This page is archived news covering the period of May 2021
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Stainless Steel News and Nickel Prices

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Friday, May 7

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $8.12/lb ($17,900/tonne). Indicators at 6:05 am CST today show nickel trading around $.07/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and ended that session just under the 260,000 tonne level. Showing some hesitation at the $18,000/tonne level, nickel is trading just north of that level this morning. Interesting article below titled "A Tale of Two Hemispheres". While it was a full week in the US. it was shorter by a day in much of the rest, and much shorter for the Chinese. We hope it was a good one for you and that your weekend proves better. Stay safe out there, Happy Mother's Day to those of you qualified, and have a great weekend!
  • Average price of LME traded cash nickel so far this month - $8.13/lb
  • LME nickel chart - here   /   Euro/US Dollar chart - here

  Reports

  • Reuters metals morning - Copper hits record high on industry and speculative buying - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • SMM Evening Comment - more
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.3874
  • SHFE Stainless Steel  Futures (yuan) -  15,200
  • Outokumpu interim report January – March 2021 - pdf here

Stainless steel 21st century metal   Why Stainless Steel

  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

     Thursday's market review - Aluminium extends rally as China-Australia spat deepens - Aluminum on Thursday approached levels not achieved since 2018, closing in on $2,500 a tonne as positive economic data and rising tensions between top producer China and major raw materials supplier Australia added momentum to the rally. - more

      US' stainless steel shortage expected to continue in short term - In the US, the imbalance between the supply and demand of stainless steel flat products caused by the epidemic will intensify in the coming months. In this market, severe shortages are unlikely to be resolved in the short term. - more

      ISRI2021: A tale of two hemispheres - Two stainless steel and nickel industry analysts who spoke at the ISRI2021 Nickel and Stainless Spotlight session described a stainless steel market with a very different production method in China versus most of the rest of the world. - more

      Full year 2020 data show gradual return to growth as EU COVID measures recede - EU28 apparent steel consumption fell (-11.1%) in 2020. It is set to rebound (+11.7%) in 2021. - more

  • Updated EU industrial policy strategy shows firm EU support for steel sector’s decarbonisation efforts in post-COVID era – Steel industry sees urgency for EU Steel Action Plan - more

      Hundreds of US manufacturing companies ask President Biden to terminate Section 232 steel & aluminum tariffs - A group of over 300 businesses manufacturing in the U.S. - from family-owned metalforming shops to nationally branded companies - sent a letter to President Joe Biden today requesting the immediate termination of the Section 232 steel and aluminum tariffs that were initiated three years ago under the Trump administration. - more

  • Fastenal Sees Narrow April Sales Growth as Fasteners Far Outperform Safety - more

   Other News

  • Reuters The Day Ahead - pdf here
  • China April exports rise 32.3% y/y, imports +43.1% y/y - more
  • Stocks Climb Before Jobs Data; Copper Hits Record: Markets Wrap - more

  Morning Stats and Prices

  • What time is it in....? - more
  • U.S. Steel Import Monitor - online here
  • SIMA Melt & Pour Dashboard - online here
  • US Economy At a Glance - more
  • US Fed NY Weekly Economic Index - more
  • Yesterday's LME official prices here 
  • Shanghai Jinchuan nickel price -  here 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here


Thursday, May 6

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $8.17/lb  ($18,013/tonne). Indicators at 6:00 am CST today show nickel trading around $.05/lb  lower. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today's session just over the 266,500 tonne level. Nickel fell as much as $500/tonne early this morning, but has bounced back. Canceled warrants for LME nickel have jumped over the past few days. After spending April in the 23-24% range, that number jumped to 27% yesterday and near 29% today. This means someone is reserving nickel, and it remains to be seen if this is a reflection of an increase in actual demand - or merely a way for the largest of the traders to make demand look higher than it actually is, with the nickel being quietly moved out of LME warehouses but not actually being used.  It's been done before and there is nothing illegal about it, so a question mark now resides over the cancelled warrant number. It's Thursday and we are on the downhill slide. Stay safe out there and have a great day!
  • Average price of LME traded cash nickel so far this month - $8.13/lb
  • LME nickel chart - here   /   Euro/US Dollar chart - here

  Reports

  • Reuters metals morning - Aluminium extends rally as China-Australia tensions add to supply fears - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • SMM Evening Comment - more
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.3881
  • SHFE Stainless Steel  Futures (yuan) -  15,475
  • Durable Goods Orders& Shipments - pdf here
  • Recycling Today May 2021 - online here

Stainless steel 21st century metal   Why Stainless Steel

  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

     Wednesday's market review - Copper hits 10-year high on hopes for demand - Copper hit a fresh 10-year high on Wednesday as some of the world’s largest economies showed signs recovery from the COVID-19 impact, boosting expectations of increased demand. - more

      Strong demand, savings help steelmaker Outokumpu beat forecasts -  Finnish stainless steel maker Outokumpu on Thursday posted stronger than expected first-quarter earnings, aided by cost-cuts, increased demand and lower raw material costs. - more

      AISI Releases April SIMA Imports Data - Based on the Commerce Department’s most recent Steel Import Monitoring and Analysis (SIMA) data, the American Iron and Steel Institute (AISI) reported today that steel import permit applications for the month of April totaled 2,452,000 net tons (NT)*. This was a 9.9% decrease from the 2,722,000 permit tons recorded in March and a 6.3% increase from the March final imports total of 2,308,000. - more

      Fastener Distributor Index Slows Considerably in April; Outlook Remains High - Sales eased from sky-high levels in March to still strong performance last month, while supply chain and freight concerns persist. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • US and China to assess Phase 1 deal soon: Biden trade chief - more
  • U.S. Futures Climb as Stocks Mixed; Dollar Slides: Markets Wrap - more

  Morning Stats and Prices

  • What time is it in....? - more
  • U.S. Steel Import Monitor - online here
  • SIMA Melt & Pour Dashboard - online here
  • US Economy At a Glance - more
  • US Fed NY Weekly Economic Index - more
  • Yesterday's LME official prices here 
  • Shanghai Jinchuan nickel price -  here 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here


Wednesday, May 5

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday's trading session at $8.00/lb  ($17,635/tonne). Indicators at 6:00 am CST today show nickel trading around $.16/lb  higher. Stockpiles of nickel stored in LME licensed warehouses have fallen the last few sessions and started today just over the 261,200 tonne level. Remember way back, eight working days ago, when nickel was trading at $16,000/tonne. This morning, it has already peaked at $18,000/tonne. You are welcome to make up whatever reason you like for this bullish turn. 2020 was forecast to be the year the world ran out of nickel, but so far nickel stockpiles have gained consistently. So either the bulls think they know something you don't, or they hope they know something you don't, or they are merely trying to take as much money from the late rally arrivals as they can. We will give them one thing. You can't turn on the news anymore without there being a story on something the world is short on - from semi conductors to cars to chickens to chlorine tablets. Nickel, of course, does not start with the letter "c" and thus, we are not running out of it, yet. It is however, increasing in price along with nearly everything else. More reports than news stories today. China returns to work tonight (tomorrow) and it will be interesting to see how quickly they can play catch up to this London rally. One thing that certainly comes with higher nickel prices - higher stainless steel prices. Have a safe and great hump day!
  • Average price of LME traded cash nickel so far this month - $8.10/lb
  • LME nickel chart - here   /   Euro/US Dollar chart - here

  Reports

  • Reuters metals morning -Copper hits 10-year high, eyes record levels on demand hopes - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • SMM Evening Comment - closed
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.3881
  • SHFE Stainless Steel  Futures (yuan) -  closed
  • Global Manufacturing PMIs - pdf here
  • March 2021 Trade Gap is $74.4 Billion - more
  • U.S. International Trade in Goods and Services - pdf here
  • Manufacturers' Shipments, Inventories, and Orders - pdf here
  • U.S. Imports for Consumption of Steel Products March 2021 - pdf here

Stainless steel 21st century metal   Why Stainless Steel

  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

     Tuesday's market review - Copper prices resume climb towards $10,000/t -  Copper prices climbed back towards $10,000 per tonne on Tuesday, supported by prospects for higher demand while inventories dwindle. - more

      China’s metal imports from Myanmar show mixed trends post the coup - Chinese trade data gave a mixed snapshot of neighbor Myanmar’s ability to keep up metal shipments in March amid unrest after February’s coup, with flows of nickel pig iron (NPI) dwindling to almost nothing but those of copper doubling month-on-month. - more

      South African market reels from steel shortages - South Africa has not been spared the global trend of steel shortages created by the coronavirus pandemic. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Tech Leads Rebound in U.S. Futures; Oil Advances: Markets Wrap - more

  Morning Stats and Prices

  • What time is it in....? - more
  • U.S. Steel Import Monitor - online here
  • SIMA Melt & Pour Dashboard - online here
  • US Economy At a Glance - more
  • US Fed NY Weekly Economic Index - more
  • Yesterday's LME official prices here 
  • Shanghai Jinchuan nickel price -  here 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here


Tuesday, May 4

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $8.01/lb ($17,665/tonne). Indicators at 6:05 am CST today show nickel trading around $.13/lb higher. LME stockpile numbers are delayed this morning and will be updated tomorrow. For the month of April they rose 1800 tonnes. The bull continues to run amongst all LME traded base metals, with nickel's +2% increase this morning, once again leading the pack. LME cash nickel averaged $20/tonne more in April than it did in March, and now you know why we used the term 'channel' so often. Technicals are flashing nickel is overbought, but continue to tip to the bullish side. Chinese markets remain closed until Thursday for Labour Day. Ton of news and reports below. We asked last Thursday what ever happened to all the dire forecasts of peak nickel. On Friday, Andy Home of Reuters asked a similar question and his article can be found below. We want to welcome back Duraloy Technologies as our May banner sponsor. It is thanks to Duraloy, and our side banner sponsor, ELG Metals, that this page is updated daily and kept current. Please visit their web sites and see if they offer a service you might benefit from. It's Tuesday, and the fourth day of the fifth month of 2021. Stay safe out there and have a great day!
  • Average price of LME traded cash nickel so far this month - 
  • LME nickel chart - here   /   Euro/US Dollar chart - here

  Reports

  • Reuters metals morning - Copper prices resume climb towards $10,000 - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • SMM Evening Comment - closed for holiday
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.3924
  • SHFE Stainless Steel  Futures (yuan) -  closed for holiday
  • Global Manufacturing PMIs - pdf here
  • US Industrial Production - pdf here
  • Personal Income and Outlays - more
  • University of Michigan: Consumer Sentiment - more
  • Poseidon Nickel Presentation - pdf here
  • St George Mining Ltd Presentation - pdf here
  • Vale Presentation - pdf here
  • Effect on Machining On Stainless Steel - pdf here
  • Nickel: The Critical Metal That Will Drive the Electric Vehicle Revolution - pdf here
  • How to troubleshoot holemaking in stainless steel - more
  • Worldwide Manufacturing PMI - more
  • The PUC Report - pdf here

Stainless steel 21st century metal   Why Stainless Steel

  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here

     Friday's market review - Copper deflates below $10,000 ahead of holiday in China - Copper drifted lower on Friday, hovering below the $10,000 level it briefly broke through a day earlier as the dollar strengthened and some speculators locked in profits. - more

      Indonesia, the puzzle of nickel's competing narratives: Andy Home - The global nickel market recorded a supply-demand surplus of 108,000 tonnes last year and is on track to record another 45,000-tonne surplus this year, the International Nickel Study Group (INSG) found. - more

      Industry worries about prospects of stainless steel exports after China adjusts tax rebate - Recently, China canceled the export tax rebate on steel products, covering almost all of the stainless steel products. The industry has expressed concerns about China's stainless steel exports in the future. - more

     Indonesia's Antam Q1 nickel ore output up more than four-fold y/y - Indonesian state miner Aneka Tambang (Antam) said on Monday its nickel ore output rose more than four-fold in the first three months of 2021 compared to the same period a year ago. - more

      EU imposes provisional AD duties on stainless steel cold-rolled flat products from India & Indonesia - The European Commission announced on April 30 that a provisional anti-dumping (AD) duty will be imposed on stainless steel cold-rolled flat products originating in India and Indonesia, which will be implemented after the full announcement in the official gazette. - more

      High steel prices not eroding demand across industry - yet - Steel prices just keep moving higher and higher. At some point, prices will get too high, and fabricators and manufacturers will stop buying. Demand will stall. Or so goes the conventional wisdom. But it hasn’t happened yet, and it may not this year. - more

      The rise and fall of metals tycoon Sanjeev Gupta - British industrialist of the Liberty House group, Sanjeev Gupta’s companies seemed to be prospering until his main lender, Greensill Capital, imploded last month. - more

  • KPMG to oversee companies caught up in alleged nickel fraud - more

      Supply Chain Issues Slow April US Manufacturing Growth - Growth in U.S. manufacturing slowed slightly in April partly due to a snarled global supply chain after hitting a 37-year high in March. - more

  • Single Screw Causes $2.2M in Damage - more
      Courtesy AISI - In the week ending on May 1, 2021, domestic raw steel production was 1,788,000 net tons while the capability utilization rate was 78.7 percent. Production was 1,238,000 net tons in the week ending May 1, 2020 while the capability utilization then was 55.2 percent. The current week production represents a 44.4 percent increase from the same period in the previous year. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • U.S. Futures Slip as Tech Weighs; Dollar Jumps: Markets Wrap - more

  Morning Stats and Prices

  • What time is it in....? - more
  • U.S. Steel Import Monitor - online here
  • SIMA Melt & Pour Dashboard - online here
  • US Economy At a Glance - more
  • US Fed NY Weekly Economic Index - more
  • Yesterday's LME official prices here 
  • Shanghai Jinchuan nickel price -  here 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here



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(all ton listings are metric tons = 2204.622 pounds ) Updated Monday thru Thursday before 7 am CST, Friday version before 8 am CST - Disclaimer Original 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.




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