The London Metal Exchange is closed Friday and Monday for Good Friday and Easter. Our next update will be Monday, April 1st. 

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.55/lb  ($16,650/tonne). Indicators at 5:45 am CST today show nickel trading around $.08/lb  higher. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today just under the 77,150 tonne level. Shanghai nickel rose to 130,530 y/t overnight. The $16,600 did offer support for nickel, and while the metal did little yesterday, it is trading higher this morning, disregarding a lower trading Euro. The Spanish Acerinox metalworkers strike in Cádiz passed the 50 day mark this week, at a cost of 1,200 tonnes per day of stainless steel production. Outokumpu’s stainless steel and ferrochrome operations at the Tornio port in Finland have been shut down since a political strike began in that country on March 11th. This is helping spotty shortages in Europe, which is helping push up prices there. Since our next briefing will be Monday, we want to take a moment and thank you for visiting today, and give a special shout out to our site sponsor, PA Inc of Houston, Texas. We invite you to click the banner above and visit their site at your leisure and if they can be of assistance to your company, please give them a call, or drop them an email. We thank them and you for their continued support. Stay safe out there, enjoy your Friday and weekend, and we hope to see you back next week/month. 
• Average price of LME traded cash nickel so far this month - $7.93/lb
  

    Thursday's market review - Copper touches two-week low, awaits clarity on smelter cuts - Copper prices retreated to a two-week low on Wednesday as investors awaited more details from an upcoming ... - more

   Taiwanese stainless steel wire rod manufacturers keep cautious attitude for April new rates - This week, Taiwan’s Walsin Lihwa and Yieh Hsing will announce the April rates for stainless steel wire rods. - more

   French island of New Caledonia to vote on independence on Nov. 4 - The nickel-rich Pacific island of New Caledonia will hold a referendum on Nov. 4 on whether to break away from France and become ... - more

• Eramet Earmarks $2 Billion for Nickel and Lithium Expansion - more

   Other News

• Steel workers voice concern over ‘irresponsible’ green transition - more
• Amid blackouts and scarce food, Cuba protests rattle ‘cradle’ of the Revolution - more
• India Joins Chorus of Support for Philippines' Maritime Sovereignty - more
• WTO says Australian duties on Chinese steel products were flawed - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.56/lb ($16,670/tonne). Indicators at 5:45 am CST today show nickel trading around $.03/lb  lower. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today just over the 76,800 tonne level. Shanghai nickel fell to 129,520 y/t overnight. Yesterday, LME nickel prices fell throughout the day, only showing support when nickel fell below the $16,650/tone level on three separate occasions. This morning the $16,600 tonne level appears to be offering some support. Nickel on both the LME and Shanghai markets are now trading back around where they were in mid February. Stay safe out there and have a great hump day. 
• Average price of LME traded cash nickel so far this month - $7.96/lb
  

    Tuesday's market review - Copper steady on China demand hopes after hitting near two-week low - Copper prices were steady on Tuesday after hitting the lowest in almost two weeks as investors waited ..... - more

    Port Of Baltimore – Key Facts And Figures - (excerpt) In Baltimore warehouses registered with the London Metal Exchange, there are 756 metric tons of nickel, 150 tons of tin and 50 tons of copper, LME data shows. - more

    Chinese Cisa steel mills cut output in mid-March - China Iron and Steel Association member mills cut crude steel output by 0.51pc from 1-10 March to 2.048mn t/d over 11-20 March because of weaker .... - more

    Global Commodities Holdings to work with ICE to create nickel contract - UK-based Global Commodities Holdings Ltd will launch its physical metals platform next month starting with nickel which will ... - more

    U.S. And Australia Get Cosy Over Critical Metals - The global hunt for critical metals needed in innovative technologies and renewable energy is drawing the U.S. and Australia closer, while opening a gap with China. - more

    Q&A: Battery recycling gets competitive: Clarification - Singapore-based lithium-ion battery recycling firm EcoNiLi Battery will launch a 24,000 t/yr battery recycling plant in Malaysia's Perak state in May. - more

   Other News

• Tsingshan Unit Plans Indonesian Battery Plant as Trade Frictions Mount - more
• Port of Baltimore halts vessel traffic after bridge collapse - more
• Ship’s Mayday Call Before Baltimore Bridge Crash Saved Lives - more
• China files WTO complaint over US electric-vehicle subsidies - more
• China’s mission to win future wars hinges on this shadowy military branch - more
• What Happens to U.S. Activity and Inflation if China’s Property Sector Leads to a Crisis? - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.69/lb ($16,950/tonne). Indicators at 5:50 am CST today show nickel trading around $.07/lb  lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today just under the 77,100 tonne level. Shanghai nickel fell to 131,780 y/t overnight. Even though the Euro is bouncing this morning, the nickel trading chart looks like a cardiac monitor reading of a deceased patient. It's as if the bulls have deserted the ship and the bears do not realize they have full control of the boat yet. Rather odd looking chart for nickel. For your information, the London Metal Exchange is closed this coming Friday, March 29th, and Monday, April 1st for Good Friday and Easter. Easter is not a recognized Federal holiday in the US, but financial markets are typically closed for Good Friday. Stay safe out there and have a great day!
• Average price of LME traded cash nickel so far this month - $7.98/lb
  

   Goldman Sachs retains bullish view for commodities in 2024 - Goldman Sachs held onto its view to go long on commodities in 2024 which have given a 9% return year to date.... - more

    For mineral-rich Philippines, green metals rush is a balancing act - As the Philippines works to ramp up mining to meet global demand for metals crucial to the green energy transition, environmental ... - more

    Indonesia's Antam to start building new nickel smelter, HPAL plant in 2025 - Indonesian state-controlled miner Aneka Tambang (Antam) (ANTM.JK), opens new tab aims to launch the construction of two nickel... - more

     February 2024 crude steel production - World crude steel production for the 71 countries reporting to the World Steel Association (worldsteel) was 148.8 million tonnes (Mt) in February 2024, a 3.7%... - more

    Courtesy AISI - In the week ending on March 23, 2024, domestic raw steel production was 1,703,000 net tons while the capability utilization rate was 76.7 percent. Production was 1,718,000 net tons in the week ending March 23, 2023 while the capability utilization then was 76.9 percent. - more

    Cost of carbon neutrality to have greater impact on steel industry than rising electricity prices - Taiwan's Ministry of Economic Affairs has announced an increase in electricity prices starting in April, .... - more

   Other News

• China again lodges solemn representations to Philippines regarding Ren'ai Jiao - more
• Houthi Forces Damage "Chinese" Tanker With Ballistic Missile Strike - more
• China and US battle, quietly but fiercely, on yet another tech front: patent applications - more
• The 20 countries with the highest public debt in 2022 in relation to the gross domestic product - more
• Biden, Netanyahu on collision course after Gaza UN vote - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.86/lb ($17,325/tonne). Indicators at 5:40 am CST today show nickel trading around $.08/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started this week just over the 77,450 tonne level. Shanghai nickel fell to 133,330 y/t overnight. Nickel continues to slide as the Euro continues to stumble, and nickel bulls appear to have gone defensive, trying to hold on to as much of their gains as they can. At the moment, we are trading at March lows and the $17,000/tonne level now appears to be targeted. Merafe announces a price increase in ferrochrome for the second quarter. And Outokumpu drops its quarterly expectations for a second time, based on labor strife in that country. It's the final week of March and the final week of the first quarter of 2024. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $8.01/lb
  

    Friday's market review - Copper retreats on firm dollar, profit-taking - Copper prices pulled back on Friday on a stronger dollar and as investors locked in profits from a recent rally ahead of the weekend. - more

    Finland’s Outokumpu further cut guidance for Q1 amid ongoing political strike - Finland-based stainless steel producer Outokumpu has announced that it has further downgraded its expectations for the first .... - more

    Shareholders of the Company are advised that the European benchmark ferrochrome price for the second quarter of 2024 has been settled at 152 US cents per pound, an increase of 5.6% from the first quarter of 2024. - source

    Exclusive-Shanghai exchange exploring potential LME nickel rival - The Shanghai Futures Exchange (ShFE) is looking into the possible launch of nickel futures for international use, a potential challenge to... - more

    China’s stainless steel imports & exports increase in Jan-Feb y-o-y - In the first two months of this year, China’s stainless steel imports were about 455,000 tons, a year-on-year increase of 34.88%. - more

    EcoPro invests $11m to secure stake in Indonesian nickel smelter  - EcoPro, a South Korean battery materials holding company, said Monday that it had invested $11 million for a 9 percent share in Green ... - more

    For High Nickel alloy, Specialty Stainless Steel,Titanium Grade 2 & Grade 7 Pipe and Fittings - contact the news sponsor PA inc

    Top ten nickel-producing countries in 2023 - Nickel has long been a highly versatile metal, but in recent times it has become a crucial component of the energy transition. - more

   Other News

• Cuba asks UN for help as food shortages worsen - more
• Russia is betting big on Cuba as it courts alternative economic partners - more
• Port of Los Angeles cargo volumes leap 60% YoY in February - more
• Ukraine finally found a way to make Russia suffer. The US seems to want it to stop. - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.95/lb  ($17,530/tonne). Indicators at 5:55 am CST today show nickel trading around $.05/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and started today just under the 77,850 tonne level. Shanghai nickel fell to 134,710 y/t overnight, its lowest close this month. LME nickel is trading lower this morning, but in light of the Euro free falling this morning (see here), it is holding up better than one might expect. Looking at the trading chart over the past few days, it appears the bulls have dug in their heels at the $17,500 tonne level to stop the slide in the price recently, and while the Euro is not helping them in this endeavor, so far their attempt has shown some signs of success. It is very possible with the Euro adding so much negative pressure today they may be forced to surrender this level for the weekend. More news below, with the INSG reporting the global surplus in nickel production fell by almost half in January of what it was last January. This will give the bulls some staying power, but we will want to see a repetitive trend over the next few months before we buy in. Zimbabwe follows South Africa in banning the export of chrome ore. France has given New Caledonia till the end of the month to accept or reject a bailout for its nickel industry. And more. Stay safe out there and enjoy your weekend!
  
• Average price of LME traded cash nickel so far this month -
  

    Thursday's market review - Base metals lifted by Fed rate-cut outlook - Prices of most base metals rose on Thursday, amid upbeat sentiment as investors eyed interest rate cuts by the U.S. central bank this year. - more

    Global nickel market sees 13,400 metric ton surplus in January - INSG - The global nickel market had a surplus of 13,400 metric tons in January, down from a surplus of 23,100 metric tons a year earlier,... - more

    Even with global economic growth, concern about nickel oversupply still exists - On March 19, the nickel inventory at the London Metal Exchange (LME) increased by 228 tons to 77,652 tons. ... - more

    Zimbabwe bans chrome ore exports to boost ferrochrome industry - Zimbabwe has banned the export of raw chrome with immediate effect in a bid to support the domestic ferrochrome industry, ... - more

• High Carbon Ferro Chrome You May Not Know - more
  

    France sets end March deadline for New Caledonia nickel deal - French Finance Minister Bruno Le Maire on Thursday set an end of month deadline for New Caledonia to back a state bailout deal for the ... - more

    Nickel Crashes on 2.5X Rise In Indonesia Output - Chinese investors behind the metal flooding global markets following Jakarta ban on ore exports in 2020 - more

    Australia confronts an Indonesian nickel glut - Competition over strategic commodities may increasingly define the economic relationship between the two producers. - more

    Indonesia’s Nickel Bounty Sows Discord, Enables Chinese Control - The United States needs to ensure green energy does not come at the cost of ethical and environmental standards. - more

    Trump's China tariff plan would be the death of the WTO - Donald Trump has indicated his intention to impose a 60% tariff on all imports from China and a 10% "universal baseline" tariff on imports from elsewhere ... - more

   Other News

• Finding the Right Approach for Supply Chain Education - more
• Report: Houthis Made Political Deal with Russia and China for Safe Passage - more
• Africa has become the newest contest for cash-rich Arab rivals - more
• Fed Still Foresees 3 Rate Cuts This Year, but Fewer Cuts in Future - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.94/lb ($17,500/tonne). Indicators at 5:50 am CST today show nickel trading flat from yesterday's close. Stockpiles of nickel stored in LME warehouses fell on Wednesday and ended that session just under the 77,650 tonne level. Shanghai nickel rose to 137,980 y/t overnight. If you want to know why nickel rose yesterday, we invite you to look at this chart (here). And if you want to know why traders are hesitant to do anything this morning, look how yesterday's spike in the Euro is quickly losing momentum this morning. The Euro remains in the black for the day (so far) and the fact nickel is sitting where it did last night, could reflect the strength of the negative sentiment that has dragged nickel down over the past week. Stay safe out there and enjoy your Thursday!
• Average price of LME traded cash nickel so far this month - $8.03//lb
  

    Nickel: contrarian opportunity or portfolio suicide? - Former geologist James Cooper explains everything may not be what it seems in the nickel market. That’s where contrarian opportunities lie. - more

     AMT Insight – Nickel: Prices Bounce Back on Margin Compression -  (excerpt) We are currently forecasting that nickel prices move broadly sideways in the year ahead. - more

    Strikes could stretch EU stainless coil lead times - European prices for stainless cold rolled coil are increasing in transactions on-month. Italian values are lower than the rest of EU countries due to continued ... - more

    China’s March steel output poised to fall on subdued demand, production cuts - Crude steel output in China, the world’s dominant producer, is poised to slide in March from year-ago levels as mills delayed ... - more

    Mines urged to build power stations as demand doubles - Electricity consumption is expected to nearly double in the coming year to 3 500MW peak demand with new and expanding mines and ever ... - more

    EU extends AD duties on corrosion-resistant steel from China - The European Commission has announced that it has extended the antidumping duty on imports of certain corrosion-resistant steel from China for a ... - more

    Top Treasury Official Stresses US Ambitions for Africa's Metals - US Deputy Treasury Secretary Wally Adeyemo used a five-day trip to South Africa to advertise his country’s ambitions of securing ... - more

   Other News

• US flat-rolled steel market outlook uncertain ahead of planned mill outages - more
• Top Australia, China diplomats meet to discuss trade, human rights - and pandas - more
• Where People Are (Un)Happiest With Their Lives - more
• Somali pirates' return adds to crisis for global shipping companies - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.91/lb  ($17,435/tonne). Indicators at 5:50 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and now totals just over the 77,750 tonne level. Shanghai nickel fell to 136,560 y/t overnight. Lots of news below. Accused of selling rocks instead of nickel, and with his finances froze by a London court, Prateek Gupta is telling courts he is out of money and can't pay his legal bills. We have also added an article on Gupta by an India paper describing this individual's checkered past. Vale forecasts a nickel surplus until 2028, joining many others. And more. Stay safe out there and have a great hump day! 
  
• Average price of LME traded cash nickel so far this month - $8.05/lb
  

    Tuesday's market review - Copper falls as dollar rises, investors lock in profits after rally - Copper prices fell in London on Tuesday as investors locked in profits from the metal’s recent rally and the dollar rose... - more

    Vale expects nickel market surplus by 2028, executive says - Brazilian miner Vale expects nickel markets to swing to a global deficit by 2028 from their current oversupply, an executive said on Tuesday. - more

    Gupta tells court he has run out of cash, wants to settle Trafigura fraud case - Lawyers for businessman Prateek Gupta, accused of fraud by commodity trader Trafigura, told a London court on Tuesday he ... - more

• Financial Chaos Unfolds for Accused Businessman Amid £330,000 Legal Fee Struggle - more
• Prateek Gupta: The Big Indian Defaulter behind a $500 Million International Commodities Fraud- more

    Local steel associations in China call for steel output curbs, to halt price fall - Local steel associations in different provinces of China have been calling for reductions in steel production, trying to stop the  ... - more

    US Warns EU That Reviving Steel Case Would Sink WTO Reform - The US told the European Union that if it reopened a case at the World Trade Organization against Washington over a Trump-era steel and ... - more

• European HRC prices continue trending lower; buyers claim output cuts needed - more

    Influence of AISI 304 austenitic stainless steel by aqueous soluted nitriding and gas nitriding - pdf here

   Other News

• BHP donates $500,000 to Saskatoon Food Bank & Learning Centre's Plant Possibility Campaign to help meet growing need - more
• Japan Is the Largest Foreign Holder of U.S. Treasuries - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $8.10/lb ($17,855/tonne). Indicators at 5:50 am CST today show nickel trading around $.08/lb  lower. Stockpiles of nickel stored in LME licensed warehouses rose on Monday ans started today just over the 77,650 tonne level. Shanghai nickel declined to 137,460 y/t overnight. The Euro continues to fall against the US Dollar (see here) and this continues to add negative pressure on nickel. Some interesting articles below as well as an abbreviated love/hate history of BHP and nickel over the past 15 years. Stay safe out there and have a great Tuesday!
• Average price of LME traded cash nickel so far this month - $8.05/lb
  

    Monday's market review - Copper steady after recent rally, China data supports - Copper prices steadied on Monday as the market paused to take stock after the recent run higher, but above consensus ... - more

    BHP ramps up cost-cutting as axe hangs over thousands of nickel jobs - BHP has told suppliers and workers at its West Australian nickel operations that it needs to cut costs for the business to have any ... - more

• (one month ago tomorrow) BHP boss says nickel business unlikely to be profitable until 2030 as mining giant considers Nickel West's future - more
• (one year ago this month) BHP eyes copper, nickel projects as it bypasses lithium - more
• (decade ago this month - all stories now deleted or subscriber access only) Headlines and leaders from this blog (see March 2014 archives) - 3/10/14 BHP workers brace for uncertainty - Nickel West workers are bracing for a year of uncertainty as mining giant BHP Billiton embarks on a formal campaign to sell the underperforming mining and processing wing. // 3/6/14 - BHP mulls nickel sale as price hits 9-month high - Indonesia’s proposed ban on ore exports has pushed nickel prices to a nine-month high, as Glencore Xstrata thinks about buying BHP’s Nickel West operation.
• (five years prior) BHP opened the $3.7 Billion Ravensthorpe nickel mine in early 2008 and will sell it later this year (2009) for $376 million

• Indonesia & Chinese NPI Production Output Review and Forecast - more

    Jindal Stainless supplies steel for Kolkata Metro's underwater project - Jindal Stainless Ltd on Sunday said it supplied 75 tonnes of high-end steel for Kolkata Metro's Esplanade-Howrah Maidan section which... - more

    Courtesy AISI - In the week ending on March 16, 2024, domestic raw steel production was 1,714,000 net tons while the capability utilization rate was 77.2 percent. Production was 1,718,000 net tons in the week ending March 16, 2023 while the capability utilization then was 76.9 percent. - more

   Other News

• Russia Diverts Oil Exports to India and China - more
• How To Recognize the Early Warning Signs of Dementia - more
• Gold To $2300/Oz Says Morgan Stanley As Rate Cuts Near - more
• Many hospitals in China stop newborn delivery services as birth rate drops - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.21/lb  ($18,090/tonne). Indicators at 5:45 am CST today show nickel trading around $.07/lb  lower. Stockpiles of nickel stored in LME licensed warehouses jumped sharply on Friday, ending the week just over the 77,420 tonne level. Shanghai nickel fell to 139,950 y/t overnight. Nickel is trading back below the $18,000 tonne level this morning, proving once again the volatile nature of nickel trading once the bulls and bears decide to play at the same time. Reuters is quoting BHP's CFO, David Lamont as saying "To put that into context, 30% of the Australian nickel market has gone off line and another 30% is under pressure," during a shareholder call overnight. And Vale Indonesia announces it will build a new plant in that country. Stay safe out there and have a great week!
• Average price of LME traded cash nickel so far this month - $8.05/lb
  

   Nickel market in flux as LME price rallies - The benchmark nickel price on the London Metal Exchange (LME) has rallied over the past month after briefly falling below $16,000/t, as trading firms increased ... - more

   BHP stands down 25% of nickel project workforce - BHP Group Ltd., the world’s largest miner, has stood down around a quarter of the workers constructing its West Musgrave nickel and copper project ... - more

• BHP cuts contractors at Australian nickel project amid price slump - more
• MinRes signs heads of agreement to acquire WA nickel plant - more

   What does the outcome of China’s “Two Sessions 2024” mean for the nickel value chain? - China’s annual “two sessions” gives an indication of China’s broad policy direction for the year, covering topics from ... - more

   Xeneta: Importers Ship Through Mexico to Avoid US Tariffs on Chinese Goods - A massive increase in the number of containers imported from China to Mexico may be a sign that businesses are avoiding the ... - more

   Other News

• EV battery parts company Gotion sues Michigan township, alleging breach of contract - more
• European Hospitality Sector Experiences Unprecedented Levels of Bankruptcies - more
• The Products Growing Online Sales Fastest  - more
• Ships Face Growing Threat From Somali Pirates, EU Warns - more
• Indian Navy Rescues Hijacked ‘Ruen’ from Somali Pirates - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $8.21/lb ($18,090/tonne). Indicators at 5:30 am CST today show nickel trading around $.09/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today's trading session just over the 74,000 tonne level. Shanghai nickel rose to 141,870 y/t overnight. Nickel fell for a second day yesterday but we think one can find the reason in the fact the Euro also fell sharply against the U.S. Dollar. So far this morning, the Euro is in recovery mode, as is nickel.Stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $8.04/lb
  

   Fitch Ratings Raises Several Global Metals and Mining Price Assumptions -  Fitch Ratings has increased medium-term and mid-cycle price assumptions for aluminium and zinc due to higher demand and ... - more

   European Stainless-Steel CR Coil Prices Surge Amidst Supply Crunch and Trade Constraints - In the second half of the first quarter, the price of Stainless-Steel CR Coil showed a significant rise in price as ...- more

   China to Invest in Canada Mining Despite Crackdown, Envoy Says - China’s ambassador says the country will continue to do business in Canada’s domestic critical minerals sector despite Prime Minister... - more

   CISA mills’ daily steel output down 3.38 percent in early March - The China Iron and Steel Association (CISA) has announced that in early March (March 1-10) this year the average aggregate daily crude ... more

   The promise of nickel: Power and prosperity in Indonesia - To electrify our economy, the world needs more nickel. And Indonesia has it.Can nickel pave the road to prosperity? - more

   Russian stainless steel consumption increases in 2023 y-o-y - The Russian Stainless Steel Association (Spetsstal) stated that in 2023, Russian consumption of the main stainless steel products reached  ... - more

   New Caledonia's pro-independence group proposes creation of a nickel producers organisation - A pro-independence group within New Caledonia's Congress has called for an OPEC-like organisation of ... - more

   Other News

• Biden says U.S. Steel must remain domestically owned and operated - more
• McDonald's suffers outages at stores worldwide, including Japan, Australia - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.32/lb ($18,350/tonne). Indicators at 5:40 am CST today show nickel trading around $.10/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today just under the 74,200 tonne level. Shanghai nickel fell to 140,280 y/t overnight. Nickel fell yesterday and is trading lower this morning. For the last decade, if you wanted to know what nickel was going to trade for, the single most important factor was the world's largest consumer - China. When China sneezed, nickel caught the cold - as did many base metals. And while that is still incredibly important, to follow nickel's pricing future, one must keep a wary eye on the world's largest producer - Indonesia. And this morning, the President elect faces a challenge to his recent win, as his former rivals announce they will challenge the election results on accusations of fraud. Worth keeping an eye on as the threat of violence is always present when people are convinced by others that their vote did not count. Some of the nickel operations on Sulawesi Island already carry a history of conflict between Indonesian workers and their Chinese employers, so the powder keg analogy might be applicable. And then again, maybe not. Stay safe out there and have a great day! 
  
• Average price of LME traded cash nickel so far this month - $8.04/lb
  

   Taiwanese stainless steel mills' orders pick up slightly - According to market participants, Taiwan's market situation was sluggish after the Lunar New Year. They originally expected that the order intake in March.... - more

   Nickel faces existential moment with half of mines unprofitable - Many of the world’s biggest nickel mines are facing an increasingly bleak future as they wake up to an existential threat: A near-limitless supply ... - more

   Thompson Creek foresees moly price rebound - Molybdenum miner Thompson Creek Metals Co does not plan any additional production cuts for now and expects molybdenum prices to rebound in the mid- to ... - more

   The Influence of Cold Deformation and Annealing on Texture Changes in Austenitic Stainless Steel - Austenitic stainless steels are widely used in industry, from heavy industry and power generation to precision... - more

   Volatility in steel prices likely to continue - The long-term outlook is suspect, given the expected demand for energy in the coming years - more

   Steel buyers focus on forecasts after price U-turns - Steel buyers in Europe and North America are increasing their focus on price forecasts after values performed a quarter one U-turn. - more

   Other News

• Indonesian presidential rivals plan to contest official election results with allegations of fraud - more
• Canada launches antidumping probe against wire rod imports from three countries - more
• Tin Supply Trapped in Resource Nationalism Squeeze - more
• The World's Biggest Arms Exporters - more
• Which Countries Have a Legal Cannabis Market? - more
• Visualizing Major U.S. Banks by Commercial Real Estate Exposure - more
• Confidence in the Global Economy, by Country - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $8.40/lb  ($18,525/tonne). Indicators at 5:45 am CST today show nickel trading around $.12/lb  lower. Stockpiles of nickel stored in LME licensed warehouse rose sharply on Tuesday and started today just under the 74,550 tonne level. Shanghai nickel rose overnight, to 142,050 y/t. Nickel is trading lower this morning, although we see no reason beyond the bulls resting to gather momentum. The new Indonesia President has addressed the over supply situation and while disagreement exists among his advisers on the best course to take forward, it does appear he is aware of the situation. His administration won't be sworn in until October so there is plenty of time left under the current administration. Recycling Monster raised average for stainless steel scrap in U.S. back to $.31/lb after dropping slightly for a few weeks (more). And like a broken clock, it's a new week and a new nuclear threat from Putin. Stay safe out there and have a great hump day!
• Average price of LME traded cash nickel so far this month - $8.02/lb
  

• Nickel rush needs a rethink - more

    Chinese company to build EV battery factory in Morowali in 2025 - The Indonesian government’s dream of managing natural resources from the earth’s content to the final product, known as downstreaming... - more

    Australia's Wyloo says industry will turn from LME without green nickel - Nickel miner Wyloo, owned by Australian mining magnate Andrew Forrest, said that if the London Metal Exchange (LME) doesn't launch ... - more

    European HRC prices slide further; buyers waiting for ‘rock bottom’ - European prices for steel hot-rolled coil continued to decrease on Monday March 11 amid persistently slow demand and bearish  ...- more

• Sales by German steel distributors decline in 2023 - more

    Recent attack on ship carrying Chinese steel to Saudi Arabia hardly impacts market so far - After last week’s attack by the Houthis on a ship carrying Chinese steel, the market has been preparing.... - more

    Landmark study of 2500 resource sector workers finds one-in-five FIFO women sexually harassed - One in five women in the resources industry is facing unwanted sexual attention and coercion while at work,... - more

   Other News

• The largest sources of imported goods - more
• China calls for immediate cease-fire as Gaza conflict defies Ramadan - more
• Twenty armed people board cargo ship off Somalia, security firm says - more
• The Countries Shutting Down the Internet the Most - more
• The Cost of Blocking the Internet - more
• Putin warns the West: Russia is ready for nuclear war - more
• The annual inflation rate for the United States was 3.2% for the 12 months ending February,... according to U.S. Labor Department....

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $8.36/lb ($18,425/tonne). Indicators at 6:00 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Monday and remain just below the 73,600 tonne level. Shanghai nickel rose to 140,290 y/t overnight. LME nickel is quiet this morning, with stockpile numbers going flat and the US Dollar/Euro exchange quiet as well. To show the importance of the Euro's daily value, one only has to look when the most recent bullish trend in both nickel and the Euro began and one will see they began together. Therefore a true test to nickel will likely not come until the Euro trends lower. In the mean time, the last time LME traded nickel above $18,000 was early November. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $8.00/lb
  

   Outokumpu downgrades its guidance for Q1 2024 – adjusted EBITDA expected to be at a similar or lower level compared to Q4 2023 due to the political strike in Finland - more

   China's steel industry PPI down 3.9 percent in January-February - In the January-February period this year, China's producer price index (PPI) for its ferrous metal smelting and rolling sector declined by 3.9 ...- more

   Courtesy AISI - In the week ending on March 9, 2024, domestic raw steel production was 1,734,000 net tons while the capability utilization rate was 78.1 percent. Production was 1,718,000 net tons in the week ending March 9, 2023 while the capability utilization then was 76.9 percent. - more

   Other News

• Three U.S. Nitrogen Gas Manufacturers Bar Products From Use in Executions - more
• China considers making bosses pay workers for online ‘invisible overtime’ - more
• US to ban Pentagon battery purchases from China’s CATL, BYD - more
• ISS Dumps 26,000kg Batteries, Earth Reacts! - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.17/lb ($18,005/tonne). Indicators at 5:45 am CST today show nickel trading around $.05/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Friday and ended last week just under the 53,600 tonne level. Shanghai nickel slipped overnight, to 137,640 y/t. Nickel broke thru the $18,000 tonne level late last week, closed barely above it Friday, and appears to be trading comfortably in it this morning. The bulls show no inclination to stop their stampede, and the bears show little interest in trying to stop them. Morgan Stanley has added fuel to the theory that the nickel surplus could soon be over, with their most recent forecast linked below. We remain skeptical until the EV industry is back to full steam. Stay safe out there and have a great week! 
  
• Average price of LME traded cash nickel so far this month - $7.96/lb
  

    Friday's market review - Copper extends gains on hopes for rate cuts, China revival - Copper prices extended gains to a fresh five-week peak on Friday on hopes that U.S. jobs data will provide scope for interest... - more

    European stainless flats prices increase - European prices for stainless cold rolled coil are increasing as all mills are pushing up values on high processing costs and the impact of raw materials, sources tell Kallanish. - more

• Demand uptick could strain EU stainless supply - more
• Acerinox sees steel market improving after 2023 profit more than halves - more

    Chrome valley of Sukinda pitted against apathy for long - India became the 4th largest producer of chrome among the top five countries, including South Africa, Kazakhstan, Turkey, and Finland in the world in 2020. - more

   Other News

• Finnish Union AKT Plans Two-Week Port Strike Protesting Government Policies - more
• US to continue antidumping orders on rebar from seven countries - more
• China to continue shipping steel via Red Sea despite attack on vessel - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $8.13/lb ($17,930/tonne). Indicators at 5:40 am CST today show nickel trading around $.10/lb  higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and now total just under the 73,600 tonne later. Shanghai nickel rose to 138,480 y/t overnight. Nickel sticked its head above the $18,000/tonne level for a few minutes yesterday, and having gained more confidence overnight, it is trading well above this morning. Stay safe out there and have a great weekend!
• Average price of LME traded cash nickel so far this month - $7.94/lb
  

   Goldman Sachs: Price Rout in Key Battery Metals Isn’t Over - Sizable surpluses in the lithium, cobalt, and nickel markets have led to a plunge in the prices of key battery metals over the past year and ... - more

    Nickel rout is energy-transition warning for West - “Please mine more nickel, okay?” Elon Musk urged, with a nervous chuckle, responding to a question about constraints to making electric batteries. - more

    CISA mills’ daily steel output up 1.38 percent in late February - The China Iron and Steel Association (CISA) has announced that in late February (February 21-29) this year the average aggregate daily crude.... - more

• In February, the national refined nickel output fell slightly by 3%, and the output is expected to rise slightly in March [SMM data] - more

    Beyond the hype: New opportunities for gen AI in energy and materials - Generative AI can create additional value from other forms of AI and analytics—and the energy and materials sector is uniquely ... - more

   Other News

• The hidden cost of your electric vehicle: Indonesia’s nickel nightmare丨ABC News - video here
• Will the Moderation in Wage Growth Continue? - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.01/lb ($17,650/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 Wednesday and ended that session just over the 73,700 tonne level. Shanghai nickel rose to 136,120 y/t overnight. Nickel bounced in overnight trading and so far, is refusing to give up those gains. Here are your average costs for February, and its comparison to January. Nickel - $7.39/lb compared to $7.27/lb in January. Chromium - $5.04/lb - same as January. Molybdenum - $20.23/lb compared to $20.59/lb in January. Stay safe out there and have a great Thursday!
• Average price of LME traded cash nickel so far this month - $7.92/lb
  

    Wednesday's market review - Copper rises on weaker dollar, lower stocks; nickel falls on improved supply - Copper prices rose in London on Wednesday as a weaker dollar and declining exchange stockpiles ... - more

    LME partner Metalshub plans for ‘green’ nickel price - The London Metal Exchange (LME) does not plan to launch a separate “green” nickel contract because the market is not large enough, ... - more

    Indonesia has approved a quota of 145 million wet tons of nickel ore till now (for next three year) - According to public data, Indonesia has approved a quota of 145 million wet tons of nickel ore (for next three year), ... - more

  Global Plug-In Car Sales Started 2024 With A Bang: 1 Million Sold In January - In January 2024, global registrations of plug-in electric cars continued at a seven-digit level (the ninth consecutive month above... - more

    Confusion reigns over federal implementation of Buy American - There continues to be dissatisfaction among infrastructure project managers with the impact of the Build America, Buy America (BABA) law on ... - more

   Other News

• Houthi Minister Says Ships Entering Yemeni Waters Must Obtain Permit - more
• Who Pays for a College Athlete’s Health Insurance and Medical Care? - more
• German man got 217 COVID shots over 29 months—here’s how it went - more
• The Countries That Are Safe & Unsafe for Women - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $8.03/lb ($17,700/tonne). Indicators at 5:40 am CST today show nickel trading around $.03/lb  lower. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Tuesday and started today just over the 73,900 tonne level. Shanghai nickel slipped for a third consecutive session, down to 135,240 y/t overnight. The Euro is trading higher against the US Dollar this morning, and while this is typically the primary positive guidepost for nickel traders, so far this morning, nickel is trading lower. Macquarie, in its report last week, stated nickel inventories were lower in China. It is possible they have some numbers we do not have but the nickel ore stockpile numbers, when comparing this year to last year, do not reflect a downward trend. On March 31st of last year, SMM reported "As of March 31, the nickel ore inventories at Chinese ports dropped 295,000 wmt from a week earlier to 6.11 million wmt. The total Ni content stood at 48,000 mt." This Monday they reported "As of March 1, port inventories of nickel ore in China stood at 7.426 million wmt, down 295,000 wmt from Feb 23. The total Ni content was 58,300 mt."  These numbers go up and down, but current numbers are similar to March 2001, when China was in the grips of COVID closures. In comparison, LME nickel stockpiles were at 44,094 on March 1st of last year and started this month at 73,798 tonnes. Recycling Monster reports the average price for stainless steel scrap in the U.S. dropped from $.31/lb to $.28/lb (source) . ScrapMonster puts the average price of 304 prepared stainless scrap at $.33/lb (source). According to stock3.com, Commerzbank analyst Barbara Lambrecht, in the latest issue of “Rohstoffe Aktuell”, put nickel trading at $20,000/tonne in the medium term. She also noted an Indonesian official has forecast nickel trading between $15,000 and $18,000/tonne in the near future. Stay safe out there and have a great hump day!
• Average price of LME traded cash nickel so far this month - $7.92/lb
  

    Tuesday's market review - Copper under pressure as lack of Chinese stimulus disappoints - Copper prices came under pressure on Tuesday as a lack of big-ticket stimulus from top metals consumer China ... - more

    Nickel producers fear growing Indonesian pricing power - An Indonesian nickel producer has for the first time ever applied to have its metal listed as a good delivery brand on the London Metal Exchange (LME). - more

    Indian stainless steel plant starts using green hydrogen produced on-site - A stainless steel plant in India has started using green hydrogen produced on-site to cut its emissions. - more

    EU imposes stainless steel duties after imports probe - The European Commission has extended definitive countervailing duties on stainless steel cold rolled flat product imports originating in Indonesia... - more

    'Vulnerabilities are obvious' as U.S. moves to build critical mineral supply chain, undersecretary says - The United States has “no better partner than Canada” as it seeks to build out a global critical minerals ...- more

   Other News

• Age Is Not Just a Number for U.S. Voters - more
• Expectations and the Final Mile of Disinflation - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $8.13/lb ($17,930/tonne). Indicators at 5:40 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today just under the 73,940 tonne level. Shanghai nickel slipped to 136,420 y/t overnight. Nickel is quiet this morning as bullish traders now must digest news from Indonesia that the government there has announced all quota permits will be issued by the end of this month. This delay, that has lasted for months, was being used by the nickel bulls as motivation for their most recent run. Even Macquarie, in its surprise deficit claim last week, blamed this potential deficit strictly on this ongoing delay. This move would seem to put to rest any further claims that the surplus in global supply, that was forecast to last thru the end of the decade by some, would mysteriously end later this year. But bulls, like bears, when on a run, do not necessarily react to negative news like one might think. If the bulls do take their foot off the gas pedal, it does not mean they are willing to give back their recent gains. Stay tuned. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $7.88/lb
  

    Monday's market review - Copper gains capped by persistent demand concerns - Copper prices rose to one-week highs on Monday ahead of a key political meeting in China which could pave the way for growth... - more

    Shrinking surplus suggests end to two-year nickel price slide - Dwindling surpluses due to tightening supplies and healthy demand from stainless steel mills and China's electric vehicle battery sector mean nickel ... - more

• Indonesia aims to finish mining output quotas approval by end-March, official says - more

    China slump turns Fortescue from world-beating mining stock to big loser - Shares of Perth-based iron ore miner has declined 10 per cent this year; the metal lost 10 per cent of its value in February - more

    Eramet reaches deal to convert debt of New Caledonia nickel unit - Eramet  said on Monday it had reached an agreement with the French government to remove from its balance sheet hundreds of  ... - more

    North American steel prices decline as buyers withdraw - Steel mills’ delivery lead times are shortening in the United States as buyers withdraw from the market due to their growing awareness of a coil price decline.  - more

    China may continue to be a threat to global steel industry in 2024: TCUD - China may continue to be a threat to the global steel industry in 2024, including the Turkish steel sector, due to the possibility that ... - more

    LME says does not plan to launch green nickel contract -  The London Metal Exchange (LME) does not plan to launch a "green" futures contract in nickel because the market for such a contract is not yet large... - more

    Courtesy AISI - In the week ending on March 2, 2024, domestic raw steel production was 1,716,000 net tons while the capability utilization rate was 77.3 percent. Production was 1,776,000 net tons in the week ending March 2, 2023 while the capability utilization then was 79.5 percent. - more

   Other News

• America's Rising Obesity Problem - more
• Vladimir Putin and China's President Xi Jinping 'on brink of war' as tensions boil - more
• New base in Indian Ocean shows India’s obsession of supremacy - (this is the kettle calling the pot black - see next) - more
• China Fumes After US Ally's Ominous Warning - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.03/lb ($17,710/tonne). Indicators at 6:00 am CST today show nickel trading around $.03/lb  higher. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and ended the week just under the 74,000 tonne level. Shanghai nickel slipped to 136,620 y/t overnight. It looked like Friday was going to be a wake up call for hibernating nickel bears, but after a sharp fall in the morning, a nearly identical sharp rebound that afternoon put nickel nearly back to where it started the day. The nickel bulls remain enthusiastic, and while we are not sure why in light of the news, an incredible warning from Jim Lennon apparently gave them the confidence they needed. We feel the news of slow permitting in Indonesia is not only old news, but probably bullish news only in the aspect that it potentially slows a surplus situation from getting far worse. Anyone forecasting a potential deficit this year, is, in our opinion, stretching the imagination. We tend to agree with what he wrote last month "Oversupply in NPI capacity is so large that NPI prices will now set the level of LME prices.” We have a lot of respect for Mr Lennon, whom the nickel industry has turned to for analysis for many years, but have a hard time understanding this warning. Now that Australian nickel miners have gotten government aid, their lone nickel smelter now is requesting help. This smelter is run by BHP, the global miner that has a love/hate relationship with nickel. The Prospectors & DevelopersAssociation of Canada  is holding its annual mining conference this week. Stay safe out there and have a great week! 
• Average price of LME traded cash nickel so far this month - $7.79/lb
  

    Friday's market review - London nickel retreats on easing supply worries - Nickel prices in London retreated on Friday, after hitting a more than two-month high in the previous session, as easing supply concerns ... - more

    Macquarie flags nickel deficit as Indonesian permit delays drag growth - The global nickel market risks a surprise deficit this year amid slowing processing timelines for new Indonesian nickel mine permits, ... - more

• Nickel May Flip to Deficit on Indonesia Hurdles, Macquarie Warns - more

• 'Fickle little industry': 5 hot button issues as Canada's largest mining conference starts - more

    Mining giants are worried that a flood of cheap Indonesian nickel could wipe them out - Indonesia has a strong hold on the nickel industry. The Southeast Asian country boasts the world’s largest nickel reserves ... - more

   Turkey becomes Europe’s largest steel producer in January - According to a statement released by the Turkish Steel Producers\u2019 Association, in January this year crude steel production in Turkey ... - more.

   Other News

• The White House Warns Cars Made in China Could Unleash Chaos on US Highways - more
• 'Anxiety' shown as US launches probe into Chinese Internet-connected vehicles over 'national security' - more
• Haiti violence: Gangs free 4,000 inmates in mass jailbreak - more
• Rubymar, a UK-owned cargo ship hit by Yemen’s Houthis, sinks in the Red Sea - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $8.10/lb  ($17,860/tonne). Indicators at 5:30 am CST today show nickel trading around $.23/lb  lower. Stockpiles of nickel stored in LME licensed warehouses rose sharply again on Thursday and ended that session just under the 73,800 tonne level. Cancelled warrants remain in the 5% range. Shanghai nickel slipped to 137,070 y/t overnight. Looks like the bulls are fleeing this morning, after  an Indonesia government official was quoted yesterday at a forum. That, and a nearly 4500 tonne jump in LME stockpiles in the last two days. From a Reuters article yesterday "Indonesian miners and smelters are still making good margins despite the price drop linked to higher nickel processing, and will benefit further from the shift as lower prices support the country's battery industry, a senior official said on Thursday." The Reuters correspondent was quoting Septian Hario Seto, a deputy coordinating minister overseeing mining, who was speaking to a business forum. He also stated "Profitability for miners, smelters, is still okay. Not as 'wow' as two years ago, but still pretty good." Keep this in mind when you read elsewhere that Indonesia miners are being forced to curb production because of low prices. More on this linked below. As to hopes that delays in mining quota permits in Indonesia might affect that country's miners ability to keep up with demand, like this headline from this morning "Nickel May See Deficit on Indonesia Hurdles, Macquarie Warns", this is merely rehashed news from November 6th - see our November 6, 2023 link under " Indonesia approves 38 of 84 requests for 2023 mining quota revision". Traders are hoping that Indonesia is held back from mining and processing near their current potential, by a lack of permits or stress from low prices. So far, however, this appears to be more of a wish on the part of bullish traders, and not the reality of the times. Western analysts tend, in our opinion, to look at Asian countries and analyze them based on what we know about Western companies. So called pig nickel was pooh poohed by Western analysts as a desperate attempt by the Chinese to skirt higher nickel prices at the time. Now that same pig nickel is re-writing the rules of the market. But one thing we have learned over the years and watching nickel daily. Indonesia was accused of trying to profit from its nickel resources by forcing prices higher when they banned the export of ore. They were profiting all right, but their vision was long term, not short term. We have become accustomed to thinking along the line that the "quick buck" is the proper course of action. For countries and companies who worry far less about the shareholder's immediate pleasure, and the long term viability of their company, short term profits do little for that vision. China and Indonesia have proven they know how to play cards and the industry would do well to accept them as equals to the table, and start trying to figure out how to beat them, instead of crying foul when they take a hand. In our opinion, there is a potential chink in Indonesia's armor, and we will discuss that at a later date. Stay safe out there and have a great weekend! 
• Average price of LME traded cash nickel so far this month - $7.40/lb (avg February)
  

    Indonesia Says Its Nickel Supply Will Keep Global Prices Low - Indonesia, the world’s largest nickel exporter, has a sobering message for struggling producers of the battery metal elsewhere: don’t expect any ... - more

• LME receives application for new nickel brand from Indonesian producer - more
• Indonesia: Will ensure adequate nickel supply - more
• Nickel price at two-month high as investors bet on price floor - more

    European steel HRC buyers still holding back, despite lower offers - European buyers of steel hot-rolled coil are continuing to postpone their restocking activity, awaiting further price drops, industry sources told ....- more

• Urgent recovery plan may boost EU stainless steel - more

    India issues mandatory quality control orders for 145 steel products - The Indian government has issued mandatory quality control orders (QCOs) for 145 iron and steel products, a government official said on ... - more

   Other News

• Guinea trade unions suspend national strike after union boss released - more
  

  Economic Stats and Prices (posted in Friday edition)