Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $10.49/lb ($23,135/tonne). Indicators at 6:30 am CST today show nickel trading around $.11/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today's trading session just over the 44,350 tonne level. Shanghai nickel fell overnight, down to 174,170 y/t. Nickel dived on Thursday, proving the early week price bounce was little more than a head fake to thin out the shorts. Since LME felt its recent performance merited an expansion into new forms of nickel, it announced yesterday it was planning on doing just that. We shall refrain from commenting at the time, other than to wonder if this is an early April Fool's joke. Can you spell "credibility"? We have added a new link below to ImportYeti, a free site for those who would like to know who their competitors are importing from. You'll need to sign up, but after two months since we signed up for a test account, we have not yet received any spam from them. So check it out - or have your purchasing department give it a look. Type in your overseas suppliers name and see who else in the U.S. is importing from them. You might be surprised. Your secrets are out there - why not see what the other guys are up to. The week, month and first quarter are drawing to a close. Thank you for spending  some or all of it with us, and a special thank you to our site sponsor for 2023 - PA Inc. Their support makes this news page possible. Stay safe out there this weekend and enjoy yourself.
  
• Average price of LME traded cash nickel so far this month - $10.58/lb
  

    Thursday's market review - Nickel slides on LME proposals, copper steadies on Chinese demand - Nickel prices slumped on Thursday after the London Metal Exchange (LME) announced plans to widen its contract while copper steadied on signals of recovering demand in top metals consumer China. - more

     Exclusive: Indonesian president pledges nickel mining clean up amid EV-led boom -  Indonesia will improve monitoring of environmental standards for nickel mining, amid concerns over production of the metal which is increasingly used in electric vehicle batteries, the country's President Joko Widodo told Reuters on Thursday. - more

     'No Ring of Fire without consent': First Nations confront Doug Ford on mining claims at Queen's Park - Two First Nation leaders were asked to leave the gallery of the Ontario legislative assembly after they interrupted question period on March 29, a sign of strain between Doug Ford’s government and some Indigenous groups that could hamper efforts to boost the province’s critical minerals sector. - more

   Other News

• Crude throughput to dip in March, April amid maintenance - more
• Ford invests in Indonesian nickel processing plant - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $10.77/lb ($23,750/tonne). Indicators at 6:00 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today just over the 44,450 tonne level. Shanghai nickel fell overnight, down to 176,580 y/t. Yesterday the trading fight appeared to be over the $24,000 tonne level. That fight was lost late in the day, and so far today, both sides appear to be content, at least for the moment, with where the market closed yesterday. The near daily announcement between an Indonesian nickel miner and an EV maker or country continues, with two more announcements today. And Zimbabwe's ZimAlloy's announced it was firing up that country's biggest ferrochrome furnace in July, potentially adding another 50,000 tonnes of production annually. We are adding a new link tomorrow to the bottom right of the page (under the Ukrainian flag). We signed up for this free site to make sure it wasn't an e-mail spam farm, and in two months, we have yet to receive a single email from them. So, if you are interested in spying on your competitor and see who their overseas sources are, its a site worth signing up for and checking out. There are other website that do the same thing but charge you for the findings - this site is completely free. Look for a reminder and link tomorrow. Information is power and the more we know, the more information we have to base decisions on. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $10.58/lb
  

    Wednesday's market review - Copper prices rise with easing banking risks - Copper prices rose in London on Wednesday, helped by easing concerns about the banking sector, before further growth was capped by the stronger dollar. - more

   Ford, Vale Indonesia, Huayou sign deal for $4.5 bln EV battery material plant - U.S. carmaker Ford Motor Co (F.N) signed a final investment agreement with PT Vale Indonesia (INCO.JK), and China's Zhejiang Huayou Cobalt on Thursday to build a $4.5 billion nickel processing plant in Indonesia's Southeast Sulawesi. - more

• Indonesia's Merdeka Battery plans to build two nickel HPAL plants - more
• Factbox: How U.S. electric vehicle subsidy rules impact Europe - more
  

     EU mills withdraw HRC offers, preparing to raise prices - European steelmakers have called off domestic hot-rolled coil offers from the market on March, 28 as they have been planning to increase the prices. - more

   Other News

• Export of steel pipes from Ukraine increased in February - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $10.89/lb ($24,010/tonne). Indicators at 6:00 am CST today show nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and ended that trading day just under the 44,600 tonne level. Shanghai nickel was quiet overnight, closing slightly higher at 179,550 y/t. Nickel closed above the $24,000 tonne level for the first time since the 7th, but this morning the bulls looks to potentially be in trouble. Nickel has been in a skid since the beginning of February, and while this sudden jump looks defining on the chart, a long term review will be needed to tell if the market has shifted direction, or the bear is merely taking a break. Stay safe out there and enjoy your hump day!  
  
• Average price of LME traded cash nickel so far this month - $10.56/lb
  

    Tuesday's market review - Nickel hits three-week high on short-covering and low stocks - Nickel prices touched a three-week high on Tuesday, boosted by dwindling inventories and short-covering by speculators, but expectations of rising supply from Indonesia curbed the upside. - more

     Steel prices up, demand down in Central Europe - Against a backdrop of weak underlying end-user demand and subdued distributor purchasing activity, flat product steel prices in Central Europe continue to soar. - more

     Nickel Revolution Has Indonesia Chasing Battery Riches Tinged With Risk - Obi, among hundreds of scattered spice islands in the Maluku archipelago, is an unlikely spot for a metal market convulsion. - more

   Other News

• Steelmaker SSAB eyes $1 bln annual profit boost from green push - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session $10.76/lb (23,715/tonne). Indicators at 6:00 am CST today show nickel trading around $.13/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today's session just over the 44,200 tonne level. Shanghai nickel switched which contract it reports and rose slightly to 179,060 y/t. Both LME and Shanghai traders have apparently decided nickel had fallen enough and LME traders are pushing the trading price higher for a 5th consecutive session today. Nickel popped over the $24,000 tonne level yesterday only momentarily, but is trading just above that level this morning. Industry news remains light as the month and quarter grind to a close. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $10.55/lb
  

    Monday's market review - Copper edges higher as Wall Street banking fears ease - Copper inched higher on Monday as worries about banking sector turmoil eased, but prices remained under pressure as investors braced for a credit squeeze that would restrict economic growth and metals demand. - more

     Offhand comment by Joe Biden shows Ottawa can't take mining boom for granted - When Justin Trudeau’s government announced plans to invest $3.8 billion to develop its critical minerals sector in the last budget, many in Canada’s mining sector believed the industry was finally going to get the attention it deserves amidst rising global demand for the minerals used to power electric vehicles. - more

     US, Japan strike trade deal on electric vehicle battery minerals - The United States and Japan on Tuesday announced a trade deal on electric vehicle battery minerals that is key to strengthening their battery supply chains and granting Japanese automakers wider access to a new $7,500 U.S. EV tax credit. - more

     Courtesy AISI - In the week ending on March 25, 2023, domestic raw steel production was 1,679,000 net tons while the capability utilization rate was 75.1 percent. Production was 1,710,000 net tons in the week ending March 25, 2022 while the capability utilization then was 78.7 percent. - more

   Other News

• South Africa will overcome its rail and electricity problems, Menar MD predicts - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $10.67/lb ($23,525/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 Friday and ended the week just over the 44,300 tonne level. Shanghai and LME nickel rose sharply on Friday, and Shanghai fell overnight, back to 177,940 y/t. We see no reason for the jump other than speculation, and LME trading this morning has been erratic, and going no where fast. News is light as the month nears its end. Stay safe out there and enjoy the last week of the month - and quarter.
  
• Average price of LME traded cash nickel so far this month - $10.54/lb
  

    Friday's market review - Nickel surges as inventories slide and speculators wade in - Nickel shot up on Friday after inventories in China tumbled, while some speculators took advantage of the metal’s recent low price and others scrambled to cover bearish positions. - more

      February 2023 crude steel production - World crude steel production for the 63 countries reporting to the World Steel Association (worldsteel) was 142.4 million tonnes (Mt) in February 2023, a 1.0% decrease compared to February 2022. - more

     India's Jindal Stainless' products blocked in Antwerp for one year - India's Jindal Stainless Ltd. (JSL) indicated that there are five Russia-bound containers, which carry around 100 metric tons of stainless steel, have been blocked at the Belgian port of Antwerp for about one year. - more

     China's CATL To Start Mass Output Of M3P Batteries This Year - CATL disclosed in August last year that it was working on M3P technology, which can enable an electric vehicle to run 700 km (430 miles) per charge when combined with CATL's next generation of battery-pack technology. - more

   Other News

• China to increase scrap metal imports, but unlikely to exceed 1 million tons - analysts - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $10.21/lb ($22,505/tonne). Indicators at 6:15 am CST today show nickel trading around $.44/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and ended that day just over the 44,450 tonne level. Shanghai nickel jumped overnight, to 181,410 y/t. LME nickel bounced this morning, and with no good reason apparent, we must assume LME traders are shadowing Shanghai traders, wondering if they know something. Euro is down this morning, which adds negative pressure. Reports in the business media this morning  that LME warehouses have double checked their nickel stockpiles and have found no more bags filled with rocks instead. Receipt of nickel into LME warehouses is reportedly done by weighing the bags, and if this QC measure is being skirted, then the potential for fraud becomes apparent. China reported its stainless steel exports in February fell to a three year low. And Taiwan stainless steel producers are reporting a hike in electricity rates in that country. Stay safe out there and enjoy your weekend!
  
• Average price of LME traded cash nickel so far this month - $10.55/lb
  

    Thursday's market review - Copper hits three-week high on lower dollar, demand hopes - Copper prices climbed to three-week peaks on Thursday, boosted by a weaker dollar as investors bet on a pause in U.S. interest rates hikes by the Federal Reserve and stronger demand in top consumer China. - more

• LME finds no further 'irregularities' in warranted nickel - more
• LME confirms Asian hours nickel trading will resume on March 27 - more

     Fortum and Outokumpu partner to accelerate­ indus­trial decar­bon­i­sation in stainless steel production - Fortum, a leading Nordic clean energy company, and Outokumpu, the global leader in sustainable stainless steel, have signed a Memorandum of Understanding (MoU) to explore the decarbonisation of Outokumpu’s steel manufacturing operations with emerging nuclear technologies, such as Small Modular Reactors (SMR). - more

     U.S. lays out possible critical raw materials agreement with EU -Handelsblatt - The United States and the European Commission have negotiated a possible agreement to allow for electric vehicles with critical minerals extracted or processed in the European Union to qualify for U.S. green subsidies, Handelsblatt reported on Thursday. - more

• Unions Balk at Biden Plan for Mineral Trade Deals With EU, Japan - more
  

   Other News

• Top Indonesian official says U.S. Inflation Reduction Act is about choices - more
• Rusal plans further lawsuit against Potanin over Nornickel pact - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $10.23/lb ($22,545/tonne). Indicators at 6:00 am CST today show nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today's session near the 43,800 tonne level. Shanghai nickel lost all of its gains yesterday, plus a little, down to 173,060 y/t. LME nickel appears to be following the strength of the Euro this morning, tracking it higher earlier, but now on the decline as the US Dollar strengthens. The much talked about meeting between the leaders of China and Russia is over, and China continues its non- interference policy, much to the chagrin of Washington, who had predicted Chinese weapons would soon be used against Ukraine. Americans are gradually being convinced that China is the most important military threat they face, although China 's expansion policy appears to be confined to commerce - based on the evidence. We Americans must have an enemy, as history has shown, and its China's turn, as their economy approaches our number one spot. China and the U.S. could have good relations right now - not perfect, but good. Demonize a country that is big enough not to take it, and guess what - they won't take it. China and Russia have a rocky past, and no one can be blamed more for driving them into a cozy relationship, than the guys on the other side of the world. Stay safe out there and have a great pre-Friday.
  
• Average price of LME traded cash nickel so far this month - $10.59/lb
  

    Wednesday's market review - Copper rises for fifth day as markets brace for Fed rate decision - Copper prices rose for a fifth day on Wednesday as dwindling exchange inventories raised the threat of tight supply, but investors were cautious ahead of an interest rate decision by the U.S. Federal Reserve later in the day. - more

• China weighs cut of about 2.5% in 2023 crude steel output - more
  

     Chronic electricity supply shortages dents ferrochrome production at Merafe Resources - Merafe Resources, the junior empowerment partner in a chrome joint venture with Glencore, said on Monday that attributable ferrochrome production increased marginally by 1%, plagued by electricity supply challenges in the second half of the year. - more

     Billions of EV Battery Aid in Balance as US Finalizes Climate Law - The interpretation of a few words of regulation by the US Treasury Department could upend expectations for how tens of billions of dollars in new electric-vehicle tax incentives will be distributed, according to Bloomberg discussions with a dozen manufacturing executives, battery analysts and government officials.  - more

   Other News

• Cirba Solutions to pour $300 mln into South Carolina battery recycling plant - more
• Tata Steel warns of blast furnace shutdown - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $10.20/lb ($22,490/tonne). Indicators at 6:00 am CST today show nickel trading around $.10/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and ended that trading day just under the 43,900 tonne level. Shanghai nickel jumped overnight, up to 177,310 y/t. Nickel is up this morning, most likely thanks to a still increasing Euro. But while the Euro continues to trend higher against the U.S. Dollar, LME nickel has been trending lower. Have not found any reports from any stainless steel producers that they have discovered rocks in their nickel stockpiles, but the way things are going, we won't be surprised if it happens. Stay safe out there and enjoy your hump day!
  
• Average price of LME traded cash nickel so far this month - $10.62/lb
  

    Tuesday's market review - Copper prices climb on demand pick-up, weaker dollar - Copper prices climbed on Tuesday on signs of firmer demand, less disquiet over the global banking sector and hopes that the U.S. central bank will scale back its interest rate increases. - more

• LME warehouse delivers stones instead of nickel to Trafigura -sources - more
• Trafigura chief says LME nickel contract is ‘not fit for purpose’ - more
  

     Italian crude steel output continues to decline - Italian crude steel output fell 7.3% year-on-year in February to 1.8 million tonnes, according to data issued by local steelmakers association Federacciai. - more

     Courtesy AISI - In the week ending on March 18, 2023, domestic raw steel production was 1,686,000 net tons while the capability utilization rate was 75.4 percent. Production was 1,710,000 net tons in the week ending March 18, 2022 while the capability utilization then was 78.7 percent. - more

   Other News

• Can Stainless Steels Compete with Plastics? - more
• Indonesian farmers fight for their land in nickel mining boom - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $10.33/lb ($22,780/tonne). Indicators at 6:00 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today's session just under the 44,100 tonne level. Shanghai nickel fell sharply overnight, to 173,510 y/t. LME nickel is quiet this morning, with the trend pulling sentiment lower, but the strength of the Euro making it less expensive to move higher. Time will tell which side wins the day. Lot of news out there. J P Morgan Chase owns the bags of rocks discovered in a LME licensed warehouse, but apparently the $1.3 million dollar hit will be taken by the operator of the warehouse. We suspect every bag of nickel being stored in LME warehouses is being examined to insure they actually contain nickel. This most recent case appears to be more of a lax in security, rather than quality control, as these bags had been in storage for a long time. But now that a problem has been identified, we will see what further examination discovers. Stay safe out there and enjoy your Tuesday!
  
• Average price of LME traded cash nickel so far this month - $10.65/lb
  

    Monday's market review - Copper prices rise on weaker dollar, signs of China's improving demand - Copper prices rose in volatile trade on Monday, supported by a weaker dollar and signs of improving demand from top consumer China. - more

     JPMorgan Chase thought it had $1.3 million worth of nickel stored in a warehouse. A closer examination revealed bags of stones. - An operator for the warehouse weighed bags that were thought to contain 54 metric tons of nickel, only to find that they were filled with stones, according to The Wall Street Journal. - more

     Japan’s Aichi Steel aims to increase stainless steel production capacity by 2026 - According to a news release from Aichi Steel, a Japanese steel manufacturer, it will invest approximately 1 billion yen to renovate the furnace frame and control system at its No. 1 50-ton stainless steel electric furnace at the first step of the planned three steps. - more

     What Would Happen if South Africa’s Electricity Grid Collapsed - With South Africa enduring record power outages, the government has given assurances that the electricity grid won’t be allowed to collapse. - more

     Billionaire Forrest bids for nickel miner Mincor in $504 mln deal - Wyloo Metals, owned by Australian mining magnate Andrew Forrest, offered on Tuesday to buy all the shares of Mincor Resources it does not already own, valuing the nickel developer at A$750 million ($504 million). - more

     Former LME General Counsel joins UK law firm Acuity - Tom Hine, former General Counsel and head of enforcement at the London Metal Exchange, has joined Acuity Law as a consultant partner, the UK-based commercial law firm said in a release. - more

   Other News

• Indonesia sets aside $455 million to subsidise electric motorcycle sales - more
• Mining lobby warns Ottawa against taking miners for granted in push for more aid - more
• Morgan Stanley cuts forecasts on China EVs reflecting headwinds - more
• Port of Los Angeles Container Volumes Down 43% in February as Global Trade Slows - more
• China imports rise most in year amid signs of economic recovery - more
• BYD reduces shifts at two electric vehicle plants in China - sources - more
• Switzerland's secretive Credit Suisse rescue rocks global finance - more
• Bank financing robust despite nickel fraud concerns, Trafigura says - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $10.62/lb ($23,405/tonne). Indicators at 6:00 am CST today show nickel trading around $.27/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started the week just over the 44,500 tonne level. Shanghai nickel fell slightly overnight, to 174,860 y/t. In what might qualify as the understatement of the year, Carshalton Commodities CEO John MacNamara posted in LinkedIn Friday “Something has gone horribly wrong at the LME.” John was referring, in part, to the most recent scandal to hit the trading house, most recent as in last week. Apparently after some in the market started questioning Trafigura for its quality control measures, after they had discovered they had been buying bags of rocks instead of bags of nickel, someone at the LME pondered "what if". And Friday, the LME announced, it too was storing bags of plain old rocks in one of its warehouses. We wonder if this was actually discovered the week of the 6th, because that Friday, cancelled warrants suddenly jumped from the 8% range to the 12% range - and was still in the 14% range late last week. Possibly not related, but it was an unusually large jump for one day. The LME seems to have gotten more black eyes over the last 13 months than many professional boxers. It will be interesting to see if this turns into a minor scandal among many bigger - or snowballs into something larger. In the mean time, encourage your QC people, stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $10.67/lb
  

    Friday's market review - Copper rises but still faces weekly loss after banking shocks - Copper prices rose on Friday, but not enough to offset losses earlier in the week as turmoil in the banking sector raised the threat of bank failures and slower economic growth. - more

• LME rocked by new nickel scandal after finding bags of stones - more

     Merafe to get electricity tariff relief but Transnet chrome volumes 50% below capacity - MERAFE Resources is optimistic of getting relief from crippling electricity tariff increases after getting “solid traction” in discussions with Eskom, the state-owned power company. - more

     Iron ore price falls as China plans to cut steel production - Iron ore prices fell on Thursday after China announced plans to reduce its annual steel production this year. - more

    Indonesia’s nickel superhighway - There are vast opportunities to build new industries when you’re sitting on the globe’s largest reserve of rare earth - more

   Other News

• Unemployment by state: The lows in Dec 2022 vs. the peak in April 2020 - more
• Southwest Airlines software meltdown a warning for manufacturers - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $10.60/lb ($23,370/tonne). Indicators at 6:40 am CST today show nickel trading around $.05/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today's session just over the 44,650 tonne level. Shanghai nickel traders decided to join LME traders and closed higher overnight - at 175,960 y/t. Not much news. The U.S. released a video from the downed drone yesterday that indicate rumors that Russia has more gas than bullets are apparently true, after Russian jets attacked the drone by dumping fuel on it numerous times. The old fashioned and apparently outdated clues to the economic standing, using fasteners and boxes for a guide, show the economy is still running strong and even recovering from a momentary blip. We call this an old fashioned method because we are old fashioned and were taught the method many, many moons ago. Volkswagen has joined numerous other EV car makers that are, or planning to, invest in nickel mines. This does not appear to be a threat to stainless steel manufacturers .... yet. In fact, if they will start investing in new mines, we could see some long term price stability as supply increases. Ok - yes, of course we are having fun. Stability and nickel go together like Coke and Mentos  regardless of the fundamentals. But as supply increases, the price should come down, or stay down, or something like that. That's the way it used to work. But we live in a new world today, where fighter jets spit fuel at one another, so who knows.Stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $10.69/lb
  

    Thursday's market review - Copper regains some ground after banking fears sparked sell-off - Copper prices inched higher on Thursday after massive emergency funding for Credit Suisse from the Swiss central bank eased fears that economically damaging turmoil in the banking sector could spread. - more

   Volkswagen to invest in mines in bid to become global battery supplier -  Volkswagen plans to invest in mines to bring down the cost of battery cells, meet half of its own demand and sell to third-party customers, the carmaker's board member in charge of technology said. - more

     Norway's Loke buys UK deep-sea mining firm from Lockheed - Norway's Loke Marine Minerals has acquired deep-sea mining firm UK Seabed Resources  from Lockheed Martin, the companies said on Thursday. - more

   Other News

• China Tells Iron Ore Traders to Stop Hoarding After Rally - more
• US to continue AD orders on wire rod from 10 countries - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $10.41/lb ($22,960/tonne). Indicators at 6:00 am CST today show nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Wednesday and started today's session just shy of the 44,800 tonne level. Nickel isn't doing much this morning, while the Euro is off yesterday's lows on the Credit Suisse getting a lifeline news. Shanghai nickel continues to fall, down to 173,890 y/t overnight. Merafe announced a 15% increase in the price of ferrochrome for the second quarter of the year in Europe. And Russian imports of stainless steel dropped sharply in February month on month. A possible banking crisis has traders on edge this week, so expect the unexpected until nerves calm. Stay safe out there and have a great pre-Friday!
  
• Average price of LME traded cash nickel so far this month - $10.72/lb
  

    Wednesday's market review - Copper prices fall on stronger dollar and banking woes - Copper prices fell on Wednesday as a stronger dollar dented buying appetite from holders of other currencies while commodities and equities markets were shaken by fresh banking sector concerns. - more

     Russia’s stainless steel imports down 37.5 percent in Feb from Jan - In February this year, Russia’s stainless steel imports totaled 21,718 mt, down by 37.5 percent compared to the previous month, according to Russia-based SpetsStal Association. - more

     Vale Weighs IPO of Metals Unit After Sale of 10% Stake - Vale SA is considering a spinoff or initial public offering of its sprawling base metals business after it completes the sale of a minority stake, according to people familiar with the situation. - more

   Other News

• The trees were all gone’: Indonesia’s nickel mines reveal the dark side of our electric future - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $10.43/lb ($23,005/tonne). Indicators at 6:00 am CST today show nickel trading around $.07/lb lower. Stockpiles of nickel stored at LME licensed warehouses fell on Tuesday and ended that trading day just over the 43,950/tonne level. Cancelled warrants jumped to over 12% on Monday and nearly 15-1/2% on Tuesday. We suspect these sudden purchases are to cover some of those empty containers that turned up, but that is only speculation on our part. Shanghai nickel continues to slip, down to 176,560 y/t overnight. Lot of news linked today so we leave you with it. Stay safe out there and enjoy your hump day!
  
• Average price of LME traded cash nickel so far this month - $10.76/lb
  

    Tuesday's market review - Copper stumbles on U.S. banking crisis and firmer dollar - Copper prices faltered on Tuesday, unsettled by worries about the knock-on impact of a U.S. banking crisis, a stronger dollar and a slow recovery of demand in top metals consumer China. - more

     Stainless steel market stabilises, nickel surplus persists - While recyclers generally report a better-than-expected start to the year, persistent surpluses, falling prices, and geo-political and financial risks continue to cloud the outlook. - more

     Spot Nickel Trading is Sluggish Despite Dropping Nickel Prices - Nickel prices trended lower last week as many bearish macro factors emerged. - more

     CME Group Announces First Trades of Molybdenum Oxide (Platts) Futures - CME Group, the world's leading derivatives marketplace, today announced the first trades of Molybdenum Oxide (Platts) futures. - more

     Courtesy AISI - In the week ending on March 11, 2023, domestic raw steel production was 1,677,000 net tons while the capability utilization rate was 75.0 percent. Production was 1,710,000 net tons in the week ending March 11, 2022 while the capability utilization then was 78.7 percent. - more

   Other News

• US steel sentiment hits new high for 2023 as mills increase finished prices - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $10.56/lb ($23,275/tonne). Indicators at 6:00 am CST today show nickel trading around $.10/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Monday and started today's session just under the 44,150 tonne level. This is the third gain for the month and we are now six tonnes below where we ended last month. Shanghai nickel is left effected by the rise in the Euro and continues to slip, down to 177,570 y/t overnight. The FDIC stepped in yesterday and announced it would guarantee all deposits affected by the weekend bank failures. While not a taxpayer funded bailout, as we saw in 2008, it is yet another example of how the U.S. is redefining a "free market". Bailouts, incentives, stimulus, credits - whatever one wants to call it, government interference is loathed by many, and yet we all cash those checks when it contains free government money. Some regulation is necessary to protect the consumer. Beyond that, the government has proven it can not buy a hammer without screwing things up and should really leave our market alone. Until then, one really has to stretch the imagination when trying to explain how "free" our market truly is. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $10.79/lb
  

    Monday's market review - Copper prices rise in volatile trading as markets gauge SVB collapse - Copper prices in London rose in volatile trading on Monday as markets processed the sudden collapse of startup-focused Silicon Valley Bank (SVB) , the biggest U.S. bank failure since the 2008 financial crisis. - more

   Volkswagen picks Canada for first battery cell plant outside Europe, Ottawa jubilant - Volkswagen chose Canada to build its first battery cell plant outside Europe, granting its cars access to both Canadian and U.S. subsidies as it works to localise electric vehicle production chain in the region. - more

   Other News

• Worlds collide: beautiful flowers of stainless steel - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $10.30/lb ($22,700/tonne). Indicators at 6:00 am CST today show nickel trading around $.21/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started this week just under the 43,900 tonne level. Shanghai nickel closed overnight lower at 178,300. LME nickel is trading back above the $23,000 tonne level this morning and we suspect the stronger Euro can claim some of the credit. The closure Friday of Silicon Valley Bank and the closure on Sunday of Signature Bank has currency traders rattled, and precious metals trading higher. These two closures signify the second and third largest bank failures in U.S. history, and coming without warning, will likely shake investor confidence for a time, although we suspect it won't last long, as governments or administrations who want to last, tend to take measures to make sure depositors aren't harmed. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $10.85/lb
  

    Friday's market review - Aluminium touches two-month low on concern about rates - Aluminum prices hit a two-month low on Friday, pressured by disquiet about the impact of higher interest rates on economic growth and metals demand. - more

   Ford F-150 Lightning Production To Resume, Morgan Stanley Pooh-Poohs Tesla Cybertruck - In February, a Ford F-150 Lightning parked in a holding lot on company property caught fire. Ford immediately halted production at the Rouge Electric Vehicle Center where the F-150 Lighting is assembled and issued a stop shipment order until the cause of the battery fire was identified. - more

     Russia's Nornickel board rejects Rusal proposal to replace chairman -source - The board of Russian mining giant Nornickel has rejected a proposal by shareholder and aluminium company Rusal to replace the board’s chairman, a source familiar with the matter said on Monday. - more

     Indonesian farmers fight for their land in nickel mining boom - Three women with machetes stood guard at their farm hilltop on Indonesia’s Wawonii Island, directing their blades towards the nickel miners working in the forest clearing below. - more

     Do you have what it takes to make your ordinary business - extraordinary? - Warren Buffet explains how in this (video)

   Other News

• US government injects $6 billion to help steel and other heavy chemical industries reduce carbon emissions - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $10.53/lb ($23,225/tonne). Indicators at 6:00 am CST today show nickel trading around $.17/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose for a second time this month and started today's session just under the 44,100 tonne level. In fact, the total is only 30 tonnes shy of where it measured the first day of the month. Shanghai nickel fell sharply overnight, and ended at 179,670 y/t. For the first time this year, our average LME cash nickel price fell below the $11/lb level today. And that after falling below the $12/lb average at the beginning of this month. For those who like higher nickel prices, this has been a distressing year so far For those who like lower nickel prices, it is an encouraging start to the year, although lower LME nickel prices do not mean the nickel laden product already on hand and sometimes, on order, is any less expensive. These are the times when your relationship with your customers get tested. Inventory purchased last week or today for resale, will likely be over priced tomorrow. But with customer requirements demanding you keep inventory on hand, you are bound to issue purchase orders. Your competition knows this, and they are in the same boat with their customers. Defensively, you must buy only what you need and communicate with your customer, as that relationship is of the utmost importance now. Why? Because offensively, you should be doing exactly what your competition is likely doing to you. Trying to undermine that relationship. They can buy today cheaper than you bought last week, so offering a lower price to your customer isn't that difficult. It's the game of business, so if your new to our industry, it's time to put on your big boy panties and buckle up. And treat your customer with the respect they deserve. Talk to them - freely. In the mean time, stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $10.93/lb
  

    Thursday's market review - Copper drifts lower on concern over China demand and U.S. rates - Copper prices retreated on Thursday after economic data in China underlined worries about sluggish demand in the top metals consumer while rising U.S. interest rates also remain on the radar. - more

     BHP eyes copper, nickel projects as it bypasses lithium - BHP Group Ltd on Wednesday said it remains committed to growing its portfolio of copper and nickel projects but is not interested in the lithium market, which it believes is well supplied. - more

   Other News

• Nissan to overhaul electric powertrains for EVs, hybrids in search of cost cuts - more
• Exclusive: Tesla taps Asian partners to address 4680 battery concerns - more
• Plan for Ring of Fire road faces opposition: 'You’re going to have to kill us' - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $10.83/lb ($23,875/tonne). Indicators at 6:00 am CST today show nickel trading around $.09/lb lower. Stockpile of nickel stored in LME licensed warehouses fell on Wednesday and started today just over the 43,400 tonne level. Shanghai nickel slipped slightly overnight, to 186,510 y/t. Some new reports out but industry news is quiet. Nickel spent most of yesterday below the $24,000 tonne level, and closed below, and so far today, is lower and no where near that level. The Euro is rebounding slightly, but so far, is not helping nickel bulls. Stay safe out there and enjoy your Thursday!
  
• Average price of LME traded cash nickel so far this month - $11.00/lb
  

    Wednesday's market review - Copper prices rise as dollar dips from three-month high - Copper prices rose in London on Wednesday after two days of decline amid signs of limited supply and weaker dollar, making the metal more attractive for buyers with other currencies. - more

     Stainless steel production in South Africa maintains stable - Southern Africa Stainless Steel Development Association (SASSDA) indicated that the South African local industry has the edge to provide African markets with competitive world-class stainless steel products. - more

     Battery Metal Frenzy Outshines Recovery Fears at Mining Show - Tepid global demand for metals driven by recession fears and China’s weak economic recovery have done little to shake the belief among miners that battery materials are heading for an epic bull run. - more

     Harita Nickel courts investors as Indonesian nickel expands - Harita Nickel’s $600m IPO comes as Indonesia seeks to become a global player in the electric vehicle industry. - more

   Other News

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $10.93/lb ($24,105/tonne). Indicators at 6:00 am CST today show nickel trading around $.09/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today just over the 43,750 tonne level. Shanghai nickel slipped to 186,830 y/t over night. Nickel is trading under the $24,000 tonne level this morning, after falling below that level for a spell yesterday. The Euro is getting hammered, so bullish base metal traders have an uphill battle this morning. In 2021 we predicted a busy tornado season for the US as the LA Nina was receding, a sign that we think tends to lend itself to a more active tornado season.  A few weeks after we made that prediction, La Nina gave up receding and began to re-strengthen, thus neutralizing our forecast. In fact, the 2021 tornado season turned out to be very quiet. Well, we decided we should give up on forecasting weather, as our record is about as good as our past indications of where the nickel market might go. We do note however, that La Nina is receding hard again this year, and some weather forecasters are predicting we could see an entry into El Nino by late summer. So if the winter hasn't been strange enough for you, spring could be equally challenging for some. El Nino, if it happens this time, could be a major test for energy dependent nickel refineries on Sulawesi Island in Indonesia. El Nino conditions have had a record of causing droughts in that country, and that has negatively impacted nickel production in the past. We suspect the more urgent "power" needs, however, are in South Africa and Turkey, which pose a more immediate threat to worldwide ferrochrome production. Stay safe out there and have a great hump day.
  
• Average price of LME traded cash nickel so far this month - $11.07/lb
  

    Tuesday's market review - Copper and other base metals fall on weak China imports - Copper prices fell further on Tuesday, pressured by weak import data from leading metals consumer China and the potential resumption in supplies from a major mine in Peru. - more

     One year after nickel fiasco, LME left with multiple headaches - One year after nickel trading went haywire on the London Metal Exchange (LME), the 146-year old exchange is fighting to mend its reputation amid a host of lawsuits, vigorous action by regulators and struggling volumes. - more

• HKEX subsidiaries sued over cancelled nickel trades - more
  

     Courtesy AISI - In the week ending on March 4, 2023, domestic raw steel production was 1,664,000 net tons while the capability utilization rate was 74.4 percent. Production was 1,729,000 net tons in the week ending March 4, 2022 while the capability utilization then was 79.6 percent. - more

     Indonesia introduces EV incentives - Indonesia will offer government incentives starting 20 March to boost electric vehicle sales and attract investment from foreign companies. - more

     India’s JSL Limited to build two rooftop solar plants at its stainless steel mills - India’s largest stainless steel producer Jindal Stainless Limited (JSL) will set up two rooftop solar plants entailing investment of around $14 million at its mills at Jajpur in Odisha and Hisar in Haryana, a company statement said on Tuesday, March 7. - more

   Other News

• Will China’s Belt And Road Initiative Deliver Positive Outcomes for Indonesia? - more
• Residents Near Martinez Refinery Advised to Avoid Eating Home-Grown Produce - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $11.11/lb ($24,495/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 Monday and ended that session just over the 44,400 tonne level. Shanghai nickel closed only slightly higher, at 188,780 y/t. While nickel trading is quiet, both nickel scandals are in the headlines, with Trafigura admitting it did not verify it was receiving nickel, and LME facing more lawsuits.According to reports, last Friday's announcement that a UK regulator agency was starting, an investigation into the LME would have only be inaugurated based on the discovery of evidence of possible wrong doing. Apparently this news motivated more hedge funds to file suits yesterday. Other than scandals, news is fairly quiet today. Stay safe out there and enjoy your Tuesday!
  
• Average price of LME traded cash nickel so far this month - $11.12/lb
  

    Monday's market review - Copper slips as China's growth target disappoints - Copper prices dipped on Monday as disappointment with China’s growth target hit sentiment ahead of U.S. data that could influence the direction of interest rates and the dollar. - more

• Elliott's case against LME to be heard in London during week of June 19 - more
  

     Trafigura paid for nickel without verifying its authenticity - court documents  - Trafigura paid companies connected to Indian businessman Prateek Gupta for nickel that did not match contract specifications or come with documents verifying its authenticity, affidavits filed by the commodity trader to a London court showed. - more

• Trafigura gets $135 mln loan from Abu Dhabi Exports Office, SMBC - WAM - more

   Other News

• Explore stainless steel factory and reveal the whole process of stainless steel production - video here
• China Growth Plans Give Commodities Bulls Little to Run With - more
• Stressed out supply chains: Elevated freight and labor costs still an issue - more
• China says U.S. should change attitude or risk conflict - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $11.18/lb ($24,650/tonne). Indicators at 6:00 am CST today show nickel trading around $.09/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started this week just over the 44,600 tonne level. Shanghai, after spending most of last week in decline, saw nickel close higher this morning, to 188,620 y/t. LME markets, on the other hand, after a week of volatility, did a whole lot of nothing, closing $5/tonne higher than the prior Friday. More news below on the investigations into the LME debacle. We will be surprised if anything comes of this, beyond a possible slap on the wrist at worst, or a mild rebuke more likely. The saying "Freedom isn't free" must also apply to free markets. A few articles below about the rush for nickel by EV automakers. Apparently they did not get the word that we have been and will continue to be, in a surplus situation. "So never fear, oversupply is here". For those of you old enough to remember the Underdog cartoons. that might make sense. And miners in the Philippines are encouraging their government not to follow Indonesia's nickel ban route. It's Monday and the start of the last month of the first quarter of 2023. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $11.13/lb
  

    Friday's market review - Copper heads for weekly gains, investors eye China demand - Copper prices on Friday headed for their biggest weekly gain since early January as strong economic data in top consumer China raised demand hopes. - more

• Analysis: UK watchdog's nickel probe poses more reputational hazard for LME - more
• LME's nickel crisis: major developments since chaotic trading halt - more

   Automakers rush in where miners fear to tread: Andy Home - The race for electric vehicle (EV) battery metals is heating up. - more

• Panic over metals for EVs goes all the way to automakers’ C-suites - more
• The search to make cheaper batteries for electric vehicles - more
  

   Other News

• FedEx urges customers to shift volumes from UPS to avoid strike risks  - more
• Employees Who Stay In Companies Longer Than Two Years Get Paid 50% Less - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $11.07/lb ($24,400/tonne). Indicators at 6:00 am CST today show nickel trading around $.13/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and ended that session just under the 44,750 tonne level. Shanghai nickel kept its downward trend going, down to 187,090 y/t. UK regulators sent a strong shot across the bow of the SS LME this morning, announcing a potential misconduct probe into last March's nickel trading debacle. The question has always been "Who benefited" by this action, and while the LME has always maintained it made its controversial move to maintain the markets credibility, few really believed that was an honest answer. The market had peaked, and was returning into more reasonable territory, when the LME stopped the market in mid free fall, froze all transactions, and cancelled many that had already been made. The free market was running its course, and while few were happy with the course it had taken, it was nevertheless, an extreme bear squeeze.  While there were winners and losers amongst the nickel traders, the powerless losers in this whole affair, were the consumers of nickel. Paying $25,000 tonne on March 1st, 2022, the market shot up to a closing of nearly $51,000/tonne on the 7th, and was froze around $48,000/tonne for six business days. This halt, for whatever reason, caused nickel to return to its normal price range - very slowly - taking until June to get back into the $25,000/tonne range. And while this helped the miners make some extra money, it came at the expense of the buyers. What course of action do they have collectively? If someone knows, please share, because the stainless steel producer has always been forced to price his product primarily at the whim and whimsy of the nickel traders. It's nearly the weekend and today is 3 -3 - 23. Stay safe and enjoy tyour weekend!
  
• Average price of LME traded cash nickel so far this month - $11.16/lb
  

    Thursday's market review - Copper slips on threat of new U.S. sanctions on China - Copper prices retreated on Thursday on a firmer dollar and the possibility the United States may impose more sanctions on the world’s biggest metals consumer China. - more

     UK regulator launches enforcement probe into LME nickel trading halt - British financial regulators took weighty action on Friday, including a probe into possible misconduct, over the decision last year by the London Metal Exchange to halt nickel trading and cancel billion of dollars of trades. - more

• London Metal Exchange Hit With Nickel Probe: The London Rush - more
• Bank of England announces supervisory action on LME Clear - more
  

     Walsin Lihwa: Company's performance in stainless steel industry to improve in H1 2023 - Taiwan’s Walsin Lihwa said that the company’s performance in the stainless steel business in the first half of this year was expected to be better than that in the second half of last year as China's relaxing epidemic control restrictions drove private consumption and investment. - more

     Due to the sanctions imposed by the U.S. Department of Treasury Office of Foreign Asset Control, a mining and a smelting company in Guatemala, Compañía Guatemalteca de Níquel (CGN) and Compania Procesadora de Niquel de Izabal SA (Pronico) are forced to temporarily suspend their day to day industrial operations. - more

   Other News

• Indonesia’s nickel sector under scrutiny as Chinese workers allege inhumane working conditions - more
  
• Steel imports from Russia to India rose to an eight-year high - more
• A step-by-step guide to successful supplier negotiations - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $11.31/lb ($24,935/tonne). Indicators at 6:00 am CST today show nickel trading around $.14/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today just south of the 43,900 tonne level. LME nickel did not follow Shanghai's prior nights drop in yesterday's trading, but was unable to close above the $25,000 tonne level. Thus Shanghai traders were not suckered into the mini bounce and closed lower this morning, for a third consecutive session, down at 188,180 y/t. LME nickel was using $25,000 tonne as resistance yesterday, and $24,500 as support this morning. It was reported yesterday that Norilsk is selling China nickel for yuan and using Shanghai prices as a base. This help adds some legitimacy to the Shanghai trades, and the yuan. Here are your average costs for February and their change from January. Nickel came in at $12.10/lb, compared to $12.80/lb in January. Molybdenum rose to $37.69/lb from $31.26/lb. Chromium actually fell from $5.50/lb in January to $5.25/lb in February, but that decline may not last long. Stay safe out there today and have a great pre-Friday.
  
• Average price of LME traded cash nickel so far this month - $11.35/lb
  

    Wednesday's market review - Bumper Chinese factory data lifts industrial metals prices - Prices of copper and other industrial metals rose on Wednesday after data from China, the biggest metals consumer, showed manufacturing activity rose in February at the fastest pace in more than a decade. - more

• Businessman Gupta to challenge freezing order in Trafigura fraud case - more
• Prateek Gupta: The Big Indian Defaulter behind a $500 Million International Commodities Fraud - more
  

     AISI 300 series stainless steel stocks in Chinese market start to decline - After the Lunar New Year holiday, AISI 300 series stainless stocks fell for the first time recently. Although the decline was not large, it meant that the overall digestion of downstream stocks continued, and actual demand was also expected to pick up. - more

     Britain extends anti-dumping measures on Chinese steel after advice reversal - Britain said on Wednesday it would extend anti-dumping measures on Chinese reinforcement steel after its Trade Remedies Authority (TRA) reversed an earlier recommendation to drop the duties. - more

     Russia’s Largest Miner Is Selling Nickel to China in Yuan - Russia’s top miner, MMC Norilsk Nickel PJSC, is selling some of its metal in yuan at prices set in Shanghai, a sign of how the invasion of Ukraine is redrawing global commodity flows and handing greater power to China. - more

   Other News

• Indonesia’s quest to enter EV supply chains - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $11.20/lb ($24,685/tonne). Indicators at 6:00 am CST today show nickel trading around $.31/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and ended that session just under the 44,100 tonne level. Shanghai nickel fell overnight, to 195,620 y/t. All LME traded base metals are trading higher this morning, with surprisingly strong manufacturing PMI numbers from China being credited in part (updated here). Shanghai markets were apparently less impressed. It's a new month, and the beginning of the final month of the first quarter. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $12.11/lb (average for February)
  

    Tuesday's market review - Copper bounces as investors take profits on China demand hopes - Copper prices extended a rebound on Tuesday as speculators adjusted positions on hopes for a demand revival in top metals consumer China. - more

     Column: United States targets Russian aluminium and other metals - The United States has extended its punitive economic measures against Russia into the metals and mining sector. - more

   Stellar electric vehicle sales keep focus on tight metal markets - The proportion of electric vehicles (EVs) sold globally are forecast to rise more than tenfold from 3% in 2020 to 32% by 2030. This could rise to 58% in 2040. - more

   Other News

• Top 5 Chromium-producing Countries (Updated 2023) - more
• China's factory activity stuns with fastest growth in a decade - more
  

  Economic Stats and Prices (posted in Friday edition)