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news covering the period of November 2020
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Monday, November 30
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $7.47/lb ($16,460/tonne). Indicators at 6:10 am CST today show
nickel trading around $.06/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday, but are higher from our last update, starting the day just
under the 241,700 tonne level. Nickel closed above the $16,000/tonne
level on Wednesday, and then again, Thursday, and again on Friday. A
lot of this is because of the strength of the Euro trading against the
Dollar, which is trading at its highest since May 2018. The Euro is
higher this morning, but at the moment, nickel is retreating, although
still trading well above the $16,000/tonne level. Cancelled warrants
for LME nickel have been in the 24% range since th 2nd of September.
Last Tuesday, it jumped to near 26%, where it remains. Legitimate
buying interest or investors buying to make supply look lower than it
really is? Time will tell, but after the needle finally moved after so
long of looking broke, it was worth a mention. Lot of U.S. economic
reports were issued right before the holiday break and they are linked
below. It's the first day back and the last day of the month. Stay safe
out there and have a great day - and successful week.
Average price of LME traded cash nickel
so far this month
- $7.13/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai copper hits eight-year high on China data - more
Friday's market review - Copper hits 7-1/2-year peak as
companies and speculators buy - Copper stormed to its highest in
7-1/2 years on Friday as speculators joined industrial users in buying
metal as they geared up for a recovering economy boosted by COVID-19
vaccines. - more
Green trend stirs copper and nickel markets as supply tightens - Rising
environmental awareness and the global shift to eco-friendly cars and
energy sources are raising a question in the market for key metals used
in such "green" sectors: Will there be enough supply? - more
China solves Freeport’s $3 billion problem in Indonesia - The
long drawn-out saga of mining giant Freeport Indonesia’s (PTFI)
proposed new copper smelter has taken a new turn with China’s Tsingshan
Steel agreeing to build the US$1.8 billion facility at its Weda Bay
nickel processing complex in Halmahera, eastern Indonesia. - more
French overseas minister to organise political round table on sale of
Vale nickel plant - The French overseas minister, Sebastien Lecornu,
will organise a round table with New Caledonia's political leaders on
the sale of the Vale nickel plant. - more
Why billionaire Andrew Forrest's wife Nicola wears her son's decade-old
hand-me-down RM Williams boots despite OWNING the company - and still
washes and reuses ziplock bags - more
On the Rebound: ID's Big 50 COVID Update - Here’s what ID’s Big 50 List
distributors have been saying lately about pandemic's ongoing business
impacts. - more
ID's November/December 2020 Digital Edition - online here
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, November 25
Thursday is Thanksgiving in the U.S. and our next update will be
Monday, November 30th. We thank you for
being a reader and want to say a special thank you to our monthly
sponsors. Without them, there would be no site. In these trying times,
we are truly thankful you choice to share a part of your day with us.
We hope your Thanksgiving is a cherished memory and a safe experience.
We will be contacting those
who responded to our request for sponsors in 2021 shortly to work out
the details for your add. We still have spaces available for interested parties. Thank you.
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $7.36/lb ($16,235/tonne). Indicators at 6:00 am CST today show
nickel trading around $.07/lb
lower. Stockpiles of nickel stored in LME licensed warehouse rose on
Tuesday and started today's trading session just under the 240,400
tonne level. Nickel closed above the $16,000/ tonne level yesterday,
for the first time since October 20th, and its highest close since
early November 2019. So far this morning, it has been in a slow
retreat, but for now, it is holding above the $16,000/tonne level.
According to the business analysts, world markets reacted positively
yesterday to the vaccine news, that appears to be all positive so far,
and also the non concession, but expressed willingness by the Trump
administration to work with the incoming Biden administration. U.S.
stainless steel surcharges for December are out (see here)
and both 304 and 316 are higher than November. This is our final update
for the week, as it's Thanksgiving tomorrow, and for many
establishments, a four day weekend. We will return on Monday, just in
time to end the month with you. Thank you for being a reader, and a
special thanks to those who sponsor the site monthly. Stay safe out
there, and have a great day, and for our American readers, a very Happy
Thanksgiving.
Average price of LME traded cash nickel
so far this month
- $7.12/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper near 7-year high as vaccine, U.S. political stability boost sentiment - more
Tuesday's market review - Vaccines, China demand and
dollar drive copper to 30-month peak - Copper prices hit an almost
30-month high on Tuesday, with fresh buying triggered by optimism over
COVID-19 vaccines, expected robust demand in top consumer China and a
weaker dollar. - more
October 2020 crude steel production - World crude steel production for
the 64 countries reporting to the World Steel Association (worldsteel)
was 161.9 million tonnes (Mt) in October 2020, a 7.0% increase compared
to October 2019. - more
Results dip for stainless steel maker’s UK arm - The results of the
Darlaston-based UK arm of a stainless steel manufacturing conglomerate
headquartered in Spain have dipped during its most recent financial
year, new documents have revealed. - more
Steel Imports Down 22.8% Year-to-Date Through October - Based on
preliminary Census Bureau data, the American Iron and Steel Institute
(AISI) reported today that the U.S. imported a total of 1,502,000 net
tons (NT) of steel in October 2020, including 1,244,000 net tons (NT)
of finished steel (up 19.6% and 6.6%, respectively, vs. September final
data). - more
China: Plug-In Car Sales In October 2020 Approach All-Time Highs -
Things improved significantly in China and we are not expecting
anything below 150,000 a month in the last two months of the
year. - more
Keep the Mask: A Vaccine Won't End the US Crisis Right Away - The
first, limited shipments of the vaccine would mark just the beginning
of what could be a long and messy road toward the end of the pandemic.
- more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, November 24
We will be contacting those
who responded to our request for sponsors in 2021 shortly to work out
the details for your add. We still have spaces available for interested parties. Thank you.
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $7.24/lb ($15,955/tonne). Indicators at 6:10 am CST today show
nickel trading around $.07/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and started today's session just under the 240,200 tonne level.
Nickel has yet to close above the $16,000/tonne level this month, but
it has spent time on multiple occasions trading above that level. It
spent much of yesterday above, and has returned this morning. The Euro
is off session highs, but lower than yesterday's peak, and it appears
it is hitting a line of resistance that it has peaked at multiple times
the past week. A stronger Euro is a positive for base metals trading,
so for now, we are at a positive draw. A few weeks ago we advised you
of a shortage in rubber gloves on the horizon. The news this morning
will not help that situation (Reuters
- Top Glove Corp shares slumped on Tuesday after Malaysia said it would
close some factories of the world’s biggest rubber glove maker as over
2,000 of its workers had tested positive for COVID-19.). If you
use rubber gloves in your operation, consider protecting your supply -
and inventory. It's Tuesday, the day of the week that gets little love
in social media. Stay safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $7.11/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper gains ground on virus vaccine, demand hopes - more
Monday's market review - Copper falls from 29-month high
but vaccine good news keeps coming - Copper prices slipped on Monday
from Friday’s 29-month high as the dollar strengthened though
coronavirus vaccine breakthroughs and strong U.S. factory data pointed
to a positive outlook for the global economy and metals demand. - more
EU steel buyers prepare for further price increases - European coil
prices continued their meteoric rise, in November. The MEPS Europe
Average Hot Rolled Coil transaction value has climbed by more than 25
percent since June of this year. - more
Caledonian Union insists Paris was in loop over nickel plant bids - The
leader of the pro-independence Caledonian Union has rejected last
week's claim that Paris was kept out of the loop about the bidding for
the Vale nickel plant. - more
Nickel Mines to boost pig iron output with $670m acquisition - Nickel
Mines is set to expand its foothold in Indonesia by acquiring an
interest in the Angel Nickel development project for a total
consideration of $US490 million ($671.6 million). - more
Courtesy AISI - In the week ending on November 21, 2020, domestic raw
steel production was 1,582,000 net tons while the capability
utilization rate was 71.5 percent. Production was 1,823,000 net tons in
the week ending November 21, 2019 while the capability utilization then
was 78.8 percent. The current week production represents a 13.2 percent
decrease from the same period in the previous year. Production for the
week ending November 21, 2020 is up 0.1 percent from the previous week
ending November 14, 2020 when production was 1,580,000 net tons and the
rate of capability utilization was 71.4 percent. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, November 23
We will be contacting those
who responded to our request for sponsors in 2021 shortly to work out
the details for your add. We still have spaces available for interested parties. Thank you.
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $7.21/lb ($15,900/tonne). Indicators at 6:10 am CST today show
nickel trading around $.09/lb higher.
Stockpiles of nickel stored in LME licensed warehouses rose
sharply on Friday and ended the week just shy of the 240,700 tonne
level. Nickel is trading higher this morning, and over the $16,000
tonne level, thanks, at least in part, to a surging Euro. At the
moment, the Euro is trading at its highest this month, and nickel
traders are taking advantage. Other than that, business media keeps
touting vaccine news as stimulating traders. News of a shot that can
save the world becoming available to the general public as early as
'next spring' has kind of lost its positivity factor in our opinion.
Show us photo's of lines of people waiting to get their shot, like we
are seeing now of people waiting to be tested or waiting for food....
then we will get impressed. In the mean time, its Thanksgiving week
here in the U.S., and it will be a short week for the site. We will
post morning updates thru Wednesday, and then see you again next
Monday. It's a year when reviewing the things we are thankful for, we
seem to do it under a dark cloud. But for those of us who are
thankfully still vertical, it's Monday and new opportunities await
those who actively seek them. Stay safe out there, and have a great
week!
Average price of LME traded cash nickel
so far this month
- $7.10/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper slips from near 2-1/2-yr high as rising cases stall vaccine rally - more
Friday's market review - Copper powers to 29-month peak as
speculators pile in - Copper prices surged to their highest in 29
months on Friday as speculators extended a buying spree on continued
strong demand in top consumer China and potential supply disruptions. -
more
New Caledonia's SLN gets new CEO - New Caledonia's SLN nickel company
has a new CEO as a restructure of its operations is hoped to stave off
insolvency. - more
ENGIE Impact sets Vale New Caledonia on a zero carbon roadmap - more
How do cobalt and nickel stack up in race to dominate electric vehicle
battery market? - There is agreement that battery metals of all stripes
will benefit from the adoption of electric vehicles (EVs). - more
Australia's commodity investment surges, gold and battery metals lead -
For the first year in seven the value of commodity projects being
undertaken in Australia increased, as the natural resources sector
shrugged off the economic hit from the novel coronavirus pandemic. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Friday, November 20
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $7.14/lb ($15,735/tonne). Indicators at 6:15 am CST today show
nickel trading around $.10/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Thursday and start the final work day of the week, just under the
239,700 tonne level. Nickel is up this morning on a stronger Euro and
an overall optimism that is reflected on a mostly green commodity
board. After retreating the last few sessions, nickel is back near the
$16,000 tonne level, although the market appears to be in a holding
pattern and awaiting the see where American traders might push the
price. For nickel and stainless steel, it has been an uneventful week.
Nickel remains just south of $16,000/tonne, as it was most of last
week. Stainless price futures in China took a hit earlier in the week,
implying a slowdown in demand there, but have recovered the last two
sessions. Steel production in most of the world is lower due to the
economic impact of the pandemic, but China reports it may produce a
record amount of stainless steel this year. And LME nickel stockpiles
are higher. It's Friday and no matter how much you love your job, we
all need a couple days off to re-charge the batteries. Stay safe out
there and have a great weekend!
Average price of LME traded cash nickel
so far this month
- $7.10/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper powers to 29-month peak as speculators pile in - more
Thursday's market review - Copper slips as demand angst
resurfaces - Copper prices slipped on Thursday as funds took profits on
long positions, the dollar rose and sentiment turned negative on
concerns about soaring coronavirus cases and stricter lockdowns, which
could hit growth and demand. - more
Eramet Says Sln nickel unit names Guillaume Verschaeve as CEO - more
DNR, NMW reach agreement to reconsider non-ferrous mining rules -
Decision could eventually resolve lawsuit filed in June, complicate
plans for Twin Metals copper-nickel mine - more
Meteorite made man a millionaire, why are meteorites more valuable than
gold? - A precious treasure fell from the sky at the home of
33-year-old Joshua Hutagalung in Indonesia and became rich. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Vaccine Poses Immense, Unprecedented Distribution Challenges - more
Thursday, November 19
We will be contacting those
who responded to our request for sponsors in 2021 shortly to work out
the details for your add. We still have spaces available for interested parties. Thank you.
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $7.16/lb ($15,790/tonne). Indicators at 6:10 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Wednesday and started today's session just over the 239,300 tonne
level. Nickel slipped a little yesterday, closing below the
$15,800/tonne level for the first time since nickel's price bump the
first week of this month. Still not seeing any evidence of a rush for
the exits, and it appears the Dollar/Euro movements are once again
guiding daily direction twists. With the U.S. crossing a quarter
million deaths earlier this week, and new case numbers growing at a
staggering rate, we share a little history with you this morning.
President
elect Abraham Lincoln in 1861 told a crowd of Illinois well wishers as
he was leaving on a train for a deeply divided Washington D.C. - “Let
us believe, as some poet has
expressed it, 'Behind the cloud the sun is still shining.' ” And with
that, we wish you a safe and profitable day!
Average price of LME traded cash nickel
so far this month
- $7.10/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - China's new copper contract falls, coronavirus fears weigh on LME - more
Wednesday's market review - Zinc leaps on mine shutdown,
tightening LME market - Zinc prices rose on Wednesday to an 18-month
high as a mine shutdown in South Africa and signs of tightening short
term supply added to expectations of strong demand from top consumer
China. - more
EU Drops Anti Dumping Investigation on Indonesian Stainless Steel
- The European Commission has terminated an anti-dumping probe
into hot-rolled stainless steel from Indonesia after the European steel
lobby withdrew their complaints, the Indonesian Trade Ministry said on
Tuesday. - more
January to September 2020 Metals Balances - Please note that the impact
of the Covid 19 pandemic has had a dramatic effect on both the supply
and demand for metals worldwide. - more
Supreme Court reverses army takeover of RioZim chrome mine - Listed
mining company RioZim has won a Supreme Court battle with Zimbabwe’s
military after one of its mines was forcibly taken over through a
ministerial decree. - more
Distributor Pandemic Index Continues Up-and-Down Pattern With Modest
Contraction - Despite consistent gains in other economic indicators in
the manufacturing space, Indian River Consulting Group's weekly
Distributor Pandemic Revenue Index (PRI) continues to flip between
solid gains and modest losses, with the latest reading dropping into
the negative. - more
‘Peak Season’ Has Been Here for Months - COVID-19
has challenged companies’ supply, materials handling and delivery
networks, but the holiday online sales surge will be an even greater
test. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, November 18
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $7.23/lb ($15,935/tonne). Indicators at 6:15 am CST today show
nickel trading around $.06/lb
lower. Stockpiles of nickel stored in LME licensed warehouses went
unchanged on Tuesday and remain just under the 239,000 tonne level.
Nickel traders appear to be content with leaving nickel just under the
$16,000 tonne level for the time being. Maybe they are waiting for some
positive demand news, or negative supply news, to boost the price over
that level, but we are skeptical, as supply and demand means far less
than it use too, at least on short term movements. LME nickel
stockpiles started the year with 150,690 tonnes. Today, they are just
under 239,000 tonnes. Nearly all of the gain came in the first two
months, before covid became a major headline. On Feb 28th, stockpile
numbers stood at 235,428 tonnes, and nickel was trading for $5.55/lb.
While nickel stockpile numbers have remained about the same for the
last 8-1/2 months, nickel prices have risen nearly $2/lb. It's hump day
and the news remains light, but we found numerous reports from
yesterday. We post the original reports, for those who want to dig
beyond what you might have heard in the news, or read elsewhere. Stay
safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $7.09/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Report
Reuters metals morning - Copper inches lower on growing virus worries; aluminium shines - more
Tuesday's market review - Aluminium at highest in nearly
two years on China demand - Aluminum prices advanced to their
highest in nearly two years on Tuesday as speculators bought on
expectations of further tightness in China, which would be only partly
offset by higher output in the top producer and consumer. - more
China’s stainless crude steel output declines 6% y-o-y in H1, 2020 -
According to the official statistic from China, the total output of
stainless crude steel in the first half of this year was around 13
million tons, decreased by 6% year on year. - more
Finland: the rise of lithium-ion batteries divides - In Finland, the
Sotkamo mine is located 300 km from the Arctic Circle. On this 60 km2
site, nickel is extracted. - more
Auroch sounds the Horn on Leinster nickel discovery - Auroch Minerals
has gone two for two, with diamond drilling from the company’s second
hole on the Horn nickel discovery nailing more than 7m of massive
sulphides. - more
Metals testing for aerospace under the microscope - The microstructure
of a material determines many of its most important properties, such as
its longevity and its response to stress. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, November 17
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $7.21/lb ($15,900/tonne). Indicators at 6:15 am CST today show
nickel trading around $.05/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and started today just under the 239,000 tonne level. While the
Euro is up this morning, nickel appears to be exhausted after making
numerous unsuccessful pushes over the $16,000/tonne level, and appears
to be showing signs of a retreat. Yesterday's morning confusion over
why Shanghai nickel jumped, ended with nickel closing Monday exactly
where it did Friday. Having been called on their bluff, Shanghai
futures dropped sharply today. Reuters is crediting the fall in
Shanghai stainless steel futures (see under Daily Reports)
as a reflection of slowing stainless demand in China. Since its hard to
know exactly what is going on in China, business media is forced to
look for clues anywhere they can. On the topic that no one wants to
talk about anymore, but continues to mandate how we live our lives,
.... no not politics, covid is killing an average of nearly 8,900
people a day, of whom 1,170 of them are Americans. A second U.S.
vaccine candidate announced positive results yesterday, so we are
approaching the dawn of a new day quickly. It's Tuesday and life has
offered those of us still vertical, a fresh day of opportunities and
challenges. How we deal with them will either define us, prove to be a
learning experience for the future, or plant the seeds of future
success. So stay safe, burn up those phones, and have a great and
successful day.
Average price of LME traded cash nickel
so far this month
- $7.09/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Nickel hits 1-week low on weak stainless steel; copper slips - more
Monday's market review - Copper hits 2-1/2 year high on
upbeat China data - Copper powered to a 29-month peak on Monday after
higher than expected factory output in China reinforced views of solid
demand from the world’s top consumer of industrial metals. - more
China stainless to bear brunt of South Africa's chrome ore export tax -
China's stainless steel mills face higher costs for essential
ingredient ferrochrome if, as expected, South Africa goes ahead with
proposals to impose taxes on exports of chrome ore to help protect its
smelting industry. - more
Launch of Metal Expert Witness Litigation Support Service - MCI
announces launch of expert witness litigation support service for
clients involved in metal and mining sector legal disputes. - more
Courtesy AISI - In the week ending on November 14, 2020, domestic raw
steel production was 1,580,000 net tons while the capability
utilization rate was 71.4 percent. Production was 1,823,000 net tons in
the week ending November 14, 2019 while the capability utilization then
was 78.8 percent. The current week production represents a 13.3 percent
decrease from the same period in the previous year. Production for the
week ending November 14, 2020 is up 0.4 percent from the previous week
ending November 7, 2020 when production was 1,573,000 net tons and the
rate of capability utilization was 71.1 percent. - more
Stainless Steel Did Not Kill The Exhaust Repair - In the early 1990s,
exhaust systems started to shift from mild or aluminized steel to 409
stainless steel. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Fed How Has COVID-19 Affected Banking System Vulnerability? - more
Monday, November 16
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $7.21/lb ($15,900/tonne). Indicators at 6:15 am CST today show
nickel trading around $.10/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Friday and started the week, just under the 230,100 tonne
level. If that sounds familiar, that is about where we started the
month, so for the first half of November, nickel stockpiles are 50
tonnes higher than they were on the 1st of the month. After a few days
testing the $16,000/tonne level without much enthusiasm or luck, nickel
traders are taking another shot this morning. This appears to have been
triggered in overnight trading, possibly by Asian traders, and so far
this morning, traders on this side of the planet do not appear to know
how to react and have done little with the price since. European
trading houses could be waiting to see what American investors do.
Either way, at the moment, nickel is over the $16,000 tonne level, and
holding, but showing little enthusiasm for more. The Euro was rising in
the morning and falling in the afternoon much of last week, and did
little for the week. That continues this morning. We posted a link last week but
thought we would post another for those nickel miners interested in
possibly working with Tesla. Indonesia is pulling out the big guns and
government officials are representing that 'countries' bid. The weekend
was light on industry news and we posted what we could. Welcome to the
second half of the month, and the second half of the final quarter of
2020. Ah yes, 2020. The year the CDC stole Thanksgiving. Oh well. Stay
safe out there and have a great week.
Average price of LME traded cash nickel
so far this month
- $7.07/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper soars to near 2-1/2-year high on robust China demand - more
Friday's market review - Aluminium hits highest in nearly
20 months on speculative buying - Aluminum prices hit their highest in
nearly 20 months on Friday as speculators pushed prices higher due to
continued optimism over a COVID-19 vaccine and strong demand in China.
- more
Russia’s stainless steel exports increase in first-3Q of 2020 -
According to the market news, the total exports of stainless steel
products from Russia in the first 9 months of this year has increased
by 101.7% year on year, reached to 985,000 tons. - more
Indonesia to Meet Tesla executives as They Aim to Become the World’s
Biggest Producer of Electric Vehicle Batteries - Indonesian President
Joko Widodo said he will send a high-level team next week to meet with
top executives of U.S. automaker Tesla as the Southeast Asian country
aims to become the world’s biggest producer of electric vehicle
batteries. - more
China Oct aluminum output hits monthly record high on smelter ramp-ups
- (excerpt) Meanwhile, China’s production of 10 nonferrous metals –
including copper, aluminum, lead, zinc and nickel – in October rose 9%
year-on-year and 2.4% from September to 5.45 million tonnes, also
setting a record monthly high. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Friday, November 13 - in 2020 (this could be bad)
It's that time again
where we offer advertising opportunities to sponsors for 2021. This
year, besides the (#1) 728 X 90 banner space we offer across the top
for $300 a month, we are offering (#2) smaller adds in the left
column starting at $75/month for a 120 X 200 add, with placement order
to be determined. If you are interested in sponsoring any of these adds
for 2021, please contact us at info at estainlesssteel.com and please
include or use the words stainless steel in the subject line or it may
get accidentally deleted as spam. Thank you for your support. (For those who have responded, please be patient as it will take some days for us to get back to you. Thank you!)
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $7.23/lb ($15,940/tonne). Indicators at 6:30 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME approved warehouses rose
slightly on Thursday and started today's session just under the 239,200
tonne level. Nickel tested the $16,000 tonne level for a second
consecutive day yesterday, but was unable to hold above the level. In
overnight trading, nickel fell, finding support at the $12,750/tonne
level, and appears to be preparing for another possible attempt at
$16,000/tonne. Euro keeps sneaking up, which is adding momentum, but so
far, the level is resisting all attempts to breech it. Brexit should
start making the news again, as the year end nears and the final break
from the EU is scheduled to take place. It's a divorce that neither
side appears to really want, or both are afraid what might happen when
and if it ever takes place. Until then, covid remains the lead story
now that the election is over. The news is nearly all bad and if you
watch the mainstream media, you know all about it. The good news is it
is Friday, with the weekend just around the corner. We are half way
thru the month, and half way thru the final quarter of 2020. Stay safe
out there, and have a relaxing weekend.
Average price of LME traded cash nickel
so far this month
- $7.06/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper steady as virus concerns temper vaccine optimism - more
Thursday's market review - Copper prices rise, clinging to
vaccine hopes - Copper prices were boosted on Thursday by more progress
on a possible COVID-19 vaccine, the delivery of which could revive the
global economy and galvanise metals demand. - more
European Commission terminates CVD investigation on HR stainless steel
imports from China & Indonesia - The European Commission (EC)
announced that it has terminated the countervailing duty (CVD)
investigation on some hot-rolled stainless steel sheets and coils
imported from China and Indonesia. - more
China’s stainless steel exports reduce in Q1-Q3 y-o-y - According to
statistics, China’s stainless steel exports totaled around 2.41 million
tons in the first three quarters of this year, dropping by more than
11% compared to the same period a year ago. - more
Indonesia to woo Tesla investment in push to become battery superpower
- Indonesian President Joko Widodo said he will send a high-level team
next week to meet with top executives of U.S. automaker Tesla as the
Southeast Asian country aims to become the world’s biggest producer of
electric vehicle batteries. - more
Greece to kick off sales of nickel producer Larco by year-end - Greece
will kick off the sale of assets owned by Larco, one of the world's
biggest nickel producers, later this month, its energy Ministry said on
Thursday. - more
Extremely hard austenitic stainless steel developed by Kolibri Metals -
Kolibri Metals GmbH, Amtzell, Germany, has developed a new stainless
steel powder for metal Additive Manufacturing that is reported to offer
a hardness of more than 40 HRC. - more
PolyMet, Line 3 can ease Minnesota's budget woes - Minnesota Gov. Tim
Walz recently spoke of his concern regarding Minnesota’s worst budget
deficit in a decade: $2.3 billion in the current budget and potentially
a $5 billion deficit in the following two years. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Costco tightens face-mask rules, and customers with medical conditions are no longer exempt - more
Thursday, November 12
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $7.24/lb ($15,965/tonne). Indicators at 6:15 am CST today show
nickel trading around $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today just under the 239,200 tonne level. Nickel
traded over the $16,000/tonne level yesterday, for the first time since
mid October. It closed just shy of that level, and has retreated a
little more this morning. The Euro has recently bounced off session
lows and we have yet to see this reflected in nickel's trading, so this
could potentially push nickel above this psychological 'and' technical
level again today. For those who watch technical signals as a guide to
trading patterns, we suspect the $16,000/tonne level could be a strong
test of resistance. Signals remain positive, at least going into the
test. Once again, there is little to talk about. There is a mining
company in Australia by the name of Azure that, depending on which
article you read, has either received some positive test results for
sulphide nickel .... or hit the mother lode. In this country, many are
suffering from 'post election stress disorder' ..... or asking why the
'happiest place on earth' is still closed (the original in California still is). It's Thursday and we are one day closer to the weekend. Stay safe and have a great day!
Average price of LME traded cash nickel
so far this month
- $7.04/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai aluminium hits 3-year high on low China inventories, demand pick-up - more
Wednesday's market review - Copper slides as vaccine
optimism fades, dollar climbs - Copper prices fell on Wednesday as
worries about growth and demand resurfaced on fading optimism about
vaccines to help end the COVID-19 crisis, while a higher dollar
reinforced negative sentiment. - more
Stainless outlook improves amid rising nickel prices -
Higher-than-expected demand anticipated next year but trade could be
affected by regulators’ concerns over Indonesian ‘dumping’. - more
Bet Big on Industrial Metal ETFs on Vaccine Optimism - Wall Street has
been on a rallying mode in recent sessions on news that a Pfizer PFE
and BioNTech (BNTX) vaccine candidate was more than 90% effective in
avoiding COVID-19 in its clinical trial. - more
Azure Minerals discovers nickel-copper sulphides at Andover - Azure
Minerals has received more outstanding results from its majority-owned
Andover Nickel-Copper Project in WA - more
Building Supply Chain Resiliency: 6 Signs You Should Throw Out A
Profitable Business Model - How to go from risk-blind to risk-resilient
by knowing what can tear your supply chain apart - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, November 11
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $7.22/lb ($15,915/tonne). Indicators at 6:15 am CST today show
nickel trading around $.03/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Tuesday and started today around the 239,400 tonne level. Nickel
continues to slowly slide back, and again this morning, it appears to
be moving in concert with the Euro, which after hitting a high early
Monday, has been in a slow retreat since. Not a lot worth commenting on
today, so we leave you with the news below. Stay safe and have a great
hump day.
Average price of LME traded cash nickel
so far this month
- $7.03/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Vaccine hopes help propel copper towards 29-month peak - more
Tuesday's review - Vaccine hopes hold copper near 29-month
highs - Copper prices on Tuesday edged back towards 29-month highs as
encouraging prospects of an effective coronavirus vaccine bolstered
hopes for economic recovery and copper demand. - more
Taiwan's stainless steel scrap price hikes due to limited supply - The
reduction of scrap sources and increasing scrap costs made Taiwan's
domestic stainless steel scrap prices rise along with rising nickel
prices and finished product prices. - more
Ukraine Increase Imports of Nickel Ores by 21.6% - Ukraine, in
January-October this year, increased imports of nickel ores and
concentrate in physical terms by 21.6% compared to the same period last
year – up to 1,325,721 tonnes. - more
Rio Tinto, Bluejay to jointly explore for nickel in Finland - Explorer
and developer Bluejay Mining inked on Tuesday a joint venture and
earn-in agreement with Rio Tinto to advance the Enonkoski nickel
project in Finland. - more
Major shake-up at BNC - Bindura Nickel Corporation managing director
Batirai Manhando will leave the resources firm at the end of this
month, seven years into the role that saw him manage shareholder
wrangles and oversee a complex care and maintenance operation. - more
September Steel Shipments Down 14.2% from September 2020 - The American
Iron and Steel Institute (AISI) reported today that for the month of
September 2020, U.S. steel mills shipped 6,662,904 net tons, a 2.0
percent increase from the 6,532,652 net tons shipped in the previous
month, August 2020, and a 14.2 percent decrease from the 7,767,310 net
tons shipped in September 2019. - more
Driving Competitive Advantage in the Supply Chain - Organizations are
starting to rethink how they look at their supply chains, driven by
disruptions in recent years, culminating in the coronavirus (COVID-19)
pandemic. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
How close is a Covid-19 vaccine after the Pfizer breakthrough - and who will get it first? - more
Tuesday, November 10
It's that time again where we offer
advertising opportunities to sponsors for 2021. This year, besides the
(#1) 728 X 90 banner space we offer across the top for $300 a month, we
are offering (#2) smaller adds in the left column starting at
$75/month for a 120 X 200 add, with placement order to be determined.
If you are interested in sponsoring any of these adds for 2021, please
contact us at info at estainlesssteel.com and please include or use the
words stainless steel in the subject line or it may get accidentally
deleted as spam. Thank you for your support. (For those who have responded, please be patient as it will take some days for us to get back to you. Thank you!)
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $7.19/lb ($15,847/tonne). Indicators at 6:10 am CST today show
nickel trading around $.03/lb
lower. Stockpiles of nickel stored in LME licensed warehouse rose on
Monday and started today's session just under the 239,300 tonne level.
The Euro is off yesterday's highs, and base metals in general and
nickel in particular, appear to be shadowing. The markets were way up
early yesterday and right after our post, the positive news came out
from Pfizer about its vaccine test, which kept the markets up for the
day. Today, the post election bump has calmed down, and the vaccine
news has been tempered with the news that it could still be March, at
the very soonest, before non essential members of the public could see
their first shot. News has been on the light side the last few days,
but we expect a rush of reports either later this week, or early next.
Stay safe and have a great Tuesday.
Average price of LME traded cash nickel
so far this month
- $7.01/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper eases as virus worries outweigh vaccine hopes - more
Monday's market review - Vaccine euphoria pushes copper to
29-month high - Copper hit its highest in more than two years on Monday
on news of progress on a coronavirus vaccine and investor optimism over
global trade after Joe Biden’s U.S. election victory. - more
China's copper import boom leaves other metals cold: Andy Home -
China’s record-breaking copper import boom rolls on. Imports of
unwrought copper were a whopping 618,000 tonnes in October, bringing
the year-to-date total to 5.6 million tonnes, already a record annual
high with two months to spare. - more
Fastener Distributor Index Grows on Gains in Sales, Employment,
Deliveries - The FDI's metric for measuring six-month market outlook
surged to its highest mark since January 2018. - more
US Metalworking Orders Jump Month-to-Month; Still Well Below 2019 - more
Courtesy AISI - In the week ending on November 7, 2020, domestic raw
steel production was 1,573,000 net tons while the capability
utilization rate was 71.1 percent. Production was 1,823,000 net tons in
the week ending November 7, 2019 while the capability utilization then
was 78.8 percent. The current week production represents a 13.7 percent
decrease from the same period in the previous year. Production for the
week ending November 7, 2020 is up 1.0 percent from the previous week
ending October 31, 2020 when production was 1,557,000 net tons and the
rate of capability utilization was 70.4 percent. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, November 9
Daily Nickel/Stainless Steel Briefing
Nickel closed yesterday's trading
session at $6.97/lb ($15,375/tonne). Indicators at 6:20 am CST today show
nickel trading around $.24/lb
higher. Stockpiles of nickel stored in LME licensed warehouses went
unchanged on Friday and started this week just over the 238,800 tonne
level. The Euro is trading at 10 week highs, and nickel traders are
enjoying the boost. And today, that is a heck of a boost. At the rate
it is going, nickel could be toying with the $16,000/tonne level in the
very near future. Then again, this could be merely another trader's
trap. The election of a new U.S. president is giving markets worldwide
a boost today, and that euphoria could be more psychological, than
reality. As we wrote last Friday, covid cases in the U.S. passed the 10
million mark, with the seven day average of new daily cases over the
110,000 level. The former record was just over 70,000 on July 25th, so
we have been setting new records every day since October 27th. The
daily death average for the U.S. was up to 979 yesterday. While most
everyone is bor-vid, a similar number of people are angry. They feel
helpless, their actions held hostage to something they can not see, nor
control. While we all have our own opinions on why the election went
the way it did, we feel American voters decided it was time to put an
administration in the White House that will start taking the virus
seriously. Since the virus has become as much a political hot button,
as it is a silent killer, it is doubtful a new attitude in the White
House will accomplish much this late in the game. But for markets, the
chances of a new economic stimulus package look closer, so at least for
now, they appear to be pleased. As our current President is learning
today, the markets can be fickle. The election, for the most part, is
behind us. It's time to get back to business, and put the
'difficulties' of the past few weeks behind us. Stay safe out there and
have a great week. (note - we made
some changes to the new add placements for 2021, as there was more
interest in the small add on the side, than the larger side add. No
change to the top add.)
Average price of LME traded cash nickel
so far this month
- $6.97/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - LME copper lingers around $7,000 as Biden's win weakens dollar - more
Yesterday's market review - Copper pushes towards two-year
highs as dollar falls further - Copper prices rose for a fifth day on
Friday as Joe Biden took a narrow U.S. election lead over President
Donald Trump in the battleground states of Pennsylvania and Georgia and
the dollar continued to weaken. - more
Russian stainless steel production grows in Jan-Sep y-o-y despite
COVID-19 epidemic - Despite the COVID-19 epidemic, Russian stainless
steel output showed a positive increase in the first nine months of
this year. - more
Vale protests denounced by New Caledonia anti-independence camp - New
Caledonia’s anti-independence camp has condemned the road block set up
by Kanaks near the Vale nickel plant at Goro, which is for sale. - more
Fed Signals Readiness to Do More for Economy as Virus Rages - The
Federal Reserve kept its benchmark interest rate at a record low near
zero Thursday and signaled its readiness to do more if needed to
support an economy under threat from a worsening coronavirus pandemic.
- more
Here's How AI Powers Amazon’s Success - Benj Cohen summarizes how
Amazon utilizes three AI strategies to account for around $80 billion
of its sales. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Nickel closed Thursday's trading
session at $7.06/lb ($15,570/tonne). Indicators at 6:40 am CST today show
nickel trading around $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Thursday and started today's session just over the 238,800 tonne level.
The Euro has recently turned positive against the U.S. Dollar, so we
wouldn't be surprised to see nickel turn positive as well. Nickel has
trended higher this week, but we suspect it has more to do with the
Euro climbing against the U.S. Dollar, due to the tightness and yet
undetermined outcome of the U.S. Presidential elections. It appears the
world covid count will hit 50 million sometime on Saturday, while the
U.S. will likely see its 10 millionth diagnosed case today. The seven
day trend average rose over the 96,000 new cases yesterday, and the
daily death average rose over the 900 level. In our what the heck
segment, the United States finally thought one of the hurricanes that
formed in the Atlantic this year, might actually miss us, when it
slammed into Central America a few days ago. But no. Like a drunk
driver, it is now backing up into the Caribbean, and weather
forecasters, think it might strengthen and hit .... well just about
everybody. Cuba, Florida, maybe Louisiana .... again. Have you got your
"I survived 2020" bumper sticker yet? It is a little early, we suppose.
Thank you to those who have contacted us about supporting the site with
banners and we will be contacting you over the next week. We still have
space available so please let us know if you would be interested in
sponsoring the site during 2021. It's the weekend so stay safe -
seriously - we were wishing our readers a safe weekend well before
covid-19 was even a word - due to the risk of traffic crashes. A whole
lot more people are dieing from covid than in traffic crashes these
days, but the risk of both is still there. So we wish you a safe and
relaxing weekend and invite you to stop by again on Monday.
Average price of LME traded cash nickel
so far this month
- $6.95/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper rises in thin trade as investors eye U.S. election results - more
Thursday's market review - Copper climbs as dollar sinks,
share markets rally - Copper prices edged higher on Thursday as
the dollar slid and investors looked forward to more central bank
stimulus, with a wave of fresh lockdowns threatening economic growth. -
more
China stainless steel output to top 30 mln tonnes in 2020 - industry
body - China's stainless steel production is expected to rise by 2.1%
this year to more than 30 million tonnes amid robust demand for the
corrosion-resistant metal, an official from an industry body said on
Thursday. - more
Up to 30% of chrome ore exports to China can be displaced if export tax
proceeds, says consultancy - Further to a statement released earlier
this week, chrome producer organisation ChromeSA has explained the
evidential rationale behind its dismay at Cabinet’s proposed export tax
on chrome ore. - more
Outokumpu's Q3 stainless steel sales slump, will limit capex, cut jobs
- Major Nordic-based stainless steel and ferrochrome producer Outokumpu
said Nov. 5 it expects the COVID-19 pandemic to have a "significant
impact" on the stainless market throughout 2020. - more (pdf report here)
U.S. imports of Stainless steel wire decreased 28.23 percent from
$154.59 million to $110.94 million through the first nine months of
2020 ..... - more
U.S. exports of Stainless steel wire decreased
12.67 percent from $103.53 million to $90.4 million through the first
nine months of 2020 ..... - more
U.S. imports of Misc. stainless steel bars,
rods decreased 30.12 percent from $420.49 million to $293.86 million
through the first nine months of 2020 ...... - more
U.S. exports of Misc. stainless steel bars,
rods decreased 20.14 percent from $277.61 million to $221.7 million
through the first nine months of 2020 .... - more
U.S. imports of Stainless steel, not less than
600mm wide decreased 20.37 percent from $460.88 million to $367.01
million through the first nine months of 2020 .... - more
U.S. exports of Stainless steel, not less
than 600mm wide decreased 34.98 percent from $629.02 million to $408.96
million through the first nine months of 2020 ... - more
U.S. imports of Nickel totaled $104.94 million in September, a change of -15.84 percent from the same month one year ago. - more
U.S. exports of Nickel totaled $16.13 million in September, a change of -17.23 percent from the same month one year ago. - more
Q3 recovery in steel demand better than expected - Many nations
witnessed an unprecedented drop in steel demand, in the second quarter
of 2020, at the height of the first wave of coronavirus infections. - more
Access to New Caledonia's Vale nickel plant blocked - Kanak groups
opposed to the latest sale plan of New Caledonia's Vale nickel plant
have blocked road access to the site at Goro in the south of the main
island. - more
Minnesota Supreme Court hears argument PolyMet misrepresented its
intent for mine - The Minnesota Supreme Court must decide whether the
company trying to build the state’s first copper mine was engaged in
“sham permitting” as it applied for its air pollution permit from
regulators. - more
Sumitomo expects Ambatovy mine to produce 3,000 T of nickel in
Jan-March - Japanese trading house Sumitomo Corp plans to resume
operation at its Ambatovy nickel mine in Madagascar early next year as
planned, with an aim to produce 3,000 tonnes of nickel during the
January-March quarter, its executive said on Friday. - more
Distributor Pandemic Index Falls to Slightly Negative - It followed a
recent new high for the index, even though seven of the 13 distributors
surveyed reported a sales increase. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Thursday, November 5
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $6.96/lb ($15,355/tonne). Indicators at 6:15 am CST today show
nickel trading around $.04/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today, just under the 238,400 tonne level. For a
second time this week, nickel closed within $15/tonne of the prior
session (Friday/Monday and Tuesday/Wednesday) and for a second day this
week, nickel is trading higher on a stronger Euro. According to those
in the know, the edge for the Presidency appears to be leaning Biden's
way, but the magical 270 electoral votes, have yet to be obtained.
Depending on who your source of news is, Biden may be within 7 votes
and Trump may need 56. It also appears the Democrats held the House and
the Republicans likely held on to the Senate, which means unless
whomever we get in the White House, can pull off a miracle, little will
get done over the next few years. Stock markets are primarily
interested in another round of stimulus, and as the dust of the
election cycle settles (knock on wood), that may be closer to a
reality. Whatever happens in the world of politics, in the real world,
it is Thursday, and we are one step closer to the weekend. Stay safe
out there and have a great day!
Average price of LME traded cash nickel
so far this month
-
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper eases as challenges to U.S. vote fuel spending fears - more
Wednesday's market review - Copper rebounds from near
3-week low on nail-biting U.S. election - Copper prices edged higher on
Wednesday in volatile trading after touching their lowest levels in
almost three weeks as U.S. Democratic presidential challenger Joe Biden
opened up narrow leads in key states. - more
Vale sale plan again mobilises New Caledonia Kanaks - There has been
another small rally in New Caledonia against the planned sale of the
Vale nickel plant to a consortium led by a Swiss-based commodity
trader, Trafigura. - more
China props up the bulk trades as industry plans for the worse - China
is stockpiling every kind of commodity at a “mind-blowing” rate, with
the country’s imports propping up an overall fall in trade volumes
globally, bulk terminal operators and shippers were told last week at a
virtual conference organised by the Association of Bulk Terminal
Operators (ABTO). - more
ChromeSA addresses media inaccuracies on proposed export tax - ChromeSA
has noted a number of egregious misconceptions, omissions and
inaccuracies contained in media reports regarding a proposed chrome ore
export tax and its impacts on the industry. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, November 4
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $6.97/lb ($15,370/tonne). Indicators at 6:15 am CST today show
nickel trading around $.08/lb lower.
Stockpiles of nickel stored in LME licensed warehouses rose on
Tuesday and started the day just under the 239,000 tonne level. Markets
are lower this morning, as the U.S. Dollar rises against the
Euro.Metals appear to be following the Euro/Dollar split, although some
who were betting on a Biden win, may be quietly cashing out. The U.S.
elections turned out to be tighter than we thought, and as of
this morning, there is no clear winner. And it appears the Senate and
House majorities have yet to be determined as well. So the only thing
we can say with any confidence this morning, is the country is split
pretty much down the middle. Except when it comes to smoking a little
reefer. Four more states voted on recreational marijuana, four more
states said yes. So enjoy your Ganja - one third of America. Almost
95,000 new cases of covid were diagnosed yesterday, with the seven day
average near 89,000. To put that in perspective, last Thursday was the
first time we ever passed the 89,000 level, and yesterday, that is the
last seven day average. Deaths are on the rise, although not as
dramatically thankfully. On October 18th, the seven day average of
deaths was at 706. Yesterday it was 871, its highest since early
September. We are turning a corner, as the President claims. It's just
not going the way most would like. Stay safe out there, and have a
great hump day.
Average price of LME traded cash nickel
so far this month
- $6.91/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper hits lowest in almost 3 weeks on nail-biting U.S. election - more
Tuesday's market review - Industrial metals rise as
aluminium hits 19-month high - Industrial metals rose alongside
equities and oil prices on Tuesday as investors bet on Joe Biden to win
the U.S. presidency, potentially making increased economic stimulus
more likely, while strong manufacturing data and signs of tighter
supply pushed aluminum to a 19-month high. - more
China's Lygend pushes back Indonesia nickel project to March 2021 -
China's Lygend Resources & Technology Co Ltd will not begin
operating a nickel smelter at a project planned for eastern Indonesia
until March 2021, a six-month delay, after the coronavirus slowed work,
an executive said on Wednesday. - more
The Energy Transition Will Be Built With Metals - Electrification is
front and centre in the energy transition. The entire power value chain
– from wind turbines and solar panels, transmission and distribution
infrastructure to energy storage and batteries, electric vehicle (EV)
charging and the rest – will be a winner. - more
COVID-19 Has Changed the Way Procurement Looks at Metrics - If this
article appeared in January of this year, it would have focused on
“metrics that matter” to all organizations, especially to supply
management and procurement professionals within those organizations. - more
Paddling through the pandemic in Northeastern Minnesota’s Boundary
Waters - The late-afternoon sun singes the back of my neck as we plunge
our paddles into the tea-colored water lapping against the canoe. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, November 3
Daily Nickel/Stainless Steel Briefing
Nickel closed yesterday's trading
session at $6.87/lb ($15,135/tonne). Indicators at 6:10 am CST today show
nickel trading around $.10/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and started today just under the 238,700 tonne level. Nickel is
sharply higher this morning, as is the Euro against the U.S. Dollar.
Adding to the bullishness, is the positive PMI reports coming in from
around the world (see sampling here).
If you are interested in a particular country, there is a list under
the Reports section. The negative in the market is obviously the
worldwide pandemic, and the uncertainty in the market, is the U.S.
elections. The political pontificators are forecasting a tight race and
a possible delay in the final results, but that is something they tend
to do every four years. Thank you to those who have contacted us in
regards to advertising in 2021. Please be patient with us as it will
take a few days to get back with you. It's election day in America, and
the last day for awhile, of negative political commercials. Stay safe
out there, say thanks to a veteran by casting your vote, and have a
great day!
Average price of LME traded cash nickel
so far this month
- $6.86/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Industrial metals advance as factory data boosts sentiment - more
Yesterday's market review - Copper rises on strong Chinese
and U.S. manufacturing data - Copper prices rose on Monday as sentiment
was boosted by robust manufacturing data from China and the United
States, though gains were limited by a firmer dollar as the market
awaits the outcome of the U.S. presidential election. - more
Shareholders suffer on Reuters Anonymous Tesla tip while Insiders Hit
the Lottery - I don’t even know where to start with this. The long
suffering shareholders? - more
Clausi on Giga Metals insiders riding the Reuters’ Tesla story and the regulators who turned a blind eye - more
Indonesia to issue rules on nickel ore price around late March - The
rules are aimed at preventing local smelting companies from buying ore
at price level that are too low. - more
Global Plug-In Electric Car Sales September 2020: Massive Record -
Sales almost doubled to a new record level, while the market share
nearly touched 5%. - more
Have steel prices peaked for the year? - Several factors suggest that
prices will trend lower in November and December - more
In October, US Had Strongest Manufacturing Growth in 2 Years - It was
the US' best month for factory activity since September 2018. - more
Courtesy AISI - In the week ending on October 31, 2020, domestic raw
steel production was 1,557,000 net tons while the capability
utilization rate was 70.4 percent. Production was 1,805,000 net tons in
the week ending October 31, 2019 while the capability utilization then
was 78.0 percent. The current week production represents a 13.7 percent
decrease from the same period in the previous year. Production for the
week ending October 31, 2020 is up 1.0 percent from the previous week
ending October 24, 2020 when production was 1,542,000 net tons and the
rate of capability utilization was 69.7 percent. - more
17 Ways Distributors Can Reduce Everyday Expenses - Even
distributors who are satisfied with their current arrangements should
consider reviewing them. They may be leaving extra cash on the table. -
more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, November 2
It's
that time again where we offer advertising opportunities to sponsors
for 2021. This year, besides the (#1) 728 X 90 banner space we offer
across the top for $300 a month, we are offering (#2) a 120 wide X 600
tall space in the top left column for $250 per month. It replaces the
top Google ad there now and if you have an adblock on, you will need to
temporarily disable it to see the size of the add there now. We can
also offer a smaller add below that starting at $75 and this add
size/cost we are open to discuss, if there is any interest. If you are interested in sponsoring
any of these adds for 2021, please contact us at info at
estainlesssteel.com and please include or use the words stainless steel
in the subject line or it may get accidentally deleted as spam. Thank you for your support.
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $6.87/lb ($15,150/tonne). Indicators at 6:05 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licenses warehouses went
unchanged on Friday and ended last month and start this one just over
the 239,000 tonne level. For October, stockpiles grew by 2,868 tonnes.
The average price of traded cash nickel on the LME rose from $6.74/lb
in September to $6.90/lb in October. Industry news was nearly non
existent the past three days, so we added some EV news. Until the
election in the U.S. is concluded, the markets could remain in limbo.
We start a new month with our repeat sponsor
Texas Pipe replacing another repeat sponsor Taunton Metals, who will
be back in December. We thank them both for their long term
relationship with this site and their financial commitment to keeping
the site online. It is because of them, and the other monthly sponsors,
that this site remains free and updated daily. Visit their sites and
see what they can offer your business. It's a brand new month, with two
left to conclude the year. Stay safe out there, and have a wonderful
week and month.
Average price of LME traded cash nickel
so far this month
-
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - China manufacturing data supports copper prices - more
Friday's market review - Copper prices dip, focus on U.S.
election - Copper prices slipped on Friday as disappointment that
China’s five-year economic plan did not specify plans to stockpile the
metal dominated the mood, while uncertainty ahead of the U.S.
presidential election curbed losses. - more
China: Over 130,000 Plug-In Electric Car Sales In September 2020 -
China is back in the game and accelerating. For plug-ins, last month
was the best September ever. - more
World’s Top 5 EV Automotive Groups Ranked By Sales: Q1-Q3 2020 - more
Supply Chain Disruption and the Digital Response - The COVID-19 market
is uncharted waters in the supply chain industry. Bottlenecks in the
major manufacturing pathways, combined with safeguarded consumer
spending and unprecedented restrictions on global trade, posed an early
shock to the industrial and logistics sector. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
(all
ton listings are metric tons = 2204.622 pounds ) Updated Monday thru
Thursday before 7 am CST, Friday version before 8 am CST - DisclaimerOriginal content and opinions copyright
www.estainlesssteel.com. All prices shown on
this page are indications only. Please note - for real time and
official LME
prices, LME requires a user subscribe to an authorized LME vendor.
Daily Nickel/Stainless Steel Briefing 
($16,460/tonne). Indicators at 6:10 am CST today show
nickel trading around $.06/lb 
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday, but are higher from our last update, starting the day just
under the 241,700 tonne level. Nickel closed above the $16,000/tonne
level on Wednesday, and then again, Thursday, and again on Friday. A
lot of this is because of the strength of the Euro trading against the
Dollar, which is trading at its highest since May 2018. The Euro is
higher this morning, but at the moment, nickel is retreating, although
still trading well above the $16,000/tonne level. Cancelled warrants
for LME nickel have been in the 24% range since th 2nd of September.
Last Tuesday, it jumped to near 26%, where it remains. Legitimate
buying interest or investors buying to make supply look lower than it
really is? Time will tell, but after the needle finally moved after so
long of looking broke, it was worth a mention. Lot of U.S. economic
reports were issued right before the holiday break and they are linked
below. It's the first day back and the last day of the month. Stay safe
out there and have a great day - and successful week. 
Reports
Why Stainless Steel 
Friday's market review - Copper hits 7-1/2-year peak as
companies and speculators buy - Copper stormed to its highest in
7-1/2 years on Friday as speculators joined industrial users in buying
metal as they geared up for a recovering economy boosted by COVID-19
vaccines. - 
Green trend stirs copper and nickel markets as supply tightens - Rising
environmental awareness and the global shift to eco-friendly cars and
energy sources are raising a question in the market for key metals used
in such "green" sectors: Will there be enough supply? -
China solves Freeport’s $3 billion problem in Indonesia - The
long drawn-out saga of mining giant Freeport Indonesia’s (PTFI)
proposed new copper smelter has taken a new turn with China’s Tsingshan
Steel agreeing to build the US$1.8 billion facility at its Weda Bay
nickel processing complex in Halmahera, eastern Indonesia. - 
French overseas minister to organise political round table on sale of
Vale nickel plant - The French overseas minister, Sebastien Lecornu,
will organise a round table with New Caledonia's political leaders on
the sale of the Vale nickel plant. - 
Why billionaire Andrew Forrest's wife Nicola wears her son's decade-old
hand-me-down RM Williams boots despite OWNING the company - and still
washes and reuses ziplock bags - 
Thursday is Thanksgiving in the U.S. and our next update will be
Monday, November 30th. We thank you for
being a reader and want to say a special thank you to our monthly
sponsors. Without them, there would be no site. In these trying times,
we are truly thankful you choice to share a part of your day with us.
We hope your Thanksgiving is a cherished memory and a safe experience. 
October 2020 crude steel production - World crude steel production for
the 64 countries reporting to the World Steel Association (worldsteel)
was 161.9 million tonnes (Mt) in October 2020, a 7.0% increase compared
to October 2019. - 
Steel Imports Down 22.8% Year-to-Date Through October - Based on
preliminary Census Bureau data, the American Iron and Steel Institute
(AISI) reported today that the U.S. imported a total of 1,502,000 net
tons (NT) of steel in October 2020, including 1,244,000 net tons (NT)
of finished steel (up 19.6% and 6.6%, respectively, vs. September final
data). - 
China: Plug-In Car Sales In October 2020 Approach All-Time Highs -
Things improved significantly in China and we are not expecting
anything below 150,000 a month in the last two months of the
year. - 
EU steel buyers prepare for further price increases - European coil
prices continued their meteoric rise, in November. The MEPS Europe
Average Hot Rolled Coil transaction value has climbed by more than 25
percent since June of this year. - 
Caledonian Union insists Paris was in loop over nickel plant bids - The
leader of the pro-independence Caledonian Union has rejected last
week's claim that Paris was kept out of the loop about the bidding for
the Vale nickel plant. - 
Supreme Court reverses army takeover of RioZim chrome mine - Listed
mining company RioZim has won a Supreme Court battle with Zimbabwe’s
military after one of its mines was forcibly taken over through a
ministerial decree. - 
China’s stainless crude steel output declines 6% y-o-y in H1, 2020 -
According to the official statistic from China, the total output of
stainless crude steel in the first half of this year was around 13
million tons, decreased by 6% year on year. - 
Finland: the rise of lithium-ion batteries divides - In Finland, the
Sotkamo mine is located 300 km from the Arctic Circle. On this 60 km2
site, nickel is extracted. - 
Metals testing for aerospace under the microscope - The microstructure
of a material determines many of its most important properties, such as
its longevity and its response to stress. - 
China stainless to bear brunt of South Africa's chrome ore export tax -
China's stainless steel mills face higher costs for essential
ingredient ferrochrome if, as expected, South Africa goes ahead with
proposals to impose taxes on exports of chrome ore to help protect its
smelting industry. - 
Russia’s stainless steel exports increase in first-3Q of 2020 -
According to the market news, the total exports of stainless steel
products from Russia in the first 9 months of this year has increased
by 101.7% year on year, reached to 985,000 tons. - 
Greece to kick off sales of nickel producer Larco by year-end - Greece
will kick off the sale of assets owned by Larco, one of the world's
biggest nickel producers, later this month, its energy Ministry said on
Thursday. - 
Taiwan's stainless steel scrap price hikes due to limited supply - The
reduction of scrap sources and increasing scrap costs made Taiwan's
domestic stainless steel scrap prices rise along with rising nickel
prices and finished product prices. - 
Fastener Distributor Index Grows on Gains in Sales, Employment,
Deliveries - The FDI's metric for measuring six-month market outlook
surged to its highest mark since January 2018. - 
Sumitomo expects Ambatovy mine to produce 3,000 T of nickel in
Jan-March - Japanese trading house Sumitomo Corp plans to resume
operation at its Ambatovy nickel mine in Madagascar early next year as
planned, with an aim to produce 3,000 tonnes of nickel during the
January-March quarter, its executive said on Friday. - 
Shareholders suffer on Reuters Anonymous Tesla tip while Insiders Hit
the Lottery - I don’t even know where to start with this. The long
suffering shareholders? - 
Have steel prices peaked for the year? - Several factors suggest that
prices will trend lower in November and December - 
