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news covering the period of May 2020
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Friday, May 29
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $5.56/lb ($12,250/tonne). Indicators at 7:30 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today just under the 233,300 tonne level. The
commodity board is rather quiet this morning, as traders await to see
what steps President Trump will take against China's decision on Hong
Kong. The President has announced a press conference for today where he
will announce his actions. As we close the month of May, we want to
take a
final opportunity to thank our May sponsor, RHS Stainless Steel. RHS is
a Pennsylvania distributor of stainless steel round, hex and square
bars, and thanks to their sponsorship of this site, we were able to
bring you daily news about the stainless steel and nickel industries.
Enjoy your weekend, stay safe, and we hope to see you next month.
Average price of LME traded cash nickel
so far this month
- $5.50/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - London aluminium set for strongest monthly gain in 16 months on China demand - more
U.S. Imports of Stainless Steel Mill Products - more
US Economic Indicators: Durable Goods Orders & Shipments - pdf here
GDPNow estimate for real GDP growth 2nd quarter of 2020 is -40.4% - more
Virus News and Numbers
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Coronavirus Recovery Tracker - more
COVID-19 speeds up global manufacturing, steel production shift - more
Thursday's market review - Aluminium hits two-month high
on China demand hopes - Aluminium prices touched two-month highs on
Thursday as hopes for stronger demand in top consumer China buoyed
sentiment, but an oversupplied global market and large surpluses are
expected to cap gains. - more
Sustainability may have large role in steel, metals recovery -
Improving the environment and cutting emissions may continue to be a
focus for metals and mining industries as economies recover from
COVID-19, with greater scrap metal use, new technologies and lower coal
usage likely to be the key trends. - more
Bid to overturn New Caledonia ore export permit fails - A legal
challenge to overturn the New Caledonian government's decision to allow
more nickel ore exports has failed. - more
Indonesia high-speed rail, nickel among $97 bln priority projects -
Indonesia plans to extend a high-speed rail project being built with
China and bring in Japanese investors, as part of 89 priority projects
slated for Southeast Asia’s biggest economy over four years, a minister
said on Friday. - more
Centaurus quickly advancing Brazil nickel project - The company
acquired the Jaguar project, in Brazil's Carajas region, from Vale late
last year, though the transaction only closed last month. - more
Fed Report: Businesses Less Optimistic on Economy - The Fed's report
also pointed to sharp declines in US manufacturing, with output notably
weak in autos, aerospace and energy - more
Steel Imports Down 20% Year-to-Date Through April 2020 - Based on
preliminary Census Bureau data, the American Iron and Steel Institute
(AISI) reported today that the U.S. imported a total of 2,773,000 net
tons (NT) of steel in April 2020, including 1,309,000 net tons (NT) of
finished steel (up 58.2% and down 13.5%, respectively, vs. March final
data). - more
Global EV Top 20 April 2020 - Registrations were down 30% YoY, to
some 110.000 units, while the YTD numbers are now down 12% regarding
the same period last year, with 571.000 registrations. - more
Nickel closed Wednesday's trading
session at $5.50/lb ($12,125/tonne). Indicators at 6:15 am CST today show
nickel trading around $.03/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today just over the 233,500 tonne level. Except
for a few days when it fell to 22.99%, cancelled warrants have stayed
in the 23% range since the first of April. Depending on which counter
you watch, the US passed the 100,000 fatality mark on Tuesday or
Wednesday. Either way, very few but the doom sayers were predicting
these kind of numbers a few months ago. As America, as well as other
parts of the world, take steps to reopen, it is an especially
challenging time to be a business owner. New procedures, new concerns,
new liabilities. There was a time when an employee showed up sick, it
was an irritation. Today, it could prove deadly. Or a public relations
nightmare, as a Springfield, Missouri, hair salon discovered. And if
you really want a shock, find out what it costs to disinfect a factory
or warehouses were a known covid patient has been. If you every been
quoted 'per foot', you have some kind of idea how bad it could be.
But.... things are better for many people than they were at the end of
last month. And while there is fear out there, it is at a level far
less than it was just two months ago. So slowly, and gradually, things
are getting better. Here is hoping you have a better day than
yesterday, but not quite as good as it will be tomorrow. Stay safe and
have a great day!
Average price of LME traded cash nickel
so far this month
- $5.50/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper gains on optimism over demand prospects - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Coronavirus Recovery Tracker - more
Wednesday's market review - Copper stumbles on worries
over Hong Kong protests - Copper and other base metals prices retreated
on Wednesday, shaken by protests in Hong Kong and expected retaliation
by Washington against top metals consumer China. - more
New Caledonia nickel sale plan labelled a disgrace - New Caledonia's
pro-independence Palika party has spoken out against a proposed law
change to allow two nickel producers to export ore earmarked for local
plants. - more
Courtesy AISI - In the week ending on May 23, 2020, domestic raw steel
production was 1,191,000 net tons while the capability utilization rate
was 53.2 percent. Production was 1,880,000 net tons in the week ending
May 23, 2019 while the capability utilization then was 80.8 percent.
The current week production represents a 36.6 percent decrease from the
same period in the previous year. Production for the week ending May
23, 2020 is up 0.8 percent from the previous week ending May 16, 2020
when production was 1,181,000 net tons and the rate of capability
utilization was 52.7 percent. - more
Coronavirus crisis leads to sales decline - The Hilti Group has
experienced a significant downturn in business after the first four
months of 2020 as result of the economic impact of the COVID-19
pandemic. - more
Nickel closed Tuesday's trading
session at $5.60/lb ($12,348/tonne). Indicators at 6:10 am CST today show
nickel trading around $.05/lb
lower. For the fourth time this month, nickel stockpiles went unchanged
yesterday, and started the day just shy of the 234,200 tonne level.
Jaime Dimon, head of JPMorgan Chase & Co, told a virtual conference
yesterday, that he sees the odds for a quick economic recovery to be
good, while at the same time forecasting unemployment at 10% by years
end. While10% unemployment by Christmas is a rather dismal forecast, in
light of some of the other doom and gloom forecasts being voiced out
there, it leans to the positive side. The Conference Board's Consumer
Confidence Index has leveled off, after steep drops earlier, and with
people returning to work, we should hopefully see some positive numbers
in the near future. Many U.S. states started reopening earlier this
month, and as of yet, there is little evidence of a second wave of
covid-19 infections. Granted, approximately 20,000 new cases a day
shocked us a few months ago, and today leave us less phased, but for
many parts of the country, the optimism grows that the worse might be
behind us. It's already hump day this short work week, so stay safe and
have a wonderful day.
Average price of LME traded cash nickel
so far this month
- $5.50/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper falls as U.S.-China tensions curb risk appetite - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Coronavirus Recovery Tracker - more
China’s top virus warrior ‘shocked’ by US coronavirus death toll - more
A safer, smarter future: Working remotely in energy and materials - more
Tuesday's market review - Hopes for Chinese stimulus push copper higher - Copper prices rose as much as 2% on
Tuesday as investors looked past a U.S.-China confrontation over Hong
Kong to the prospect of Chinese economic stimulus that would improve
metals demand. - more
US Steelmakers Announce Second Round of Price Hikes, But Will They
Stick? - US steel producers increased their list prices, in the past
few days. - more
History
Repeats As Brazil Delivers Another Iron Ore Boom - Brazil’s worsening
Covid-19 crisis is making waves in the commodities world with reduced
iron ore shipments from the South American country lifting the price of
the steel-making material by 30% to almost $100 a ton. - more
An investigation into the Global Environment
Facility-funded project“Production of sustainable,
renewable biomass-based charcoal for the iron and steel industry in
Brazil” - pdf here
Nickel closed Friday's trading
session at $5.56/lb ($12,255/tonne). Indicators at 6:20 am CST today show
nickel trading around $.05/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Friday and started the last week of May just under the 235,000 tonne
level. Nickel had a bad day on Friday, as traders pulled back from
their most recent bull run and hit the exits rather hard. Today, they
are in a better mood and markets are recovering. The overall trend is
sneaking higher, with the charts peaks getting higher and the valleys
bottoming out higher as well. Global steel production fell 13% in
April, according to figures released by the World Steel Association on
Friday. March ended with the country under attack of a new virus, and
April was spent under siege. May has been a month where we have seen
attempts around the country to fight back and reopen. The weapons we
have available are limited and based on media accounts, many are not
using them. Everyone is looking for the ultimate weapon, the vaccine,
to save the day, and help life return to complete normalcy - whatever
that might be in the future. In the mean time, like nearly everything
else in life these days, the virus has become less of a disease, than a
political hot potato. Stay safe and have a great week!
Average price of LME traded cash nickel
so far this month
- $5.50/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Hopes for Chinese stimulus push copper higher - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Feds: Man Lied to Mfg. Employer About Having Virus - more
Xi Jinping says China must strengthen health system after coronavirus pandemic - more
On Tuesday, the total US covid death count will hit 100,000
Friday's market review - Copper drops on fears of renewed
U.S.-China tensions - Copper prices slid on Friday on worries that
renewed U.S.-Chinese tensions will further damage a global economy
already hit by the COVID-19 pandemic. - more
Australia's New Century takes aim at Vale's New Caledonia assets -
Australia’s New Century Resources Ltd said on Tuesday it was in talks
with Brazilian miner Vale SA to buy its nickel and cobalt operations on
the Pacific island of New Caledonia. - more
Uncertainty clouds future of SLN mine in New Caledonia - more
Q1 metal output drops amid mine closures - The country’s metal
production value fell 10.69% to P24.86 billion in the first quarter
from a year earlier as some mining operations were halted amid a
coronavirus pandemic, according to the Mines and Geosciences Bureau
(MGB). - more
April global steel output drops 13% on year hit by coronavirus pandemic
- Global crude steel production in April fell 13% year on year to
137.1 million metric tons across the 64 countries reporting to the
World Steel Association (worldsteel), as the coronavirus pandemic
continues to hit the sector. - more
China leads metals demand recovery as trade tensions dim outlook: analysts - more
Locals stage latest fight against PNG mine dumping waste into sea - A
coalition of more than 5,000 villagers and a provincial government in
Papua New Guinea has built a legal challenge against the world’s most
productive battery nickel plant. - more
The London Metal is closed on Monday, May 25th, for Spring Bank
Holiday, while US markets are closed for Memorial Day. Our next update
will be on Tuesday, May 26th. Stay safe and have an enjoyable weekend.
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $5.79/lb ($12,775/tonne). Indicators at 7:40 am CST today show
nickel trading around $.25/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell
slightly and started the day just over the 233,800 tonne level. That
positive momentum that technicals signaled yesterday, lasted about a
day, as the market has slumped sharply this morning. It is much easier
to find reasons why traders might turn pessimistic these days, but we
suspect the primary cause has to do with China. At the same time they
are lowering their annual growth forecast, the U.S. President is
dialing up his rhetoric, now warning China over their administration of
Hong Kong. As we have been stating for years now, when China sneezes,
nickel catches a cold. That may not be an appropriate analogy, under
the current circumstances, but it remains applicable. Another week is
nearly in the books, and for most of you, there is a three day weekend
to look forward too. Stay safe, enjoy your long weekend, and we invite
you to join us next week.
Average price of LME traded cash nickel
so far this month
- $5.50/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper falls as China skips GDP goal, U.S.-Sino tension ramps up - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Thursday's market review - Copper climbs to 10-week high
on demand expectations - Copper prices hit 10-week highs on Thursday as
easing COVID-19 lockdowns around the world raised expectations of
stronger demand and economic activity. - more
China Moly's Congo copper-cobalt mine expects stable output this year -
China Molybdenum's 603993.SS Tenke Fungurume copper-cobalt mine in
Democratic Republic of Congo will maintain the same output this year as
2019 despite COVID-19 disruptions, Tenke Fungurume director Simon
Tuma-Waku said on Thursday. - more
China copper inventories drop by most since September 2019 - Copper
inventories in warehouses tracked by the Shanghai Futures Exchange
dropped at the fastest rate in nearly eight months, weekly exchange
data showed on Friday. - more
‘Either open it, or sell’: Union workers prepare for Midland steel
plant closure - Union workers at Allegheny Technologies Inc.’s Midland
site want the company to consider selling the plant for good. - more
Nickel closed Wednesday's trading
session at $5.75/lb ($12,670/tonne). Indicators at 6:10 am CST today show
nickel trading around $.08/lb
higher. Stockpiles of nickel stored in LME licensed warehouses went
unchanged on Wednesday and started today just under the 233,900 tonne
level for a second day. Nickel jumped out of its month long range late
yesterday and the leap is continuing this morning. From a technicals
point of view, this is bullish for the trading price of nickel. That is
from a technical point of view. From a fundamental point of view the
news remains less positive. While nickel ore imports into China have
fallen since the Indonesia export ban and the covid-19 pandemic put the
brakes on Philippine exports, the demand is thus far, not much better.
Nickel stockpiles stored in the LME authorized warehouses continue to
grow, albeit stagnated would be a better description. Stainless demand
comes with a huge question mark attached to it. EV sales are down, but
at least in China and Europe, not as bad as one might suspect. Betting
on what is happening today is a non started. Betting on the future
rebound in demand is what is leading prices higher, and at least for
the last 48 hours, traders appear to be suffering from covid fatigue
and believe things will get better sooner, rather than later. We hope
they are proven to be right. Stay safe and have a wonderful day.
Average price of LME traded cash nickel
so far this month
- $5.48/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper falls from 2-month high as economic worries linger - more
New edition of ISSF Stainless Steel in Figures - more
Virus News and Numbers
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
US SBA Paycheck Protection Program Loan Forgiveness Application - pdf here
Note to those who obviously have never actually read the U.S.
Constitution. You do NOT have any Constitutional guaranteed right to
enter any private business or private property and disregard their
specific rules of entry, as long as those rules apply to everyone. If
they require you to wear shoes, pants, a shirt, or these days, a mask,
you are required to abide by those rules. Period. However, you DO have
the right to go somewhere that does not have these rules, should these
types of requirements infringe on your particular sensitivities.
Wednesday's market review - Copper hits two-month high on
China meeting, recovery hopes - Copper prices hit a two-month high on
Wednesday ahead of a Chinese government meeting this week expected to
boost demand with pledges of higher spending on infrastructure, and on
hopes for a global economic recovery. - more
EU's industrial strategy is being wrecked by coronavirus: Andy Home -
German zinc producer Metallwerk Dinslaken (MWD) has just announced it
is closing. - more
January to March 2020 Metals Balances - Please note that the impact of
the Covid 19 pandemic has had a dramatic effect on both the supply and
demand for metals worldwide. The true impact of the lockdown in many
countries will emerge over the next few months. - more
Material Matters: China, Iron Ore, Manganese, Dividends (and Nickel) -
(excerpt) Nickel Pig Iron (NPI) flows have seen a shift with increasing
production and exports from Indonesia, supported by a weak domestic
stainless-steel market and a ban on nickel ore exports. - more
Nickel closed Tuesday's trading
session at $5.65/lb ($12,445/tonne). Indicators at 6:15 am CST today show
nickel trading around $.01/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started today's session just under the 233,900 tonne level.
Nickel is bumping up against resistance this morning and unless traders
can punch thru, we will have our fourth mountain peak form in the
charts in the last 30 days. The world reported its 5,000,000th
diagnosed case of covid-19 overnight, with nearly 2,000,000 of them
being reported as recovered. Stay safe and have a great 'hump day'.
Average price of LME traded cash nickel
so far this month
- $5.47/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai tin hits 3-month high on supply shortage concerns - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
The Observer view on Trump's continued goading of China - more
Tuesday's market review - Copper retreats from two-month
high, economic worry weighs - Copper prices retreated from a two-month
high on Tuesday as worries about the economic damage from the COVID-19
pandemic offset optimism over a potential vaccine. - more
Tsingshan's stainless steel order book fills as China rebounds, traders
load up - Tsingshan Holding Group, the world’s biggest stainless steel
producer, has sold the entire output of its Chinese plants through
June, said two sources familiar with its sales, a sign of potentially
strong domestic demand for the metal - more
Stainless Steel Sheet and Strip From the People's Republic of China:
Initiation of Anti-Circumvention and Scope Inquiries on the Antidumping
Duty and Countervailing Duty Orders - pdf here
Distributor Pandemic Index Holds Steady, Down 15% - It appears that
distributors with projects as a material part of their business are
suffering the least so far. - more
Nickel closed Monday's trading
session at $5.56/lb ($12,250/tonne). Indicators at 6:15 am CST today show
nickel trading around $.02/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Monday and started today just under the 234,000 tonne level. Looking at
the nickel trading chart, we are building our fourth mountain in the
last thirty days. $5.66/lb looks to be the highest peak of the three
former mountains, so we see that as resistance. News remains on the
quiet side and most of what we are posting today is not stuff we would
typically post. Markets are trading higher around the world and most
media outlets appear to be crediting hopes on a covid-19 vaccine as the
primary driver. The President of Brazil's apparent laissez faire
attitude toward covid-19 is starting to haunt the country, as they saw
over 14,000 new infections yesterday, second only to the U.S. at
22,000+. Russia came in third in new infections, and ranks second in
total cases. Comparing Russia with Brazil is hard to do, with Brazil
testing only about 1 in 10 as many as Russia has, and thus the outbreak
could be much worse there than is being reported. Stay safe and have a
great day!
Average price of LME traded cash nickel
so far this month
- $5.46/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper rises on vaccine hopes, U.S.-China tensions cap gains - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Monday's market review - Lockdown easing pushes copper to
biggest daily gain in a month - Industrial metals prices jumped on
Monday, with copper rising as much as 3% as an easing of coronavirus
lockdowns in many countries and hopes for a vaccine fuelled optimism
among investors that also lifted stock markets and oil. - more
Nickel Mines (ASX:NIC) taps investors for $231M to bolster nickel
project interest - Nickel pig iron producer Nickel Mines (NIC) is
raising $231 million to bump up its interest in two Indonesian nickel
mines - more
Courtesy AISI - In the week ending on May 16, 2020, domestic raw steel
production was 1,181,000 net tons while the capability utilization rate
was 52.7 percent. Production was 1,880,000 net tons in the week ending
May 16, 2019 while the capability utilization then was 80.8 percent.
The current week production represents a 37.2 percent decrease from the
same period in the previous year. Production for the week ending May
16, 2020 is down 1.9 percent from the previous week ending May 9, 2020
when production was 1,204,000 net tons and the rate of capability
utilization was 53.7 percent. - more
Fastenal Ramps up Locker Pickup for Contactless Handoff - ID chats with
Fastenal about the company's new Locker Pickup capabilities, which are
particularly useful during a pandemic. - more
Nickel closed Friday's trading
session at $5.38/tonne ($11,855/tonne). Indicators at 6:15 am CST today show
nickel trading around $.07/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday by nearly as much as they rose the prior day, and started the
week just over the 233,600 tonne level. The commodity trading board is
mostly green this morning as more investors buy into a recovery. Nickel
bounced off support and a shift in overall mood this morning, is
helping nickel bounce back over the $12,000/tonne level. Clues about
stainless steel production in China are mixed, but the overall
consensus appears to be production is on the rebound. Europe appears to
be producing more than they need, which may be an identical situation
in the US. It is hard to know what is really going on out there, as we
are all in uncharted waters. While one business owner appears to be on
life support, another is struggling to keep things rolling, while a
lucky few wonder what all the fuss is about. Even the Fed admitted last
week, we will be in an economic recovery for a long time. And even that
pessimistic forecast is based on the fact we do not see another wave of
covid-19 infections. Something that the medical and scientific
community fear with the rush to return to some sort of normalcy. There
is a level that anxiety that remains, with the average Joe wondering if
he will keep, or get back his job, and whether she will have enough
food to last the week. Business owners worry about whether AR numbers
can stay ahead of AP numbers, or worse, when will they return to that
level. Manufacturers debate whether to start up lines when there is
little more than hopes that demand will return. Things are getting
better, and whether the recovery in your neighborhood is a quick one,
or takes its time, they will get even better. It is spring, and while
winter is not letting go readily in some parts of the U.S., it is
relinguishing its grip. As will covid-19. Its the first business day of
the last half on the fifth month of 2020. Coronavirus is a reality, not
an excuse to fail. Stay safe, and have a great week.
Average price of LME traded cash nickel
so far this month
- $5.46/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper rises as economies reopen, but demand seen slowing in May - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
If you have a deep interest in the science behind covid-19, 'numerous'
preliminary findings that have not been peer reviewed are being posted
daily here.
People mostly staying home are still getting Covid-19—here’s the problem and what to do about it - more
Sometime early this week, the world will see its 5 millionth diagnosed
case of covid-19. The U.S. passed the 1.5 million mark this past weekend. It
also passed the 90,000 deaths mark (based on worldometer).
Friday's market review - Copper under pressure despite
China factory rebound - Copper prices fell on Friday and were set for a
weekly loss as rising stockpiles and dire economic data around the
world hammered home fears that demand will remain weak despite a
rebound in Chinese factory activity. - more
China April crude steel output jumps, demand picks up after coronavirus
curbs eased - China’s steel mills ramped up production 7.7% in April
from the previous month, boosted by robust domestic demand as the
world’s second-biggest economy began to pick up after easing curbs
imposed earlier in the year to counter the coronavirus epidemic. - more
Indonesian miners eyeing EV nickel boom seek to dump waste into the sea
- As Indonesia ramps up its mining sector to feed the world’s hunger
for zero-emission vehicles, it is faced with a problem: what to do with
all the waste. - more
Larco mining industry on brink of collapse - The Larco General Mining
and Metallurgical Company is one step from closure, after entering
receivership status in March to be sold to a private investor or
declare bankruptcy. - more
Nickel, cobalt prices benefit as electric car action shifts to Europe -
Mining.com EV Metal Index tracking value of battery metals in
newly-sold EVs globally rebound as nickel and cobalt-rich batteries
favoured in the EU and US gain traction. - more
Passenger Plug-In Electric Car Sales In Europe In Q1 2020 By Country - more
Steelmakers could be heading for “Steelmageddon” amid COVID-19 crisis -
The economic recovery from the coronavirus crisis will be a slow one,
lasting years, not months, said Timna Tanners, metals and mining
analyst, Bank of America Securities, during Steel Market Update’s
Community Chat webinar on May 6. - more
EU steel output outpacing demand despite cuts, auto restarts - more
Metal Shipments Fall Sharply in April - Metal shipments in the US and
in Canada fell at double digit levels in April due to the effects of
the COVID-19 pandemic, eliminating the gains made since the last
recession. - more
ISM: Economic Downturn Will Continue Through 2020 - more
The world's first online electric vehicle supply chain festival -
Tuesday 26 - Friday 29 May 2020 | Online - Schedule here(it appears to be free to view but must pre-register)
Save this information, especially if you are new to the stainless steel
industry (especially the video). Here is a common question - why is my
304 Stainless Steel magnetic?
Effect of cold work and heat treatment on the magnetic permeability of austenitic stainless steels - more
Nickel closed Thursday's trading
session at $5.47/lb ($12,065/tonne). Indicators at 7:10 am CST today show
nickel trading around $.08/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose
again on Thursday and started today's session just over the 233,800
tonne level. Nickel continues to slide but is nearly ready to test a
major support level. In covid news, Illinois shot past New York in new
cases yesterday. The US had a bad day for growth in new cases, beating
#2 Brazil, #3 Russia, and #4 Peru - combined. And to end the week on a
bright spot - over 1.7 million cases have been resolved with the
patient recovering. Let us hope we will see the last victim succumb to
this deadly virus sooner, than later. It's the weekend and we are half
way thru the month. Have a safe and restful weekend, and if you are
starting to have trouble finding the good news out there - go make some
yourself.
Average price of LME traded cash nickel
so far this month
- $5.48/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper under pressure despite China factory rebound - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
COVID-19: Implications for business - more
Virus Revives Worst-Case Scenarios for U.S.-China Relationship - more
China considers retaliation for US coronavirus lawsuits, Global Times says - more
EU Steel: Why carbon matters more with Covid-19 - more
Thursday's market review - Copper falters for fourth day on
somber U.S. economic outlook - Copper extended losses on Thursday after
U.S. officials flagged an extended economic downturn brought on by
coronavirus, hitting the metal used as a gauge of economic health. - more
Which metals will gain most from a green energy revolution?: Andy Home
- If the world is serious about reducing global warming, it’s
going to need a lot of minerals and metals. - more
Philippine miners can fully operate, but quarantine rules set - Miners
in the Philippines, one of the world’s top nickel ore suppliers, are
allowed to operate at full capacity as the country begins to relax
coronavirus-containment measures, but they must follow strict safety
protocols, the government said. - more
MSC Expects March-April Orders Backlog to Carry Past May - The
metalworking and MRO products distributor broke out its March and April
sales figures due to uncertainty surrounding COVID-19 impacts. - more
Around the tracks: Virus topples global autos and weakens steel coil prices - more
How Covid-19 is impacting the European fastener industry - more
Nickel closed Wednesday's trading
session at $5.56/lb ($12,256/tonne). Indicators at 6:20 am CST today show
nickel trading around $.03/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Wednesday and started the day just over the 233,600 tonne level. Base
metals are mostly lower this morning, although none are making any
moves of significance. The Fed Chairman told the Peterson Institute for
International Economics yesterday, that without further stimulus by
Congress and the White House, the economic recovery from the pandemic,
would be slow and lengthy. He also added that 40% of those who make
less than $40,000 a year, lost their jobs in the last few months.
President Trump, in the mean time, took issue with NIAID Director
Faucci's assessment from the prior day, of the potential for a second
deadly wave. The world should see its 4 and a half millionth diagnosed
victim today, as well as its 300 thousandth known death. The growth in
covid-19 cases yesterday in #2 Brazil (+11,555 new cases) and #3 Russia
(+10,028 cases) still did not beat the US combined (+21,712 new cases).
There was a time, just a few weeks ago, where that many new cases here
in the States frightened us, as many States had already shut down
before we reached that level. Now, as the numbers slowly decline, many
of those same states are reopening. China EV sales showed further signs
of recovery last month, although a recent bump in covid-19 cases has
that country scrambling to stop another outbreak. Stay safe and have a
great day!
Average price of LME traded cash nickel
so far this month
- $5.47/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper falls as prolonged weak growth threatens demand - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Coronavirus: US-China blame game prompts Beijing hawks to ramp up criticism of phase one trade deal - more
China hacking poses 'significant threat' to US Covid-19 response, says FBI - more
Wednesday's market review - Copper prices eased on
Wednesday on fears of a second wave of coronavirus infections in top
metals consumer China and in South Korea. - more
FACTBOX-Demand and supply loss estimates for industrial metals - Demand
and supply for industrial metals are expected to drop this year as the
new coronavirus and lockdowns to contain its spread disrupt
manufacturing and mining activity. - more
Italy govt allows stainless steel industry to resume working on May 4 -
According to the market in Italy, the average prices of stainless steel
in Italy had increased this month, due to the strong nickel price. - more
China: New Energy Vehicle Sales In April Continue On Road To Recovery -
Some 63,000 plug-in electric cars were sold in April, which is 4.1% of
the total car sales. - more
Bank of America Merrill Lynch Conference Presentation
Distributor Pandemic Revenue Index Improves, Begins to Steady - While
the index showed a seventh-straight week of double-digit declines, the
range of losses and gains continues to shrink. - more
Producer Price Index by Commodity for Metals and Metal Products: Steel Wire, Stainless Steel - more
Producer Price Index by Commodity for Metals and Metal Products: Steel Pipe and Tube, Stainless Steel - more
Producer Price Index by Commodity for Metals and Metal Products: Stainless and Other Alloy Steel Scrap - more
Producer Price Index by Commodity for Metals and Metal Products: Nonferrous Metals - more
Producer Price Index by Commodity for Pulp, Paper, and Allied Products: Corrugated and Solid Fiber Boxes - more
Nickel closed Tuesday's trading
session at $5.59/lb ($12,315/tonne). Indicators at 6:10 am CST today show
nickel trading around $.03/lb
lower. Stockpiles of nickel stored in LME licensed warehouses went
unchanged on Tuesday and remain just over the 233,300 tonne level. With
markets held hostage to the covid-19 pandemic, traders are watching the
news closely, as nervous of a secondary wave of infections as many in
the general public are. Anthony Fauci, Director of the National
Institute of Allergy and Infectious Diseases, testified before a Senate
committee yesterday, and his warnings of opening too early, sent a
shiver thru the market, which may still be reverberating today.
Numerous polls have shown Fauci is the most trusted man in the
government by the public - in regards to covid-19. Numerous attempts
have been made to politicize or criticize his comments, but he has so
far, stayed above the fray. Besides coronavirus coverage, industry news
remains subdued. The United States saw its 1.4 millionth diagnosed case
yesterday, and sometime tonight, the world will see its 300,000th known
death from covid-19. It's hump day. Stay safe and have a great day.
Average price of LME traded cash nickel
so far this month
- $5.47/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper prices extend losses on virus resurgence fears - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
High SARS-CoV-2 Attack Rate Following Exposure at a Choir Practice — Skagit County, Washington, March 2020 - more
Wuhan orders fresh coronavirus tests for all residents as new cluster fans fears of second wave - more
Tuesday's market review - Aluminium slides on concern over
demand and new coronavirus cases - Aluminum slipped along with
other industrial metals on Tuesday on worries about demand as new
COVID-19 cases emerged in China and more data showed how global
economies have been battered by the pandemic. - more
US launches circumvention inquiry on Vietnamese stainless steel sheet,
strip - The US Department of Commerce on Tuesday self-initiated a
circumvention inquiry to determine if imports of stainless steel sheet
and strip from Vietnam are circumventing existing US anti dumping and
countervailing duties on these products from China. - more
Bank of America Metals, Mining & Steel Virtual Conference Presentations
China’s stainless steel futures for June hit new 9-month high -
According to the report, China’s stainless steel futures for June rose
on May 11th, which also hit a 9-month new high, mainly because of the
resuming domestic demand after the COVID-19 situation had been
controlled. - more
How Will Coronavirus Pandemic Affect Global Steel Production in 2020
& 2021? - Early indications suggested that 2020 would be a year of
modest economic recovery. Activity had been trending downwards since
the zenith reached in the spring of 2018. - more
How Did China’s COVID-19 Shutdown Affect U.S. Supply Chains? - The
COVID-19 pandemic has had a significant impact on trade between the
United States and China so far. As workers became sick or were
quarantined, factories temporarily closed, disrupting international
supply chains. - more
How procurement leaders can bring metals and mining up to speed -
Procurement is critical to manage the fallout of the COVID-19 crisis.
Assertive and resourceful leaders can help mining companies address
immediate imperatives and prepare for a quick recovery. - more
Nickel closed Monday's trading
session at $5.60/lb ($12,345/tonne). Indicators at 6:15 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Monday and start the day just over the 233,300 tonne level. The nickel
chart is starting to resemble a mountain range, with the $12,500/tonne
level adding the current peaks. After retreating from that level,
nickel traders try again, without success. Traders appear to be
building up momentum for another attempt to push past that level, and
we will have to wait and see if they are successful. More evidence that
steel demand in China is increasing, which may allow producers the
opportunity to enforce price increases. American and Europe are still
early in their reopening cycle, so much of their news is based on
hopeful speculation, rather than actual numbers. Slow news day, but for
the last few months, besides covid, there hasn't been much else found.
Stay safe and have a great day!
Average price of LME traded cash nickel
so far this month
- $5.45/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai lead hits 2-month high on low stocks, but demand still weak - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
President says one person infected 533 with coronavirus at Ghana fish factory - more
Coronavirus: evidence of demand shock wave to China’s economy piles up, as South Korean exports collapse - more
New Chinese Covid-19 cases raise fears of fresh wave of infections as disease returns to Wuhan - more
Monday's market review - Copper prices hit 8-week high on
China demand hopes - Copper prices hit eight-week highs on Monday as
recovering economic activity in top consumer China after the
coronavirus lockdowns boosted expectations of stronger demand and the
country’s central bank signaled further stimulus. - more
Indonesia govt, parliament committee agree on mining law revision bill
- Indonesia’s government and a parliamentary committee overseeing
mineral resources on Monday agreed on revisions to the country’s mining
law which include changes to the rules on concession size and the
permit length. - more
China steel futures extend gains on firm demand, trade optimism -
Construction rebar and hot-rolled coil futures in China rose for the
seventh straight session on Tuesday, boosted by firm consumption
outlook even as data showed that the country reported a sharp drop in
factory gate prices last month. - more
Courtesy AISI - In the week ending on May 9, 2020, domestic raw steel
production was 1,204,000 net tons while the capability utilization rate
was 53.7 percent. Production was 1,880,000 net tons in the week ending
May 9, 2019 while the capability utilization then was 80.8 percent. The
current week production represents a 36.0 percent decrease from the
same period in the previous year. Production for the week ending May 9,
2020 is up 5.2 percent from the previous week ending May 2, 2020 when
production was 1,144,000 net tons and the rate of capability
utilization was 51.1 percent. - more
Nickel closed Thursday's trading
session at $5.58/lb ($12,313/tonne). Indicators at 6:20 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose by a
few lots on Thursday and started this week just over the 233,000 tonne
level. Nickel is down this morning, but it is anyone's guess why.
There is evidence that demand for stainless steel and nickel is up in
China, and markets in Europe are taking further steps to reopen. But
apparently there exists a fear the virus could rear its ugly head
again, and there is deep skepticism on the rate of recovery. There is a
lot of 'free' money floating around out there and based off our Federal
Express driver, at least in this area, some people are spending it on
crazy stuff. Others are waiting to spend in case they need it, and
others are spending it because they need the basics of life to survive.
Millions are getting an extra $600/week, on top of their normal weekly
unemployment check. That is equivalent to a $15/hour bonus to sit at
home - more money that is or will flow into the economy. And there is
pent up demand. It is no secret to the rest of the world that we
Americans like 'stuff' and no recession will stop some of us from
having our 'stuff'. It is the purchasing of this 'stuff' that keeps our
economy humming, so we need our residents to feel confident enough to
but more 'stuff'. This confidence has been seriously shaken and now we
see long lines of mostly newer vehicles, waiting for food handouts, so
families can eat. Oh well, let's get this party started and tackle what
awaits us this week. Stay safe and have a great week!
Average price of LME traded cash nickel
so far this month
- $5.43/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper hits 8-week high as countries ease restrictions - more
GDPNow model estimate for second quarter of 2020 is -34.9% on May 8 - more
Virus News and Numbers
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Coronavirus: South Korea reports new infection cluster linked to nightclubs - more
Amid the COVID-19 Outbreak, Consumers Temper Spending Outlook - more
US and China offer different takes on resumed trade talks - more
Coronavirus: a scientific inquiry could prevent a US-China war - more
China reported 14 new cases on Sunday - first double digit increase in 10 days.
Anyone notice that some of the same people that
demand a business owner has the right to refuse service when the
customer's request is contrary to their sense of morality, claim other
business owners do
not have the right to refuse service when they are unwilling to wear a
required mask.
Oh the simplest of 'sacrifices' some are asked to make.
Thursday's market review - Copper rallies on higher
imports and rebounding exports in China - Copper prices climbed for a
fourth straight session on Thursday as top consumer China reported a
rise in imports for the metal and an unexpected jump in overall
exports, signaling a rebound in the health of world’s second-largest
economy. - more
China stainless steel futures surge as domestic demand recovers -
Chinese stainless steel futures soared nearly 4.5% to a more than
nine-month high on Monday as domestic demand continues to recover from
coronavirus-related shutdowns. - more
Shanghai exchange to allow delivery of nickel briquettes amid EV push -
The Shanghai Futures Exchange (ShFE) said on Friday it would allow
delivery of nickel briquettes against its nickel futures contracts
later this year in response to rising demand for other forms of the
metal, notably for electric vehicles (EVs). - more
Merafe Resources - Shareholders are hereby
advised that the Glencore Merafe Chrome Venture
has recommenced operations at the Lion smelter and Eastern Chrome
mines. Furthermore, the Venture’s UG2 plants will commence operations
in a phased approach once platinum mines resume operations. - more here
CRU: Five Critical Uncertainties Facing the Steel Raw Materials Market
due to COVID-19 - The market impacts of COVID-19 are unknown in scale,
varied and staggered in time across the world. - more
China’s actions in Papua New Guinea provide an opening for Australia’s
‘step-up’ - Australia’s ‘step-up’ program in the South Pacific may
already be having an impact, at least in Papua New Guinea. - more
Fastener Distributor Index Hits New Record-Low in April - FCH Sourcing
Network's monthly Fastener Distributor Index (FDI) set a new record-low
during April amid worsening impacts from the COVID-19 pandemic, hitting
the lowest mark in the index's nine-year history. - more(there
was a time when one could gauge what was happening in US manufacturing,
by gaging fastener sales and box sales. Nearly all mfg's use
fasteners and need boxes to ship. This is why we post them.)
Fastenal's April Safety Sales Spiked 120% as Other Product Lines Fell - more
The London Metal Exchange is closed on Friday, May 8th, for their Early
May Bank Holiday. Our next daily update will be Monday, May 11th. Have
a safe and relaxing weekend!
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $5.58/lb ($12,300/tonne). Indicators at 6:20 am CST today show
nickel trading around $.01/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started the day just over the 233,000 tonne level. Nickel
is closing in on its peak from last week, but so far this morning, has
been fairly subdued and has yet to show any enthusiasm. Little more
news than yesterday, but still pretty quiet. The London Metal Exchange
is closed tomorrow so our next update will be on Monday. May you
continue to stay safe and enjoy a relaxing weekend.
Average price of LME traded cash nickel
so far this month
- $5.40/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - LME copper rises for 4th day as Chinese demand recovers, export rebounds - more
U.S. Imports of Stainless Steel Mill Products - more
Virus News and Numbers
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Coronavirus: White House plans to disband virus task force - more(this decision was reversed after a roar of disapproval)
EU Forecasts 'Recession of Historic Proportions' This Year - more
Calls for virus payback against China mount in Washington - more
The world should see its 4 millionth victim diagnosed with covid-19 on
Friday. 1.3 million of these victims will live in the United States. As
will 28% of the fatalities.
Wednesday's market review - Copper, zinc stride higher on
easing virus lockdowns, yuan move - Copper prices rose for a third day
on Wednesday and zinc hit a seven-week peak as investors welcomed more
easing of coronavirus lockdowns and a pause in China-U.S. tensions. - more
Indonesia Delays Bringing 500 Workers from China - The Indonesian
Ministry of Manpower postponed plans to bring in 500 foreign workers
from China to Konawe, Southeast Sulawesi. - more
China's stainless steel market may face 2nd rebound in May-Jun -
According to the market, the stainless steel market in China might face
the 2nd rebound in these two months, due to the domestic demand
rebounded strongly in April. - more
U.S. imports of Stainless steel wire decreased 25.19 percent from
$56.08 million to $41.95 million through the first three months of 2020
when compared to the same period the previous year, according to
WorldCity analysis of the latest U.S. Census Bureau data. - more
U.S. exports of Stainless steel wire
increased 1.68 percent from $34.43 million to $35.01 million through
the first three months of 2020 when compared to the same period the
previous year, according to WorldCity analysis of the latest U.S.
Census Bureau data. - more
U.S. imports of Nickel increased 12.73 percent
from $319.87 million to $360.58 million through the first three months
of 2020 when compared to the same period the previous year, according
to WorldCity analysis of the latest U.S. Census Bureau data. - more
U.S. exports of Nickel decreased 16.39 percent
from $72.65 million to $60.74 million through the first three months of
2020 when compared to the same period the previous year, according to
WorldCity analysis of the latest U.S. Census Bureau data. - more
Nickel closed yesterday's trading
session at $5.45/lb ($12,010/tonne). Indicators at 6:00 am CST today show
nickel trading around $.10/lb
higher. Stockpiles of nickel stored in LME licensed warehouses went
unchanged on Tuesday and remain just over the 233,300 tonne level.
Shanghai markets returned last evening and nickel fell from its
Thursday close. It's a very quiet news day for the stainless steel and
nickel industries, so far. A lot of uncertainty, and nervous optimism
out there. People are reopening business' with higher expenses, in many
cases, but shrunken sales. How long can business absorb new expenses
and operation restrictions on their business? How long will it take for
healthy sales to return? How long will it take for confidence to return
to the general public, so they will start spending money again? The
rhetoric between the US President and China is ramping up again - what
are the possible implications, tariff wise? And overhanging it all, how
many more will get sick and/or die from this invisible enemy? There
remain far more questions than answers these days, and that might
explain the lack of newsworthy events in our industries. Tomorrow's
update may be delayed slightly as it will be our final update for the
week, with the London Metal Exchange closed on Friday. Stay safe and
have a great hump day.
Average price of LME traded cash nickel
so far this month
- $5.36/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper at highest in nearly a week on easing virus restrictions - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Not
sure if anyone noticed, but the above projection site from the
University of Washington, was showing a projection of 67,641 COVID-19
deaths by August 4, 2020 last week for the U.S.. Since this projection
was exceeded last Sunday, the new projection for August 4th in the
United
States, now reads an estimated 134,475 deaths.
National Geographic article on Anthony Fauci - more
Trump Pushes Virus-From-China-Lab Theory That Divides U.S. Spies - more
Yesterday's market review - Lockdown easing lifts base
metals, but aluminum lags - Industrial metals prices rose on
Tuesday as some countries eased coronavirus lockdown measures and oil
prices jumped more than 10%, but aluminum lagged, with investors
worried that a collapse in demand will cause huge oversupply. - more
A brief history of China's metals stockpiling programmes: Andy Home -
When the going gets tough in industrial metal markets, the Chinese get
stockpiling. - more
COVID-19’s sudden bite could have lasting impact on US steel market - I
stepped on a snake the other day.It was near the woods at the back of
our property, while I was gathering logs cut from a fallen tree. - more
Nickel closed Monday's trading
session at $5.37/lb ($11,830/tonne). Indicators at 6:20 am CST today show
nickel trading around $.01/lb
higher. Stockpiles of nickel stored in LME licensed warehouses jumped
on Monday and started today just over the 233,300 tonne level. Euro is
trading lower and off last weeks highs, which is adding negative
pressure on base metals, which in response, are trading mostly higher
this morning. So the Euro means little so far. Nickel stockpiles jumped
by over 2600 tonnes overnight, their biggest single day jump recorded
since February. America is entering the Great Experiment Day Two, with
much of the country making attempts to return to work. Over 1300
Americans died yesterday, with another near 25,000 being diagnosed
positive for covid-19. The country's count stood at 1,212,835, and
69,921 fatalities. Already some of the politicians who have agreed to
reopen economies are taking steps to distance themselves from
responsibility, so even they are nervous their state is moving too
quickly. The country needs this experiment to work, so lets hope it pays off for everyone. Stay safe and have a great day.
Average price of LME traded cash nickel
so far this month
- $5.36/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Base metals rise as some countries ease coronavirus restrictions - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Trump says he will kill phase one trade deal if China US$200 billion spending promise falls short - more
The coronavirus pandemic makes it clear: Europe must decide between the US and China - more
Monday's market review - Copper sinks to two-week low as
demand concerns resurface - Copper prices fell to their lowest in more
than a week on Monday as worries resurfaced about shrinking demand in
top consumer China and elsewhere because of the coronavirus and as some
producers eased lockdown restrictions. - more
Stainless Steel Market Adapting to Coronavirus Restrictions - Stainless
steel service centres and distributors, in many parts of Europe,
reported relatively strong sales during the first three months of 2020.
- more
US lowers certain AD duties on corrosion-resistant plate imports from
Taiwan - It was reported that the US lowered the anti-dumping (AD)
duties on imported corrosion-resistant plates from Taiwan due to a
ministerial error in the final results. - more
Low carbon FeCr prices fall to record low - Low-carbon ferro-chrome
prices in Europe have sunk to their lowest since May 2008 amid intense
competition for sales between international suppliers and structural
changes to the market that began to emerge before the Covid-19
pandemic. - more
Copper demand could take years to recovery: Sucden - It could
take a number of years for copper demand to return to pre-coronavirus
pandemic levels, with only government stimulus packages acting as any
real demand support, according to brokerage Sucden. - more
Courtesy AISI - In the week ending on May 2, 2020, domestic raw steel
production was 1,144,000 net tons while the capability utilization rate
was 51.1 percent. Production was 1,889,000 net tons in the week ending
May 2, 2019 while the capability utilization then was 81.2 percent. The
current week production represents a 39.4 percent decrease from the
same period in the previous year. Production for the week ending May 2,
2020 is down 8.5 percent from the previous week ending April 25, 2020
when production was 1,250,000 net tons and the rate of capability
utilization was 55.8 percent. - more
Nickel closed
yesterday's trading
session at $5.41/lb
($11,935/tonne). Indicators at 6:20 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Friday and started this week just over the 230,600 tonne
level. Lot of negativity in world markets this morning, with red in
fashion this morning. Much of Europe returned from a three day break
and is expressing displeasure over the Trump administration's renewed
threats against China. This was blamed for Friday's drop in US markets,
and US futures point lower. Since April 29th, when we commented
"Nickel's trend
... has been bullish, and
at least for the short term, is likely to remain so.", the price of
nickel has been in retreat, falling back below the $12,000/tonne on
Friday. While we did say short term, we didn't imagine the short was
defining the rest of that day only. This morning, nickel continues to
trade below the $12,000/tonne level, with nickel looking for support at
$5.39/lb. This week of trading will be somewhat disrupted by the fact
Shanghai markets are closed until Wednesday, as Chinese officials
extend the Mayday festivities in an attempt to juice their economy and
give workers that spent much of the last few months in home
confinement, a chance to enjoy a few days off. And the London Metal
Exchange will be closed Friday for the annual Early May Bank holiday.
In virus news, the world saw its 3,500,000th victim this weekend, while
the United States will likely suffer its 70,000th fatality sometime
today. Much of the country is taking steps to reopen and in the areas
that are not, protests are becoming more common. Politicians are
gambling and in some cases, making health decisions based on who is
screaming the loudest. The Ohio governor, after requiring masks be worn
by customers in business', changed his mind after some complained it
was violating their freedom. He explained his change to a reporter by
noting "“Generally, Republicans are less inclined to have the
government tell them what to do. And that’s generally how I am." One
might look at the response and outcome in communist China, and wonder
if there are occasions when the government should tell the general
public what to do. At least one that isn't looking to polls or
stock markets for daily public approval. Whatever the future holds, we
live in challenging times. One can only hope that with 911, the Great
Recession of 2007-8, and now the pandemic of 2020, the next two decades
are a little more 'boring' than the 21st century has been so far.
It's the first week of May, and springtime north of the equator. Life
is back as flowers bloom and the landscape greens. One can not help but
feel the worst is behind us, and while that may be based more on a hope
and a prayer, than reality, we still can hope. A hope for a better
tomorrow is what gets us thru all hard times, and today is no
different. So we start this new month, with a hope that the news that
greets you each morning is, and continues to be, good news. May you
continue to stay safe, and have a great day.
Average price of
LME traded cash nickel
so far this month
- $5.38/lb
LME nickel chart
- here
/ Euro/US Dollar chart - here
Reports
Reuters metals
morning - London copper hits near 2-week low as some producers resume
work - more
Scotiabank Metals
Strategy: Metal Floors - Where are they? - pdf here
US: Manufacturing
meltdown (worse than 41.5?) - more
Virus News
and Numbers
Coronavirus
By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
China’s coronavirus blues clouds hopes for Labour Day holiday spending
spree - more
Top intel agency rules out 'manmade' theory of coronavirus origins - more
Calls for virus payback against China mount in Washington - more
Coronavirus most likely to be passed on in early stages of illness or
before symptoms appear, Taiwan study says - more
At the end of March, the United States had 205,438 diagnosed covid-19
cases. By the end of April, that number had risen to 1,111,510 cases.
4,528 had died by the end of March, 64,884 by the end of April.
Yesterday's market review - Industrial metals tumble on
Trump threats and dire data - Copper and other base metals prices fell
sharply on Friday as a threat by U.S. President Donald Trump to impose
new tariffs on China and bleak economic data added to pessimism over
the demand outlook. - more
CHART: Covid-19 disrupts $6.9 billion of global mining output -
Covid-19 has impacted the mining industry across the globe as
governments enforce lockdowns and quarantines and companies halt
operations because workers and contractors can’t get on-site due to
restrictions. - more
Worldwide Crude Stainless Steel Production to Fall by 10% in 2020 -
Worldwide crude stainless steel production, in 2019, reached an
all-time high total of more than 52.2 million tonnes. This represents
an increase of almost 3 percent, compared with the year earlier figure.
- more
Excess steel capacity an 'enormous' issue in coronavirus recovery: AISI
- With Chinese steel production and inventory data pointing to high
volumes amid the global coronavirus pandemic, it is going to continue
to put pressure on global steel markets, American Iron and Steel
Institute CEO Thomas Gibson said in an interview with S&P Global
Platts this week. - more
Interview: US
demand-side policy support key to steel's recovery: AISI CEO - more
Blog: COVID-19
and steelmaking raw materials - more
Economists Say Quick Rebound from Recession Unlikely - Devastated by
the coronavirus, the U.S. economy is sinking. And the plunge is
accelerating. - more
IRCG Index:
Distributor Sales Down 15% Last Week - more
Nickel closed
Thursday's trading
session at $5.56/lb
($12,255/tonne). Indicators at 7:30 am CST today show
nickel trading around $.13/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and start May just over the 230,700 tonne level. Nickel is
trading lower after reports that President Trump was considering new
tariffs on China, which came on the back of earnings warnings to
investors. We doubt if anything comes of the threat, but based on
history, the markets are sending a warning shot of disapproval. It's a
new month and we introduce a new sponsor. Thanks to RHS Stainless
Steel, our daily news updates remain free to visitors and we
invite you to visit their website and examine their services. For the
month of April, we saw nickel increase in price approximately
$1000/tonne and LME inventories grow by a little over 1300 tonnes. It
was a brutal month economic wise, with the covid-19 pandemic
affecting everyone, in one form or another. 30,000,000 American workers
have lost their jobs in the last 6 weeks, and while some states are
taking measures to reopen, it could be years before we see all these
people back to work. It's Friday and a new month. May your weekend be
relaxing and safe, and may the month of May be a d--n site better for
all of us.
Average price of
LME traded cash nickel
so far this month
- $5.33/lb (average for April)
LME nickel chart
- here / Euro/US Dollar
chart - here
Reports
Reuters metals
morning - Industrial metals tumble on Trump threats and dire data - more
Q & A w/BHP
CEO Mike Henry and shareholders - online here
Virus News
and Numbers
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Thursday's market review - Copper set for biggest monthly
gain since Dec 2017 on China recovery - Copper eased on Thursday as a
private sector survey showed factory activity in top consumer China
unexpectedly shrank, but held on course for its biggest monthly gain in
over two years as the world’s second largest economy rebooted. - more
Tsingshan and Eramet's Indonesia Weda Bay nickel project starts
production - Production began on Thursday at Indonesia Weda Bay
Industrial Park (IWIP), a nickel project by France’s Eramet and China’s
Tsingshan Holding Group. - more
Steel producers struggle to regain momentum - The European stainless
steel industry is resuming production but the future is said to be
uncertain as the continent is ravaged by the Covid-19 pandemic. - more
Glencore slashes spending and output guidance, says it can ride out
coronavirus - Glencore cut its 2020 capital expenditure and output
targets on Thursday to reflect the impact of the coronavirus on its
operations, saying the belt-tightening left it well placed to weather
the pandemic. - more
Russia's Nornickel draws on credit lines to build cash buffer - Russian
mining giant Norilsk Nickel has drawn on some of its credit lines to
build a cash position of $5 billion to protect it against market
volatility caused by the coronavirus outbreak and ahead of a $1.2
billion dividend payment. - more
Russia’s Richest
Man Gets To Work While
Confidence In President Putin Falls Flat - Russia’s richest man,
Vladimir Potanin, has announced a series of positive plans at metal and
mining giant Norilsk Nickel, as the response from Russia’s leading
business to the coronavirus pandemic takes shape. - more
(all
ton listings are metric tons = 2204.622 pounds ) Updated Monday thru
Thursday before 7 am CST, Friday version before 8 am CST - DisclaimerOriginal content
and opinions
copyright
www.estainlesssteel.com. All prices shown on
this page are indications only. Please note - for real time and
official LME
prices, LME requires a user subscribe to an authorized LME vendor.
Daily Nickel/Stainless Steel Briefing 
($12,250/tonne). Indicators at 7:30 am CST today show
nickel trading around $.02/lb 
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today just under the 233,300 tonne level. The
commodity board is rather quiet this morning, as traders await to see
what steps President Trump will take against China's decision on Hong
Kong. The President has announced a press conference for today where he
will announce his actions. As we close the month of May, we want to
take a
final opportunity to thank our May sponsor, RHS Stainless Steel. RHS is
a Pennsylvania distributor of stainless steel round, hex and square
bars, and thanks to their sponsorship of this site, we were able to
bring you daily news about the stainless steel and nickel industries.
Enjoy your weekend, stay safe, and we hope to see you next month.
Reports
Why Stainless Steel 
Thursday's market review - Aluminium hits two-month high
on China demand hopes - Aluminium prices touched two-month highs on
Thursday as hopes for stronger demand in top consumer China buoyed
sentiment, but an oversupplied global market and large surpluses are
expected to cap gains. - 
Sustainability may have large role in steel, metals recovery -
Improving the environment and cutting emissions may continue to be a
focus for metals and mining industries as economies recover from
COVID-19, with greater scrap metal use, new technologies and lower coal
usage likely to be the key trends. - 
Bid to overturn New Caledonia ore export permit fails - A legal
challenge to overturn the New Caledonian government's decision to allow
more nickel ore exports has failed. -
Indonesia high-speed rail, nickel among $97 bln priority projects -
Indonesia plans to extend a high-speed rail project being built with
China and bring in Japanese investors, as part of 89 priority projects
slated for Southeast Asia’s biggest economy over four years, a minister
said on Friday. - 
Centaurus quickly advancing Brazil nickel project - The company
acquired the Jaguar project, in Brazil's Carajas region, from Vale late
last year, though the transaction only closed last month. - 
Fed Report: Businesses Less Optimistic on Economy - The Fed's report
also pointed to sharp declines in US manufacturing, with output notably
weak in autos, aerospace and energy - 
Global EV Top 20 April 2020 - Registrations were down 30% YoY, to
some 110.000 units, while the YTD numbers are now down 12% regarding
the same period last year, with 571.000 registrations. - 
Other News
Coronavirus crisis leads to sales decline - The Hilti Group has
experienced a significant downturn in business after the first four
months of 2020 as result of the economic impact of the COVID-19
pandemic. - 
Q1 metal output drops amid mine closures - The country’s metal
production value fell 10.69% to P24.86 billion in the first quarter
from a year earlier as some mining operations were halted amid a
coronavirus pandemic, according to the Mines and Geosciences Bureau
(MGB). - 
April global steel output drops 13% on year hit by coronavirus pandemic
- Global crude steel production in April fell 13% year on year to
137.1 million metric tons across the 64 countries reporting to the
World Steel Association (worldsteel), as the coronavirus pandemic
continues to hit the sector. - 
Locals stage latest fight against PNG mine dumping waste into sea - A
coalition of more than 5,000 villagers and a provincial government in
Papua New Guinea has built a legal challenge against the world’s most
productive battery nickel plant. - 
The London Metal is closed on Monday, May 25th, for Spring Bank
Holiday, while US markets are closed for Memorial Day. Our next update
will be on Tuesday, May 26th. Stay safe and have an enjoyable weekend. 
China Moly's Congo copper-cobalt mine expects stable output this year -
China Molybdenum's 603993.SS Tenke Fungurume copper-cobalt mine in
Democratic Republic of Congo will maintain the same output this year as
2019 despite COVID-19 disruptions, Tenke Fungurume director Simon
Tuma-Waku said on Thursday. - 
China copper inventories drop by most since September 2019 - Copper
inventories in warehouses tracked by the Shanghai Futures Exchange
dropped at the fastest rate in nearly eight months, weekly exchange
data showed on Friday. - 
Material Matters: China, Iron Ore, Manganese, Dividends (and Nickel) -
(excerpt) Nickel Pig Iron (NPI) flows have seen a shift with increasing
production and exports from Indonesia, supported by a weak domestic
stainless-steel market and a ban on nickel ore exports. - 
Nickel Mines (ASX:NIC) taps investors for $231M to bolster nickel
project interest - Nickel pig iron producer Nickel Mines (NIC) is
raising $231 million to bump up its interest in two Indonesian nickel
mines - 
Larco mining industry on brink of collapse - The Larco General Mining
and Metallurgical Company is one step from closure, after entering
receivership status in March to be sold to a private investor or
declare bankruptcy. - 
The world's first online electric vehicle supply chain festival -
Tuesday 26 - Friday 29 May 2020 | Online - 
Save this information, especially if you are new to the stainless steel
industry (especially the video). Here is a common question - why is my
304 Stainless Steel magnetic?
Italy govt allows stainless steel industry to resume working on May 4 -
According to the market in Italy, the average prices of stainless steel
in Italy had increased this month, due to the strong nickel price. - 
US launches circumvention inquiry on Vietnamese stainless steel sheet,
strip - The US Department of Commerce on Tuesday self-initiated a
circumvention inquiry to determine if imports of stainless steel sheet
and strip from Vietnam are circumventing existing US anti dumping and
countervailing duties on these products from China. - 
Merafe Resources - Shareholders are hereby
advised that the Glencore Merafe Chrome Venture
has recommenced operations at the Lion smelter and Eastern Chrome
mines. Furthermore, the Venture’s UG2 plants will commence operations
in a phased approach once platinum mines resume operations. - 
The London Metal Exchange is closed on Friday, May 8th, for their Early
May Bank Holiday. Our next daily update will be Monday, May 11th. Have
a safe and relaxing weekend! 
US lowers certain AD duties on corrosion-resistant plate imports from
Taiwan - It was reported that the US lowered the anti-dumping (AD)
duties on imported corrosion-resistant plates from Taiwan due to a
ministerial error in the final results. - 
Copper demand could take years to recovery: Sucden - It could
take a number of years for copper demand to return to pre-coronavirus
pandemic levels, with only government stimulus packages acting as any
real demand support, according to brokerage Sucden. - 
Russia's Nornickel draws on credit lines to build cash buffer - Russian
mining giant Norilsk Nickel has drawn on some of its credit lines to
build a cash position of $5 billion to protect it against market
volatility caused by the coronavirus outbreak and ahead of a $1.2
billion dividend payment. - 
