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news covering the period of March 2021
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Wednesday, March 31
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $7.23/lb ($15,930/tonne). Indicators at 6:05 am CST today show
nickel trading around $.08/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started just over the 260,200 tonne level. Nickel closed
below the $16,000/tonne level and more importantly, the 200 day moving
average on Tuesday The bulls are apparently very worried about a second close
below these two levels today, and nickel is trading above the 200 day
moving average at the moment. But just barely. In stainless steel news
here in the U.S., United Steelworkers called a strike against Allegheny
Technologies, and hit the bricks about an hour after we published
yesterday. If this lasts any length of time, it is going to exacerbate
an already tight market, and will do nothing to stabilize pricing for
the foreseeable future. It's the last day of March, and the end of the
first quarter of 2021. We hope it was a profitable quarter for you, and
the next three months offer you a new opportunity. We also want to thank
our March sponsors, P.A. Inc and ELG Metals Inc. Their support brought
the daily news to you free in March. It's also hump day, so please stay
safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $7.47/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Pandemic, firm dollar set LME copper for first monthly fall in 1 year - more
Tuesday's market review - Dollar, inventories weigh on
copper prices - Copper prices fell on Tuesday as a firmer dollar and
higher inventories triggered a bout of selling while the market looked
ahead to surveys of manufacturers in top consumer China. - more
United Steelworkers Go On Strike At Nine Allegheny Technologies
Facilities - Approximately 1,300 workers at Allegheny
Technologies have gone on strike as of Tuesday morning. They hit the
picket lines demanding a better contract and better conditions. - more
Regional stainless steel flat product prices reach multi-year highs -
Global stainless steel prices continued to strengthen in early March,
most notably for 300 series coil and sheet. - more
Why nickel prices are holding up compared to other base metals - Nickel
prices are holding up even as other base metals like copper are having
a price rout. Meanwhile, shifting electric car demand is changing
demand for metals. Paul Bagnell discusses to Ken Hoffman, senior expert
of basic materials practice at McKinsey & Company. - more
Google, BMW, Volvo, and Samsung SDI sign up to WWF call for temporary
ban on deep-sea mining - Google, BMW, Volvo and Samsung SDI are the
first global companies to have signed up to a World Wildlife Fund (WWF)
call for a moratorium on deep-sea mining, the WWF said on Wednesday. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, March 30
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $7.36/lb ($16,230/tonne). Indicators at 6:00 am CST today show
nickel trading around $.03/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and ended that session just under the 260,600 tonne level.
Nickel fell back into trading within a $300/tonne range yesterday,
maintaining itself above the 200 day moving average. Today could be
much of the same with another mine opening in Australia, and the Euro
continuing to fall against the U.S. Dollar, adding negative pressure.
Stainless steel prices in China continue to recover from an early month
dip, and considering the stability in nickel prices, the price appears
to have more to do with demand, than the hike in ferrochrome pricing.
Imports into the country of stainless steel, are way up over last year
as well. Another day with little news, but the first of the month
typically brings a rash of reports, so it may get better by weeks end.
Stay safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $7.58/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper falls as U.S. tax hike threats outweigh demand prospects from China - more
Monday's market review - Copper slides as ship blocking
Suez refloated - Copper prices slid on Monday as worries about higher
freight costs receded after a container ship blocking traffic in the
Suez Canal was refloated, while a stronger dollar reinforced negative
sentiment. - more
Indonesia says Australia's Fortescue, China's steel giant Tsingshan in
talks for Borneo investments - Indonesia is in talks with China's
Tsingshan Holding Group and Australia's Fortescue Metals Group FMG.AX
to build a new industrial estate for metal smelting near a planned
hydropower plant on Borneo island, a minister said on Tuesday. - more
Mincor opens Cassini Nickel Mine in Kambalda - Mincor Resources NL has
announced the official opening of the Cassini Nickel Mine, the
cornerstone of its Kambalda Nickel Operations in Western Australia,
marking a key milestone in its journey to commence nickel production
early next year. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, March 29
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $7.42/lb ($16,350/tonne). Indicators at 6:10 am CST today show
nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Friday and started the week just over the 261,000 tonne level.
Considering the news today, we are surprised nickel isn't trading lower
than it is at the moment. US Dollar is trading higher, Ambatovy
reopened, Norilsk stopped the water flowing into two of their mines,
and the cargo ship blocking the Suez has been refloated. From a supply
standpoint, all of this should help bring up the nickel inventory
numbers in the future, which, for LME licensed warehouses, are about
13,000 tonnes higher in the first quarter of the year. Traders could be
closing out their books for the month and quarter, with only three days
left, and if so, the stalled market will extend itself. Since the big
drops of March 3rd and 4th, nickel has traded from a low of
15,665/tonne to a high of 16,685/tonne, with much of that trading
taking place in a much tighter spread. It's Monday, with April right
around the corner. Stay safe out there and have a great week!
Average price of LME traded cash nickel
so far this month
- $7.48/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper slides as ship blocking Suez partially refloated - more
Friday's market review - Suez blockage boosts copper, new
coronavirus lockdowns weigh - Copper prices rose on Friday as the
market worried about the cost repercussions for transporting industrial
metals following the blockage in the Suez Canal, but new coronavirus
lockdowns and the slow pace of vaccinations in the euro zone capped
gains. - more
Commodities in upside pressure push, not supercycle: analysts,
economists say - Commodities including metals aren't experiencing
a supercycle, but a short period of upside price pressure backed by
pandemic-driven government stimulus, analysts and economists said in a
series of commodities webinars this week. - more
The Moly Mystery. Why Is China Soaking Up The World’s Molybdenum? -
Somewhere in China there is a warehouse stuffed to the ceiling with
molybdenum, a tongue-twister metal which most people call moly and
which has a number of interesting uses ranging from oil drilling pipe
to the steel used in armaments. - more
Madagascar’ focused Ambatovy restarts nickel production - Madagascan
nickel and cobalt producer Ambatovy has restarted nickel production
after a one-year stoppage, with the company announcing in a March 26
LinkedIn post that it had produced its first 99.9% nickel briquettes on
March 23. - more
Russia's Nornickel halts water inflow at two major mines - Russian
metals producer Nornickel said on Monday it had stopped water flowing
into its two major mines in the Siberian Arctic and both were on track
to fully resume production in coming months. - more
Colombia coal production fell 40% last year amid coronavirus, strike -
Colombia’s production of coal fell 40% last year, the government said
on Friday, after a national coronavirus lockdown which affected output
and a 91-day strike at a major mine. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Friday, March 26
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $7.33/lb ($16,150/tonne). Indicators at 6:35 am CST today show
nickel trading around $.08/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today's session just over the 260,900 tonne level.
Shanghai nickel jumped nearly 2% overnight, and LME nickel traders
appear to be taking the bait. Unable to find any reasoning behind the
move, but we rarely do. Shanghai nickel stockpiles fell overnight, but
following this once a week number is kind of like the story of Jesus
feeding the masses with five loaves of bread and two fishes. The
figures released weekly seem to go down every Friday, but never really
go anywhere. And we don't honestly remember ever seeing them increase.
LME nickel traded between $15,945 and $16,235/tonne yesterday, once
again staying around the $300/tonne up and down range. The official
cash price yesterday posted below the $16,000.tonne level for the first
time since last Thursday. If you have product shipping thru the Suez
Canal, expect delays, and if they can re-route your shipment around the
blockage, expect a big increase in shipping rates. Canada is making it
harder for foreign ownership of their mineral deposits, as they have
watched some of their biggest name mining companies being taken over by
foreign companies. Inco and Falconbridge come to mind immediately in
the nickel industry. It's Friday, the last for this quarter. Stay safe
out there and have a great weekend!
Average price of LME traded cash nickel
so far this month
- $7.49/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper rises on optimism around global economic recovery - more
Thursday's market review - Copper falls to near 3-week low
on China demand worries, firm dollar - Copper prices slid to their
lowest in nearly three weeks on Thursday on a buoyant dollar and
concern about demand in top metals consumer China. - more
Canada tightens takeover rules for critical minerals - Canada has
tightened foreign investment rules to protect the security of critical
mineral supply chains, a government spokesperson said on Thursday,
ahead of an expected surge in demand for metals used to make electric
vehicles. - more
Metals prices at multi-year highs as supply plays catch-up with demand
recovery - Participants holding material in the current bull run
metals market probably feel a bit like Bitcoin investors lately. - more
Japan UEX's stainless steel sales slide in Apr-Dec 2020 y-o-y -
According to the consolidated sales performance report released by UEX,
Ltd., a Japan-based stainless steel distributor, in the first three
quarters of the fiscal year 2020 (April-December 2020), the firm’s
sales dropped by 13.6% year on year to roughly 36.47 billion yen due to
declined demand and sales. - more
A year after pandemic lockdowns, has the commodity cycle turned for
good? - Last March, as the world economy shut down, commodity producers
knew they were in for a harrowing time. Demand fell off a cliff and
producers scrambled to cut capacity. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Thursday, March 25
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $7.34/lb ($16,185/tonne). Indicators at 6:10 am CST today show
nickel trading around $.07/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and ended the session just over the 261,200 tonne level.
Commodity traders are in a sour mood today, and as we look at the board
this morning, only coca and coffee are trading higher. All metals, base
and precious, are lower. Reuters is blaming the resurgence of covid in
Europe, while others are ignoring commodities this morning. The Euro
is trading lower against the US Dollar, but while this is adding
negative pressure on base metals, we don't think it is necessarily
responsible for the bearish tone. The great nickel shortage that we
have been forecast to be suffering from has yet to develop and a full
year plus after Indonesia stopped exporting nickel ore, and after a
year of record EV sales, we saw stockpiles on Tuesday, record their
highest level since July 19, 2018. We are a full year into a bull
market where the fundamentals could be argued as comparable to last
March when a bear market came to an end. So when you are asked by a
customer why stainless prices have gone thru the roof, tell them for
the same reason it costs more to fill up their gas tank each week.
Investors are optimistic and betting on better times to come. This has
increased their level of risk tolerance. The phrase of the day is
'commodity boom' and everyone wants a piece of the pie. Is it too late
and the boom will bust? The traders that went long yesterday hope not.
The stainless producer who ordered six tonnes of nickel yesterday hopes
not. The distributor of stainless product, who just ordered ten pallets
of stainless bolts that he won't see until August of this year, really
hopes not. And of course, the nickel miner hopes not. So no one wants
to see nickel prices fall as fast as they rose, ie a bear market. But
most on the downside of the supply chain, wouldn't protest a slow
gradual decline. If only. Stay safe out there today and have a great
day!
Average price of LME traded cash nickel
so far this month
- $7.50/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper hits 2-week low on firmer dollar amid Europe virus worries - more
Wednesday's market review - Copper prices succumb to
stronger dollar in choppy trade - Copper prices were lower in choppy
trade on Wednesday as a stronger dollar overpowered high activity
levels in European factories and as coronavirus cases rise in the bloc.
- more
Nickel market records surplus in January to December 2020 - The
nickel market was in surplus during January to December 2020 with
production exceeding apparent demand by 53.2 kt. In the whole of 2019
[2020], the calculated deficit was 27.6 kt. - more
Column: Volkswagen powers up for the electric vehicle revolution -
Volkswagen CEO Herbert Diess is no Elon Musk but the German carmaker is
following a path already traveled by Tesla as it gears up for the mass
rollout of electric vehicles (EV). - more
The Coming Demand Surge Brings Back Memories of 1970s Inflation - The
last bout of inflation the U.S. experienced was in the 1970s.
Commentators duly note this historic reference but don’t really
understand it—many weren’t yet born, and few were adults, at the time.
It was no mere inconvenience; it was a catastrophe. - more
US steelmakers, industry users tussle over future of tariffs - Steel
producers are sparring with industries that use the metal as both lobby
the Biden administration over the future of Trump-era tariffs on
billions of dollars in annual imports. - more
Twin Metals leases under review - A lawsuit challenging a Trump
administration decision to renew two federal mineral leases critical to
the proposed Twin Metals copper-nickel mine, near Ely, have been stayed
while the Biden administration reviews the case. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, March 24
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $7.29/lb ($16,063/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
Tuesday and started today just shy of the 261,700/tonne level. Prices
fell sharply late yesterday and its your pick on why. Europe's
resurgence in covid cases or their internal fight over vaccine
distribution is being blamed by Reuters. Europe, Britain, Canada and
the U.S. join forces to add new sanctions on China was being blamed by
Marketwatch yesterday. North Korea fires off a couple of missiles, U.S.
Dollar continues to climb against the Euro, a trader discovered his
ex-wife is sleeping with that know-it-all jerk from college ..... it
could really be anything. Nickel is starting today in a better mood
than it ended yesterday, but we see nickel back in its last two weeks
trading range. This move helped relieve the rubber band tension that
was building - which could be important or not. AK Steel and Allegheny
published April surcharge
prices on Tuesday (posted here),
and one saw 304 and 316 surcharges
rise for April, while the other saw them fall. Ferrochrome prices are
on the rise, with the European benchmark jumping by 32.8% for the
second quarter. Yes - 32.8%. It's jump day in the ferrochrome industry
and hump day for the rest of us. Stay safe out there and have a great
day!
Average price of LME traded cash nickel
so far this month
- $7.51/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper falls on Europe coronavirus lockdowns, firmer dollar - more
U.S. Current Account Deficit Widens in 2020 - more
Fitch Quarterly Report - (excerpt) We are
revising up our 2021 average price forecast for nickel from
USD15,250/tonne to USD15,750/tonne as prices started the year from a
high base.
Tuesday's market review - Copper and aluminum fall as
sanctions and COVID chill markets - Copper prices fell on Tuesday as
tit-for-tat sanctions between China and the West and new coronavirus
lockdowns in Europe spread a sober mood through markets, while aluminum
slipped due to rumors that the Chinese state will sell stockpiled
metal. - more
February 2021 crude steel production - World crude steel production for
the 64 countries reporting to the World Steel Association (worldsteel)
was 150.2 million tonnes (Mt) in February 2021, a 4.1% increase
compared to February 2020. - more
Merafe Press Release - Ferrochrome price announcement for the
second quarter of 2021 - Shareholders of the Company are advised that
the European benchmark ferrochrome price for the second quarter of 2021
has been settled at 156 US cents per pound, a 32.8% increase from the
first quarter of 2021. - source
Top 14 UBS battery metals forecasts after VW teardown - On the
again of know-how and value breakthroughs, many compelling new fashions
hitting the market and continued regulatory assist, UBS made some
changes to its forecasts. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, March 23
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $7.45/lb ($16,435/tonne). Indicators at 6:05 am CST today show
nickel trading around $.05/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Monday and ended that session just over the 260,900 tonne level. One
year ago today, nickel prices turned around and the bear market of
2019-20 came to an end and the bull market of 2020-21 began. It's still
open to debate on whether that bull market has ended, but for the month
of March, most can agree the market is experiencing a rather intense
correction. Nickel is trading at a near two week high today, with most
base and precious metals trading in the red. Mysteel is reporting the
mandated productions cuts in China may not affect output as much as
originally thought. Russia announced that its closing of a processing
plant on its border with Norway and Finland, meant it would be sending
less pollution into the latter two countries. Having just been
proclaimed the happiest people on earth, Finland just smiled when asked
to comment. Finally have some news to post below 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
- $7.51/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai aluminum hits over 1-month low on rising supply concerns - more
Monday's market review - Aluminium hits highest since 2018
as China pollution curbs seen restricting output - Aluminium prices
rose on Monday to their highest level since June 2018 as investors
worried that Chinese efforts to reduce smelter pollution will restrict
output and supply will fall short of demand. - more
China steel output seen near record levels despite capacity cuts -
China has embarked on cuts in production in its largest steel-making
city of Tangshan to check pollution, but its overall output will likely
still remain near last year’s record levels, senior market analyst
Hongmei Li, Editor of Mysteel Global, told Biman Mukherji in an
interview. - more
Singapore probes nickel trading fraud, Envy Global director charged -
Prosecutors in Singapore filed charges of fraud and cheating on Monday
against a director at commodity trading company in connection with a
nickel trading scheme that raised at least S$1 billion ($746 million)
from investors. - more
Russia's Nornickel to cut emissions in Russia's border region with
Norway, Finland - Russian metals producer Nornickel said on Monday it
has shut down a metallurgical processing facility in Russia’s border
region with Norway and Finland which had been the area’s main source of
sulphur dioxide emissions. - more
Courtesy AISI - In the week ending on March 20, 2021, domestic raw
steel production was 1,753,000 net tons while the capability
utilization rate was 77.3 percent. Production was 1,741,000 net tons in
the week ending March 20, 2020 while the capability utilization then
was 75.3 percent. The current week production represents a 0.7 percent
increase from the same period in the previous year. - more
Sales is NOT an Outside Activity. It Hasn’t Been for Years. - Justin
Roff-Marsh argues that if you design your sales function around the
concept of sales as an outside activity, you will seriously handicap
growth. - more
Fed Chair: US Economic Recovery 'Far From Complete' - more
European steel coil prices forecast to reach record levels - more
German crude steel output drops 10% on year in February - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, March 22
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $7.39/lb ($16,295/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
Friday and ended the week just over the 259,300 tonne level. All base
metals are trading higher this morning, but nickel may be getting an
extra boost from the production reduction at the Australian Murrin
Murrin mine, as it is a full percentage point higher than the others.
If interested in knowing what happened there is an article below. In
other articles below, we learn that Chinese stainless steel production
is way up over last year, Chinese steel production is bracing for some
mandated production cuts now in place for the rest of the year, and a
prediction that Chinese steel production may peak in 2025. If you
wonder why we spend so much time talking about China sometimes, besides
the fact they are the world's largest producer of stainless steel,
today is a good example of the news coverage on an otherwise slow news
day. Stay safe out there and have a wonderful week.
Average price of LME traded cash nickel
so far this month
- $7.52/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai zinc hits over 3-year high on demand hopes - more
Friday's market review - Copper edges higher on rising
demand, tight supply - Expectations of rising demand and tight supply
pushed copper prices slightly higher on Friday, although investors were
cautious following tensions between Chinese and U.S. diplomats and a
rapid rise in U.S. bond yields. - more
Stainless steel market prices may rebound - (excerpt) In the first 2
months, the total output of stainless steel has increased by 34.65%
year on year, which also showed the strong market demand. - more
Glencore says Australian nickel plant running at reduced production
after outage - Repair work is underway at Glencore Murrin Murrin nickel
and cobalt plant in Western Australia following a component failure at
an acid plant that left the facility running at reduced capacity, the
miner said on Monday. - more
China's crude steel output to peak around 2025 – govt consultancy -
China’s crude steel output will peak at around 1.16 billion tonnes in
2025, when carbon emissions in the sector will also reach a peak, a
government consultancy said on Saturday. - more
China's iron, steel markets brace for 'new normal' of production
controls in Tangshan - China's iron ore market was bracing for
pollution curbs on steelmakers in Tangshan to become the new normal
after local authorities announced plans to impose production controls
on 23 steelmakers from March 20 to Dec. 31 in a bid to lower emissions
by 30%-50%. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Friday, March 19
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $7.28/lb ($16,040/tonne). Indicators at 7:00 am CST today show
nickel trading around $.02/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today just under the 260,000 tonne level. For the
last two days, the 'official' LME price for cash nickel has been
published below the $16,000/tonne level. But both those days closed
above that level. In both cases, the official and ending were on either
side of $16,000 by what could best be described as just barely.
Yesterday's official cash price for nickel was $15,999/tonne. Can't get
much closer than that. Nickel continues to trade primarily between
$16,000 and $16,300/tonne, with the 200 day moving average in the
$16,100.tonne range. Tin also saw a big collapse the first week of
March, but immediately bounced and remains bullish, although trading
lower today. It is possible that some of the money that nickel might
have otherwise seen invested, has been shifted to tin and other base
metals, which are trending higher. Over the years, we have seen
technicals becoming less important to shorter term movements, and where
those institutions holding your retirement funds deciding to invest, a
far more important driver in pricing. Right now, it appears that money
has shifted elsewhere, and the remaining bears and bulls have decided
to play a quiet game of chess. In the world of supply and demand,
demand appears to be going well, with EV sales booming around the
world, and stainless steel production in China sending positive
signals. And it's Friday, which on its own, can usually help start the day with a
smile. Stay safe out there and have a great weekend!
Average price of LME traded cash nickel
so far this month
- $7.53/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Industrial metals fall as dollar firms on higher U.S. yields - more
Thursday's market review - Copper dips as stronger dollar
offsets supply concerns - Copper prices came under pressure on Thursday
from a higher dollar and spiking U.S. Treasury bond yields, but losses
were capped by supply worries fueled by shortages of concentrates. - more
Steel prices continue to set new record highs week after week - Signs
last month that steel prices were beginning to lose steam proved
premature. Price tags for flat-rolled and plate steel products have
continued to move upward, setting new record highs week after week. - more
Germany: Plug-In Car Sales More Than Doubled In February 2021 - The
German car market was down 20% year-over-year in February (to 193,349
units), but the plug-in electric segment does not slow down. - more
China: Plug-In Car Sales Up 600% In February 2021 - more
Counterpoint: Anti-mining rehash doesn't change the facts - Now that we
have entered the "policymakers restating the same arguments" phase of
the state's debate over copper-nickel mining in Minnesota, I'll weigh
in. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Thursday, March 18
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $7.31/lb ($16,115/tonne). Indicators at 6:15 am CST today show
nickel trading around $.01/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Wednesday and started today's session just over the 260,200 tonne
level. The difference between the daily high and low in LME nickel
trading continues to narrow slightly, with the 200 day moving average
within that band. Something will eventually pop, but in the mean time,
enjoy the short term price consistency. Prices drifting, news remains
light, ... not all that enjoyable trying to put together daily entry on
the industry that is informative. It is interesting to read all the
bullish metals analysts report on the correction nickel has taken this
month. Nearly all blame it on the Tsinghan discovery, and not Elon
Musk. Apparently Mr Musk is not to receive credit for putting a serious
dent in their prediction. One can look back over the history of this
site, and see that while the 'professional' analysts were dismissing
the Chinese claim that they had figured out a way to process low
content laterite ore into nickel, calling it pig nickel, we were
applauding their innovation. And we still do. While recent polls show
the majority of Americans believe China is the newest enemy of our
country, we are not one of them. U.S. Economic competitor? You bet.
Biggest trading partner? Yes. Military threat? Not yet, and not based
on history. So when China sneezes, we all catch a cold. When Elon
speaks about the future of EV's in respect to its effect on nickel, we
should probably all pay closer attention. Stay safe and have a great day!
Average price of LME traded cash nickel
so far this month
- $7.55/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper falls as rising inventories spur demand concerns - more
Wednesday's market review - Copper rises on signs of
higher demand but dollar caps gains - Copper climbed on Wednesday on
indications of higher demand for the metal, though gains were capped by
rising inventories and as the dollar firmed ahead of a U.S. Federal
Reserve statement. - more
Tsingshan news on supplying nickel matte to act as a handbrake to
prices – CE - News on a potential breakthrough in the supply of nickel
matte from Tsingshan has dampened nickel prices. - more
China's climate pledge to create tectonic shift, enhance energy
security: Woodmac - China’s goal to become carbon neutral in 2060 will
require $6.4 trillion of investment in new power generating capacity,
leading to a tectonic shift in manufacturing and commodity imports
while boosting its energy security, consultancy Wood Mackenzie said on
Thursday. - more
EUROFER: CBAM to preserve steel supply chain in EU - The European
Parliament voted to implement the carbon border adjustment mechanism
(CBAM). The European Steel Association (EUROFER) expected it will
preserve the steel supply chain for the EU. - more
Inside Innovation: The quest for a ‘million mile battery’ is key to
future growth - The development of battery-powered equipment is rapid
and relentless. We’re witnessing an increased diversity in cordless
tools, larger and more powerful wheeled construction machinery and new
electric pickups and long-haul transport vehicles. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, March 17
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $7.33/lb ($16,155/tonne). Indicators at 6:00 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and ended that session just below the 259,800 tonne level.
Nickel is trading lower this morning, or we might call it drifting
lower on a stronger U.S. Dollar. The daily highs and lows are slowly
growing closer together, and while we are not aware of the proper stock
name for this, typically this builds tension in the trading of a stock
or commodity, which is often followed by a noticeable break, one way or
the other. This sudden jump or drop in price really doesn't usually mean
anything to the overall trend, but it is interesting to watch happen. With
this one building around a technically important point (200 day moving
average) and a psychologically important point (the $16,000 tonne
level), it will be curious how tight this rubber band gets wound,
before it snaps. Norilsk says its production expectation will be down
15 - 20% due to the flooding. If this announcement had been made in
January or even early February, it could have had a bullish impact on
nickel prices, which were already in a bullish mood and jumping at any
opportunity to find the slightest reason to go higher. Now, just a few
weeks later, not so much. It's still too early to say the market has
turned bearish long term, but if the 200 day MVA line fails - and
remains so - then we could see a larger movement to the south. As far
as news goes, bearish or bullish, there is little to be found today. We
posted some reports below, so we leave you with what little bit we
could find. Its hump day, so stay safe out there and have a great day.
Average price of LME traded cash nickel
so far this month
- $7.58/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper rises on demand view, tight mine supply - more
Tuesday's market review - Copper slips ahead of Fed
meeting - Copper prices slumped on Tuesday as investors shed some of
their bullish positions on uncertainty ahead of central bank meetings.
- more
Nornickel downgrades output forecast by 15-20% after mine restarts
delayed - Nornickel expects its 2021 nickel, copper, platinum and
palladium output to fall 15-20% short of original guidance due to
waterlogging at two Siberian mines, the Russian company said on
Tuesday. - more
Blackstone fast-tracks Vietnam nickel PFS - Blackstone Minerals is
looking to fast-track its development program in Vietnam, establishing
separate business units to handle critical components of its evolving
pre-feasibility study over the Ta Khoa nickel project. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, March 16
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $7.36/lb ($16,230/tonne). Indicators at 6:00 am CST today show
nickel trading around $.08/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and ended that session just above the 260,100 tonne level.
Nickel jumped early yesterday, but has been on a slow decline ever
since. It was able to close back above the $16,000 tonne level, so
Friday remains the only time its fallen below this year. The 200 day
moving average has leveled off and appears to be giving the bulls and
bears something to use as a target to fight over. Falling below would
send a technical and psychologically bearish signal to the market, so
the bulls are fighting to keep their head above that level. Probably
has the analysts nervous as well. Had we forecast we were in the
beginning of a commodity bull market, only to see the price of nickel
to collapse 20% in the following weeks, we would be sweating. There are
a lot of commodities however, so as long as gas is more expensive at
the pumps and the price for your bacon cheeseburger keeps rising, one
can potentially claim victory in the super cycle prediction. Canada
courts dropped the hammer on a recycler who bought a boat load of nickel
and then claimed they had no idea it was stolen. Maybe U.S. prosecutors
should start doing the same with catalytic converters, and a few more
of those might stay on cars. Stay safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $7.60/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai aluminum touches over 9-year high on Chinese supply concerns - more
Monday's market review - Copper gains in thin volume,
aluminum jumps on China power cuts - Copper prices gained on Monday
after stronger-than-expected industrial growth in top metals consumer
China, while energy-intensive aluminum surged as a Chinese city
clamped down on power consumption. - more
Stainless steel production decreases by 2.5% to 50.9 million tons in 2020 - The
International Stainless Steel Forum (ISSF) has released figures for the
full year 2020 showing that stainless steel melt shop production
decreased by 2.5% year–on–year to 50.9 million metric tons. - more
Should nickel bulls be worried about ‘dirty’ Tsingshan battery metals?
- Last week, Chinese nickel giant Tsingshan agreed to supply 100,000
tonnes of nickel ‘matte’ converted from lower quality nickel pig iron
(NPI) to battery midstream majors CNGR and Huayou Cobalt. - more
US' stainless steel prices rise for 4 months due to low supply - With
the support of low supply and the increase of processing surcharge, the
US' domestic prices of stainless steel have increased for four
consecutive months. - more
Indonesian Minister of Trade: Indonesia facing AD investigation on
stainless steel exports to China - Muhammad Lutfi, Indonesian Minister
of Trade, said that the exports of steel products, including stainless
steel, from Indonesia to China in 2020 were more than US$7 billion. - more
Nickel 28 claims industry ‘first’ carbon neutral status - Nickel 28
Capital Corp has become what it believes is the first carbon neutral
refined nickel-cobalt producer in the world through a transaction
involving the purchase of 52,500 carbon offsets on the Verra Registry.
- more
Winnipeg recycler ordered to pay $3.6 million in stolen nickel case - A
Winnipeg metal recycling company has been ordered to pay restitution of
$3.6 million, after it bought more than 220,000 kilograms of nickel
stolen from a Thompson mining compound. - more
The future of the European steel industry - The steel industry is a
backbone of the European economy and a key supplier to Europe’s
automotive, machinery, and other flagship industries. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, March 15
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $7.25/lb ($15,975/tonne). Indicators at 6:05 am CST today show
nickel trading around $.15/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell by
one lot on Friday and started this week just over the 260,700 tonne
level. Nickel closed below the $16,000/tonne level on Friday, for the
first time this year. That close apparently has the bulls nervous, as
nickel has bounced higher this morning. Shanghai markets closed lower
overnight, continuing their follow the LME leader role. Saxo has
assured the commodity bulls that the bull market is secure, although
they may face a near term correction. We will see if they are right. In
our opinion, since we are trading around $4000/tonne off earlier highs
(20% from less than a month ago), one could call this a rather
'intense correction'. News is light for a Monday, but we have a full
week and half a month left for things to happen. On this side of the
pond, its March madness, and whether you are a fan of basketball or
not, it is encouraging to see a degree of normalcy return. Stay safe
out there and have a great week!
Average price of LME traded cash nickel
so far this month
- $7.63/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - China data, supply concerns lift copper prices to near two-week high - more
Friday's market review - Copper rises on hopes for U.S.
infrastructure spending - Copper prices gained on Friday as investors
were cheered by buoyant U.S. economic data and hoped that planned
spending on infrastructure would boost metals demand. - more
Commodities bull market set to run but faces risk of near-term
correction: Saxo's Hansen - Key commodities such as oil and copper
remain on track for a multi-year bull market due to tightening
fundamentals but could be set for a near-term correction after
investors "jumped the gun" over the anticipated demand rebound as the
world emerges from the COVID-19 pandemic, according to Saxo Bank's head
of commodity strategy Ole Hansen. - more
Service Center Shipments Down Year-Over-Year in February - Steel and
aluminum shipments declined on a year-over-year basis across the board
in the U.S. and Canada in February, but at lower rates than in January.
- more
How a steel plant in India tapped the value of data—and won global
acclaim - Shortly before molten steel is cast into solid shapes at Tata
Steel’s plant in Kalinganagar, India, frontline operators put the metal
through a process known as superheating, which is necessary to bring
the steel to the proper temperature for casting. - more
Russia To Use Convicts In Clean-Up Work From Norilsk Arctic Diesel
Spill - The chief of Russia's Federal Penitentiary System (FSIN) may
use convicts to help clean a contaminated zone of the Arctic following
a massive diesel spill. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Friday, March 12
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $7.46/lb ($16,455/tonne). Indicators at 7:00 am CST today show
nickel trading around $.14/lb lower.
Stockpiles of nickel stored in LME licensed warehouses rose by
over 1000 tonnes on Thursday, and started today's session just over the
260,700 tonne level. Nickel's mini rally yesterday has fizzled out with
the other base metals, and except for tin, all are trading lower on a
stronger U.S. Dollar. One sometimes wonders if the bulls and bears
somehow time news to coincide with a movement they are trying to make.
If so, the bears are pouring it on this month. Musk's crack about being
done with nickel, China's announcement it can make battery acceptable
nickel from laterite ore, and LME warehouse numbers growing. And after
a day when the price of nickel actually ended higher, a story below
helped put the kabosh on that rally. Maybe Elon Musk is 'done' with
nickel, or at least, worrying about whether the industry can keep up
with the demand estimates. If you can't control the supply, then
control the demand. This will send a shudder through the nickel mining
industry, so buckle up, the next few weeks could potentially get a
little wild. Just what the stainless steel industry wanted to see.
While it is not the nickel industry's fault, as they are mere pawns in
the traders world of price manipulation, it would be a nice fantasy to
wonder if this all really means something to men and machines making
boatloads of money, manipulating the labor and efforts of others. The
stainless steel industry would drop nickel as fast as the EV industry
might, if they could. 200 series stainless, with its large content of
manganese rather than nickel, was touted as the savior of the industry,
but has yet to catch on except in China, where it can account for
nearly 1/3 of stainless production in that country. It has found a
place in less corrosive environments, but distributors and users are
reluctant to inventory something that may or may not sell, and even
more importantly, may or may not resist corrosion in their application.
And the scrap industry wants no part of another non magnetic stainless
entering the supply chain. So 200 series stainless has had a hard sell
on this side of the Pacific. The traders who trade nickel must make
money, whether they trade long or short. That is part of life. But this
make it all at once going way up, and then making more on the way down,
with miners, stainless steel producers, EV battery producers,
distributors, and all the manufacturers out here using stainless steel
product paying the inevitable price for the greed of an unseen group,
encourages innovation, and the day when entire industries are no longer
held hostage to the greed of a few. It's Friday gang. Stay safe and
have a great weekend!
Average price of LME traded cash nickel
so far this month
- $7.66/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - China pollution clampdown fuels copper demand concerns - more
Thursday's market review - Copper rises towards 10-year
highs as bullish mood grips markets - Copper prices rose on Thursday
towards 10-year highs hit last month as a bumper U.S. stimulus bill,
benign U.S. inflation data and better than expected Chinese lending
numbers spread a bullish mood through markets. - more
Glencore’s Raglan mine to add energy-producing turbines - Raglan mine,
located in the Nunavik region of Quebec, is getting two new wind
turbines to generate clean electricity, the federal government
announced on Mar. 10 during the Prospectors & Developers
Association of Canada Convention. - more
Russian metal, fertiliser, other firms should invest more at home -
Putin - Russian exporters of metals and other big firms should take the
opportunity of an improved economy to invest more for the good of the
country, President Vladimir Putin said on Thursday, a day after
Nornickel paid a record environmental fine. - more
Indonesia says Suzuki, Mitsubishi to increase autos investments -
Japanese automakers Suzuki Motor Corp and Mitsubishi Motors Corp plan
to increase their investments in Indonesia over the next four years in
the manufacturing of hybrid models, an Indonesian minister said. - more
Cobalt, nickel free electric car batteries are a runaway success - A
year ago, Tesla surprised the electric car industry when it announced
some Model 3s made in its Shanghai factory will be equipped with
lithium iron phosphate (LFP) batteries made by China’s Contemporary
Amperex Technology (CATL). - more
How COVID-19 Reshaped the US Economy - At first, it was expected to be
brief. At least that was the hope. Instead, a once-in-a-century
pandemic has ground on for a year, throwing millions out of work and
upending wide swathes of the American economy. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Thursday, March 11
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $7.30/lb ($16,095/tonne). Indicators at 6:10 am CST today show
nickel trading around $.16/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose by
one lot on Wednesday and ended that session just below the 259,700
tonne level. Nickel is trading much higher this morning, as part of a
general rally in commodities, with the Biden stimulus money about to
flood into the market. Thank your children and grand children today,
because it will be they who will pay the piper for the big check you've
been promised. The early part of the 20th century taught us to save
money, while the early part of the 21st century has taught us to look
to the government for 'stimulus'. Neither political party can claim to
hold the keys to fiscal responsibility, with the last President who can
lay claim to an annual balanced budget being Democrat President
Clinton, with a Republican led House. Anyone who thinks the free money
will always be there, should look to the shocking steps Greece has had
to take in the last decade. In the short term, the stimulus will be
good for business, and a big percentile of Americans, regardless of
what the politicians tell you, will either save the money because they
really didn't need it, or will spend it on ridiculous items that they
really don't need. That second part is what business is counting on,
and stainless steel producers and users are hoping to get their piece
of. More and more covid restrictions are ending and while 'pandemic'
was the word for 2020, the term 'herd immunity' appears to be the buzz
word for 2021. This could be a boom year for the travel and recreation
industry, with Americans returning to a group environment in droves.
Disney World in Florida, is running at 35% capacity, and is completely
booked for the next two weeks. The happiest place on earth, Disneyland,
is scheduled to reopen in days. So unless you are long on U.S. Dollars
today, or went short on nickel for the day, it's looking like a good
day. Stay safe out there, and have a great Thursday!
Average price of LME traded cash nickel
so far this month
- $7.69/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Industrial metals rise as U.S. stimulus boosts demand hopes - more
Wednesday's market review - Copper rises as speculative
clearout makes way for further gains - Copper prices rose on
Wednesday as traders hoped a pullback from 10-year highs had run its
course and the metal’s spectacular rally would resume. - more
China stainless steelmaker TISCO to seek joint investments as boosts
output - chairman - China Taiyuan Iron & Steel (Group) Co Ltd, the
country's second-largest stainless steelmaker, will seek joint projects
with local and international companies to help meet its goal of
tripling production, chairman Gao Xiangming said. - more
Nornickel's $2 bln fine will be used to improve Arctic environment -
Putin - Russian President Vladimir Putin said on Wednesday that a $2
billion fine paid by metals miner Nornickel after a fuel spill, the
country's worst Arctic environmental disaster, will be used to improve
ecology in the region. - more
BHP says acquisitions unlikely near-term given high commodity prices -
BHP Group is unlikely to make any major acquisitions in the near-term
given rocketing commodity prices, and will instead focus on exploration
and wringing more value out of existing assets, its chief executive
said on Thursday. - more
Stay away, locals of Indonesia’s Biak Island tell Elon Musk - Indonesia
has invited Tesla boss Elon Musk to build a launch site for his
SpaceX's rocket in the Southeast Asian country’s Biak Island, pointing
out the benefits of a location next to the equator, officials said on
Thursday, but locals are worried. - more
Tsingshan of China Plans Iron Ore Mine, Steel Plant in Zimbabwe -
Tsingshan Holdings Group Co., the world’s top producer of nickel and
stainless steel, will start construction on an iron ore mine and a
carbon steel plant in Zimbabwe in May, according to a senior government
official. - more
SK Innovation pushes nickel limits of EV batteries - SK Innovation is
pushing the boundaries of nickel ratio inside electric vehicle
batteries to the extreme, taking initiative in the global nickel cobalt
manganese, or NCM, battery market. - more
Iron ore shipments fall 11% on month in Feb, fueling
high prices - Iron ore shipments by Rio Tinto, BHP, Vale, Fortescue
Metals Group and Roy Hill in Australia, along with Saldanha port in
South Africa, fell 11.2% month on month in February but were up 3.3%
year on year, according to S&P Global Platts' trade flow software,
cFlow. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, March 10
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $7.33/lb ($16,170/tonne). Indicators at 6:15 am CST today show
nickel trading unchanged .
Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday
and ended that session just below the 259,700 tonne level. Nickel had a
second day that started very
bearish, but ended much better than it looked early. Monday's close
was nearly identical to Friday's, and while Tuesday's close was around
$200/tonne lower,
at one point nickel traded as low as $15,665/tonne on Tuesday. This
morning nickel opened lower, but has recovered and if it experiences a
third day of bullish afternoon's, we may actually see nickel climb
today. It appears nickel traders are using the 200 day moving average
as the mud zone for bulls and bears playing tug of war. In other news,
Norilsk says it will know in another week if it will be able to save a
few of its mines from water, and in the mean time, paid a $2 billion
penalty to the Russian government. Indonesia is still trying to get
Elon Musk to spend his money on nickel in that country, and has offered
him an island to build a launch pad for his spacecraft. Musk caused an
earthquake in the industry a few weeks back when he expressed his
dissatisfaction with nickel and threatened to take his EV battery technology
in a different direction. Nickel plummeted but then China sent a huge
aftershock a few days later when they revealed they had figured out how
to convert laterite ore into nickel acceptable for use in the battery
industry. This wasn't supposed to happen and the threat of a future
loss of demand, followed by the promise of a new source of supply, has
sent nickel into a tail spin. Stainless steel producers, distributors,
and users, who have been here many times before, are unimpressed.
Speculation on what might happen has taken nickel to pricing not seen
in seven years, and stainless steel, already adversely affected by the
pandemic, is now in one of those 'pricing changes on a daily basis'
situations. Or is that 'changing by the hour'? This is a time when
customer relations can become 'strained' thru no fault of either party.
It's Wednesday, so stay safe out there and enjoy your hump day!
Average price of LME traded cash nickel
so far this month
- $7.75/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper rises on demand hopes; China policy worries hit Shanghai - more
Tuesday's market review - Copper prices slip as China
cools growth and credit plans - Copper prices fell on Tuesday after
modest economic growth targets from China and indications that it could
pull back on credit expansion, though analysts remained positive on the
metal’s long-term fundamentals. - more
Russia's stainless steel imports & exports increase in 2020 y-o-y -
According to statistics, Russia imported a total of about 383,000 tons
of stainless steel in 2020, a year-on-year growth of about 3.8%. - more
Column: Battery metals buzz is back as Europe reboots EV sector - The
battery metals are back. Both lithium and cobalt markets spent the last
two years absorbing the glut of supply that followed the price boom of
2017-2018. - more
POSCO’s stainless steel production & sales decline in 2020 -
According to a report released by POSCO, a South Korean steelmaker, the
firm produced totally around 1.8 million tons of stainless steel
products in 2020, a drop compared with the 1.97 million tons of 2019. -
more
Nornickel to take another week to halt water inflow at Siberia mines -
Russia’s Norilsk Nickel said on Tuesday it expects it will be another
week before it has an idea of when it can restart two waterlogged mines
in Siberia. - more
Nornickel pays Russia $2 billion over Arctic fuel leak - more
Electric vehicles expected to boost Canadian mining growth, industry
panel agrees - Mining industry insiders say opportunities for Canada
are rising with world demand, technical advances and political support
for electric vehicles. - more
U.S. imports of Stainless steel wire decreased 50.80 percent from
$18.71 million to $9.2 million through the first month of 2021 when
compared to the same period the previous year, according to WorldCity
analysis of the latest U.S. Census Bureau data. - more
U.S. exports of Stainless steel wire decreased
14.72 percent from $11.04 million to $9.42 million through the first
month of 2021 when compared to the same period the previous year,
according to WorldCity analysis of the latest U.S. Census Bureau data.
- more
U.S. imports of Misc. stainless steel bars,
rods increased 1.32 percent from $33.75 million to $34.2 million
through the first month of 2021 when compared to the same period the
previous year, according to WorldCity analysis of the latest U.S.
Census Bureau data. - more
U.S. exports of Misc. stainless steel
bars, rods decreased 29.37 percent from $30.85 million to $21.79
million through the first month of 2021 when compared to the same
period the previous year, according to WorldCity analysis of the latest
U.S. Census Bureau data. - more
U.S. imports of Nickel increased 45.94 percent
from $98.03 million to $143.06 million through the first month of 2021
when compared to the same period the previous year, according to
WorldCity analysis of the latest U.S. Census Bureau data. - more
U.S. exports of Nickel decreased 20.56
percent from $20.58 million to $16.35 million through the first month
of 2021 when compared to the same period the previous year, according
to WorldCity analysis of the latest U.S. Census Bureau data. - more
“Domestic Stainless Steel Demand to Outshine Global Growth” - A robust
growth in the stainless steel (SS) sector in India has been made
possible through increased awareness about the benefits of the metal
amongst stakeholders, including engineers, architects, designers,
railway officials and other professionals responsible for drafting
specification for procuring the material, and fabricators who shape and
provide perfect finish to stainless steel in a technically precise
manner. - more
Anger after Indonesia offers Elon Musk Papuan island for SpaceX
launchpad - Biak island residents say SpaceX launchpad would devastate
island’s ecology and displace people from their homes - more
Mark Dayton: Sulfide mining has no business near our Boundary Waters -
The pristine wilderness has been a place of recreation and respite for
years, and we must protect it for future generations. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, March 9
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $7.43/lb ($16,385/tonne). Indicators at 6:05 am CST today show
nickel trading around $.21/lb
lower. Stockpiles of nickel stored in LME approved warehouses fell
slightly on Monday and ended yesterday just below the 260,400 tonne
level. The Euro is finally trading higher today, but you wouldn't know
it looking at base metals trading. All are down this morning, with
nickel leading the retreat. Yesterday, nickel traded within a near
$600/tonne range, but ended pretty much where it started the session.
Today, nickel is down nearly $500/tonne, but around $200/tonne off an
earlier low. Traders could be looking to the Shanghai markets for
direction after a neutral day, and last evening Shanghai nickel fell.
Chinese stainless steel futures are chasing nickel, but with nickel
trading in an early December 2020 range at the moment, it will take
stainless futures awhile to drop back to a similar range. It's Tuesday
and virus deaths in the U.S. have fallen well below the 1,000 a day
level for two consuecutive days, and the seven day average is nearing
1,500. The average of daily new cases are just south of 60,000 a day,
which a year ago today, would have horrified us, but today, gives us
hope. A year ago today, 18 Americans reportedly died from this fairly
new virus - yesterday there were 788, which is well off the 4000+
deaths we were seeing daily the last few weeks in January. For most of
us, this is all good news, with shots going into arms. There remains
the ever vocal deniers, although their group size has shrunk
dramatically as deaths grew closer to home. No one remembers who the
last casualty of a war was. So, with the race nearly won, it's not the
time yet to drop your guard. Stay safe out there and have a great
Tuesday!
Average price of LME traded cash nickel
so far this month
- $7.84/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper falls on firm dollar, but outlook seen bright - more
Monday's market review - Copper rises on U.S. stimulus and
higher Chinese imports - Copper prices gained on Monday,
breaching $9,000 a tonne, after the U.S. Senate approved a $1.9
trillion economic stimulus package and top consumer China boosted
imports of the metal while its exports hit records. - more
US' 304/2B prices may hit 9-year high - During the past few months, the
inventories of stainless steel in the US market had been at the lowest
level. - more
China Nickel and Steel Giant Answers Big Auto’s Call for Green EV
Batteries - A Chinese group aiming to supply nickel for electric
vehicles is planning a suite of renewable-energy plants in Indonesia to
clean up its metal smelters and meet demands from carmakers for greener
battery materials. - more
China's lower-than-expected GDP growth could impact steel demand
- China has set a GDP growth target for 2021 of "above 6%," below the
market consensus of 7%-9%, indicating that stable economic growth,
deleveraging and decarbonizing of the economy will be priorities for
the year, rather than maintaining high GDP growth, which is set to
adversely impact infrastructure and property steel demand, as well as
steel production, according to S&P Global Platts Analytics. - more
Stauber advocates for mineral mining in Minnesota - U.S. Rep. Pete
Stauber led a contingent of Republican colleagues from his home state
in requesting that President Joe Biden follow through on the
publication of an executive order that prioritizes the nation’s
domestic supply chains for semiconductors, modern energy technologies,
healthcare applications, and others. - more
Courtesy AISI - In the week ending on March 6, 2021, domestic raw steel
production was 1,755,000 net tons while the capability utilization rate
was 77.4 percent. Production was 1,761,000 net tons in the week ending
March 6, 2020 while the capability utilization then was 76.2 percent.
The current week production represents a 0.3 percent decrease from the
same period in the previous year. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, March 8
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $7.43/lb ($16,390/tonne). Indicators at 6:00 am CST today show
nickel trading around $.07/lb
lower. Stockpiles of nickel stored in LME licensed warehouses went
unchanged on Friday and started this week just under the 260,400 tonne
level. Nickel fell early this morning, and has done little since.
Friday saw the price of nickel rebound, bouncing off a low of
15,880/tonne, and jumping to a high of 16,690.tonne. In our opinion,
this action was triggered by the announcement that Tesla was playing a
part in the purchase of Vale's nickel mine. Elon Musk started the most
recent down trend when he expressed his dissatisfaction with the nickel
industry, only to stabilize when his name came up in the Vale sale. As
the news trickled out that his role was more of an advisory role and
less of ownership, the nickel jump stabilized and calmed down.
Depending on what part of the nickel and stainless steel industry you
take part in, you may be wondering what mood Mr Musk woke up in this
morning and what he might tweet. This morning, a stronger US Dollar is
putting pressure on commodities trading in general. This week could be
important and potentially tell us where nickel is heading this summer.
Lot of news below for those interested. Stay safe our there and have a
great Monday!
Average price of LME traded cash nickel
so far this month
- $7.94/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper dips as U.S. stimulus fails to lift prices - more
Friday's market review - Nickel firms but remains set for
biggest weekly loss since 2011 - Nickel edged up on Friday as buyers
sought to pick up bargains after two days of hefty losses, though
prices were still set for their steepest weekly fall in almost a decade
after a major supply deal undermined expectations for shortages. - more
Nickel slumps as electric dreams are rudely disturbed: Andy Home -
Nickel has endured its worst week in almost ten years, with the London
Metal Exchange (LME) price collapsing by 16% in the space of two days
to a three-month low of $15,830 per tonne. - more
Nickel Price Falls By 16% But That Might Not Help EV Makers - more
Chinese Metal Giant Is Upending the Nickel Market All Over Again - more
Brazil initiates AD investigation on cold-rolled stainless steel
products from Indonesia & South Africa - On February 25, 2021, the
Brazilian Secretariat of Foreign Trade (SECEX) announced to initiate an
anti-dumping (AD) investigation on 304 cold-rolled stainless steel
products, with a thickness equal to or greater than 0.35 mm but less
than 4.75 mm, originating in Indonesia and South Africa. - more
Indonesia's 3 new nickel smelters to put into production in 2021 -
Arifin Tasrif, the Minister for Energy and Mineral Resources of
Indonesia, announced that the three new nickel smelters in Indonesia
will be completed and put into operation in 2021. - more
Commodities Trading Far Outstrips Tourism, New Swiss Stats Show - The
economic importance of the commodity trading sector in Switzerland is
larger than previously believed, new government statistics show. - more
New Caledonia: re-confined but calmed down - After a year without
transmission of Covid-19 on its soil, New Caledonia will urgently
reconfine itself as of tomorrow, following the discovery of a local
chain of contagion. - more
Tesla partners with nickel mine after Elon Musk said the metal is the group's 'biggest concern' amid shortage fears - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Friday, March 5
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $7.30/lb ($16,100/tonne). Indicators at 7:00 am CST today show
nickel trading around $.13/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today just below the 260,400 tonne level. Nickel
has fallen around 14% the last two days and fell below the $16,000
tonne level for the first time since early December 2020. It is up
today, but whether this is the beginning of a recovery, or merely a
bounce off the $16,000 tonne level, remains to be seen. For those in
the nickel industry, one must keep telling them self, that only last
week, the great and powerful Goldman Sachs forecast, that even after 11
months of bullish activity, we were merely in the beginning stages of a
structural bull market. So sit back, relax, and watch the stainless
steel industry get air sick from the sudden price roller coaster they
have been put on. Up, down, it matters not - just give those in the
stainless steel industry price stability. And we welcome the EV
industry to a little thing we call "nickel price volatility". Of
course, China has once again beat the odds makers and come up with a
way to use that once trashed low grade ore to supply the EV battery
business with nickel, and while at first glance that could be called a
game changer, as some metals analysts have done, on the other hand, the
price of nickel started going up when Indonesia says it would
discontinue exporting that low grade ore .... so we still have a supply
issue. Right? So have we seen the top? If one looks at the nickel price
chart for the past decade, one could easily make an argument that we
have. But we will let the paid pontificators put their spin on what is
going to happen, and we will let you know what 'is' happening. Its
Friday and the weekend is in the windshield. Stay safe out there and
have a great weekend!
Average price of LME traded cash nickel
so far this month
- $8.07/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - LME nickel set for worst week since 2011 on supply pressure - more
Thursday's market review - Nickel collapse triggers slide
across industrial metals - Industrial metals fell on Thursday as a
collapse in nickel prices and a jittery mood among investors on wider
markets combined to drag down copper by as much as 5%. - more
New Caledonia agrees to Vale nickel mine sale, Tesla to be partner -
Political leaders in New Caledonia on Thursday agreed new terms for the
sale of Vale’s nickel business, including a majority stakeholding for
local interests, seeking to resolve unrest over the planned sale. - more
“But what is Elon Musk doing in this mess?” “ - more
Nippon Steel raises domestic prices of stainless steel for Mar - Nippon
Steel Stainless Steel Corp (NSSC) announced to raise its domestic price
of stainless steel cold-rolled coils and plates due to higher costs of
production. - more
Dinagat nickel miner wins 2nd Presidential award - For two consecutive
years, the Cagdianao Mining Corp. (CMC) has been chosen as a winner of
the Presidential Mineral Industry Environmental Award (PMIEA), the
Philippine mineral industry's highest accolade. - more
AISI Releases February SIMA Imports Data - Based on the Commerce
Department’s most recent Steel Import Monitoring and Analysis (SIMA)
data, the American Iron and Steel Institute (AISI) reported today that
steel import permit applications for the month of February totaled
1,945,000 net tons (NT)*. - more
Fastenal's Sales Growth Slows in February as Safety Products Cool - more
Productivity Declines Most in Nearly 40 Years - more
Manufacturing continues to lead economy out of pandemic downturn - more
No let-up in freight and steel cost pressures - more
Vladimir Potanin Commits Additional US $2B to Support Norilsk -
Vladimir Potanin, Norilsk Nickel CEO, announced a comprehensive RUR
150B program to support Norilsk, where the Company's main industrial
campus is located. It comes in addition to the RUR 80B (US $1B)
committed to Norilsk just last month. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
COVID-19 Risks Expose Vulnerabilities, Downside Risks to U.S. Outlook - more
Thursday, March 4
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $7.86/lb ($17,320/tonne). Indicators at 6:00 am CST today show
nickel trading around $.52/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and ended that session just under the 261,000 tonne level.
February ended with a $1200 tonne drop the last week, and yesterday
beat that. Today, we are seeing the biggest morning drop we ever
remember recording on this site. Nickel fell below the 50 day moving
average yesterday, with the 200 day mva sitting around the $16,200
tonne level. Technical signals are all flashing sell, and once again,
appear to be reflecting the actual condition of the market, rather than
forecasting. Typically, when we see this type of bearish turn, a nickel
producer will pop up with some supply news to add some support.
Yesterday, it was Norilsk's turn, and they took the opportunity to
remind traders that nearly 36% of their production of nickel has been
adversely affected by the mine floods. Traders, however, were having
none of it and the warning fell on deaf ears. So, the bull market that
began on March 31st, 2020 is suddenly in trouble. It's too early to
call an end to the bull's free roam, but his free running appears to be
in trouble. Business reporters are crediting the Tsingham news for the
sudden turn in the market. We aren't buying this as the market was
clearly in trouble last week, well before yesterday's announcement.
This turn was started by Mr Musk, and all the news since, bearish or
otherwise, has just added salt to the sore. It's Thursday and we are on
the downhill slide. Stay safe and have a great day!
Average price of LME traded cash nickel
so far this month
- $8.32/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London nickel drops most since 2016 after Tsingshan supply deal - more
Wednesday's market review - Aluminium gives up gains on
producer selling, options expiry - Aluminum prices retreated on
Wednesday as producers took advantage of a rally to sell metal and
after an options expiry spurred higher volatility. - more
US stainless steel prices forecast to reach 9-year high - The past
twelve months were a turbulent time for all those involved in the US
stainless steel market. In a dramatic turnaround, the unprecedented
pandemic-induced slump in steel requirements was superseded by strong
demand, stock shortages and soaring prices. - more
China stainless steel slumps 6% as nickel prices drop - Stainless steel
futures in China dropped 6% on Thursday to hit their daily trading
limit, as a slide in nickel rates weighed on prices. - more
Nornickel warns on output as two mines remain partly suspended -
Russia's Norilsk Nickel expects production losses as its two major
mines remain partly suspended due to an ingress of water, CEO and top
shareholder Vladimir Potanin said on Wednesday, adding that it would
calculate the losses by March 9. - more
Nickel: Breakthrough technology may be a game-changer - The nickel
industry has always been on the cusp of change, and the latest news
that Tsingshan will mass-produce nickel matte could be a game-changer.
- more
Indonesia takes the battle to WTO over EU’s challenge against nickel
export curbs - Indonesia is “ready to fight” the European Union’s
challenge of the Southeast Asian country’s ban on nickel ore exports at
the World Trade Organisation, arguing the Union’s actions may hinder
Indonesia’s development plans, according to Indonesia’s trade minister,
as reported by Reuters. - more
Rising EV-grade nickel demand fuels interest in risky HPAL process - As
analysts and industry participants warn of a looming shortage of
battery-grade nickel, there is an ample pipeline of projects employing
high-pressure acid leach (HPAL) technology to produce nickel chemicals.
But scrutiny of the process is also growing, after some facilities ran
into difficulties or produced less than expected. - more
Courtesy AISI - In the week ending on February 27, 2021, domestic raw
steel production was 1,749,000 net tons while the capability
utilization rate was 77.2 percent. Production was 1,880,000 net tons in
the week ending February 27, 2020 while the capability utilization then
was 81.3 percent. The current week production represents a 7.0 percent
decrease from the same period in the previous year. - more
Distributor Pandemic Index Posts Major Rebound - The
penultimate PRI showed a healthy rebound to double-digit gains after
weather impacts previously snapped a 13-week growth streak. - more
Director of two firms under nickel trading probe tells investors he
will try to return their money - The director of two firms being probed
for alleged fraud related to nickel trading told investors at a
10-minute webcast meeting on Wednesday (March 3) that he will try to
return them all their money. - more
Economist predicts net job loss from mine near BWCA - Harvard
economics professor predicts proposed copper-nickel mine near Boundary
Waters would chase away more jobs than it would create - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, March 3
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $8.49/lb ($18,715/tonne). Indicators at 6:10 am CST today show
nickel trading around $.14/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose
sharply for a second consecutive day, and ended yesterday just over the
261,500 tonne level. Nickel is down sharply this morning, with traders
most likely spooked by the sudden influx of nickel into the Rotterdam
warehouse. Ever since Indonesia announced it was permanently banning
exports of nickel ore at the end of 2019, and the EV industry was
proclaimed to be the next big user of nickel, the pontificators have
been spreading stories of dread about all futures supplies of nickel
being swallowed up before they could gather dust in a warehouse. Last
year, the first year of this doom and gloom scenario, stockpiles in LME
warehouses grew by just shy of 95,000 tonnes. An adverse effect of the
worldwide covid pandemic? Now, with 1/6th of this year in the rear view
mirror, stockpiles have risen by another 10,400+ tonnes. At some
point, we really will need to start seeing some larger outflows than
influx on a consistent basis, or this year is starting to look
familiar. Except for prices. Eleven months after nickel began its most
recent bullish turn, Goldman Sachs proclaimed earlier this week that we
are in the beginning of
a structural bull market. Kind of like predicting you are going to fly
as high as 30,000 feet - after you've reached 35,000 feet. They also
said nickel is in a structural supply deficit. The Euro is trading a
tad higher this morning, but for a third day, there appears to be a
disconnect between base metals and the Euro. Is this a symptom of
Brexit? It's hump day, and the third day of the third month. Stay safe
out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $8.45/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai aluminum lingers near 9-1/2-year high on supply worries - more
Tuesday's market review - Industrial metals rebound as
copper steadies above $9,000 - Copper prices traded comfortably above
$9,000 a tonne on Tuesday, snapping two days of losses and building
confidence in a rally powered by expected tight supply and growing
demand. - more
Goldman Sachs says it’s the beginning of a structural bull market in
commodities - It’s all looking one way for commodities, Goldman Sachs
analysts say in a note to clients. Analysts led by Jeffrey Currie said
there is the beginning of a new structural bull market, with every
market but cocoa and zinc in structural deficit. - more
Global stainless output falls for first time in 5 years - Global crude
stainless steel production decreased to approximately 50.7 million
tonnes in 2020 – down almost 3 percent, year-on-year. - more
Russia's Nornickel can restore water-hit mines, but unclear when -
experts - Russian metals producer Norilsk Nickel can draw on Soviet-era
know-how to clear two partly-suspended ore mines of water, but it is
hard to predict how long the operation will take, two industry experts
said. - more
China's Tsingshan signs pacts for 100,000 T nickel matte in EV push -
China’s Tsingshan Holding Group has signed agreements to provide nickel
matte, which is used to make batteries for electric vehicles (EVs), to
Huayou Cobalt and battery materials maker CNGR Advanced Material. - more
Bill to permanently ban mining in parts of Southwest Oregon passes US
House - Conservationists have been resisting a proposed nickel mine in
Southern Oregon for many years. Last week, the U.S. House of
Representatives passed a permanent mining ban in the area as part of a
new public lands bill. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, March 2
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $8.47/lb ($18,675/tonne). Indicators at 6:05 am CST today show
nickel trading around $.03/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose by
an eyebrow raising 8200+ tonnes on Monday and ended the first business
day of March just shy of the 258,800 tonne level. That large a one day
gain dropped the cancelled warrant percentile a full point. While the
trading price of nickel gained yesterday, it did so with reserved
enthusiasm. This continues this morning. Nickel traded as high as
18,900/tonne (almost) and as low as $18,500/tonne. It ended $60/tonne
higher than it did Friday, and is trading about that amount higher this
morning. The Euro continues to trade lower against the U.S. Dollar, but
base metals are all trading in the black again today. Technical
indicators for nickel traders are mixed, with some sending negative
signals and others, sending positive signals. Even a few neutral
signals to be had. The 50 day moving average is running around the
$18,100 tonne level, so nickel has a lot of room to play before there
is any threat, or promise for the stainless steel industry, of any long
term bearish turn. The great debate on Wall Street has turned from
covid's impact on the economy to the perceived threat of inflation.
Quiet news day, so we leave you with it Stay safe out there and have a
great day!
Average price of LME traded cash nickel
so far this month
- $8.46/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper falls for third day as subdued China demand weighs - more
Monday's market review - Tin retreats from nine-year high
but fundamentals underpin prices - Tin prices plunged more than 10% on
Monday as last week’s nine-year highs triggered some technical selling
and prompted investors to book profits, though shortages capped losses.
- more
Nornickel operations chief to leave in management shake-up - Russian
metals producer Norilsk Nickel's (Nornickel) Chief Operating Officer
Sergey Dyachenko is leaving the company as part of a management
restructuring, it said on Monday. - more
To go electric, America needs more mines. Can it build them? - Last
September, in the arid hills of northern Nevada, a cluster of flowers
found nowhere else on earth died mysteriously overnight. - more
Mining for electric car batteries ‘hundreds of times’ better than petrol car emission cycles - more
A closer look at the “Made in America” manufacturing program - The
Biden administration seeks to make small and medium-sized manufacturers
possible suppliers to the federal government - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, March 1
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $8.42/lb ($18,565/tonne). Indicators at 6:10 am CST today show
nickel trading around $.03/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and ended February just below the 250,600 tonne level. That's a
gain of a little over 1,700 tones for the month, and a tad over 2,600
tonne gain for the year. Nickel fell hard on Friday, but is up this
morning. Not sure why, but the commodity board is nearly all in the
black this morning, while the U.S. Dollar is also trading stronger
against the Euro. Those two generally don't go together, but traders
appear to want to start the month of March on a positive note. Nickel
traded as low as 18,515/tonne on Friday, and a high of 19,130/tonne. It
was a good day for the bears, but in the overall scheme, the bulls
appear to still be firmly in control. We had the Musk bump last year,
so we will call this the Musk slide. We want to welcome a new site
sponsor this
month. P.A. Inc, out of Houston, Texas, is a master distributor of
stainless steel pipe and pipe fittings. Please visit their web site and
see if they offer products that can help you. And we thank them for
being our March sponsor. We also want to thank ELG Metals for their
continued support as a sidebar sponsor. Please contact us if you are
interested in sponsoring a banner later in the year, or are interested
in a sidebar add. Exposing yourself to the public can get you arrested,
but if your company does it, its called advertisement. It's a new month
and here in the lower 48, spring is peeking its head out and teasing.
It was a brutal February for much of the country, and it is hoped that
March will be little more gentle. Stay safe out there and have a great
day, week, and month!
.Average price of LME traded cash nickel
so far this month
- $8.42/lb (average February)
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai copper falls on China's subdued factory growth data - more
Friday's market review - Copper spirals lower as bond rout
spooks investors - Copper retreated on Friday after touching successive
multi-year peaks, falling more than 3% as risk-off sentiment hit wider
financial markets after a spike in bond yields. - more
Are we entering a new commodities super cycle? - The commodities
sector, as a whole, is looking very attractive right now all over the
world. Demand from China is likely to surge in the coming months and
years as the country comes out of the pandemic as the only major
economy to expand in 2020. - more
Steel traders alert for China steel export rebate cuts - With China's
foreign trade in steel steadily picking up after the Chinese New Year
holiday lull while international steel prices keep soaring, speculation
regarding possible cuts to Chinese export tax rebates on steel has
become more intense both in and out of China. - more
Glencore workers in Sudbury reach tentative deal - Glencore's
Integrated Nickel Operations in Sudbury have reached a tentative
agreement for a new collective agreement with office, clerical and
technical employees represented by United Steelworkers Local 2020, Unit
6855. - more
Sweden will soon be home to a major steel factory powered by the
‘world’s largest green hydrogen plant’ - A Swedish firm backed by
investors including Spotify founder Daniel Ek plans to build a steel
production facility in the north of the country that will be powered by
what it describes as “the world’s largest green hydrogen plant. - more
Expectations for U.S. and Overseas Manufacturing - How
supply chain factors, investment decisions and a new administration
will all play key roles in manufacturing's near future. - more
Coronavirus By The Numbers - here US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
(all
ton listings are metric tons = 2204.622 pounds ) Updated Monday thru
Thursday before 7 am CST, Friday version before 8 am CST - DisclaimerOriginal content and opinions copyright
www.estainlesssteel.com. All prices shown on
this page are indications only. Please note - for real time and
official LME
prices, LME requires a user subscribe to an authorized LME vendor.
Daily Nickel/Stainless Steel Briefing 
($15,930/tonne). Indicators at 6:05 am CST today show
nickel trading around $.08/lb 
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started just over the 260,200 tonne level. Nickel closed
below the $16,000/tonne level and more importantly, the 200 day moving
average on Tuesday The bulls are apparently very worried about a second close
below these two levels today, and nickel is trading above the 200 day
moving average at the moment. But just barely. In stainless steel news
here in the U.S., United Steelworkers called a strike against Allegheny
Technologies, and hit the bricks about an hour after we published
yesterday. If this lasts any length of time, it is going to exacerbate
an already tight market, and will do nothing to stabilize pricing for
the foreseeable future. It's the last day of March, and the end of the
first quarter of 2021. We hope it was a profitable quarter for you, and
the next three months offer you a new opportunity. We also want to thank
our March sponsors, P.A. Inc and ELG Metals Inc. Their support brought
the daily news to you free in March. It's also hump day, so please stay
safe out there and have a great day! 
Reports
Why Stainless Steel 
Tuesday's market review - Dollar, inventories weigh on
copper prices - Copper prices fell on Tuesday as a firmer dollar and
higher inventories triggered a bout of selling while the market looked
ahead to surveys of manufacturers in top consumer China. - 
United Steelworkers Go On Strike At Nine Allegheny Technologies
Facilities - Approximately 1,300 workers at Allegheny
Technologies have gone on strike as of Tuesday morning. They hit the
picket lines demanding a better contract and better conditions. - 
Regional stainless steel flat product prices reach multi-year highs -
Global stainless steel prices continued to strengthen in early March,
most notably for 300 series coil and sheet. - 
Google, BMW, Volvo, and Samsung SDI sign up to WWF call for temporary
ban on deep-sea mining - Google, BMW, Volvo and Samsung SDI are the
first global companies to have signed up to a World Wildlife Fund (WWF)
call for a moratorium on deep-sea mining, the WWF said on Wednesday. - 
Indonesia says Australia's Fortescue, China's steel giant Tsingshan in
talks for Borneo investments - Indonesia is in talks with China's
Tsingshan Holding Group and Australia's Fortescue Metals Group FMG.AX
to build a new industrial estate for metal smelting near a planned
hydropower plant on Borneo island, a minister said on Tuesday. - 
Mincor opens Cassini Nickel Mine in Kambalda - Mincor Resources NL has
announced the official opening of the Cassini Nickel Mine, the
cornerstone of its Kambalda Nickel Operations in Western Australia,
marking a key milestone in its journey to commence nickel production
early next year. - 
Commodities in upside pressure push, not supercycle: analysts,
economists say - Commodities including metals aren't experiencing
a supercycle, but a short period of upside price pressure backed by
pandemic-driven government stimulus, analysts and economists said in a
series of commodities webinars this week. - 
The Moly Mystery. Why Is China Soaking Up The World’s Molybdenum? -
Somewhere in China there is a warehouse stuffed to the ceiling with
molybdenum, a tongue-twister metal which most people call moly and
which has a number of interesting uses ranging from oil drilling pipe
to the steel used in armaments. - 
Madagascar’ focused Ambatovy restarts nickel production - Madagascan
nickel and cobalt producer Ambatovy has restarted nickel production
after a one-year stoppage, with the company announcing in a March 26
LinkedIn post that it had produced its first 99.9% nickel briquettes on
March 23. - 
Russia's Nornickel halts water inflow at two major mines - Russian
metals producer Nornickel said on Monday it had stopped water flowing
into its two major mines in the Siberian Arctic and both were on track
to fully resume production in coming months. - 
Colombia coal production fell 40% last year amid coronavirus, strike -
Colombia’s production of coal fell 40% last year, the government said
on Friday, after a national coronavirus lockdown which affected output
and a 91-day strike at a major mine. - 
Canada tightens takeover rules for critical minerals - Canada has
tightened foreign investment rules to protect the security of critical
mineral supply chains, a government spokesperson said on Thursday,
ahead of an expected surge in demand for metals used to make electric
vehicles. -
Japan UEX's stainless steel sales slide in Apr-Dec 2020 y-o-y -
According to the consolidated sales performance report released by UEX,
Ltd., a Japan-based stainless steel distributor, in the first three
quarters of the fiscal year 2020 (April-December 2020), the firm’s
sales dropped by 13.6% year on year to roughly 36.47 billion yen due to
declined demand and sales. - 
Column: Volkswagen powers up for the electric vehicle revolution -
Volkswagen CEO Herbert Diess is no Elon Musk but the German carmaker is
following a path already traveled by Tesla as it gears up for the mass
rollout of electric vehicles (EV). - 
February 2021 crude steel production - World crude steel production for
the 64 countries reporting to the World Steel Association (worldsteel)
was 150.2 million tonnes (Mt) in February 2021, a 4.1% increase
compared to February 2020. - 
Merafe Press Release - Ferrochrome price announcement for the
second quarter of 2021 - Shareholders of the Company are advised that
the European benchmark ferrochrome price for the second quarter of 2021
has been settled at 156 US cents per pound, a 32.8% increase from the
first quarter of 2021. - 
Singapore probes nickel trading fraud, Envy Global director charged -
Prosecutors in Singapore filed charges of fraud and cheating on Monday
against a director at commodity trading company in connection with a
nickel trading scheme that raised at least S$1 billion ($746 million)
from investors. - 
Russia's Nornickel to cut emissions in Russia's border region with
Norway, Finland - Russian metals producer Nornickel said on Monday it
has shut down a metallurgical processing facility in Russia’s border
region with Norway and Finland which had been the area’s main source of
sulphur dioxide emissions. - 
EUROFER: CBAM to preserve steel supply chain in EU - The European
Parliament voted to implement the carbon border adjustment mechanism
(CBAM). The European Steel Association (EUROFER) expected it will
preserve the steel supply chain for the EU. - 
Blackstone fast-tracks Vietnam nickel PFS - Blackstone Minerals is
looking to fast-track its development program in Vietnam, establishing
separate business units to handle critical components of its evolving
pre-feasibility study over the Ta Khoa nickel project. - 
Nickel 28 claims industry ‘first’ carbon neutral status - Nickel 28
Capital Corp has become what it believes is the first carbon neutral
refined nickel-cobalt producer in the world through a transaction
involving the purchase of 52,500 carbon offsets on the Verra Registry.
- 
How a steel plant in India tapped the value of data—and won global
acclaim - Shortly before molten steel is cast into solid shapes at Tata
Steel’s plant in Kalinganagar, India, frontline operators put the metal
through a process known as superheating, which is necessary to bring
the steel to the proper temperature for casting. - 
Tsingshan of China Plans Iron Ore Mine, Steel Plant in Zimbabwe -
Tsingshan Holdings Group Co., the world’s top producer of nickel and
stainless steel, will start construction on an iron ore mine and a
carbon steel plant in Zimbabwe in May, according to a senior government
official. - 
Brazil initiates AD investigation on cold-rolled stainless steel
products from Indonesia & South Africa - On February 25, 2021, the
Brazilian Secretariat of Foreign Trade (SECEX) announced to initiate an
anti-dumping (AD) investigation on 304 cold-rolled stainless steel
products, with a thickness equal to or greater than 0.35 mm but less
than 4.75 mm, originating in Indonesia and South Africa. - 
Commodities Trading Far Outstrips Tourism, New Swiss Stats Show - The
economic importance of the commodity trading sector in Switzerland is
larger than previously believed, new government statistics show. -
New Caledonia: re-confined but calmed down - After a year without
transmission of Covid-19 on its soil, New Caledonia will urgently
reconfine itself as of tomorrow, following the discovery of a local
chain of contagion. - 
Dinagat nickel miner wins 2nd Presidential award - For two consecutive
years, the Cagdianao Mining Corp. (CMC) has been chosen as a winner of
the Presidential Mineral Industry Environmental Award (PMIEA), the
Philippine mineral industry's highest accolade. - 
Sweden will soon be home to a major steel factory powered by the
‘world’s largest green hydrogen plant’ - A Swedish firm backed by
investors including Spotify founder Daniel Ek plans to build a steel
production facility in the north of the country that will be powered by
what it describes as “the world’s largest green hydrogen plant. - 
