This page is archived news covering the period of May 2022
If you are looking for current daily market news, please visit here.


Stainless Steel News and Nickel Prices



Please visit our 2022 news page sponsor - P A Inc is keeping this daily news site free for visitors










Tuesday, May 31

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $12.80/lb ($28,220/tonne) and Monday's session at $13.28/lb ($29,275/tonne). Indicators at 6:00 am CST today show nickel trading around $.28/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell  on Friday and Monday and start the week at a new 2022 low of just over the 71,700  tonne level. While we show nickel is trading lower this morning, it remains above where it closed last Friday when most Americans began their Memorial Day holiday.  Nickel jumped sharply yesterday, and while Reuters is quoting some traders as blaming a lack of liquidity, we tend to think it might have been LME traders playing follow the leader. For the last week, Shanghai Metal traders have not shadowed LME traders as they typically do, but on Monday morning, they decided to catch back up and nickel there rose sharply. LME traders, noting a sudden jump in China pricing, and already in a bullish mood, saw nickel spike higher when it opened Monday and for a time, traded over the $30,000 tonne level for the first time since the early part of the month. For the month nickel traded in a $26,000 to $31,000 tonne range. Volatility remains a near constant, with incredible daily moves recorded. It's the last day of the month and the end of the second month of the second quarter. Stay safe out there and have a great Tuesday!
  • Average price of LME traded cash nickel so far this month - $12.66/lb

  Reports

  • Reuters metals morning - Copper nears four-week peak on China lockdown easing - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5598
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Weekly Pricing Pulse: Commodity prices rebound - more
  • China Steel Production - graph here
  • US Economic Indicators: Industrial Production - pdf here
  • United States Imports For Consumption Of Stainless Steel Products - graph here
  • World Steel Recycling in Figures 2017 - 2021 - pdf here
  • Personal Income and Outlays, April 2022 - more
  • University of Michigan: Consumer Sentiment - graph here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Monday's market review - Low inventories fuel zinc's climb to three-week high - Zinc prices rose to their highest in more than three weeks on Monday, boosted by stronger demand expectations as COVID lockdowns ease in top consumer China, low inventories and a sliding dollar. - more

     China weakness dragging down entire base metals complex - Fitch - Analysts at Fitch expect slowing Chinese economic growth to weigh on prices of industrial metals in the near term before anticipating some revival in this year's H2, Mining.com reported on Friday. - more
  • Ferrochrome Transactions were Modest and the Prices Remain Stable - more
    Wood Mackenzie: Alloy & stainless steel demand to surge on energy transition - Wood Mackenzie recently predicted in a report that due to the increased demand for batteries and energy storage equipment after the transition to green energy, the demand for alloys in the industrial sector will surge. - more

     Chinese steel enterprises’ profits down 55.7 percent in Jan-Apr - In the January-April period this year, of the 41 industrial sectors in China, 19 witnessed year-on-year increases in gross profit, while 20 saw decreases in gross profit, one saw a profit after its previous loss, and one saw a stable gross profit, as announced by China's National Bureau of Statistics (NBS). - more
  • SunSirs: Stainless Steel Edged Lower This Week (May 23-27) - more
     630 Steelworkers Are on Strike At Glencore’s Raglan Mine - The 630 unionized workers at the Glencore-owned Raglan Mine in Nunavik, members of the Syndicat des Métallos/United Steelworkers union, went on strike late Friday night, May 27.  - more

     Bhopal: No relief to MSMEs as prices of raw materials skyrocket - The Micro, Small and Medium Enterprises in Madhya Pradesh are facing shortage of raw materials owing to global inflation. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Rice, rice, maybe: India has already restricted exports of wheat and sugar, and analysts worry the staple food could be next - more
  • ‘Ripple effect’: How Shanghai’s lockdown is dampening Port of Oakland volumes - more
  • When will Shanghai come out of lockdown? - more
  • Subaru Warns There Are Only 5,000 New Vehicles Left For U.S. Customers - more
  • Op-Ed: Russian Blockade Could Starve Millions, But is it a War Crime? - more
  • Analysis: How the Ukraine conflict is reshaping global oil markets - more
  • Charting the global economy: Export limits worsen food security - more
  • Worry About Stagflation, a Flashback to '70s, Begins to Grow - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Friday, May 27

     We will not be posting on Monday for Memorial Day, as our country takes a moment to remember its fallen veterans. Our next update will be posted on Tuesday, May 31st.

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $12.25/lb ($27,010/tonne). Indicators at 7:00 am CST today show nickel trading around $.34/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today just over the 72,200 tonne level. The roller coaster ride is not over yet, and while nickel is way up this morning, it was trading over the $29,000 tonne level earlier in the morning, so we are in a freefall at the moment. On the cover, this would appear to be little more than the longs forcing the shorts to cover earlier bets.  The Euro's slow recovery is helping the bulls, but it has a long road of recovery yet to travel to get back to where it was before the Russian invasion of Ukraine. The ISSF, which is now the WSF, but apparently forgot to tell their media department, is expecting stainless steel use to rise 3.6% this year. SMM is not real encouraging in their short term forecast for the Chinese stainless steel market. And now Monkeypox is spreading, with the U.S. now confirming 9 cases, and nations around the globe confirming cases. CDC Director Rochelle Walensky reportedly said that all of the U.S. cases "are within gay, bisexual men and other men who have sex with men.". Read that again, then ask yourself, who are the "other" men who don't fall into the first two categories. Aliens? Centaurs? Priests? Inquirying minds want - scratch that - don't want to know. Hey it's the start of a long weekend in their U.S. and for many, the unofficial start to summer. So have a great weekend, enjoy yourself, and let's stay safe out there.
  • Average price of LME traded cash nickel so far this month - $12.61/lb

  Reports

  • Reuters metals morning - Copper breaks three days of losses on China hopes, weak dollar - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5580
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Productivity By State – 2021 - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Thursday's market review - Copper falls again as China struggles to lift COVID-hit economy - Copper prices slumped on Thursday for a third consecutive session on persistent worries about COVID-19 lockdowns hitting economic growth in top metals consumer China and the impact of global inflation. - more

     SMM Outlook for the Stainless Steel Market -  The pandemic situation suppresses the stainless steel terminals demand. From April to May, steel mills have taken measures to reduce production to different degrees, and the downstream companies still purchase on their rigid demand. - more
  • China crude steel production drops 5.2% on April, 2021 to 92.8Mt - more
  • China’s iron and steel industry steadily marches toward medium-high end of global value chain - more
    Global stainless steel use expected to rise 3.6% in 2022, 3.2% in 2023 - Global stainless consumption is expected to increase by 3.6 percent in 2022 and by 3.2 percent in 2023, both year on year, according to the report released by the International Stainless Steel Forum (ISSF). - more

    Yieh Hsing & Walsin Lihwa’s profits benefit from high export volume & prices of stainless steel wire rod - Taiwan’s stainless steel wire rod price hit a record high over the past ten years in April due to the increasing nickel prices. - more

    Tesla team visited nickel plants in Indonesia, negotiations still ongoing - Indonesia’s Minister for maritime and investment affairs, Luhut Pandjaitan, tempered claims that Tesla agreed to build a factory in the country. - more

    Energy giant Glencore pleads guilty to bribing NNPC officials $52 million; agrees to pay $1.1 billion fine to U.S. Govt - The Swiss commodities multinational also admitted sharp practices to gain business advantage in Cameroon, Equatorial Guinea, Côte d’Ivoire, among other countries. - more

   Tesla battery researchers reveal a battery that lasts five times more - According to the research paper published, it could last a 100 years - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Economy Shrank by 1.5% in Q1 but Consumers Kept Spending - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Thursday, May 26

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $12.08/lb ($26,640/tonne). Indicators at 6:00 am CST today show nickel trading around $.09/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and ended that session near the 72,300 tonne level. You could be forgiven if you have felt a little sea sick this week, watching  the up and down of nickel trading the past week.  The bulls have apparently decided that they will not allow nickel to fall below the $26,000.tonne level.  In the past week, nickel has fallen within $200/tonne of this level three times,. only to see the market bounce, a few times dramatically. This morning saw this most recent bounce appear to 'potentially' end, peaking near the $27,250/tonne level. The Twin Metals proposed mine in Minnesota is being debated in a U.S. House subcommittee this week, and as has become normal in the country's capitol, free thinking congressman have fallen into line with whatever their party has told them to think, and the panel is divided along party lines. Congressmen and women who cross the line these days are called Traitors or worse - in our opinion they are doing what they were elected to do - represent their people, not their party. This applies to elected officials on both sides of the ever widening aisle. Stay safe out there and have a great day!
  • Average price of LME traded cash nickel so far this month - $12.62/lb

  Reports

  • Reuters metals morning - Copper extends losses on fears of a global recession - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5577
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Cleveland Cliffs Investor Presentation - pdf here
  • World Stainless Consumption Changes - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Wednesday's market review - Growth worries push copper prices lower - Prices of copper and most other industrial metals fell on Wednesday on concerns that slowing global growth and COVID-19 lockdowns in top consumer China would depress demand. - more

     Commodities in 'Perfect Storm' Says ERG, as Crisis Starts Super Cycle - Years of under-investment in mining of metals essential to energy transition, supply shocks and high energy prices will continue to drive commodity prices higher, Eurasian Resources Group (ERG) Chief Executive Benedikt Sobotka said on Wednesday. - more

     Indonesia considers export tax on low content nickel products - minister -  Indonesia is considering imposing an export tax on low content nickel products to encourage downstream investments, the country's investment minister said on Wednesday in an online press conference. - more

  • Indonesia's exports of nickel products plunge by 37% in Apr - more

     Australian owner of major Ring of Fire deposits brings big promises, controversial reputation - The Australian owner of the company that now holds the largest mining stake in the Ring of Fire in northwestern Ontario has a controversial reputation stemming from business dealings with Indigenous people in his homeland. - more

     Proposal to ban mining near Minnesota’s Boundary Waters sets off battle in Congress - A U.S. House panel broke along party lines Tuesday as its members debated mining near the most popular wilderness area in the country, following President Joe Biden’s decision earlier this year to block federal approval of a new mine. - more

   Other News

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Wednesday, May 25

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday's trading session at $12.02/lb  ($26,500/tonne). Indicators at 6:00 am CST today show nickel trading around $.08/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today's session at the 72,600 tonne level. World Steel Association reports that crude steel production for April was 5.1 lower than the same month last year. Indonesia is reportedly banning all nickel exports below 60% content. And nickel is trading about where it was last Wednesday, with last Thursday's bullish bounce, all but fizzed out. Stay safe out there and enjoy your hump day!!
  • Average price of LME traded cash nickel so far this month - $12.65/lb

  Reports

  • Reuters metals morning - Industrial metals fall as global growth concerns weigh - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5692
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • U.S. Imports for Consumption of Steel Products April 2022 - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Tuesday's market review - Copper falls as investors fear global economic slowdown - Copper prices fell on Tuesday, pressured by fears of slowing global economic growth that also pulled down equities, though a weakening dollar helped to limit losses. - more

       April 2022 crude steel production - World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 162.7 million tonnes (Mt) in April 2022, a 5.1% decrease compared to April 2021. - more

     BIR: European Commission's decision on scrap metal will be the most tragic event in the last 40 years - Export controls currently being proposed by the EU would mean less waste and less accessible technology in the region, according to BIR's International Recycling Bureau. - more

     Stainless steel nickel intake to exceed 2 million mt in 2022: Nornickel - The world’s stainless steel production, forecast at 60 million mt in 2022, will require 2.14 million mt of primary nickel, excluding scrap, Nornickel told S&P Global Commodity Insights May 24. - more

     New duty regime in India - The Indian government has waived import duties on some key steel-making raw materials like coal and imposed the export duties on iron ore and steel products. - more
  • Domestic steel industry hit by moving train: ICRA on govt's duty-related measures - more
    ISM World 2022: No Recession Red Lights in Semiannual Forecast - Those who survey the U.S. economic landscape have been on the lookout for a blinking recession red light, but there’s no consensus on when — or if — that “on” switch will be flipped. - more

     Supply Chain Managers Are Quitting in Unprecedented Numbers - Supply chain managers quit their jobs last year at the highest rate since at least 2016 due to a mix of burnout and a desire for fatter paychecks. - more

  • Port of Long Beach and Amazon to Collaborate on New Real-Time Cargo Tracking Platform - more

   Other News

  • Reuters The Day Ahead - pdf here
  • India to limit sugar exports in further risk to global food prices - more
  • Russian financial system increasingly backed by commodity collateral as default looms - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Tuesday, May 24

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Monday's trading session at $12.56/lb ($27,700/tonne). Indicators at 6:00 am CST today show nickel trading around $.59/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Monday and start the day just over the 72,100 tonne level. Norilsk is sticking with its earlier forecast of a 40,000 tonne surplus for nickel worldwide this year. With LME stockpile numbers down around 30,000 tonnes year to date, they are obviously planning on a huge increase in supply for the latter half of 2022. Tsingshan is planning on the same thing, based on their huge shorts in the market. US stainless surcharge numbers are out, and as expected, lower. But not back to April numbers yet. And, the ISSF is becoming the WSA. It's Tuesday and the U.S. is averaging 50,000 new Covid cases a day. Hospitalizations are also on the rise. SO stay safe and have a great day!
  • Average price of LME traded cash nickel so far this month - $12.70/lb

  Reports

  • Reuters metals morning - Copper falls as investors fear global economic slowdown - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5684
  • 304 SS Scrap Prices Local (updated bi-weekly) - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Monday's market review - Falling inventories and weaker dollar lift copper - Copper prices climbed to their highest in more than two weeks on Monday, buoyed by declining inventories and a weaker dollar, though gains were capped by the damage to demand from coronavirus lockdowns in top consumer China. - more

     Nornickel expects nickel market surplus of 40,000 tonnes in 2022, rising to 100,000 tonnes in 2023 - Nornickel expects a nickel market surplus of around 40,000 tonnes in 2022, the Russian metals giant said in a market review it drafted in conjunction with ICBC Standard Bank. - more

  • Nornickel says no material impact on palladium, nickel sales via sanctions - more
     Steel Association writes to Sitharaman, seeks withdrawal of export duty - The Indian Steel Association (ISA) representing major companies has written to Finance Minister Nirmala Sitharaman, seeking withdrawal of export duty on iron and steel intermediates. - more

     Meet the world stainless association - After 26 years, the International Stainless Steel Forum (ISSF) will become the world stainless association. - more

     Dneprospetsstal restarted stainless steel production in Zaporozhye - Dneprospetsstal is gradually launching production, and stable volumes of stainless steel supplies to Ukrainian consumers are expected in the near future. - more

     Fitch Revises Nickel Mines Outlook to Negative, Affirms Rating at 'B+' - (excerpt) The Outlook revision is due to increasing liquidity risks from contagion related to the problems faced by NIC's sole off-taker, Tsingshan Holding Group Co., which made a loss on its short nickel position in early March 2022. - more

     US and China vying to mint billions by mining moon’s minerals - “There’s going to be a new world order out there, and we’ve got to lead it,” US President Joe Biden said after Russia’s war in Ukraine upended global geopolitics. - more

     Courtesy AISI - In the week ending on May 21, 2022, domestic raw steel production was 1,789,000 net tons while the capability utilization rate was 82.0 percent. Production was 1,834,000 net tons in the week ending May 21, 2021 while the capability utilization then was 81.0 percent. - more

     In-depth: Inside Europe’s hunt for more sustainable batteries - Amid supply and sustainability concerns for key raw materials for batteries, industry figures have warned that Europe could be sleeping on greener and cheaper alternative chemistries. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • How to stop margin calls from blowing up markets - more
  • Economy faces ‘confluence of calamities’ in biggest test since World War II - more
  • G20 members’ views on Russia diverge, making expulsion unlikely - more
  • Russia’s War in Ukraine, China’s COVID-19 Lockdowns ‘Darken’ Outlook for Global Economy, WTO Says - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Monday, May 23

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $12.73/lb ($28,070/tonne). Indicators at 6:00 am CST today show nickel trading around $.78/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose by a few lots on Friday and started the last full week of May, just over the 71,900 tonne level. The bears are back in charge this morning, with nickel down over $,/tonne at the moment and around $300/tonne from the level it initially bounced from last week. We tend to wonder how much of this is due to a sudden lack of confidence in the London Metal Exchange, and less on the slowdown warnings. Small traders always get burned playing with the big boys and no one really seems to worry about their losses. But when the big boys get burned, or the rules are changed on them in mid inning, some of them may have decided they aren't interested in playing the game anymore. Or at least until the rule writers decide on new rules. Markets come with risk and reward and the bulls appear to be furious that market trading was halted, and their profits negated, to apparently save a big bear. They have a case of complaint in our opinion, and users of nickel paid stupid prices for nickel for a month, instead of a few days. It's a new week. Stay safe out there and have a great week!
  • Average price of LME traded cash nickel so far this month - $12.74/lb

  Reports

  • Reuters metals morning - Falling inventories and weaker dollar lift copper - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5662
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Weekly Pricing Pulse: Commodity sell-off accelerates - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Friday's market review - Copper edges up on China mortgage rate cut and lockdown easing - Copper extended its recovery on Friday on optimism about a revival in demand in top metals consumer China, as a mortgage rate cut and progress in easing COVID lockdowns lifted sentiment. - more

     INSG: Global nickel demand to grow by 8.6% in 2022, driven by resumed stainless steel production & battery demand - According to the International Nickel Study Group (INSG), global nickel demand was expected to continue growing in 2022, up by 8.6% year on year to more than 3 million tons for the first time, driven by the resumed stainless steel production and the strong demand for electric vehicle batteries. - more

     SunSirs: Stainless Steel Edged Lower This Week (May 16-20) - According to the price monitoring of SunSirs, stainless steel fell slightly this week. As of May 20, the daily average price of spot 304/2B stainless steel flat 1.0*1219*2438 (tolerance 0.91) was 17,823.33 RMB/ton, compared with the price of 18,713.33 RMB/ton at the beginning of the week, fell 1.93% and it was up 15.8% year-on-year. - more

      Nifty Metal bleeds 7% after govt hikes export duty on steel products - Shares of steel companies were reeling under pressure, falling up to 14 per cent on the BSE in Monday’s trade, after the government levied export duty on 11 iron and steel intermediates and key steel products. - more
  • Govt waives import duty on some raw materials for steel industry, export duty on iron ore hiked up to 50% - more
     European steel prices falter as demand eases - The rapid escalation of European steel prices, caused by Russia’s invasion of Ukraine, faltered during late April and early May.  - more

     Assessment on the allegations toward our supplier in Guatemala has been completed – purchasing remains suspended - Assessment on the allegations toward our supplier in Guatemala has been completed – purchasing remains suspended  - more
  • Regarding the results of the assessment by Solway’s buyer Outokumpu - more

   Tesla agrees to build battery and EV factory in Indonesia, official says - Tesla has reportedly agreed to build a battery and electric vehicle factory in Indonesia, according to the country’s head of investments. - more

  • What Might Tesla's Nickel-Mining Deals Suggest About Future Strategy? - more

   Other News

  • Reuters The Day Ahead - pdf here
  • China spent over $6 billion on Russian energy imports in April - more
  • US drivers hit the road - miles driven surpasses pre-pandemic levels - more
  • Container Shipping Earned ‘Mind-Bending’ $59.3 Billion Quarterly Profit -McCown - more
  • China Quietly Ramping Up Purchases of Cheap Russian Oil - more
  • Metals and mining firms face diverse impact from energy transition – Fitch - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Friday, May 20

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $12.92/lb   ($28,490/tonne). Indicators at 7:00 am CST today show nickel trading around $.29/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today's session just under the 71,900 tonne level. We said yesterday, that although the market was lower, reflected in yesterday's official prices, the bulls appeared to be making a stand. And what a stand it turned out to be. Nickel was way up at closing, although it appears much of the rise can be credited to over zealous short sellers, merely buying nickel to cover their bets. Now that the short selling is over, nickel dropped early today, and at least for the moment, appears to have lost any bullish momentum it had.  LME stockpile numbers are at their lowest this year, with cancelled warrants still running in the 13% range. Will be interesting to see if Shanghai reopening helps demand for LME nickel as much as it is for Shanghai Futures Exchange physical nickel inventory, down approximately 15% this week. Stainless demand, at least from distributors, is drying up, as no one wants to put stainless steel in inventory that will loose part of its value before it is even delivered. Worldwide, things remain murky, with the 'what-if' worriers being allowed to run the show. Stay safe out there and have a relaxing weekend!
  • Average price of LME traded cash nickel so far this month - $12.74/lb

  Reports

  • Reuters metals morning - Copper perks up on Chinese mortgage rate cut, easing of lockdown - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5662
  • 304 SS Scrap Prices Local (updated bi-weekly) - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Thursday's market review - Copper bounces on hopes of China lifting COVID controls - Copper prices rebounded on Thursday as the prospect of lockdowns being lifted in top metals consumer China buoyed sentiment despite worries about weaker global growth. - more

     European stainless market reaches deadlock - The wind has changed in the European stainless flat steel market as prices are declining due to extremely sluggish demand, Kallanish hears from market sources. - more

     Taiwan imports big proportion of 300 series stainless steel HRC from Indonesia in Jan-Apr - According to statistics, Taiwan’s 300 series stainless steel hot-rolled coil imports amounted to around 181,400 tons in the first four months of this year, dropping by 25.6% compared to the same period a year ago. - more

     Analysis of Iron Ore Market under Output Reduction of Crude Steel - The National Development and Reform Commission said on April 19 that they will continue to carry out the nationwide production reduction of crude steel so as to guide steel enterprises to abandon the extensive development method of winning by quantity, and promote the high-quality development of the steel industry. - more

     Steel prices are back on a downward trend - I wrote last month that steel prices had stalled and that a bevy of indicators were suggesting that a fall might be around the corner. - more

     Ferro-nickel World Statistics - the free information contained on this page is interesting - more

   Other News

  • Reuters The Day Ahead - pdf here
  • McDonald's era in Russia coming to a close, restaurants sold - more
  • Amazon May Be Proof That Delivery Drones Aren’t Practical - more
  • Indonesia to lift ban on palm oil exports from May 23, trade reactions vary - more
  • Europe’s largest EV battery recycling plant begins operations - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Thursday, May 19

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $11.87/lb ($26,160/tonne). Indicators at 6:00 am CST today show nickel trading around $.02/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell sharply yesterday, and ended that session just over the 72,200 tonne level. Today's LME inventory reading is its lowest this year. After closing in the $27,000/tonne range for three consecutive days, nickel has closed the last three days in the $26,000/tonne range, consistently falling. The bulls have shown up this morning, and while still lower, they appear to be trying to keep the market in the latter range for a fourth day. Uncertainty is the word for the day, week, and month. Lots of economic variables out there, many of which are being controlled by forces out of anyone's control. There is the invasion of Ukraine by Russia, and the return of covid in zero tolerance China, either of which are uncontrollable. Recession talk is getting louder and no one likes to forecast what that might bring. Cheery huh? Stay safe out there and enjoy your Thursday!
  • Average price of LME traded cash nickel so far this month - $12.81/lb

  Reports

  • Reuters metals morning - Copper lifted by hopes over China lifting COVID controls - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5658
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • US Economic Indicators: Manufacturing Production & Capacity by Major Industries - pdf here
  • US Economic Indicators: Industrial Production - pdf here
  • State Job Openings and Labor Turnover - pdf here
  • Global Supply Chain Pressure Index: May 2022 Update - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Wednesday's market review - Copper prices fall on U.S. Fed pledge for high rates - Copper prices retreated on Wednesday under pressure from a stronger dollar after the Federal Reserve reaffirmed its hawkish outlook. - more

     Column: Nickel demand boomed in 2021; this year it will be supply - Global nickel usage surged by an extraordinary 16.2% last year on the back of booming demand from both the dominant stainless steel and fast-growing battery end-use sectors. - more

     January to March 2022 Metals Balances - (excerpt) The nickel market was in deficit during January to March 2022 with apparent demand exceeding production by 46.1 kt. In the whole of 2021, the calculated deficit was 146.9 kt.  - more

     EU launches AD investigation on China’s stainless steel refillable kegs - On May 13, 2022, the European Commission gave a notice that it has initiated an anti-dumping (AD) investigation on stainless steel refillable kegs originating in China, following a request submitted by the European Kegs Committee on March 31, 2022. - more

     China CNGR expands nickel investments in Indonesia to meet EV demand - China’s CNGR Advanced Material Co Ltd will invest in three new projects in Indonesia to produce nickel matte, aiming to increase annual capacity by 120,000 tonnes to meet increasing demand for the product used in making electric car batteries. - more

     With nickel in great demand, Nornickel expands Kola mine - World’s leading nickel producer Nornickel intends to dig 300 meters deeper into the far northern Severny Globoky mine, the company informs. - more

     Service Centers Spending Big - Record profits and robust demand from customers have service centers keeping equipment makers extremely busy in the early days of 2022. - more

     High uncertainty slashes growth prospects for 2022, risk of new recession looms - The positive trend in steel demand and apparent steel consumption observed in the first three quarters of 2021 persisted in the fourth quarter, although at a slower pace. - more

     Production of Stainless Steel Utensils (in small India manufacturer) - video here

   Other News

  • Reuters The Day Ahead - pdf here
  • Minister Confirms Indonesia Will Stop Exporting Tin, Bauxite This Year - more
  • Italy’s crude steel output rebounds in April - more
  • Regime shift: Is higher inflation here to stay? - more
  • China’s metal exports storm higher to fill gap left by war - more
  • Australia’s top 10 most polluted postcodes named - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Wednesday, May 18

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday's trading session at $11.98/lb ($26,420/tonne). Indicators at 5:45 am CST today show nickel trading around $.06/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose slightly on Tuesday and started today's session just over the 73,000 tonne level. Nickel continues to slip, as traders apparently try to determine an unmanipulated, if that is possible, true cost to nickel during a period of economic uncertainty. While down stream users of nickel will be pleased with the bearish turn in pricing, Tsingshan must be thrilled, as their bear bet starts to pay off. In the daily battle of the longs versus the shorts, a battle that nearly tore the LME apart in March, the short bets are paying off with the market closing close to $31,000/tonne the first trading day of this month. Monthly surcharges for June will be interesting when they are published later, as they have grown far too fond of jumping every 30 days. Stay safe out there and have a great hump day!
  • Average price of LME traded cash nickel so far this month - $12.90/lb

  Reports

  • Reuters metals morning - Copper prices slip on lingering global slowdown worries - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5883
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • B of A Metals, Mining & Steel Conference - BHP Presentation - pdf here
  • B of A Metals, Mining & Steel Conference - Eramet Presentation - pdf here
  • Manufacturers Sales - graph here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Tuesday's market review - Copper gains on China COVID restrictions easing - Copper prices climbed on Tuesday as easing coronavirus lockdown restrictions in top metals consumer China stoked hopes for improving demand, while some bearish investors covered positions. - more

     India's stainless steel finished stainless steel output rises in FY22 y-o-y - According to statistics, India's finished stainless steel production amounted to 3.5 million tons in the fiscal year 2022, rising by 29% compared to the previous year. - more

     BHP CEO says supply disruptions may last years; may speed up Jansen project - Supply chain disruptions in the mining sector could take up to three years to resolve, the chief executive of the world's largest listed miner BHP Group said on Tuesday. - more

     Steel industry emissions to decline 30% by 2050 - EAF to play key role in steel decarbonisation; its tech share to be almost on par with BOF - more

     Avebury Nickel Mine out of care and maintenance - The Avebury Nickel Mine in western Tasmania is back in operational mode, with its care and maintenance status lifted by Tasmanian regulatory bodies (Mineral Resources Tasmania, Worksafe Tasmania and EPA Tasmania). - more

     Humans have high hopes for space mining, but there are many obstacles - Planetary bodies like the Moon, Mars, asteroids, and comets, like Earth, have significant quantities of valuable commodities. - more

   Other News

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Tuesday, May 17

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Monday's trading session at $12.05/lb ($26,575/tonne). Indicators at 5:50 am CST today show nickel trading around $.14/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and ended that session just over the 72,900 tonne level. Stockpile numbers remain a non story. The rush for the exits continues among nickel traders, with nickel the only LME traded base metal not pulling off a price gain yesterday. Chinese officials announce they will begin a phased re-opening of Shanghai beginning June 1st after hitting zero new cases. A lot of traders are hoping this down time has helped that country build some pent up demand. Time will tell. Here in the States cases of covid are sneaking up again. If you haven't already, you can order additional free home tests from the government (here). Stay safe out there and have a great day!!
  • Average price of LME traded cash nickel so far this month - $13.00/lb

  Reports

  • Reuters metals morning - London copper hits near 1-week high on hopes of demand revival - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5875
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • SFSA Casteel Reporter – May 2022 - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Monday's market review - Hopes for China demand revival boost base metal prices - Prices of industrial metals rose on Monday as top consumer China’s plans to ease COVID restrictions raised expectations of a demand revival, but the damage to growth from the lockdowns limited gains. - more

     China’s crude steel output decreases by 10.3 percent in January-April - In the January-April period of the current year, China’s outputs of pig iron, crude steel and finished steel amounted to 280.3 million mt, 336.15 million mt and 426.82 million mt, decreasing by 9.4 percent, 10.3 percent and 5.9 percent, respectively, year on year, as announced by China's National Bureau of Statistics (NBS). - more
  • Industrial output of China’s steel sector down 2.9 percent in Jan-Apr - more
     Yusco & Tang Eng’s revenue increases in Jan-Apr, driven by higher nickel & stainless steel prices - Yieh United Steel Corp. (Yusco) and Tang Eng Iron Works Co., Ltd., two leading stainless steel upstream suppliers in Taiwan, reported that their revenue grew in April and the first four months of this year, mainly driven by higher international nickel prices and stainless steel prices. - more

     UK firm develops stainless series to replace 300 - UK-based GENIUS Materials Technology says it has developed a new series of high-strength austenitic stainless steels to replace the majority of existing grades in the 300 Series. - more

     Mining is a polluting business. Can new tech make it cleaner? - Mining will always have environmental impacts, but new approaches could help reduce them as the world digs up more metals for renewable energy. - more

     Courtesy AISI - In the week ending on May 14, 2022, domestic raw steel production was 1,785,000 net tons while the capability utilization rate was 81.8 percent. Production was 1,834,000 net tons in the week ending May 14, 2021 while the capability utilization then was 81.0 percent. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Musk Shifts Focus To Indonesia After Indian Ministers Fail To Tempt Him To Make Teslas In India - more
  • Why Higher Wages Alone Won’t Solve the Supply Chain Labor Shortage - more
  • Shanghai hits prized 'zero COVID' status but lockdown lingers - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more
Good background piece - Rising nickel prices will not halt the energy transition - more

"Running out of commodities is a popular fear, but the past couple of hundred years have seen humans develop ever more efficient ways of finding things we want under the ground and pulling them out." - Kate Mackenzie of Bloomberg

Monday, May 16

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $12.36/lb ($27,250/tonne). Indicators at 6:00 am CST today show nickel trading around $.41/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and started this week just over the 73,100 tonne level. Nickel continues to fall, down nearly $1000/tonne already this morning. Nickel stockpile numbers are up over 350 tonnes so far this month, and up just slightly more than the low point hit on April 1st. Anyone preaching surplus at the moment is not telling the whole story. Markets, including commodity, appear to be dominated by a general sense of doom, or at least caution going forward. Its a new week and the beginning of the latter half of the month. Stay safe out there and have a great day!
  • Average price of LME traded cash nickel so far this month - $13.12/lb

  Reports

  • Reuters metals morning - Hopes for China demand revival boost base metal prices - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5851
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • IHS Weekly Pricing Pulse - more
  • US Economic Indicators: Durable Goods Orders & Shipments - pdf here
  • U.S. Economy in a Snapshot - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Friday's market review - Copper heads for sixth weekly loss on recession fears -  Copper climbed in volatile trade on Friday, as the dollar lost ground, but prices were still on track for their sixth consecutive week of losses on mounting fears a global economic slowdown would dampen demand. - more

     LME starts consultation to make OTC metals market more transparent -  The London Metal Exchange (LME) on Friday proposed measures that it said would improve transparency and stability in the over-the-counter (OTC) metals market, including more frequent disclosures of all positions. - more
  • LME Boss Wants to Unlock Commodity Trading’s Black Box - more
  • Nickel tycoon reduces short position - more
     The NPI Supply will be Gradually Surplus and the Pure Nickel Supply was still Tight - On the supply side, the current overseas pure nickel maintained a loss state, and the long-term import loss led to the current shortage of NORNICKEL nickel spot. - more
  •  Stainless Steel Edged Lower This Week (May 9-13) - more
     Major transformation of commodity markets underway amid multiple crisis – report - Global commodity markets are being reshaped in lasting ways as a result of COVID-19, the war in Ukraine, and the impacts of climate change - a transformation that is likely to have profound implications for developing economies over the coming decades, a new World Bank study has found. - more

     Nickel is Dominating the News - Here’s What You Need to Know - Nickel is one of the hottest commodities in the resource space as the popularity and demand for electric vehicles (EVS) surge. - more

   So much for the electric vehicle revolution. You cannot make the machines without the metals that power them - Any successful politician is adept at finding the one bit of good news floating in the ocean of despair, then gushing about it to try to drown our worries. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Indonesia's Jokowi meets Tesla's Musk after nickel talks - more
  • Elon Musk Is Hoping To Visit Indonesia Later This Year: What That Means For SpaceX, Tesla - more
  • ‘Save the economy’: China data paints bleak picture of Covid-hit activity - more
  • India bans exports of wheat, citing threat to food security - more
  • Worker’s Union calls out Clive in new ad - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Friday, May 13

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $12.65/lb ($27,890/tonne). Indicators at 7:00 am CST today show nickel trading around $.18/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today just over the 72,700 tonne level. Nickel ended basically flat yesterday, but has resumed its bearish run this morning. Nickel started trading this year in the $20-21,000/tonne range, and was well into a bullish run then, so there is still plenty of room to fall. LME stockpile numbers have been up and down this month, but as of today, they are down less than 100 tonnes. Fears of a global slowdown appear to have base metals, with many stocks, in traders cross hairs. There seems to be a lot of pessimism out there and at least for today, we blame it on Friday the 13th. Stay safe and have a relaxing weekend!
  • Average price of LME traded cash nickel so far this month - $13.21/lb

  Reports

  • Reuters metals morning - Copper under pressure from recession fears - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5851
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Producer Price Index by Commodity: Steel Wire, Stainless Steel - graph here
  • Producer Price Index by Commodity: Externally Threaded Fasteners - graph here
  • Producer Price Index by Industry: Corrugated Shipping Containers - graph here
  • Producer Price Index by Commodity: Stainless and Other Alloy Steel Scrap - graph here
  • Producer Price Index by Industry: Truck Transportation - graph here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Thursday's market review - Copper tumbles to 7-month low as slowdown fears rock markets - Copper prices tumbled below $9,000 a tonne on Thursday for the first time since October and most other industrial metals fell as traders worried that a slowing global economy would require less metal. - more

     EC to propose potential steel import safeguard changes late May, following review - The European Commission is set to propose an updated European Union steel import safeguards regime later this month, with a view to effecting any changes in July, the EC said May 11. - more

     Mining production down 9.3% y/y in March - South Africa's mining production decreased by 9.3% year-on-year in March, with the largest negative contributors being gold, iron-ore, manganese ore and platinum group metals (PGMs). - more

     Nornickel is first Russian firm to get OK to keep listing abroad - Metals giant Nornickel has become the first Russian company to be granted permission by a government commission to keep its listing abroad - for one year for now. - more

     Column: China lifts metals exports as Western supply chains buckle - China exported 45,260 tonnes of primary aluminium in March, the highest monthly total since April 2010, with almost half of it to the Netherlands. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Finland moves toward joining NATO amid Russian threats - more
  • Switzerland seizes Russian oligarch Andrei Klishas’ villa - more
  • Russia seizes more than 500,000 mt of grain from Ukraine: ministry - more
  • Indonesia Morowali Industrial Park (IMIP)  - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Thursday, May 12

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $12.63/lb ($27,855/tonne). Indicators at 6:00 am CST today show nickel trading around $.07/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today just over the 72,900 tonne level. If you are one of those who likes to stay informed with historical perspectives, and less the political rhetoric of the times, there is an interesting 21 minute video posted under reports, explaining why gas prices are so high these days. Interesting because there is are more and more articles about investment, and the lack thereof, in the mining industry. Investment in commodities, of all types, has its risks and rewards. There will be periods of oversupply and under supply. Money is to be had when its the latter, and not so much when the former. Nickel is no different. When there is more nickel available than demand, the price is low. It's not as cut and dry as it used to be, but overall, the gauge is still a pretty good guide. At the moment, nickel stockpile numbers are growing ever so slightly. And with the market convinced that we could potentially run out of nickel this year, these new figures are troubling some bulls. And there is the Big Bear' bet and his insider information. What if he is right? In the mean time, nickel continues to correct and stainless steel prices should start coming down. Stay safe out there and have a great day!
  • Average price of LME traded cash nickel so far this month - $13.31/lb

  Reports

  • Reuters metals morning - Copper drops to 7-month low on demand concerns, rising stocks - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5823
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Why Gas Got So Expensive (not the war) - video here
  • Acerinox 1st Quarter Results - pdf here
  • Consumer Price Index - pdf here
  • Inflation Rate - 8.3% - more
  • Recycling Today - online here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Wednesday's market review - Copper gains as China COVID cases ease, demand still at risk - Copper prices gained on Wednesday as slowing COVID-19 infections in top metals consumer China eased near-term demand concerns, even as enduring pandemic-related lockdowns weighed on sentiment. - more

     China's iron and steel producer price index up 5.6% in April - China's overall producer price index (PPI) rose 8.0% year-on-year in April, while it rose 0.6% month-on-month. - more

     Nickel has been whacked, but is poised to bounce back faster than other battery metals - Nickel failed to dodge this week’s sector-wide mining sell-off, but with the battery metals and electric vehicle (EV) business model intact it could be the first commodity to recover. - more

     Jindal Stainless to supply stainless steel to Alstom for development of rapid train system in India - India’s Jindal Stainless Limited (JSL) will supply 2,000 mt of stainless steel to the local arm of Alstom, France, for development of train sets for India’s first regional rapid transit system (RRTS), a company statement said on Thursday, May 12. - more

     Pentagon asks Congress to fund mining projects in Australia, U.K. - The U.S. Department of Defense has asked Congress to let it fund facilities in the United Kingdom and Australia that process strategic minerals used to make electric vehicles and weapons, calling the proposal crucial to national defense. - more

     POSCO investing $20 billion in its quest to be world’s top EV materials player and topple Chinese rivals - POSCO, a South Korean steelmaking giant, is investing $20 billion or around ₩25 trillion in an effort to become the no. 1 EV materials company in the world by the year 2030. - more

     Investors must be persuaded to put money into mining - Mining is probably the most vital sector for the global energy transition and the success of the much-vaunted net-zero carbon emissions by 2050 targets, but it is the laggard in the process. - more

     EPA says PolyMet permit threatens waters with mercury pollution - The federal Environmental Protection Agency this week informed the U.S. Army Corps of Engineers that the EPA can’t support a key permit for the proposed PolyMet copper-nickel mine. - more

     Democrats from the West push update of 150-year-old federal mining law - Democrats in Congress are hoping to overhaul the nation’s 150-year-old system for mining the elements needed for battery manufacturing, as high gas prices and Russia’s war in Ukraine underline the need to transition from oil and gas to renewable energy sources. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Finland's leaders call for NATO membership 'without delay' - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Wednesday, May 11

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday's trading session at $12.86/lb ($28,350/tonne). Indicators at 6:00 am CST today show nickel trading around $.24/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and ended that session just over the 72,800 tonne level. Apparently yesterday's price increase on the LME was a head fake, with nickel down sharply again this morning. This is after Shanghai nickel played 'follow the leader' to the tune of a 3% gain overnight. Elon Musk said in a conference yesterday, that he was not adverse to buying a mine. Then he said he would let Trump back on Twitter so the media attention was diverted to 'the important' news of the day. Musk is already invested in a nickel mine - the old Goro mine in New Caledonia. His share is small, but its allowing his people to see how a nickel mine operates. The nickel industry went crazy when Musk said he would give out mining contracts for 'clean' nickel - it will be interesting to see who suddenly goes on the market. BHP has also expressed its interest in buying nickel operations, with others likely contenders as well. Few industry reports by players, not analysts, worth a look below. Stay safe out there and enjoy your hump day!
  • Average price of LME traded cash nickel so far this month - $13.43/lb

  Reports

  • Reuters metals morning - Copper gains after half of Shanghai achieves 'zero-COVID' status - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5162
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Boyd Metals Q1 Steel Market Update - more
  • Irepas Short Range Outlook : May 2022 - more
  • ITS The State of Steel May 2022 - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Tuesday's market review - Demand headwinds push aluminum to five-month low - Aluminum fell to its lowest in nearly five months on Tuesday as funds betting on lower prices due to slowing demand sold, but worries about output cuts in Europe because of high power costs are expected to provide some support. - more

     Shanghai stainless steel prices rise against nickel price trend - The current low level of both domestic and abroad stainless steel social inventory has strongly supported stainless steel prices, while the flat supply and demand have been hard to push up nickel prices. - more

  • Ferrochrome and Chrome Ore Transactions were Thin with Deadlock in the Market - more
  • Molybdenum Prices may Fall further as the Bid of Molybdenum Oxide in Henan Yesterday was Slack - more
     India's stainless steel output up 29% in FY22; may rise further this fiscal - Stainless steel production recovers in FY22 Production rises on increasing consumption - more

     European Steel Association Warns of New Recession in Steel Market - The level of high uncertainty is set to last at least until the end of the current year, said EUROFER. - more

   Elon Musk says Tesla open to buying a mining company - Tesla Inc is open to buying a mining company if producing its own supply of electric vehicle (EV) metals would speed up worldwide adoption of clean energy technologies, Chief Executive Officer Elon Musk said on Tuesday. - more
  • A nickel mine Elon Musk and Joe Biden may both need - more

     Global scramble for metals thrusts Africa into mining spotlight - The need to secure new sources of metals for the energy transition amid sanctions on top producer Russia has increased the Africa risk appetite for major miners who have few alternatives to the resource-rich continent - more

     New Caledonia's green nickel plan to stand out in global market - New Caledonia is looking to turn to more environmentally-friendly nickel production as countries such as Indonesia and the Philippines are able to manufacture the metal at much lower costs. - more

    Column: Mining is key to the energy transition, but it's still unloved -  Mining is probably the most vital sector to the global energy transition and the success of the much-vaunted net-zero carbon emissions by 2050 targets, but it's currently the laggard in the process. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Carriers Blank More Sailings as China’s COVID Lockdowns Continue - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Tuesday, May 10

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Monday's trading session at $12.75/lb  ($28,110/tonne). Indicators at 6:00 am CST today show nickel trading around $.14/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and ended that session just over the 73,100 tonne level. Nickel continues its bearish run, with the market spending little time in the $28 and $29,000 tonne levels. Distributors are in a pickle. For months they have been fighting to get their inventory built to safe limits after the shortages began in 2020, and now, just when it seems like lead times are starting to become realistic, the inventory you buy today is over priced tomorrow. This is why that relationship with the customer is so important. If they trust you are not gouging them when prices are rising, they are less likely to insist you give them the best price now. Most of them understand how this works, at least those who have been around awhile do. So last month it paid to have inventory, this month that inventory comes with extra liability. Fun times Stay safe out there and have a great day! 
  • Average price of LME traded cash nickel so far this month - $13.59/lb

  Reports

  • Reuters metals morning - Demand headwinds push aluminium to five-month low - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5147
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • The Weekly JMP Report - more
  • Fastener Distributor Index (FDI) survey for April, 2022 - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Monday's market review - Industrial metals tumble as China's COVID woes fuel demand fears - Copper prices sagged to their lowest since mid-December and other industrial metals fell sharply as tightening COVID-19 restrictions in top consumer China and fears of weaker global economic growth dampened the outlook for demand. - more

  • China iron ore futures tumble 6% as COVID curbs fan demand woes - more
  • JPMorgan bank says bull run in commodities has legs as inflation, China lockdowns whipsaw stock investors  - more
  • Nickel is back where it started before March’s two days of chaos - more
     [market changes] stainless steel limit skyrocketing 5% of these factors may be the inducement! - Today's morning trading, the metal market is generally red, in which stainless steel performance, opening up until the limit, currently at 14725 yuan / ton, an increase of 5%, a high of more than 2 months, the position increased to 117000 hands, the highest since the listing. - more

   Indonesian president plans to meet Elon Musk over nickel - Indonesian President Joko Widodo is planning to meet Elon Musk during an upcoming U.S. visit, a minister said on Monday, as the Southeast Asian country seeks to accelerate development of its nickel industry to supply batteries for electric vehicles. - more

     Courtesy AISI - In the week ending on May 7, 2022, domestic raw steel production was 1,777,000 net tons while the capability utilization rate was 81.4 percent. Production was 1,834,000 net tons in the week ending May 7, 2021 while the capability utilization then was 81.0 percent. - more

     Is It Time to Decouple Your Supply Chain from China? - The economic, business and moral costs of sourcing from China continue to accelerate, as integrating the nation into the global economic order hasn’t improved its human rights record or advanced the cause of democracy. - more
  • Why Personal Touch Still Matters in Distribution Sales - more

     US Trade Number Imports and Exports thru March

  • Stainless Steel Items - more
  • Nickel items - more
  • (search anything) Screws, Nuts, Bolts, Washers - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Taiwan Increased Exports of Iron and Steel by 39.3% in January-April - more
  • China’s imports from Russia surge to new high, defying US calls to cut ties over Ukraine war - more
  • Constructsteel – update for the European construction industry – May 2022 - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Monday, May 9

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $13.62/lb ($30,020/tonne). Indicators at 6:00 am CST today show nickel trading around $.39/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started this week just over the 73,300 tonne level. After spending a few days fighting to hold on to the $30,000 tonne level, nickel bulls have surrendered that level today. Nickel closed at $33,955/tonne on the 21st of last month and then turned bearish. We started the year trading in the $21,000/tonne level, so the bear has plenty of room to roam. Another interesting article below about Tsingshan Holdings and 'devil nickel'. Server switch took a few days to work out but we should be online worldwide. Covid-19 has become the third leading cause of deaths in the U.S., according to the CDC, and we lost our millionth 'official' victim last week. So stay safe out there and have a great week!
  • Average price of LME traded cash nickel so far this month - $13.77/lb

  Reports

  • Reuters metals morning -Industrial metals fall as China's COVID woes dent demand outlook - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5114
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • U.S. Productivity Drops Most Since 1947, Driving Up Labor Costs - more
  • United States Imports of Nickel - graph here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Friday's market review - Demand concerns push aluminium to four-month low - Aluminium prices fell to four-month lows on Friday as concerns about demand created by a slowdown in manufacturing activity, particularly in China, the world’s top consumer, were reinforced by a strong dollar. - more

     Who is Tsingshan Holdings?Can Qingshan still be there? - In recent days, "demon nickel" has become a high-frequency word in China's capital market. Whether it is in the stock circle or the futures circle, "nickel" is a topic of "after dinner". - more

     CME explores nickel contract after LME trade chaos - CME Group is talking to market participants about the idea of a cash-settled nickel contract for companies to hedge costs of the electric vehicle battery raw material, two sources with knowledge of the matter said. - more

     Brazil's Vale signs long-term deal to supply Tesla with nickel - Brazilian miner Vale SA said on Friday it has signed a long-term deal with Tesla Inc to supply the U.S.-based electric vehicle maker with nickel from its Canadian operations. - more
  • Tesla Confirms Vale Nickel Deal, Lists Battery Material Suppliers - more

     Ford recommits to $1-billion road to the Ring of Fire on campaign trail - Progressive Conservative Leader Doug Ford doubled down on his promise to build a $1-billion road to the Ring of Fire during a campaign stop in Sault Ste. Marie, Ont., on Saturday. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Indonesia seizes tanker over palm oil export ban violation - more
  • China and COVID: implications for global base metals markets - more
  • EU steel companies bemoan shortage of spare parts - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Friday, May 6

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $13.64/lb ($30,070/tonne). Indicators at 6:20 am CST today show nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and ended that session just under the 73,500 tonne level. Nickel fell sharply yesterday and is fighting to hold on to the $30,000 tonne level this morning. Zhejiang Jiuli Hi-Tech Metals Co. Ltd lost an appeal yesterday that they had filed against an EU anti dumping tariff on Chinese stainless steel pipe (judgment here). And after nearly twenty years using the same server host company, they sold a few years back, and the new company has decided to inflate their server space to unreasonable limits. Therefore beginning later today, we will be switching server companies. While this should go unnoticed, there is always the chance it will not go as smoothly as we hope. If there is a problem, the site might not appear updated Monday as usual. If you are seeing this Friday entry Monday afternoon, please clean your internet cache, close your browser and try again. If it still not working, we are working on it. If you are still unable to see an updated page on Tuesday, please contact us at  estainlesssteel at yahoo dot com. We have been working on this for the last few weeks, so hopefully, this notice is unnecessary and all will be normal on Monday. So stay safe, have a great weekend, and we hope to see you on Monday.
  • Average price of LME traded cash nickel so far this month - $13.83/lb

  Reports

  • Reuters metals morning - London copper set for fifth weekly fall on firmer dollar, growth woes - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5114
  • 304 SS Scrap Prices Local (updated bi-weekly) - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Thursday's market review - Copper falls as dollar climbs to near 20-year high - Copper prices fell on Thursday as the dollar surged to its highest level since 2002 after disappointing industrial data from Germany, the latest in a slew of weak economic readings from major nations. - more

     China returns to stainless steel net exporter in Mar - According to statistics, China’s stainless steel exports totaled 379,700 tons in March this year, up by 34.8% compared to the previous month and also increasing by 23.07% from the same month a year ago. - more

     BHP says bid for Canadian nickel miner 'tip of the iceberg' for growth ambitions - BHP Group’s unsuccessful attempt to buy a junior Canadian nickel miner last year should be seen as “almost the tip of the iceberg” for its ambitions in the resource-rich country, says one of the company’s top executives. - more

     EU steel consumption could fall by almost 2% in 2022 - Eurofer - Steel consumption in Europe rose sharply in 2021 by 15.2% after a deep 10.7% decline in 2020 caused by the pandemic. - more

  • High uncertainty slashes growth prospects for 2022, risk of new recession looms - more

     US steel market sentiment turns more neutral on prices: survey - Bullish sentiment for finished steel prices cools in the US ahead of May, as concerns around the sourcing of raw materials have started to dissipate and scrap prices have fallen under pressure, according to the latest S&P Global Commodity Insights US steel market participant survey. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • The Importance of Company Culture in the Distribution Industry - more
  • Mutsvangwa says Chinese investments will stabilise the Zim dollar - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Thursday, May 5

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $13.93/lb ($30,705/tonne). Indicators at 6:00 am CST today show nickel trading around $.17/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose by over 1000 tonnes on Wednesday and started today's session, just over the 73,600 tonne level. Nickel traders remain bearish, even in the face of a slightly stronger Euro, a typically positive sign. The rest of economic news is less positive however, and with stockpiles slowly trending higher, the market is starting to wonder if the reasoning behind the Big Bear's big bet might finally be coming true. Stay safe out there and enjoy your Thursday!
  • Average price of LME traded cash nickel so far this month - $13.90/lb

  Reports

  • Reuters metals morning - Industrial metals gain as less hawkish Fed lifts sentiment - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5148
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • March 2022 Trade Gap is $109.8 Billion - more
  • U.S. Imports for Consumption of Steel Products March 2022 - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Wednesday's market review - Copper steadies near 4-1/2 month lows but demand worries linger - Copper prices steadied on Wednesday near 4-1/2 month lows as traders weighed the risks of rising interest rates, COVID outbreaks in China and slowing factory activity impacting demand. - more

     March 2022 Shipment Levels Were At Their Highest Since March 2021, in the U.S. and Canada - U.S. service center steel shipments in March, 2022 decreased by 5.0% from March, 2021. Shipments of aluminum products increased by 0.1% from the same month in 2021. - more
  • US steel market sentiment turns more neutral on prices: survey - more
     Stainless steel prices in Asia reach multi-year highs - The MEPS Asia average prices for grade 304 hot and cold rolled coil, in April, stand at their highest levels since August 2008. - more

     Reasons for higher 316 stainless steel surcharges in Taiwan - Taiwan’s upstream stainless steel mills announced their new prices for May, of which the surcharge of 316L was up by NT$3,000/ton. - more

     Outlook for Stainless Steel PMI in May under the Pressure of the Pandemic and the Tight Supply of Raw Materials - At present, the pandemic weakens the consumption, and orders of stainless steel continue to be weak and stable. - more

     Vale confirms glycol leak at Voisey's Bay mine site - Company says leak was contained to surface areas with no impact on employees or bodies of water - more

     How to calculate GHG emissions from nickel production - The Nickel Institute has published specific guidance for nickel producers to help them calculate their greenhouse gas emissions. - more

     Russia's Potanin dodges politics and sanctions to flourish - So far, at least, "Nickel King" Vladimir Potanin is Russia's ultimate survivor. - more

     Metinvest to mothball Europe's largest coking plant due to shelling - The Avdiivka Coke Plant has been shelled for several weeks in a row and will now be completely shut down. - more

     Helping employees avoid the daily grind in the metal shop - It could have been any precision sheet metal shop in North America. The shop had a new laser cutting machine and parts were flying off of it, creating plenty of work-in-process for downstream operations. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • London Metal Exchange bars Russian lead from its market - more
  • Metals billionaire Usmanov files appeal over EU Russia sanctions - more
  • Glencore investing $200 million in battery recycler Li-Cycle - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Wednesday, May 4

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday's trading session at $13.97/lb ($30,795/tonne). Indicators at 6:00 am CST today show nickel trading around $.08/lb lower. Stockpiles of nickel stored in LME license warehouses fell on Tuesday and ended that session just under the 72,400 tonne level. Wasn't it early last week that we said traders appeared to be comfortable trading in the $32,000/tonne range? Pretty safe comment considering nickel had traded in that range for nearly a month. But since then, nickel has hit the skids and kind of missed the whole $31,000/tonne range. An economic slowdown is becoming more likely and commodities, which have soared this year, are starting to take a breather. Nickel users would tell you nickel has a lot of hot air to release. Stay safe out there and enjoy your hump day!
  • Average price of LME traded cash nickel so far this month - $14.02/lb

  Reports

  • Reuters metals morning - Copper rebounds on bargain-hunting; demand worries linger - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5148
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Job Openings and Labor Turnover Summary - more
  • Global Economic Indicators: Global Manufacturing PMIs - pdf here
  • US Economic Indicators: Durable Goods Orders & Shipments - pdf here
  • US Economic Update – April 2022 - pdf here
  • China Economic Update – May 2022 - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Tuesday's market review - Industrial metals sag as global manufacturing slows - Prices of copper and aluminum fell sharply on Tuesday as weak manufacturing data, COVID-19 outbreaks in China and rising interest rates stoked fears that demand for metals will soften. - more

     Uncertainty to impact stainless raw materials: Eramet - Geopolitical and Covid-19 pandemic-related uncertainty may impact demand for carbon and stainless steel raw materials such as manganese and nickel in the second half of the year, says French miner Eramet. - more

     China's steel consumption falls in Q1 - China's steel consumption fell 5 percent year on year during the first quarter of the year (Q1) partly due to waning demand as the resurgence of domestic COVID-19 cases slowed down the construction of many projects. - more

     Why Investors Shouldn't Worry About EV Battery Prices -- Yet - Commodity prices are starting to affect electric vehicle prices, but the demand hasn't slowed. - more

     EPA recommends Army Corps not reissue PolyMet permit - The U.S. Environmental Protection Agency recommended the U.S. Army Corps of Engineers not reissue a key permit for the proposed PolyMet copper-nickel mine over concerns that it could violate Fond du Lac Reservation’s water quality standards. - more

   EV Prices Are Poised To Skyrocket in the Face of Raw Materials Price Increases - The world’s largest battery maker CATL has announced that it renegotiated prices with its customers to address pressure from the supply chain. - more

     Supply Chain and Economic Concerns Endure After Russia’s Invasion of Ukraine - Companies already grappling with lingering coronavirus pandemic issues like component shortages, longer than normal lead times and logistics challenges continue to be plagued by supply chain disruptions due to the Russia-Ukraine conflict. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Fed to Fight Inflation with Fastest Rate Hikes in Decades - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Tuesday, May 3

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $14.54/lb ($32,060/tonne). Indicators at 6:00 am CST today show nickel trading around $.39/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started the week just under the 72,800 tonne level. For the first time in a very long time, stockpile numbers actually grew in April, albeit by a paltry 378 tonnes. Before we uncork the champagne, there is a lot going on which makes it difficult to determine if this is a legitimate shift, or the result of a global slowdown and transportation gridlocks. Trading in China is suspended as that country remains on holiday thru Wednesday. Your average prices for April, compared to March are as follows - Nickel - $15.10/lb from $14.45/lb; Chromium - $8.75/lb from $9.50/lb; Molybdenum - $19.59/lb from $19.45/lb; Iron - $1.10/lb from $1.04/lb. Stay safe out there and have a great day!
  • Average price of LME traded cash nickel so far this month -

  Reports

  • Reuters metals morning - LME copper drops to 3-month low on China lockdown, Fed rate hike worries - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5132
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Global Economic Indicators: Global Manufacturing PMIs - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Friday's market review - Copper climbs on China support but COVID clouds demand outlook - Copper prices rebounded on Friday after top metals consumer China pledged more support for its ailing economy and the dollar fell from 20-year highs, but the metal was still set for its biggest monthly fall since September. - more

     The perfect storm increasing the cost of a crucial metal - In the next few years, millions of people will buy electric vehicles (EVs). All those cars and trucks will run on batteries containing metals such as cobalt, lithium and nickel. - more

   Enough nickel, lithium for 14 mln EVs in 2023 - European climate group -  Data shows there is enough nickel and lithium to produce up to 14 million electric vehicles (EVs) globally in 2023, so Europe should secure more raw materials to shift away from oil faster, campaign group Transport and Environment (T&E) said on Tuesday. - more

     Steelmaker SDI says to halt Russian pig iron imports after May cargo - A cargo of Russian pig iron sailing to Mobile, Alabama, and destined for Steel Dynamics Inc. is the last in a supply contract since nullified by SDI in a declaration of force majeure, the steelmaker has told S&P Global Commodity Insights. - more

     Courtesy AISI - In the week ending on April 30, 2022, domestic raw steel production was 1,775,000 net tons while the capability utilization rate was 81.3 percent. Production was 1,834,000 net tons in the week ending April 30, 2021 while the capability utilization then was 80.8 percent. - more

   Biden Administration Begins $3 Billion Plan for Electric Car Batteries - The Biden administration is planning a major shift to electric vehicles, but experts say it requires a secure, resilient supply of critical minerals. - more

  • Tesla supplier CATL says it has to split the battery materials price increase with EV makers now - more
  • Tesla's LFP battery switch proves wise as Russian nickel cut adds US$1580 to EV production costs - more
  • Tesla and Musk May Have a Way Around a Big EV-Industry Problem - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Russia's Potanin snaps up third finance deal amid Ukraine turmoil - more
  • Supply Chains Flare Up Again, Endangering Global Recovery - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more

Monday, May 2

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $14.54/lb ($32,060/tonne). Indicators at 5:50 am CST today show nickel not trading as LME is closed for Early May Bank Holiday. Many other European countries taking the day off just call it May Day. Whatever you call it, much of Europe and Asia are closed today for holiday. Couple of interesting articles below about market rumors, although we caution you to consider the reliability. We prefer to post articles with sources listed, but these were pretty interesting either way. It's a new month, with new opportunities and new challenges. Daily deaths from covid, still higher than most leading causes of death, is less than 10% of what it was just a few months ago. Optimism over the freedom without worry that offers, is tempered by out of control inflation and the worries that brings. The world remains a mess as well. But in every cow pasture, blanketed with manure, one can find small flowers. Hope among despair. Then a cow comes along and feasts on it. Okay, analogy wasn't that good but hopefully, we gave you a smile to start the month. Stay safe out there and have a wonderful week.
  • Average price of LME traded cash nickel so far this month - $15.10/lb (April average)

  Reports

  • Reuters metals morning - closed for holiday
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5087/lb
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • University of Michigan: Consumer Sentiment - more
  • Personal Income and Outlays, March 2022 - more
  • University of Michigan: Consumer Sentiment - more
  • Global Economic Indicators: Global Manufacturing PMIs - pdf here
  • US Economic Indicators: Industrial Production - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Friday's market review - Copper climbs on China support but COVID clouds demand outlook - Copper prices rebounded on Friday after top metals consumer China pledged more support for its ailing economy and the dollar fell from 20-year highs, but the metal was still set for its biggest monthly fall since September. - more

     China's "nickel king" Tsingshan Group suspected of being squeezed by Glencore and countermeasures - "Demon Nickel" stirred up a muddy water. According to market rumors, Chinese stainless steel giant Tsingshan Group Group Co., Ltd. is experiencing the biggest crisis since the company was established. - more

  • The nickel futures market has returned to the volatility seen earlier this year when the London Metal Exchange had to intervene because of rapid price spikes. - more

     South Korea: POSCO's stainless steel production rises over 7%, y-o-y, in Q1CY'22 - In the first quarter of 2022, POSCO's stainless steel production reached 523,000 t, an increase of 1.6% month-on-month and a year-on-year increase of 7.2%. - more

     EU stainless buyers shun the mills’ “base plus” pricing, as alloy surcharges hit record highs - European alloy surcharges for austenitic stainless steel increased significantly, in April. - more

     POSCO freezes stainless steel prices for May, expected to raise prices for Jun - South Korea’s steelmaker POSCO froze its price of stainless steel products for May as the real economy hasn’t recovered. - more

  • Walsin Lihwa raises stainless steel wire rod prices for May - more
     China Weekly Inventory Summary and Data Wrap (Apr 29) - (excerpt) As of April 29, the nickel ore inventory at Chinese ports increased 213,000 wmt from last week to 5.877 million wmt. - more

     Europe urgently needs an accelerator in critical metals race: Andy Home - Europe is running out of time to secure the metals it needs to power the energy transition. - more


   Other News

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
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
  •   Слава Україні! - more


April Archives


Chart temporarily down

Nickel Graph Temporarily Down

Chart temporarily down


Translate this page to French | German | Spanish | Italian | Portuguese | Chinese | Japanese | Korean | Russian


(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.



Price of Nickel

Nickel Graph Temporarily Down

Daily Commodity Prices

Site Pages

Stainless Steel Surcharge
Worldwide PMI

Archives

2024
January February March
April May June July August
September October
November
2023
January February March
April May June July August
September October
November December

2022
January February March
April May June July August
September October
November December

2021 and prior