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Daily Nickel Market News & Stainless Steel Prices

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Wednesday, November 26

    US markets are closed on Thursday for the Thanksgiving holiday. Our next update will be Monday, December 1st. Happy Thanksgiving and have a safe and relaxing weekend. 

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)

  • Dow Jones is reporting three month nickel closed Wednesday's trading session at $7.47/lb . Indicators at 6:45 am CST today show 3 month nickel trading around $.09/lb lower, with other London traded base metals trading mostly lower as well. Stockpiles of nickel stored in LME approved warehouses came within sight of reaching a staggering total, but set a new record high none the less. Stockpiles began the day at 399,996 tonnes. On Feb 6, 2007, LME nickel stockpile totals bottomed out at 2,982 tonnes. By March 2009, totals had risen to hit the 100,000 tonne level. For 2010, levels would reach 166,476 tonnes, before falling back to below 100,000 tonnes in 2011. In July of last year, totals would reach the 200,000 tonne level for the first time. The 300,000 tonne level was cracked in June on this year. And now the 400,000 is merely four tonnes away.  We won't be posting again until next Mondays, so we will miss it, if this peak is breached the next few days. The most recent bullish run that nickel prices have taken, appears to be in trouble, having stalled out on Monday and Tuesday, and sliding today.  
  • Average price of cash nickel so far this month - $7.08/lb
  • Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg metals morning - Copper Falls to Three-Week Low Before U.S. Goods Report - more
  • Reuters metals morning - Copper falls to three-week low on demand worries - more

  Reports

  • U.S. Imports of Stainless Steel Mill Products - more
  • Reuters Metals Insider - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  
  • Hedge Equities Commodity Report - pdf here
  • MacNicol Morning Notes - pdf here
  • Mangal Commodities Metals & Energy - pdf here
  • Danske Weekly Focus - pdf here

  Commodity/Economic Comments

  • China E-Stainless Daily Price Index - 80.48
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • European Debt Crisis Live - more
  • 100 Years of Stainless Steel - more
  • (SMM) There is no timetable for launching China’s first nickel contract on Shanghai Futures Exchange (SHFE), Shanghai Metals Market learns.
  • (SSY) Daily crude steel output at China Iron & Steel Association member mills edged higher to 1.642 Mt in the period 11-20 November. This compares with 1.635 Mt in the preceding 10 days, the lowest daily rate recorded this year, according to Reuters.
  • HKEx to launch thermal coal contract early next year - more

    BHP misses out to China's Jinchuan on nickel pact - BHP Billiton's struggling Nickel West smelter in Australia lost out on a potential key supply source of nickel when rival Jinchuan Group of China signed a purchase agreement with an Australian miner. - more

    Baosteel Stainless Steel Expects Nickel Price to Rise in 2015, SMM Interviews - Nickel price is expected to rise in 2015, one senior analyst said at 2014 SMM China Metals Summit on Nov. 23-24. - more

    Avebury Nickel Mine owners on verge of metallurgical breakthrough - The company working to reopen the mothballed Avebury Nickel Mine is on the cusp of a significant metallurgical breakthrough. - more

    Glencore-Rio Tinto merger “will happen”: top U.K. banker - A deal between commodity giants Glencore and Rio Tinto to create the world’s largest mining group appears inevitable, sector-merger expert Ian Hannam has said. - more

    TVI's Philippine Affiliate JV To Ship Higher Grade Ore at Nickel DSO Operations and Commences Resource Update Drill Program at the Agata Nickel Laterite Project - TVI Pacific Inc. and TVI's Philippine affiliate, TVI Resource Development, Inc., have announced that Agata Mining Ventures Inc. is modifying its high-iron/low nickel direct shipping ore operations to include shipments of ore containing higher nickel content to maximize revenues at the Agata nickel laterite project located in northern Mindanao, the Philippines. - more

    Palmer's 'sham document' covered tracks - Clive Palmer knew he was misappropriating $12 million from a Chinese company because he created a "sham document" to cover his tracks, a court has heard. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Tuesday, November 25

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones is reporting three month nickel closed Monday's trading session at $7.51/lb . Indicators at 6:30 am CST today show 3 month nickel trading unchanged , with other London traded base metals trading mostly higher. Stockpiles of nickel stored in LME approved warehouses rose to another record high on Monday, with totals now reading 398,064 tonnes.  Shanghai Metals Market data shows nickel ore stockpiles at five major China ports totalled 15.36 million tonnes Monday morning, a drop for the week of 263,000 tonnes, but still reading 78,000 tonnes higher than it did three weeks ago. We had to chuckle when we read an article yesterday titled "Philippine Nickel Ore Drying Up", when weekly statistics from China just don't bear this out. Maintenance workers have decided not to strike at the Cerro Matoso ferronickel mine in Colombia. But no, Indonesia did not change their mind overnight and the eleven month ore ban remains in place. Metals are up on a stronger Euro today, and nickel's weakness the last few days, shows that at least for the moment, the bull has paused to catch its breath.   
  • Average price of cash nickel so far this month - $7.06/lb
  • Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg metals morning - Nickel Drops From Six-Week High as Colombia Mine Strike Canceled - more
  • Reuters metals morning - Copper steady as China eases but demand worries persist - more

  Reports

  Commodity/Economic Comments

  • China E-Stainless Daily Price Index - 80.26
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • European Debt Crisis Live - more
  • 100 Years of Stainless Steel - more
  • (SSY) Steel inventories in the major cities of China fell to their lowest level since early August 2009 at the end of last week, down 0.2 Mt week-on-week to 9.8 Mt, according to data from U-metal. This compares with 13.5 Mt at the same point in 2013.

    China to See Declines in NPI Output in 2015, SMM Predicts - Output of China’s NPI is expected to fall to 350,000 tonnes ( nickel content) in 2015, Shanghai Metals Market foresees. - more

    Stainless steel traders' body seeks Prime Minister help to fight cheap imports - Delhi Stainless Steel Trade Association, a traders' body representing the small scale units operating in Delhi region has written to the Prime Minister of India, urging him to take action against the surge in cheap imports from China that has affected the domestic industry.- more

    Vale Iron-Ore Head Martins Leaves as Price Collapses - Vale SA’s longest-serving executive director, ferrous business head Jose Carlos Martins, is leaving the world’s top iron-ore producer after prices for the steelmaking material fell to five-year lows. - more

    Activists denounce ‘savage mining’ in Manisa, as project could wipe out two million trees - Activists, unions and opposition lawmakers have voiced their outrage after Turkey’s Environment Ministry gave the go-ahead for a nickel mine project that could lead to the felling of 2 million trees in Çaldag(?, in the Aegean province of Manisa. - more

    (Courtesy AISI) In the week ending November 22, 2014, domestic raw steel production was 1,882,000 net tons while the capability utilization rate was 78.2 percent. Production was 1,826,000 net tons in the week ending November 22, 2013, while the capability utilization then was 76.2 percent. The current week production represents a 3.1 percent increase from the same period in the previous year. Production for the week ending November 22, 2014 is up 1.5 percent from the previous week ending November 15, 2014 when production was 1,854,000 net tons and the rate of capability utilization was 77.1 percent.

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Monday, November 24

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones is reporting three month nickel closed Friday's trading session at $7.50/lb . Indicators at 6:40 am CST today show 3 month nickel trading around $.02/lb higher, with other London traded base metals trading mostly higher as well. Stockpiles of nickel stored in LME approved warehouses rose to another record high on Friday and start the week at 397,236 tonnes. Cancelled warrants bounced by nearly 3% to 100,000 tonnes on Friday, the first time it has read over 25% since mid September. Stockpiles have risen 6,804 tonnes in the last three sessions, in the 13 prior sessions stockpiles had risen by 5,118 tonnes. A survey of Chinese metal analysts show 60% show nickel prices will rise this week, while nearly 35% believe prices will slide. We see $7.60/lb as strong resistance, which could be possibly be tested this week.  
  • Average price of cash nickel so far this month - $7.03/lb
  • Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg metals morning -
  • Reuters metals morning - Copper pressured by China growth outlook concerns - more

  Reports

  • Oryx Stainless - Hedge funds in a wait and see position - pdf here
  • The Dig – Haywood Mining Team’s week in review - pdf here
  • Reuters Metals Insider - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  
  • Hedge Equities Commodity Report - pdf here
  • MacNicol Morning Notes - pdf here
  • Mangal Commodities Metals & Energy - pdf here
  • Danske Weekly Focus - pdf here

  Commodity/Economic Comments

  • China E-Stainless Daily Price Index - 79.99
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • European Debt Crisis Live - more
  • 100 Years of Stainless Steel - more
  • (SMM) Nickel price may hit $23,000 per tonne [$10.43/lb] during the first quarter of 2015, a high of the year, SMM's nickel analyst predicts at the summit.
  • Iron ore's boom days are finished, says BHP Billiton chief - more
  • China's surprise rate cut fuels hopes for more easing - more

    China Nickel Imports and Exports Data October 2014 - The General Administration of China Customs released data of China's October imports and exports of nickel on Nov.21 (Unit: mt)  - more

    International Ferro Furnaces Suspended In South Africa After Incident - International Ferro Metals Ltd Monday said two of its ferrochrome furnaces were suspended for three days by South African authorities following a health and safety incident and said it will be arguing its case in court Monday after authorities argued they have not made the necessary changes. - more

    Zimbabwe's largest Nickel miner gets prescribed asset status - The Zimbabwean government has granted the country's largest nickel mining company Bindura Nickel Cooperation (BNC) a prescribed asset status for its 20 million U.S. dollar bond with proceeds earmarked towards the restart of a smelter, state media reported Monday. - more

    Axiom Mining in negotiations for funding, offtake for Isabel Nickel Project - Axiom Mining has revealed it is negotiations with debt and equity financiers and project level joint venture partners to fund the development of the Isabel Nickel Project in the Solomon Islands. - more

    Italy-based steel manufacturer investing in Allen County - Valbruna Slater Stainless, Inc., a stainless steel and nickel alloy manufacturer, announced plans today to expand its operations here, creating up to 45 new jobs by 2017. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Friday, November 21

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones is reporting three month nickel closed Thursday's trading session at $7.41/lb . Indicators at 6:40 am CST today show 3 month nickel trading around $.09/lb higher, with other London traded base metals trading higher as well. Stockpiles of nickel stored in LME approved warehouses rose to another record high on Thursday, and now totals 394,770 tonnes. Nickel continues its bullish run today, with other base metals joining after China cut interest rates to add some momentum to their slowing economy. As the largest customer of nickel in the world, what happens in China has a big effect on speculation surrounding nickel supply and demand for 2015. Have a safe and relaxing weekend!
  • What we have learned about the November nickel price bull run - The price of nickel has been trending upwards since nickel went bullish on October 27th, although the technical trendline remains neutral. So what changed? LME stockpiles continue to grow, breaking new records nearly every day. China port stockpiles of nickel ore remain fairly stabile - at least for the moment. Growth in steel production in China continues to slump. Stainless steel production around the world has seen better days. Yet more nickel is being produced than ever before. So how do we explain this phenomenon? Come on, ess - your readers need an answer. No longer will they accept 'stuff just happens', they demand to know why, logic demands a reason. So we have done research on this topic to give our readers the cutting edge and cynical reasoning they have come to expect from us. We searched high and low for the conspiracy behind the slump in nickel prices coming to a screeching halt, and we have finally found the culprits. Yes culprits. Two of them. No, it was not the opening of a nickel mine, nor the threat of a strike at another. No, it was not Indonesia saying for the hundredth time that they would keep their ore ban in place, nor was it the report of a thunderstorm in the Philippines. No, what we have identified as the root cause, is far more sinister, and yet, more obscure. It gathered little initial attention - or so we thought. What did we learn in our thorough, sixteen minute long research, that we now pass on to you free of charge? You can point the finger at two men, Lachlan Shaw and Vivek Dhar. These two commodity analysts with Commonwealth Bank on October 27th, when nickel was at its lowest price in months, and all of the other metals analysts forecasts of doom and gloom for 2015 were ringing loudly in our ears, had the gall to pontificate that we might very well see a nickel surplus in 2015 and 2016. What? Surplus? Not a huge deficit? Traitorous dribble! Analytical terrorism! Surreptitious something or another! Who do these two think they are? But the market has replied with a vengeance. Go ahead and make your little estimates and try to confuse us all with reasoning and figures gentlemen. We scoff at your efforts and quote Mark Twain, 'There are three kinds of lies: lies, damned lies, and statistics". And thus - supply grows (but that will change), and demand weakens (but that will change), and the price is rising (and this is as it must be we are told). And the market leans back in its big, easy chair, raises a skeptical eyebrow, glares down at these market ruffians, and with a sneer, dares them to challenge the markets reasoning again. And those of us who sit near the end of the stainless steel chain, the ones who inevitably catch, and must pay, the effect of higher nickel prices, cringe in anticipation of the next report these two might write and hope it has a far less effect on the market. And finally, we of course are joking and may Lachlan and Vivek continue to call it as they see it. Please know we are all behind you. And I do mean - way, way, .......way behind you.  
  • Average price of cash nickel so far this month - $7.00/lb
  • Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg metals morning - Nickel Heads for Second Weekly Gain as Indonesia Reaffirms Ban - more
  • Reuters metals morning - Prices rally after China cuts interest rates - more

  Reports

  Commodity/Economic Comments

  • China E-Stainless Daily Price Index -
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • European Debt Crisis Live - more
  • 100 Years of Stainless Steel - more
  • (SMM) According to the forecast of Citi Group, which was broadcasted yesterday, the deficit of nickel this year would be 62,400 tonnes, at the same time the deficit in the year next would be much more at103,000 tonnes. The bank further asserted that, the nickel inventories in China, all are dried up, with the supply from the Philippines has also declined.
  • Iron Ore Completes Fifth Weekly Loss as ‘Worst Is Yet to Come’ - more

    'Immoral, but not illegal': metal warehousing games in the spotlight - Complex deals employed by Goldman Sachs' (GS.N) metals storage unit to build vast stockpiles and then maintain queues test the spirit of the London Metal Exchange operating code, shocking many traders and confirming others' suspicions. - more

    Chinese nickel pig iron prices continue to rise on tight supply - Spot prices of high-grade nickel pig iron (10-15% Ni) in China continued to rise this week to Yuan 1,000-1,050/nickel unit ($163-171/unit) delivered with 17% VAT included on Thursday on tight supply, sources said. - more

    Japan's November stainless steel output to fall on turnaround, output cut - Japan's production of stainless steel is expected to fall in November on a major plant turnaround and output cut following a fall in demand, market sources said Friday, November 21. - more

    Operating capacity of stainless steel mills slumps 55% on huge Chinese imports - The operating capacity of India's stainless steel (SS) mills has declined to the alarmingly low level of 55% due to cheap imports from China and other Free Trade Agreement (FTA) countries amid weak demand. - more

    Bank cuts nickel price forecast on rising output of alternative metal - Goldman Sachs has cut its nickel price forecast for next year by 20% because of sustained production of a lower-grade alternative in China. - more

    Why mining companies might be the Arctic’s best hope - Economic interests are set to play an increasingly important role in shaping development in the Arctic. Yet prominent members of the mining industry, familiar with the economic and reputational perils of impatient investment, remain cautious. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Thursday, November 20

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones is reporting three month nickel closed Wednesday's trading session at $7.30/lb . Indicators at 6:40 am CST today show 3 month nickel trading around $.05/lb higher, with other London traded base metals mostly lower. Stockpiles of nickel stored in LME licensed warehouses, rose at their largest single day gain since early October, and set a new record high at 393,324 tonnes. Nickel continues its bullish November run and with the volatility, comes  a surge in readership. While this site has its daily readers, when nickel prices start moving upwards, we see a surge in visitors searching the internet for explanations on why and crystal ball predictions of where it is heading. And while our crystal ball has been cloudy ever since we got it, and we dismiss most moves in the price as technical and without clear and concise reasoning, we have been researching this November run and believe we have found the smoking gun on what is causing it. It's not something you will read anywhere else, and you will have to come back tomorrow to find out why.
  • Average price of cash nickel so far this month - $6.97/lb
  • Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg metals morning - Nickel Climbs to One-Month High as Indonesia Re-Affirms Ore Ban - more
  • Reuters metals morning - Copper slips on weak China data, nickel hits 5-week high - more

  Reports

  • Damstahl Stainless Steel Report - November 2014 - pdf here
  • October 2014 crude steel production - more
  • Reuters Metals Insider - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  
  • Hedge Equities Commodity Report - pdf here
  • MacNicol Morning Notes - pdf here
  • Mangal Commodities Metals & Energy - pdf here
  • Danske Weekly Focus - pdf here

  Commodity/Economic Comments

  • China E-Stainless Daily Price Index - 79.27
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • European Debt Crisis Live - more
  • 100 Years of Stainless Steel - more
  • (SMM) China produced 16.02 million tonnes of crude stainless steel during the first nine months of 2014, up 2.38 million tonnes or 17.44% year-on-year, local media reported.
  • (MP) Molybdenum prices forecast to reach $12/lb in 2015
  • Iron Ore’s Massive Expansion Era Is Finished, Mining Giant Says - more
  • Slowdown in mining sector affects jobs - more
  • Labor strife threatens West Coast ports - more

    Nickel And Chrome Ore Price To Increase In 2015 - According to Albanian Minerals President and CEO Sahit Muja, A sharp fall on the nickel output can be expected in 2015 due to the depletion of reserves in Indonesian and limited new reserves open to markets globally. - more

    Outlook for Global Base Metals Industry Remains Stable: Moody's - Moody's Investors Service on Tuesday forecast a stable outlook for the global base metals industry. - more

    Excess Stainless Steel Prompts China to Dump Steel to International Mark - In response to the dramatic slowdown in the demand for stainless steel in China's construction industry, China's biggest steel producers started exporting steel to the international market in humongous proportions. - more

    Stainless steel scrap in a deep depression - Global: Recent weeks have brought further steep declines in stainless steel scrap prices amid some of the toughest market conditions seen in a long time. - more

    Nickel Roller Coaster Ride Over - The price of nickel, which is used in the making of stainless steel, has been on a roller coaster ride in 2014. - more

   Vale, province celebrate first production at new nickel plant in Long Harbour - Employees working at the new multi-billion-dollar nickel processing plant in Long Harbour were eager to show off their workplace Wednesday during a ceremony to celebrate the start of production at the massive new complex. - more

    Banks Had Unfair Advantage From Commodity Units: Senator - Wall Street’s biggest banks have used their ownership of metals warehouses, oil tankers and other commodities businesses to gain unfair trading advantages and dominate markets, according to a U.S. Senate investigation. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Wednesday, November 19

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones is reporting three month nickel closed Tuesday's trading session at $7.09/lb . Indicators at 6:40 am CST today show 3 month nickel trading around $.09/lb higher, with other London trade base metals trading mixed and quieter. Stockpiles of nickel stored in LME licensed warehouses rose for a fifth consecutive day and thus set a new all time record high of 390,432 tonnes. Nickel is up today and lets see what the press says is the reason. Here it is - Indonesia confirms that the ban they started in January, and have confirmed numerous times since will remain in place, once again, confirmed the ban will remain in place. Yes, I understand the logic of this.  Kind of like explaining a market move by announcing "Former Fed Chairman Ben Bernanke retains the title of Former Fed Chairman". Nickel is moving higher because the bulls are gaining momentum, who either hold a firm belief that nickel will enter a deficit situation sooner rather than later, and they hope to profit by that, or they are seeing another market move to the upside and don't want to be left behind. Either way, cash nickel, which averaged $7.15/lb last month, has averaged $6.96/lb so far this month.   
  • Average price of cash nickel so far this month - $6.96/lb
  • Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg metals morning - Nickel Advances as Indonesia Adheres to Ban on Exports of Ore - more
  • Reuters metals morning - Copper steadies on signs of tight supply near term - more

  Reports

  Commodity/Economic Comments

  • China E-Stainless Daily Price Index - 78.99
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • European Debt Crisis Live - more
  • 100 Years of Stainless Steel - more
  • Neste Jacobs Selected to Implement Norilsk Nickel LNG Station in Harjavalta, Finland - more

    China's Crude Steel Production in Oct Falls to 67,520 t/t for 2 Mos. in Row - According to the announcement on 13th by the National Bureau of Statistics of China, China's production quantity of crude steel in October was 67,520 thousand tons (abbreviated as t/t), down 20 t/t from the previous month. Its production quantity per day in October was 2,178 t/t, largely down 80 t/t from 2,250 t/t in September. - more

    Moody’s sees further pressure for base metals - Base metal prices are unlikely to recover within the next 12-18 months, Moody’s Investors Service says. - more

    Koniambo Nickel mine in New Caledonia officially opened by French President - Operations have started at the $7bn Koniambo Nickel project (Koniambo) in New Caledonia has started operation, which is jointly owned by Switzerland-based mining firm Glencore and Société Minière du Sud Pacifique (SMSP). - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Tuesday, November 18

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones is reporting three month nickel closed Monday's trading session at $7.16/lb . Indicators at 6:40 am CST today show 3 month nickel trading around $.07/lb lower, with other London traded base metals trading lower as well. Stockpiles of nickel stored in LME approved warehouses rose to a new record high on Monday and your new record high is 390,198 tonnes. Nickel rose yesterday afternoon after European Central Bank’s Mario Draghi hinted that further QE purchasing measures could include government bonds. European markets like to hear about possible stimulus measures and rose sharply. Nickel continues to follow the Euro, which jumped on the stimulus hint, but is trading lower this morning. The world welcomes a new mega nickel mine today, with the official opening of the Koniambo complex in New Caledonia. SteelFirst is reporting steel production in China continues to slide. Workers at the Cerro Matoso nickel mine in Colombia are scheduled to meet November 21st to discuss possible strike plans.
  • Average price of cash nickel so far this month - $6.94/lb
  • Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg metals morning - Nickel Retreats From One Month High on China Home Prices - more
  • Reuters metals morning - Copper slips on weak China property sector - more

  Reports

  • The International Stainless Steel Forum (ISSF) has launched a new publication on Stainless Steel in Self-Service Machines - more
  • Reuters Metals Insider - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  
  • Hedge Equities Commodity Report - pdf here
  • MacNicol Morning Notes - pdf here
  • Mangal Commodities Metals & Energy - pdf here
  • Danske Weekly Focus - pdf here

  Commodity/Economic Comments

  • China E-Stainless Daily Price Index - 78.86
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • European Debt Crisis Live - more
  • 100 Years of Stainless Steel - more
  • Nicholas Snowdon, metals analyst at Standard Chartered quoted in Reuters 11/17/14 - "We've certainly heard that ore exports have dropped sharply in November so far from the Philippines," said Snowdon, who forecasts an average LME nickel price of $23,400 next year [$10.61/lb]. "The main concern right now is the moderation in the Chinese stainless steel sector ... until that starts to turn around, that will be a constraint on the pace of tightening in the Chinese nickel market."
  • (SSY) Daily crude steel output at China Iron & Steel Association member mills declined to 1.635 Mt in the first 10 days of November, down from 1.665 Mt in the last 11 days of October, according to data from the industry body reported by SteelFirst.
  • Record Chinese steel exports risk global trade war - more
  • RusAl Unveils New CEO as Oleg Deripaska Named Company President - more
  • El Nino Warning Raised by Australia as Tropical Pacific Sizzles - more
  • Tropical Pacific Ocean moves closer to El Niño - more

    Glencore, French open $7bn nickel mine in New Caledonia - French President François Hollande on Monday officially opened the new $7-billion Koniambo nickel project in New Caledonia, a territory of France that is located 1 210 km east of Australia, in the south-west Pacific Ocean. - more

    Japan's CR Stainless Steel Mills Hold Out at $2,500 FOB - In the Asian region, Korean and Taiwanese mills seem to be proceeding with negotiations on cold-rolled (CR) austenitic stainless steel sheets at $2,500 CFR and at the time of a contract, such case seems to be increasing that they reduce their prices slightly to the level of $2,400 CFR. - more

    Govt likely to continue talks on mining rights - The government looks set to continue the process of renewing mineral and coal contracts of work, which is still in progress. - more

    Lundin's Eagle mine in Michigan producing, shipping nickel and copper - Canada's Lundin Mining is entering the ramp-up phase at its new Eagle nickel and copper mine, which has begun shipments after starting production in late September in Michigan's Upper Peninsula, according to a company spokesman. - more

  • Controversial U.P. mine seeking new lease on state land near Yellow Dog River - more

    Mining chamber cites benefits of China free trade deal - The South Australian Chamber of Mining and Energy (SACOME) says the signing of yesterday's free trade agreement (FTA) with China should help generate local investment. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Monday, November 17

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones is reporting three month nickel closed Friday's trading session at $7.07/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.01/lb higher, with other London traded base metals trading mixed and quietly. Stockpiles of nickel stored in LME approved warehouses rose to a another record high on Friday, and now total 389,766 tonnes. Shanghai Metal Markets reports nickel ore inventories at five top Chinese ports slipped from 15.64 million tonnes to 15.62 million tonnes. A weekly poll taken among Chinese metal analysts show 85% believe nickel prices will fall this week. Possible labor problems at the Cerro Matoso nickel mine in Colombia are being credited with giving nickel a boost on Friday, but we feel the $7/lb level is giving the bulls a support line, with the bears using it as a line of resistance. Buckle up and stay tuned.  
  • Average price of cash nickel so far this month - $6.93/lb
  • Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg metals morning - Nickel Rises to Two-Week High on Strike Concerns, Weaker Dollar - more
  • Reuters metals morning - Metals steady except copper as data shows Japan in recession - more

  Reports

  • Deka Commodities monthly: The downward slide continues - pdf here
  • Raymond James 3Q14 Base Metals & PGM Preview - pdf here
  • The Dig – Haywood Mining Team’s week in review - pdf here
  • Reuters Metals Insider - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  
  • Hedge Equities Commodity Report - pdf here
  • MacNicol Morning Notes - pdf here
  • Mangal Commodities Metals & Energy - pdf here
  • Danske Weekly Focus - pdf here

  Commodity/Economic Comments

  • China E-Stainless Daily Price Index - 78.83
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • European Debt Crisis Live - more
  • 100 Years of Stainless Steel - more
  • Vale Iron-Ore Head Martins Leaves as Price Collapses - more

    French President to inaugurate nickel plant - The French President, Francois Hollande, is due in New Caledonia's north on Monday to inaugurate a nickel plant before he returns to Noumea to meet political leaders. - more

    Nickel And Chrome Ore Price To Increase In 2015 - According to Albanian Minerals President and CEO Sahit Muja, A sharp fall on the nickel output can be expected in 2015 due to the depletion of reserves in Indonesian and limited new reserves open to markets globally. - more

    What’s Next for BHP Billiton’s Nickel West? - In a move that some believe was inevitable, BHP Billiton announced last Wednesday that it has abandoned plans to sell its Western Australian Nickel West business. Instead it will keep it in its portfolio as a non-core asset. - more

    Mining operations at Talvivaara to continue, ministers assure - High-powered ministers delivered an important message to the residents of Kainuu while visiting the trouble-plagued nickel mine of Talvivaara in Sotkamo on Friday: the operations of the mine will continue. - more

    Major private steel company files for bankruptcy protection - Haixin Iron and Steel Group, the largest private iron and steel enterprise in Shanxi province, has started bankruptcy reorganization procedures, according to a local court on Monday. - more

    First Chemical Tanker to Use Combination of Duplex Stainless Steel and Stainless Clad Steel Delivered - The world’s first chemical tanker to use a combination of duplex stainless steel and stainless clad steel in the construction of its cargo tanks was successfully delivered to Oita-based Hiro Naviera S.A. (President: Tomonori Yoshimura) on 15 November 2014 by Usuki Shipyard Co., Ltd (President: Jiro Kadota). - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Friday, November 14

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones is reporting three month nickel closed Thursday's trading session at $6.95/lb . Indicators at 6:40 am CST today show 3 month nickel trading around $.03/lb higher, with other London traded base metals trading quietly and mixed. Stockpiles of nickel stored in LME licensed warehouses rose to a new record high, but just barely, with a total of 389,370 tonnes. The most recent bullish run for nickel fell apart yesterday afternoon and fell back below $7/lb. Economic news from Europe was positive, with Greece exiting recession and the Euro GDP coming in better than expected. Still a long way to go but a good day. News from China wasn't as good and concerns that China's GDP expectations may be lowered further keep stimulus hopes alive. For inventory watchers, the average daily growth rate in stockpiles continues to fall with today's readings. Macquarie is warning its Commodities Research report today, that when these stockpiles begin to fall, we could see some speculative re-stocking by stainless steel producers and consumers, with another large increase in price to follow. Have a safe and restful weekend.   
  • Average price of cash nickel so far this month - $6.93/lb
  • Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg metals morning - Copper Heads for Weekly Drop Amid Concern Slowdown to Sap Demand - more
  • Reuters metals morning - Copper pressured by Chinese data, eyes biggest drop since Sept - more

  Reports

  Commodity/Economic Comments

  • China E-Stainless Daily Price Index - 78.83
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • European Debt Crisis Live - more
  • 100 Years of Stainless Steel - more
  • (MF) Indian stainless steel operating capacity down to 50%
  • (SMM) Jinchuan Group cut its ex-works prices to 104,300yuan per tonne on Nov. 14, down 1,500 yuan per tonne, Shanghai Metals Market learns.
  • Outotec to modernize BCL nickel smelter in Botswana - more
  • U.S. Fastener Imports and Exports in September - more

    Next nickel boom may not be too far away: Macquarie - Extreme destocking is now prevalent from nickel ore to stainless steel, and once nickel metal and ore, and stainless steel prices are perceived to have bottomed, there could be another rush to buy, Macquarie Commodities Research said in a report Friday. - more

    Oil, other commodities will be in the dumps for another decade - Remember the commodities supercycle, that seemingly endless 2000s commodities boom? - more

    China ferrochrome: Charge chrome import price edges up to 78-80 cents/lb - Platts assessed the spot price of South Africa-origin charge chrome (48-52% Cr) at 78-80 cents/lb CIF China on Friday, November 14, up from 77-80 cents/lb CIF a week ago, amid improved sentiment. - more

    TVI's Philippine Affiliate JV Completes Second Shipment of Nickel Ore at Agata Project - TVI Pacific Inc. and TVI's Philippine affiliate, TVI Resource Development, Inc., are pleased to announce that Agata Mining Ventures Inc. , a joint venture company in which TVIRD holds a 60% interest and is the operator, has completed its second shipment of high-iron/low nickel direct shipping ore produced from the Agata project located in northern Mindanao, the Philippines. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Thursday, November 13

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones is reporting three month nickel closed Wednesday's trading session at $7.06/lb . Indicators at 6:40 am CST today show 3 month nickel trading around $.05/lb higher, with other London traded base metals trading mostly higher as well. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday, but not enough to set a new record, and now total just shy of the 389,150 tonne level. Nickel continues its technical bounce and only time will tell if it has any staying power. A bounce in the Euro on Friday helped start this bullish run, with a potential strike in Colombia and hopes for further economic stimulus measures helping to keep the pot stirred. The activity this month in the LME warehouses has been interesting, and this week is raising a few eyebrows. Over the past seven business days, stockpiles have risen by 3,776, which avenges out to be a net gain of 468 tonnes per day. That may seem like a lot, but last month, the daily gain averaged 1090 tonnes. In September, the average gain was 1,235 tonnes. Are we seeing a turnaround in stockpile growth and the tipping point in the supply/demand balance that analysts have been predicting for nearly a year now? Too early to tell for sure, but the numbers are interesting to watch.
  • Average price of cash nickel so far this month - $6.91/lb
  • Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg metals morning - Copper to Aluminum Swing as Investors Weigh China Factory Output - more
  • Reuters metals morning - Nickel up for third day, others rise on China stimulus hopes - more

  Reports

  • M&A and capital raising in mining and metals: 3Q 2014 - pdf here
  • Reuters Metals Insider - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  
  • Hedge Equities Commodity Report - pdf here
  • MacNicol Morning Notes - pdf here
  • Mangal Commodities Metals & Energy - pdf here
  • Danske Weekly Focus - pdf here

  Commodity/Economic Comments

  • China E-Stainless Daily Price Index - 78.83
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • European Debt Crisis Live - more
  • 100 Years of Stainless Steel - more
  • LME losing ground in battle for Asian copper as Chinese turn to CME - more

    In Reuters most recent poll of metals analysts, the forecasted nickel price for 2015 ranged from a low of $7.67/lb to a high of $11.50/lb. The median was $9.15/lb. Analysts were also asked to predict the supply balance for 2015 and nickel guesses went form an 8000 tonne surplus to a 150,000 tonne deficit. The mean estimate was at a 98,113 tonne deficit.  

    BHP to shut Venus project, once seen as central to its Nickel West - BHP Billiton is to shut down its once-promising Venus nickel project in Australia following an aborted attempt to sell its Nickel West division, citing competition for capital from its other divisions. - more

  • BHP to cut 90 jobs from Nickel West - Mining giant BHP Billiton will cut 90 jobs from its Nickel West business in Western Australia. - more

    BHP chasing ore supply after keeping nickel division-sources - BHP Billiton is redoubling its efforts to secure supplies to feed its Australian Nickel West division, industry sources said, after it rejected offers to sell the business. - more

   Iron Ore Mine Closures May Lead to $70 Floor Price, ANZ Says - Iron ore mines in China will close down should prices drop toward $70 a metric ton, potentially creating a base for prices of the steel-making raw material, according to Australia & New Zealand Banking Group Ltd. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Wednesday, November 12

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones is reporting three month nickel closed Tuesday's trading session at $7.01/lb . Indicators at 6:45 am CST today show 3 month nickel trading around $.05/lb higher, with other London traded base metals trading higher as well. Stockpiles of nickel stored in LME licensed warehouses slipped for a second day and now total just over the 388,750 tonne level. Reporters, always looking for a reason to explain a move in commodities, are either crediting a second day of declines in LME stockpile numbers or the potential strike in Colombia to explain the two day rise in nickel prices. No one seems to be mentioning cancelled warrants, the amount of that stored nickel that is committed, fell below the 22% level yesterday, for the first time since October of last year. As far as the dispute in Colombia, please see an article and our own research into the matter below. It appears at the same time traders start getting nervous about a potential supply disruption into a market in surplus, that surplus made it difficult for BHP to unload their Nickel West operation and thus they pulled it off the market and announced they will double down their efforts to make it a profitable operation. That sounds like more nickel for the market - an announcement made with some determination, while the news from Colombia is at this moment, a potential disruption. So let's see if we get this right? BHP is announcing they are pulling one of their larger nickel mines off the 'for sale' market and will secure more ore to produce - more nickel. At the same time, maintenance workers at Cerro Matoso threaten to go on strike, potentially causing a temporary disruption meaning - jack at this point. And this is the reason nickel prices are rising? These reporters really need to give it up. Most of the time, the market does what it wants to do and doesn't need a good explanation. Base metals are trading higher for the last two days across the board, and zinc traders don't care what's happening in Colombia or Australia.  
  • Average price of cash nickel so far this month - $6.89/lb
  • Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg metals morning - Nickel Advances for a Second Day as Inventory Expansion Pauses - more
  • Reuters metals morning - Copper steadies in narrow range, supplies in focus - more

  Reports

  Commodity/Economic Comments

  • China E-Stainless Daily Price Index - 78.83
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • European Debt Crisis Live - more
  • 100 Years of Stainless Steel - more
  • (SM) Boliden’s new nickel smelting unit will mainly concentrate on buying the nickel concentrates from the suppliers out of the company, as well as to sell the nickel matte, to the nickel refineries, which will refine and use them. The estimates show that, the annual production will remain to be 25,000 tonnes of nickel in the form of matte.
  • Fortescue may expand into new commodities - more
  • The NFIB Small Business Optimism Index crept back to its August level of 96.1 with a gain of 0.8 points led by a modest increase in the net percent of owners who plan to increase capital spending and more who expect higher sales in the next 3 months. - more

    Threat of Colombian mine strike boosts nickel - Nickel rose for the first time in three sessions as workers at a BHP Billiton Plc. mine in Colombia threatened to go on strike, spurring supply concerns. - more (our research- According to El Tiempo, a Colombia newspaper, BHP has changed working hours for the maintenance workers and this has led to a dispute between the union and company officials at the Cerro Matoso mine near Montelibano, Colombia. Maintenance workers have been working five 8 hours day shifts, then five 8 hours swing shifts, then five eight hours graveyard shifts, followed by five days off. The new shifts, according to the paper, are two twelve hour shifts, followed by fifty two hours off (2 days plus 4 hours), then repeat. The union is opposed to the change and so far, the Ministry of Labour has taken the stance that this is a discretionary decision left to the company. Cerro Matoso is reportedly the second largest producer if ferronickel in the world according to the company website and produces approximately 50,00 tonnes of nickel annually) 

    Nickel’s Waning Price Boom Leaves BHP With Unwanted Mines - The failure to find a buyer for its Australian nickel business has left BHP Billiton Ltd. (BHP) with unwanted smelters and pits after the collapse of a price boom. - more

  • BHP to retain Nickel West as noncore asset - more

    Production Plan for Special Steel Products in Oct-Dec 2014 Is 5.415 Mil. Tons = High level following prior period, and up by 7% from year-earlier period = On November 4, the Ministry of Economy, Trade and Industry made clear the production plan for hot-rolled special steel products in the period from October to December in 2014, which shows the production plan for special steel products in the period from October to December is 5.4154 million tons whose breakdown is 3.4202 million tons for domestic consumption and 1.9951 million tons for international export. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Tuesday, November 11

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones is reporting three month nickel closed Monday's trading session at $6.91/lb . Indicators at 6:30 am CST today show 3 month nickel trading around $.03/lb lower, with other London traded base metals trading lower as well. Stockpiles of nickel slipped for the first time this month and now total just under the 388,900 tonne level. Nickel is nearing the psychologically important $15,000 tonne level, where it bounced higher from earlier this month. If this level is breached, we look to $6.62/lb for major support. Industry news remains muted, with some looking to the iron ore market for clues o what is happening in China. If this is true, then we could be in trouble, as iron ore prices continue to tumble. We are still watching Europe and any stimulus announcement from the ECB that may or may not be coming, and the effect any such news might have on the Euro. Until the Euro starts to regain some strength, we seriously doubt nickel will find its footing.
  • Average price of cash nickel so far this month - $6.90/lb
  • Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg metals morning - Aluminum to Copper Slide as Strengthening Dollar Erodes Demand - more
  • Reuters metals morning - Zinc steadies on supply woes, strong dollar knocks copper - more

  Reports

  • Supply Management Commodity prices November 2014 - pdf here
  • Reuters Metals Insider - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  
  • Hedge Equities Commodity Report - pdf here
  • MacNicol Morning Notes - pdf here
  • Mangal Commodities Metals & Energy - pdf here
  • Danske Weekly Focus - pdf here

  Commodity/Economic Comments

  • China E-Stainless Daily Price Index - 78.84
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • European Debt Crisis Live - more
  • 100 Years of Stainless Steel - more
  • (SA) According to SpetsStal's latest appraisal, the volume of Russian stainless steel exports from Jan to Sep 2014, if compared to the equal period of 2013, fell 65.3% to 6,927 tons.
  • (SA) According to SpetsStal's estimate, the aggregate volume of imported stainless steel products from Jan to Sep 2014, if compared to the equal period of 2013, rose +2.3% to 190,520 tons.(source)
  • SocGen lowers annual average nickel price forecast for 2014 to $18,000 /tonne ($8.16/lb) and 2015 to $24,000/tonne ($10.89/lb)
  • Twitter nickel technical report - more
  • West Coast port dispute threatens to derail holiday season - more

    Norilsk Nickel reduces 9-month nickel output by 5.65% to 199.849 thousand t - OJSC MMC Norilsk Nickel reduced the 9-month nickel production by 5.65% to 199.849 thousand tonnes from 211.807 thousand tonnes the year before, the company informed. - more

    Nickel Roller Coaster Ride Over - The price of nickel, which is used in the making of stainless steel, has been on a roller coaster ride in 2014. - more

    Sudbury should stack up just fine minus landmark - It felt like a punch in the gut when Vale vice-president Kelly Strong dropped the bombshell last week the mining company was analyzing tearing down its Superstack. - more

    Iron Ore Seen by Citigroup Below $60 as 2015 Forecast Cut - Iron ore prices will plummet to less than $60 a metric ton next year as global supply increases and demand remains weak, according to Citigroup Inc., which slashed its quarterly forecasts for 2015 by as much as 23 percent. - more

     Mining and indigenous peoples - The International Council on Metals and the Environment has published this document as part of its ongoing efforts to provide information on environmental, health and related matters affecting the metals mining and producing industry. - more

    Courtesy AISI - In the week ending November 8, 2014, domestic raw steel production was 1,839,000 net tons while the capability utilization rate was 76.5 percent. Production was 1,826,000 net tons in the week ending November 8, 2013, while the capability utilization then was 76.2 percent. The current week production represents a 0.7 percent increase from the same period in the previous year. Production for the week ending November 8, 2014 is up 1.3 percent from the previous week ending November 1, 2014 when production was 1,815,000 net tons and the rate of capability utilization was 75.5 percent.

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Monday, November 10

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones is reporting three month nickel closed Friday's trading session at $6.99/lb  Indicators at 6:30 am CST today show 3 month nickel trading around $.10/lb lower, with other London traded base metals trading mostly lower. Stockpiles of nickel stored in LME licensed warehouses continue to climb, rising to another record level on Friday of 389,334 tonnes. Even in China, where the monsoon season in the Philippines was expected to slow ore imports, saw an increase last week. SMM reports ore stockpiles at China's five top ports grew by 400,000 tonnes to 15.64 million tonnes. SMM reported the five ports held 18.93 million tonnes on January 1st, and were at 13.43 million tonnes six months ago today. A weekly poll of China metal analysts put the forecasters near a 50-50 split on whether the price of nickel will rise or decrease this week. In our opinion, if you want to know where nickel prices are heading, pay close attention to the Euro. The Euro has been in a slow decline for about 5 months now. Nickel prices have been in  a slide for about five months now. Lots of speculative talk about the potential of a stimulus announcement sometime this week for the European Central Bank. If this happens, the Euro could get a boost, and commodities could react likewise. It is all speculation, but looking at inventory levels, one can find little to justify any increase in the traded price.
  • Average price of cash nickel so far this month - $6.92/lb
  • Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg metals morning - Zinc Climbs for Third Day as U.S., China Demand Outlook Improves - more
  • Reuters metals morning - Aluminium falls as Chinese product exports strong - more

  Reports

  • RJL Mining Weekly: Comps, Commodities, Leaders/Laggards, Research - pdf here
  • The Dig – Haywood Mining Team’s week in review - more
  • Reuters Metals Insider - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  
  • Hedge Equities Commodity Report - pdf here
  • MacNicol Morning Notes - pdf here
  • Mangal Commodities Metals & Energy - pdf here
  • Danske Weekly Focus - pdf here

  Commodity/Economic Comments

  • China E-Stainless Daily Price Index -
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • European Debt Crisis Live - more
  • 100 Years of Stainless Steel - more
  • (SM) The latest statistics released by the US Department of Commerce (DOC) indicates that the country’s Nickel scrap exports were down by 6.4% in September ’14 when compared with the same month a year ago. The average export price was also down when compared with the previous month
  • China steel and iron ore futures rebound after data, Xi comments - more
  • Chart of the day: Euro finding bottom - more

    European stainless steel demand slows on weaker nickel, destocking - Whipsawing nickel futures prices, which have been sold off sharply of late, are exacerbating the impact of seasonal destocking in the European stainless steel market, sources said this week. - more

    Stainless Steel Mills Cut Ni SUS Scrap Price by JPY5,000 = Lowered to JPY165,000/ton -JPY170,000/ton in Kanto as well as Kansai = Japanese Stainless Steel mills cut their purchase prices of nickel-containing stainless steel scrap (SABOT) by JPY5,000 per ton, which resulted in the November purchase price of JPY165,000/ton - JPY170,000/ton (delivered at plant) prevailing . - more

    Raising import duty on stainless steel FinMin call: Steel Min - The Steel Ministry has pitched for a duty hike to safeguard domestic stainless steel industry from Chinese imports, but a final call in this regard will be taken by the Finance Ministry. - more

    Iron Ore Seen Extending Slump by ANZ as Global Glut Doubles - Iron ore will extend declines next year as a global glut more than doubles, according to Australia & New Zealand Banking Group Ltd., which reduced its price forecasts through 2017. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Friday, November 7

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones is reporting three month nickel closed Thursday's trading session at $7.02/lb . Indicators at 6:30 am CST today show 3 month nickel trading around $.05/lb lower, with other London traded base metals trading mostly lower. Stockpiles of nickel stored in LME approved warehouses rose to another record high on Thursday and now totals 387,222 tonnes. Nickel has spent the week trading quietly, and unless it pops much higher this afternoon, will close lower for the week; failing to recover from a Tuesday drop. It's been a quiet week, a reflection of a quiet and uneventful LME Week prior. We have nothing new to add so we close the week by wishing you all an enjoyable and relaxing weekend, and invite you to return next week.  
  • Average price of cash nickel so far this month - $6.91/lb
  • Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg metals morning - Nickel Set for Weekly Fall, Aluminum Drops Before China Exports - more
  • Reuters metals morning - Aluminium dips on producer selling, others mixed before U.S. data - more

  Reports

  Commodity/Economic Comments

  • China E-Stainless Daily Price Index - 79.02
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • European Debt Crisis Live - more
  • 100 Years of Stainless Steel - more

    Talvivaara's nickel mining unit to apply for bankruptcy - Finnish nickel company Talvivaara said a subsidiary that holds all of the group's mining assets will apply for bankruptcy protection after failing to raise financing. - more

    Qld Health to test dust from Clive Palmer's Townsville nickel refinery - The Department of Environment has installed dust monitors near Clive Palmer's nickel refinery in Townsville, after complaints from residents. - more

    China's stockpiler far exceeds 2014 copper-buying plan - sources - China's commodity stockpiler is likely to buy more than double the amount of copper it planned for 2014 as the world's top consumer takes advantage of low prices in the international market, but it has stuck to its target for refined nickel. - more

    Sherritt wins sustainable business award for Ambatovy project - Sherritt International Corp. of Toronto has won the Nedbank Capital Sustainable Business Award in the resources and non-renewable energy category for its biodiversity program at the Ambatovy nickel joint venture. - more

    Vale Says Says Global Iron Ore Oversupply Won’t Last Forever - Iron ore prices of $90 to $100 a metric ton are sustainable over the long term, according to Vale SA, which predicts that some producers that started output when prices were much higher won’t be able to survive the slump. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Thursday, November 6

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones is reporting three month nickel closed Wednesday's trading session at $6.96/lb . Indicators at 6:30 am CST today show 3 month nickel trading around  $.03/lb higher, with other London traded base metals trading mostly lower Stockpiles of nickel rose on Wednesday, and with nearly any rise, comes a new all time record high. Today's new record totals 386,118 tonnes. Nickel has been trending higher for most of today's morning session, and has started afternoon trading by giving up some of its earlier gains. It is interesting to note that we have the average price of nickel trading at $6.80/lb during 2013, and has averaged $6.91/lb so far this month, after averaging $7.15/lb last month.
  • Average price of cash nickel so far this month - $6.91/lb
  • Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg metals morning - Zinc Rebounds From Two-Week Low as U.S. Jobs Data Beat Estimates - more
  • Reuters metals morning - Copper, aluminium slip on worries about China growth, dollar - more

  Reports

  • U.S. Exports of Stainless Steel Mill Products - more
  • Reuters Metals Insider - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  
  • Hedge Equities Commodity Report - pdf here
  • MacNicol Morning Notes - pdf here
  • Mangal Commodities Metals & Energy - pdf here
  • Danske Weekly Focus - pdf here

  Commodity/Economic Comments

  • China E-Stainless Daily Price Index -
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • European Debt Crisis Live - more
  • 100 Years of Stainless Steel - more
  • (Triland Metals) Iron ore, crude, precious metals are hitting five year low so it should be no surprise that nickel is also starting to look tired already after its tentative bounce towards $16,000.
  • (SSY) Daily crude steel output at China Iron & Steel Association member mills continued to fall in the last 11 days of October, dropping to 1.631 Mt, down from 1.763 Mt in mid-October and 1.804 in the first 10 days of the month, according to data from the industry body reported by SteelFirst.
  • Election Must Bring Economic Certainty Says Metals Service Center Institute - more

    Inquiries of CR Stainless Sheets from Asia Stop - Inquiries to the Japanese cold-rolled (CR) stainless steel mills have stopped for shipments of November/December. Orders of not only austenitic stainless products to SUS304 but also SUS316 have not been placed due to a price drop of molybdenum. - more

    Call to shore up New Caledonia nickel production - A leading figure in New Caledonia’s nickel sector has warned against possible outside predators in the industry, which is the territory’s economic backbone. - more

    An interesting piece of history - read an article from the New York Times January 31, 1925 which may be the first time American's heard of this new metal called 'stainless steel '- here

    Port Hedland Engineers to Strike, Risking Iron Shipments - Tugboat engineers at Australia’s Port Hedland will strike next week, risking disruption to iron ore shipments through the world’s largest bulk export terminal. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Wednesday, November 5

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones is reporting three month nickel closed Tuesday's trading session at $6.91/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.06/lb lower, but is trading off earlier lows. Other London traded base metals are trading lower as well. Stockpiles of nickel stored in LME approved warehouses went unchanged on Tuesday, and remain at yesterday's record level. Look to $6.80/lb for psychological support, and $6.67/lb for strong technical support. The short term trend remains negative, while the long term has turned neutral.
  • Average price of cash nickel so far this month - $6.97/lb
  • Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg metals morning - Nickel Leads Metals Down as Aluminum, Zinc Outperform - more
  • Reuters metals morning - Copper hits two-week low on China worries, dollar surge - more

  Reports

  • U.S. Imports of Stainless Steel Mill Products - more
  • Reuters Metals Insider - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  
  • Hedge Equities Commodity Report - pdf here
  • MacNicol Morning Notes - pdf here
  • Mangal Commodities Metals & Energy - pdf here
  • Danske Weekly Focus - pdf here

  Commodity/Economic Comments

  • China E-Stainless Daily Price Index - 79.35
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • European Debt Crisis Live - more
  • 100 Years of Stainless Steel - more
  • (Standard Chartered Commodity Alert 10/28/14) Most of the focus in 2014 has been on the supply and inventory side of the nickel market. LME Week was significant for nickel to the extent that there was much greater focus on the apparent weakness developing in China’s stainless steel sector. This sector has been hit hard by credit rationing. This has resulted in lower stainless production growth (4% y/y in August-September versus 13% y/y in January-July) and a push to sell off product inventories built over the first half of this year. This has fed into falling stainless prices in China and a sharp increase in stainless steel exports. We believe this destocking phase will mature over the remainder of this year but is likely to weigh on demand for nickel – whether NPI, intermediate or refined – during Q4. (source)
  • (Handelsbanken Trading Strategy 10/22/14) This is undoubtedly the metal where participants had the greatest belief in higher prices ahead of 2015. Underlying fundamentals have deteriorated during the year, and knowledge is starting to spread of the Philippines’ seasonal export pattern, which has compensated for Indonesia’s export ban so far. Everyone is expecting the nickel market to be in a deficit next year and that inventory levels will be consumed to balance the market. Higher price estimates are one theme, and our scenario of an average price of USD 23,000/tonne is certainly a large movement but is finding relatively good acceptance. In our view, nickel is the only base metal where there is a risk of the price rising by more than 50% in 2015 from current levels. (source)
  • (Reuters Inside Metals 10/27/14) Nickel remains the collective bull favourite, despite or maybe because of the collapse of this year's early rally. The Macquarie audience's average view was for a run-up to $19,859 per tonne from Monday's $15,315. Nickel was picked as the metal to watch by both Macquarie analyst Jim Lennon and by Paul Gait, analyst at Sanford C. Bernstein, at the Bloomberg seminar. Robin Bhar, analyst at Societe Generale, went for lead and tin. Gayle Berry of Jefferies went for spreads in general rather than a specific metal. (source)
  • (Twitter) CRU expects global market deficits to continue in Zinc and to appear in Nickel from 2015
  • Iron Drops to Lowest Since 2009 as APEC Curbs Dent Demand - more
  • Iron ore prices decline as Apec curbs stunt demand in China - more
  • El Nino Seen Nearing Thresholds as Pacific Ocean Gets Warmer - more
  • Warm tropical Pacific Ocean, but ENSO remains neutral - more
  • U.S. Fastener Imports and Exports both Drop in August - more

    The International Stainless Steel Forum (ISSF) has launched a new publication on Stainless Steel in Drinking Water Supply. The brochure can be downloaded for free from the worldstainless website. pdf here

    China Ferrochrome: Rollover of November purchase prices, output cuts support spot market - Domestic spot prices of 50% Cr Chinese high-carbon ferrochrome were unchanged week on week at Yuan 6,200-6,400/mt (equivalent to 76-79 cents/lb) on Wednesday, November 5, on support from rollovers of November purchase prices by major local stainless steelmakers and production cuts in the country. - more

    Call to shore up New Caledonia nickel production - A leading figure in New Caledonia's nickel sector has warned against possible outside predators in the industry, which is the territory's economic backbone. - more

    Ramu ramps up - The Ramu nickel-cobalt project in Papua New Guinea is continuing to ramp up to full production with an average production rate of 77% of nameplate rate achieved for the September quarter. - more

    In the Food Plant: Danger of Corrosion when Welding Stainless Steel - Manufacturers and users of food processing equipment have long believed that so-called ‘stainless steel’ is indeed stainless. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Tuesday, November 4

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones is reporting three month nickel closed Monday's trading session at $7.15/lb . Indicators at 6:30 am CST today show 3 month nickel trading around $.20/lb lower, with other London traded base metals trading lower as well. Stockpiles of nickel stored in LME approved warehouses rose to another record high on Monday and now stand at 385,860 tonnes. It is shaping up to be another brutal day for commodities, and in our opinion, the continuing fall in oil prices is making long term investors eye commodities nervously. Nickel is getting hit especially hard this morning, down nearly 2-1/2%. We are starting to see a deep divide form among metals analysts. The majority still feel we will see a nickel market in deficit in 2015, but a growing minority feel the nickel ore from the Philippines will be sufficient to cover the needs of a slowing China in 2015. And in our opinion, a lot depends on the growth, or lack thereof, we see in China in coming years. World economies, including the US, which is apparently one of the better presently, seem to be like a sailboat stuck in a windless ocean. Without the governments rowing the boat with stimulation, forward momentum would be nullified. Look to Europe and China for more stimulation measures in the near future. We are still above October lows and well above the $14.700 tonne low point of that month.
  • Average price of cash nickel so far this month - $7.06/lb
  • Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg metals morning - Zinc Heads for Three-Week High as U.S. Auto Sales Beat Estimates - more
  • Reuters metals morning - Zinc, copper rise as dollar dips, equities gain - more

  Reports

  Commodity/Economic Comments

  • China E-Stainless Daily Price Index - 79.38
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • European Debt Crisis Live - more
  • 100 Years of Stainless Steel - more
  • (Yieh) Yieh United Steel Corporation, the largest integrated stainless steel mill in Southeast Asia, has announced to cut its domestic prices for stainless steel products for November.
  • (SSY) The official October Purchasing Managers Index gauging factory activity dipped to a five-month low of 50.8, falling below analysts average expectations of 51.2, Reuters reports. The index reading for new export orders fell to 49.9, below the threshold of 50, indicating a contracting in activity. Meanwhile, the PMI for the country's iron and steel sector produced by the China Federation of Logistics and Purchasing registered a reading of 46. The index for domestic steel production dropped to 42.2, down 3.7 points from September. This marks the lowest reading in seven months, Xinhua news agency comments.

    Can nickel recover from its spectacular boom and bust?: Andy Home - Nickel's recent fall from grace has been as spectacular as its earlier rise.- more

    Global Stainless Steel Output in 2014 To be Another Record High - World crude stainless steel production is predicted to reach an all-time high of 41 million tonnes in calendar year 2014. This represents a 7.8 percent increase on the previous record figure, set last year. - more

    Prices of CR Austenitic Stainless Sheets in Asia Fall to $2,500 CFR Level - Prices of cold-rolled (CR) austenitic stainless steel sheets in the Asian region go on falling after the holiday of the Anniversary of the Founding of China and seem to be the level of $2,550 CFR at present. - more

    Glencore ferrochrome production up as Lion II roars in Mpumalanga - The South Africa-centred ferrochrome production of diversified miner Glencore lifted appreciably in the third quarter due to the roar of its low-energy Lion II ramp-up in Mpumalanga. - more

    Courtesy AISI - In the week ending November 1, 2014, domestic raw steel production was 1,815,000 net tons while the capability utilization rate was 75.5 percent. Production was 1,832,000 net tons in the week ending November 1, 2013, while the capability utilization then was 76.5 percent. The current week production represents a 0.9 percent decrease from the same period in the previous year. Production for the week ending November 1, 2014 is down 1.1 percent from the previous week ending October 25, 2014 when production was 1,835,000 net tons and the rate of capability utilization was 76.3 percent.

    Sudbury's Superstack could be coming down: Vale - A Sudbury landmark, rated 10 out of 45 attractions to see in the Nickel City, could be coming down, depending upon the result of an analysis by Vale Ltd. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Monday, November 3

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)
  • Dow Jones is reporting three month nickel closed Friday's trading session at $7.14/lb . Indicators at 6:40 am CST today show 3 month nickel trading around where it opened, with little change, and other London traded base metals are trading mixed and quiet as well. Stockpiles of nickel stored in LME approved warehouses ended October as the began, and we begin November with a new record high stockpile total of 385,314 tonnes. SMM reports nickel ore stockpiles held at the China's top five ports fell by 310,000 tonnes last week to 15.24 million tonnes. Chinese stockpiles remain higher than they were in September, and we could be seeing the effects of monsoon rains in the Philippines slowing exports from that country. Price wise, nickel has done little since last Tuesday's jump, and while its daily range has been up to $900/tonne, the closing price has fell within a much tighter range. Seven out of ten Chinese metal analysts who participate in a weekly Chinese poll, are forecasting the price of nickel to drop this week. China's manufacturing PMI remains positive, but fell to 50.8 from October's 51.1. US readings will be released later today.
  • Average price of cash nickel so far this month - N/A
  • Average price of LME traded nickel in 2013 - $6.80/lb / avg 2012 - $7.95/lb / avg 2011 - $10.36/lb / avg 2010 - $9.89/lb
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index) (live java chart)
  • Bloomberg metals morning - Nickel Drops With Aluminum on Chinese Manufacturing Weakness - more
  • Reuters metals morning - Copper inches up as Japan easing offsets China growth view - more

  Reports

  • RJL Mining Weekly: Comps, Commodities, Leaders/Laggards, Research - pdf here
  • The Dig – Haywood Mining Team’s week in review - pdf here
  • Reuters Metals Insider - pdf here
  • Commodities Daily - here
  • Commonwealth Daily Alert - pdf here
  • KBC Commodity Report - here
  • Angel Metals Fundamental Report - here
  • DNB Metals Weekly - pdf here
  • Mico Metals Weekly - pdf here  
  • Hedge Equities Commodity Report - pdf here
  • MacNicol Morning Notes - pdf here
  • Mangal Commodities Metals & Energy - pdf here
  • Danske Weekly Focus - pdf here

  Commodity/Economic Comments

  • China E-Stainless Daily Price Index - 79.56
  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • European Debt Crisis Live - more
  • 100 Years of Stainless Steel - more
  • (MW) Commonwealth Bank of Australia analyst Lachlan Shaw has cut his nickel price forecast for 2016 - about the time Axiom could be shipping its first ore - by 3.6%, but still sees the metal averaging $8.62 a pound ($19 007/t).
  • (MJ) Hardly any new nickel smelters are being built by Chinese operators in Indonesia, raising the spectre of supply shortages for Chinese stainless steel producers and a price spike to US$20,000/t, research firm Wood Mackenzie told Mining Journal.
  • (SSY) In its latest market outlook report, the European Steel Association, has cut its forecast for apparent steel consumption growth in the EU this year to 2.6% from its July's forecast of 3.7%, while the forecast for next year is also revised down to 2.4% from 2.9%.
  • (MP) China nickel ore imports down 30.41pc in September 2014
  • Slower growth in China's building materials sector - more
  • China GDP forecast to hit 24-year low of 7.4pc - more

     Stainless steel makers in a fix over rising imports: ISSDA - With capacity utilisation falling to just around 50-55 per cent, domestic stainless steel makers are a worried lot over rising imports from China, Japan and Korea, an industry body said today. - more

    Nickel price to remain buoyant; producers - Nickel producers believe the price of the commodity will remain buoyant despite recent volatility. - more

    New Caledonia uproar over mine deal probe - The new president of New Caledonia's southern province, Philippe Michel, may bring a defamation case after an inquiry into a nickel ore deal was cut short amid allegations of fake documents. - more

    CISA denies steel dumping accusations - The price of steel exported from China is in a reasonable range and the export ratio of the total volume of China's steel production is not high, an industrial association said Wednesday, denying criticism that Chinese firms export steel at cheap prices that disrupt global markets. - more

    Vale Indonesia Profit Surges 175 Percent in First 9 Months - Profit at Vale Indonesia, the local unit of Brazilian mining giant Vale, climbed by 175 percent in the first nine months of this year from the same period last year, due largely to the higher selling price of nickel and lower cost of revenue, the company said in a statement on Friday. - more

    No transparency on Ramu mine dumping impacts - The Department of Environment and Conservation officials spent two days in villages adjacent to the Ramu NiCo Basamuk Refinery site to communicate the important findings of the deep sea tailings placement (DSTP). - more

    Zimbabwe needs to clarify its black ownership laws - IMF - Zimbabwe must provide more clarity on its black empowerment laws to investors and relax labour laws in order to restore confidence in the economy, newly appointed IMF Resident Representative Christian Beddies said. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

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