, S&P Global Commodity Insights discusses the nickel market within the broader macroeconomic environment and provides rolling five-year supply, demand and price forecasts. - more
  

   Other News

• Musk echoes Apple, Mercedes CEOs on importance of China ties - more
  

  Economic Stats and Prices (posted in Friday edition)