Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.79/lb ($17,165/tonne). Indicators at 6:00 am CST today show nickel trading around $.22/;lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today's session just under the 46,350/tonne level. Shanghai nickel rose slightly, to 131,210 y/t. The short covering appears to be over, with nickel prices sliding again, aided in part by a lower Euro. Lot of articles out there about the LME court victory but we really weren't surprised. Anything short of complete victory would have forced exchanges around the world to change their SOP, and potentially disrupted the entire investment system. It was a case of 'to big too fail' in our opinion, and thus we are reminded of a line from the movie 'Full Metal Jacket' - "it's a huge s**t sandwich and we're all gonna have to take a bite." Month eleven will be in the bag at the end of today and time to thank our news page sponsor, P.A. Inc. for their continued support. Please visit their site above and see if they offer a service or product you might be in need of. We thank them and you for being a reader. Stay safe out there, have a great Thursday and we will see you next month.
  
• Average price of LME traded cash nickel so far this month - $7.72/lb
  

    LME triumphs in lawsuit over cancelled nickel trades - The London Metal Exchange (LME) won a legal battle with U.S. financial firms on Wednesday which brought a case (more detail than yesterday).... - more

• After court victory, LME bids to reboot confidence - more
  

    French Ministers Visit New Caledonia, With Nickel and the Future on the Agenda - Two of France’s most senior ministers visited New Caledonia recently as discussions around the nation’s political .... - more

    EU and U.S. to miss unique opportunity for settling trade dispute and advancing climate protection before COP28, warns EUROFER - The outcome of yesterday’s EU Trade Council meeting shows .... - more

    Widodo fails in IRA subsidies bid in reprieve for Aussie nickel miners - Australia’s largest nickel producers are breathing a sigh of relief after the Biden administration stopped short of allowing their .... - more

    ArcelorMittal shuts down steel production in South Africa and lays off 3,500 workers - Ongoing rail logistics problems in South Africa and the worsening energy crisis have significantly increased costs .... - more

   Other News

• Australian sheep, cattle prices slump as El Nino scorches pastures - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.61/lb ($16,775/tonne). Indicators at 6:00 am CST today show nickel trading around $.11/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today's trading session just over the 45,450 tonne level. Shanghai nickel rose to 131,110 y/t overnight. The potential change in how Indonesia prices its nickel is being credited with starting this bump in nickel prices, and now short covering is being blamed for keeping it going. A short covering bounce was inevitable and a way for the bulls to take a bite out of the bears profits. It was merely a matter of timing and the bulls decided yesterday's sudden bump was the right time to make their move. We re back over the $17,000 tonne level at the moment. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $7.72/lb
  

    Tuesday's market review - Copper rebounds on Panama and Peru mine news, China hopes - Copper prices bounced on Tuesday on worries about supply after news of disruptions at major mines ... - more

    LME wins lawsuit brought by financial firms over cancelled nickel trades -  The London Metal Exchange (LME) on Wednesday won a London lawsuit lodged by hedge fund Elliott Associates and market ... - more

   Stanislav Kondrashov: the global economy is recovering, but the nickel market faces challenges - The world economy is gradually returning to its traditional course after the COVID-19 pandemic and .... - more

    UBS Base Metals Outlook 2024: Copper Will See A Supply Deficit, Aluminum Prices Will Be Higher Later In 2024, Lead And Zinc Will Be In Small Surplus - more

    Courtesy AISI - In the week ending on November 25, 2023, domestic raw steel production was 1,687,000 net tons while the capability utilization rate was 73.4 percent. Production was 1,594,000 net tons in the week ending November 25, 2022 while the capability utilization then was 71.5 percent. - more

    Italian HRC seen increasing further - Italian coil prices are seen increasing again as European producers are mulling a second step of hikes, Kallanish learns from market participants. - more

   Other News

• 761 Hong Kong families apply for baby bonuses, but experts say scheme unlikely to boost flagging birth rate - more
• All 41 Indian workers trapped in collapsed Himalayan tunnel for 17 days rescued - more
• Implats says 11 miners killed, 75 in hospital after conveyance cage tragedy in Rustenburg - more
• Walmart shifts to India from China for cheaper imports - more
• Musk’s Cybertruck is already a production nightmare for Tesla - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.29/lb ($16,075/tonne). Indicators at 5:55 am CST today show nickel trading around $.14/lb higher. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Monday and remains just under the 44,900 tonne level. Shanghai nickel bounced overnight, to 129,160 - almost exactly where it traded on Friday. Nickel has bounced this morning, with one source crediting talk of a potential change in how Indonesia prices its nickel (see Today's market review below). We are somewhat skeptical and suspect this has more to do with traders uncomfortable seeing nickel trading below the $16,000 tonne level and attempting to gain some breathing room. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $7.74/lb
  

    Today's market review - Nickel prices rise on talk of Indonesia pricing change - Shanghai nickel prices gained the most in more than two months on Tuesday after an industry report raised the prospect ... - more

    China's stainless steel imports hit new high in Oct, contributed by higher supply from Indonesia - According to statistics from the General Administration of Customs of China (GACC), China's stainless steel.... - more

    Indonesia’s Nickel Policy Needs a Rethink - Indonesia dominates global nickel production, key for EVs, but faces challenges in EV battery chemistry shifts and geopolitics. - more

    France seeks deal by January to save New Caledonia nickel sector - France is seeking an agreement by the end of January to salvage New Caledonia's nickel industry, which has been hobbled ... - more

  Tesla visits nickel plant in Indonesia for potential investment - Nickel Industries from down under has invited Tesla, Panasonic, Northvolt, and other automakers and battery suppliers to invest in its.... - more

   Other News

• Tanker in Middle East safe from attackers after U.S. Navy responds, officials say - more
• China will become the world's largest car exporter in 2023 - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.48/lb  ($16,490/tonne), Thursday's at $7.55/lb ($16,650/tonne), and Friday at $7.35/lb  ($16,195/tonne). Indicators at 5:40 am CST today show nickel trading around $.09/lb lower. Stockpiles of nickel rose over the last few days, starting today's trading session just under the 44,900 tonne level. Shanghai nickel changed contracts overnight, down sharply to 122,780 y/t. For perspective, the old contract was at 122,900, so the dip was across the board. Nickel is now trading under the $16,000 tonne level,  and it is possible part of the sudden rush for the exits at the end of last week had something to do with the EV battery news and the discovery that may make sodium a viable alternative to lithium. The stainless steel industry has been held hostage to the bear and bull markets of nickel for decades, and the EV battery industry is a rather new customer, and looking hard at unshackling themselves from this situation. Each year the projections on the nickel that will be needed by the EV battery industry in the years to come changes, depends on the expected increase in cars manufactured, tempered with the possible switch to alternative and less volatile battery materials. It appears nickel will always have its place in the EV battery industry, but they are hoping to shrink that place now and in the years to come. That said, those banking on high demand and low supply, are apparently hedging their bets on higher supply currently. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $7.77/lb
  

    Friday's market review - Nickel price at lowest since 2021 on oversupply concerns -  Nickel prices reached their lowest point in over two and a half years on Thursday due to persistent worries ... - more

    China's stainless steel imports & exports decrease in Jan-Oct y-o-y - From January to October, China's stainless steel imports totaled about 1.67 million tons, a year-on-year decrease of 39.42%. - more

    India’s national stainless steel policy likely to be unveiled in early 2024 - The Indian government will release a National Stainless Steel Policy early next year, industry and government officials said on Friday... - more

    Indonesia to Trace Nickel in Bid for US Critical Minerals Deal -  Indonesia plans to introduce nickel tracing and push local producers to reach global mining standards to help the country move closer ... - more

    October 2023 crude steel production - World crude steel production for the 71 countries reporting to the World Steel Association (worldsteel) was 150.0 million tonnes (Mt) in October 2023, ... - more

  Bigger, Better, Greener: New EV battery from Sweden to cut world’s dependency on China - Today, the world is at the mercy of China for raw materials to make their EV batteries. However that is set to .... - more

• Salt in Batteries: Shift May Herald Another Shakeup - more

    Russia's Nornickel finally exits South Africa - Russia's Nornickel will pay $18m to pass its 50% stake in Nkomati nickel mine in South Africa to its partner African Rainbow Minerals (ARM) ... - more

   Other News

• China’s Landspace plans to develop stainless steel rocket - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.70/lb ($16,975/tonne). Indicators at 6:10 am CST today show nickel trading around $.09/lb  lower. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today's session just under the 44,600 tonne level. Shanghai nickel fell to 129,410 y/t overnight, Nickel bears continue to rule the market with U.S. stainless steel surcharges for December reflecting the drop (here). Today is our last update for the week, as we Yanks celebrate our Thanksgiving holiday, which many of us turn into a four day weekend. We are very thankful for our readers, and those of you who drop us a line from time to time and let us know when we need to make a correction, or just let us know you're a reader. We are especially thankful for our site sponsor, PA Inc. If you are a regular reader, it is their sponsorship that makes this daily update possible. We thank them, we thank you, and we wish each of you all a holiday of thankfulness. Stay safe and Happy Thanksgiving! And we hope to see you again Monday.
• Average price of LME traded cash nickel so far this month - $7.85/lb
  

    Stanislav Kondrashov: a nickel surplus is expected in Indonesia – forecast for the next 5 years - Indonesia, the world's largest nickel producer, faces a problem with excess capacity in the production .... - more

• Stanislav Kondrashov Telf AG: Indonesia dictates the rules in the global nickel market - more

     EEC proposes to increase AD duty on China & Malaysia’s cold-formed seamless stainless steel pipes - The Eurasian Economic Commission (EEC) declared the results of the anti-dumping (AD) review ... - more

    China stimulus firms 2024 steel outlook: Cargill - Steel supply and demand is in balance towards the end of the year, with global EAF-based production having been curtailed as Chinese exports increased this year, - more

   Other News

• Commodities Overview: Metal rebellion - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.72/lb  ($17,015/tonne). Indicators at 5:55 am CST today show nickel trading around $.09/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today's trading session just under the 44,150 tonne level. Shanghai nickel fell to 132,510 y/t overnight. Nickel analysts have little to talk about when it comes to nickel apparently, as the commodity index re-balancing that is done every January is already being looked at as the only possible reason nickel prices may rise in the near future. Commodity re-indexing is not something you will read much about except in years like this one, when nickel has tanked during the year, and analysts know fundamentals will remain bleak. The article does contain interesting tidbits though, like one analyst telling the Reuters reported they have never seen so many short bets on nickel. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $7.87/lb
  

    Nickel to get boost from commodity index re-balancing in January - Nickel is likely to see a surge of buying before and during an annual re-balancing in January of commodity indexes, analysts said, ...- more

    Global market for ferroalloys is experiencing a decline in prices  - The global ferrochrome market remained weak during the third quarter of 2023, according to Finnish stainless steel producer Outokumpu. - more

    Indonesia's American EV dreams shunted into the slow lane -  Indonesian President Joko Widodo has made no secret of his ambition to leverage the country's vast nickel resources to become an Asian hub ... - more

• Rethinking Indonesia’s nickel policies to power economic growth - more

   Other News

• COP28: UN carbon body agrees crucial framework on Article 6.4 - more
• Chinese Warship Injures Australian Navy Divers With its Sonar - more
• ‘Life-or-death question’: US must grasp Taiwan’s importance to China, former envoy Cui Tiankai says - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.67/lb ($16,910/tonne). Indicators at 6:00 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose slightly on Friday and ended the prior week just over the 44,350 tonne level. Shanghai nickel fell to 134,950 y/t overnight. A stronger Euro is not helping the nickel bulls, who have apparently gone into hiding, with nickel closing below the $17,000 tonne level on Friday for the first time since May 21, 2021. More supply than demand, and an uncertain demand for the future, continues to feed the bears. This will be a short week for our daily updates. We will only be posting Monday thru Wednesday, with the rest of the week, an extended holiday for Thanksgiving. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $7.90/lb
  

    Friday's market review - Copper edges higher as US dollar weakens - Copper prices inched up on Friday tracking a weaker U.S. dollar, although demand concerns in top metals consumer China kept gains in check. - more

    Trafigura Invests in Korean Plant Making Nickel Products for EVs - Commodity trader Trafigura Group is investing in a South Korean refinery that will give it access to nickel products used in electric-vehicle batteries. - more

    Vale Canada, Sumitomo Metal sign initial agreement to sell 14% stake in Indonesia nickel miner - Vale Base Metals said its Vale Canada unit and Japan's Sumitomo Metal Mining signed an initial agreement  ... - more

    Swedish steel output continues downward trend - Production of crude steel by Sweden’s mills continued in September the downward trend seen so far this year, and in fact accelerated it. - more

    Russia’s stainless steel imports fall in Oct m-o-m - According to statistics from the SpetsStal Association, Russia imported around 31,300 tons of stainless steel in October this year, falling by 5.7% .... - more

   Other News

• Historically high steel prices appearing more regularly - more
• New “Ultra Stainless Steel” Could Improve Green Hydrogen Production - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.77/lb ($17,125/tonne). Indicators at 6:00 am CST today show nickel trading around $.06/lb lower and at the $17,000 tonne level. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and now total just over the 44,300 tonne level. Shanghai nickel fell overnight, to 136,290 y/t. Industry news is quiet as nickel slips below the $17,000 tonne level this morning. Stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $7.93/lb
  

    Thursday's market review - Copper hits six-week high after technical break - Copper climbed to six-week highs on Thursday as a softer dollar and lower inventories triggered a flurry of buying ... - more

    Trafigura and Korea Zinc agree to build nickel refinery in South Korea - Global commodity trader Trafigura on Friday said it has signed a $140-million investment agreement with Korea Zinc  ... - more

    Sumitomo Metal Mining looks to boost battery materials output, possibly in US - Japan's Sumitomo Metal Mining (5713.T) is considering producing cathode battery materials in the United States among ... - more

   Other News

• Stages of cold calling - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.9/lb ($17,445/tonne). Indicators at 5:55 am CST today show nickel trading around $.09/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today's session just over the 44,200 tonne level. Shanghai nickel fell to 138,810 y/t overnight. President's Biden and Jinping met yesterday and did little more than agree to re-open communication. Any progress was probably tempered by President Biden explaining why he still calls Xi a dictator, and a Missouri Senator accusing China of attempting world domination. From China's perspective, Taiwan remains the primary flash point and their reunification efforts. Nickel is slowly retreating, after the Euro bump loses its initial luster. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $7.94/lb
  

     Wednesday's market review - China industrial output data helps copper to 6-week high - Copper prices touched a near-six week high on Wednesday after positive industrial production data from top consumer .... - more

    Tsingtuo successfully rolls world's thinnest hand-torn stainless steel - Tsingtuo Cold Rolling Technology in China successfully rolled 0.015 mm ultra-thin hand-torn stainless steel, which is a breakthrough in.... - more

    Nickel Crisis Shows LME Could Learn From China, Minmetals Says - Last year’s nickel crisis shows that risk controls and management at the London Metal Exchange are worse than those of its main Chinese ... - more

• LME and SHFE may collaborate following critique of risk management - more

    SeAH Metal to end stainless steel wire business from Dec 31, 2023 - SeAH Metal, a subsidiary of SeAH Special Steel, will stop the production and sales of its stainless steel wire business from December 31... - more

    Russia’s stainless steel imports down 5.2 percent in October from September - In October this year, Russia's stainless steel imports totaled 31,270 mt, down by 5.2 percent compared to the previous month, .... - more

   Other News

• Fragile Global Economy at Stake as U.S., China Seek to Cool Tensions - more
• US Battery Storage: Capacity surpasses 14.6 GW in Q3, 3.5 GW planned in Q4 - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.92/lb ($17,460/tonne). Indicators at 5:55 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today's session just over the 43,500 tonne level. Shanghai nickel rose to 139,300 y/t overnight. The Euro rose sharply higher late yesterday, but so far, nickel does not appear to be reaping any major benefit from the movement. It did end slightly higher last night and is trading slightly higher this morning, but the jump in the Euro back to early September levels, would seem to be drawing a more bullish reaction. Or at least an attempt by the bulls to force short players to cover prior bets. The leaders of the United States and China will meet on the sidelines of the APEC summit, but the political rhetoric has become so acidic, few hope for much of substance to come from it. SpaceX hopes to try a second time to successfully launch and land its Starship Mars Rocket on Friday. The first attempt forced engineers to self destruct the rocket when it failed to respond to certain commands. If you aren't into space travel, but like to see the many uses of stainless steel, then this stainless steel clad rocket is worth keeping an eye on. And why did Elon pick stainless? Because it was much cheaper than his other alternatives. Much cheaper as the article below proves. Stay safe out there today and have a great hump day! 
  
• Average price of LME traded cash nickel so far this month - $7.96/lb
  

    Taiwan’s stainless steel wire rod exports grow in Oct m-o-m - According to customs statistics, Taiwan exported around 9,100 tons of stainless steel wire rods in October, rising by 17.7% .... - more

    Prices unchanged in European HRC market; little market activity reported - Trading in the European hot-rolled coil market was subdued on Monday November 13 with prices .... - more

    France’s Eramet plans to increase lithium and nickel output - As part of Eramet's production increase plan, the company intends to invest $2.03bn between 2024 and 2026. - more

    Courtesy AISI - In the week ending on November 11, 2023, domestic raw steel production was 1,683,000 net tons while the capability utilization rate was 73.2 percent. Production was 1,594,000 net tons in the week ending November 11, 2022 while the capability utilization then was 71.5 percent. - more

    The promise and risks of deep-sea mining - A vast treasure of critical minerals lies on the ocean floor. Should they be extracted to help fight climate change? - more

   Other News

• SpaceX relies on stainless-steel for Starship Mars Rocket - more
• SpaceX says its 2nd Starship test flight could launch on Nov. 17 (video) - more
• What are the (Many) Uses of 304 Stainless Steel? - more
• Weighing the Benefits and Drawbacks of Insourcing Versus Outsourcing Distribution and Fulfillment - more
• As $25K Vehicle Plans Shift, Tesla Starts Extending Giga Texas by 120 Meters to Make the Plant “Over a Mile Long” - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.89/lb ($17,390/tonne). Indicators at 5:50 am CST today show nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today's session just under the 43,200 tonne level. Shanghai nickel slipped to 138,270 y/t overnight. Nickel apparently got a little too close to the $17,000 tonne level and the bulls are dragging it higher. Considering nickel closed over the $18,000 tonne last Wednesday, they have a lot of ground to till before they even get back to that level. Slow news day. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $7.99/lb
  

    German steel market expects prices to strengthen, inventory to remain weak in Nov - German steel traders and producers expect steel prices to remain strong in November with mills aiming for higher prices,.... - more

    Italian service centres struggle to increase prices: Assofermet - Considering the several European trade measures on coil imports, Italian steel trade association Assofermet expects coil sales ....- more

    Trafigura Traders Enjoy 188% Share Price Gain on Profit Boom - The price of Trafigura Group shares rose 188% in its financial year to September, the latest sign of how commodity trading houses ... - more

    EU agrees rules to secure critical raw materials amid race with China, US - EU industry chief Thierry Breton said in a statement that without action, Europe risked supply shortages and unwanted dependencies. - more

   Other News

• Biden meets with Indonesia president ahead of Xi summit - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.83/lb  ($17,260/tonne). Indicators at 5:50 am CST today show nickel trading around $.06/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and ended last week just under the 43,400 tonne level. Cancelled warrants continue to slide, now under 5%. Shanghai nickel slipped to 139,660 y/t overnight. Friday saw the nickel bulls flee a bear attack, and so far this morning, the bulls have yet to seek pasture. We have discussed numerous times why these extreme price slides are as difficult on the down stream market, if not more difficult to manage, as price spikes are. Profit maintenance becomes of most importance when the most pricey ingredient of stainless steel makes inventory suddenly over priced. No one knows where the bottom of this bearish slide is yet, so be cautious when restocking inventory, or you will find your struggles magnified and extended. It's the second full week of November and for those of us in the States, the last. Next week is Thanksgiving and the last week of the month ends on a Thursday. Stay safe out there and have a great week! 
  
• Average price of LME traded cash nickel so far this month - $8.02/lb
  

    China’s Commerce Ministry to restart AD investigation on Japan’s stainless steel - China’s Ministry of Commerce announced on November 9 that it would restart the investigation into ... - more

    Prices of imported metals could see increase for manufacturers - Failure of U.S., EU to extend tariff quota agreement latest in events that negatively affect fabricators - more

    Indonesia's Steel Trade Alters Global Dynamics - The European Commission's anti-circumvention probe into Indonesia's stainless steel has impacted exports from Taiwan, Turkey, and Vietnam,... - more

• Chinese companies are investing billions in Indonesia's nickel industry - but working conditions can be deadly - more
• Exclusive: US, Indonesia to discuss potential for deal on EV minerals - more

    Outokumpu acquires 10% stake in Cronimet North-East for stainless steel production decarbonization - Outokumpu, a leading stainless steel manufacturer in Europe based in Finland, ... - more

    U.S. exports / imports of Nickel - more // U.S. imports / exports of Stainless steel - more // use search bar at top of these pages to check your item of interest

    Ferroalloy plants in Ukraine stop production during the heating season - Zaporozhye and Nikopol ferroalloy plants, following a number of other industrial assets controlled by the Privat group, .... - more

   Other News

• Trafigura's Copper Uber-Bull Leaves as Metals Drama Rolls On - more
• FedEx, UPS 2024 rate increases: What shippers should know - more
• The 10 Questions Supply Chain Managers Must Ask Before Engaging With a New Vendor - more
• Explainer-What is Lockbit? The digital extortion gang on a cybercrime spree - more
• Australia ports operator suffers 'cybersecurity incident', suspends operations - more
• Only 13,000 views after 7 days - Arab citizens heroic rescue of Jews from the Be'eri Massacre - more
• Detained, missing or under investigation: Business leaders in China face an ‘aggressive’ crackdown - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $8.09/lb ($17,835/tonne). Indicators at 6:00 am CST today show nickel trading around $.14/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Thursday and started today's session just over the 42,500 tonne level. Shanghai nickel dropped overnight, to 140,280 y/t. After successfully pulling nickel back over the $18,000 tonne level to close Wednesday, the bulls surrendered that level again on Thursday and this morning the bears are seizing on that missed opportunity and pulling nickel down to the 17,500 tonne level. Nickel is trading at a price we haven't seen in over two years, but to give you an idea of how much room the bears have to play in, this level was the high for 2019, the year prior to covid and a price collapse to under $12,000/tonne. This sudden drop could turn out to be a trap set by the bulls to suck in more bears who will be forced to cover down the road. No one knows what tomorrow will bring and that is what keeps the market interesting, and frustrating. While stainless steel distributors will typically not complain about lower prices, it can make for a frustrating situation. First, current inventory is quickly becoming over priced and protecting profit margins can become difficult unless you have a customer base that understands the situation. And second, a fact that affects all resellers, lower costs mean lower profits even if one is fortunate enough to protect their profit margin. 30% markup on $100 returns more than 30% on $80. But for most, at least we are not having to raise the customers price every time they order. Those days, and we will see them again, really suck. Stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $8.06/lb
  

    Thursday's market review - China demand concerns, stronger dollar weigh on copper and other base metals - Copper prices fell in London on Thursday, under pressure from persisting uncertainty .... - more

    LME simplifies off-warrant stock reporting rules - The London Metal Exchange (LME) said on Thursday it will require warehouses in its network to report all inventory that can be delivered ,,, - more

• Base Metals LME speculators (report by AMT) - more

    Industrial Metals Monthly: Metals assess China’s fragile recovery - Our monthly report looks at the performance of iron ore, copper, aluminium and other industrial metals, as well as their outlook .... - more

   (Ryerson) Are Steel Prices Going Up or Down? - Following a period in which hot-rolled prices fell to their lowest level in years, index prices have been on the rise over the past 4-6 weeks. - more

    Prices of imported metals could see increase for manufacturers - Failure of U.S., EU to extend tariff quota agreement latest in events that negatively affect fabricators - more

• EU aims to resolve U.S. steel dispute by year end - more

   Other News

• September 2023 Freight Transportation Services Index (TSI) Remains the Same as the Previous Month and Down 1.8% from the Same Month Last Year - more
• Nearly 1 million chickens infected with bird flu in Minnesota to be killed, per USDA - more
• US reduces beef exports as cattle herd shrinks, squeezing Tyson Foods - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.19/lb  ($18,060/tonne). Indicators at 5:40 am CST today show nickel trading around $.08/lb lower. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Wednesday and remains just under the 40,700 tonne level. Cancelled warrants are back down in the 6% range so this sudden spurt of warehouse activity appears to be slowing. Shanghai nickel rose slightly overnight, to 142,270 y/t. Nickel traders were able to close nickel above the $18,000 tonne level, but that success is showing signs of being short lived this morning. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $8.06/lb
  

    Wednesday's market review - Zinc jumps on supply worries, Russian project fire report - Zinc prices touched the highest in over a month on Wednesday on concerns about supply after reports .... - more

    China Stainless steel output in October and forecast for November - SMM's survey shows that in October 2023, China's total stainless steel production was approximately 3.139 million mt,... - more

    LME to hike fees, aims to push OTC trading onto exchange - The London Metal Exchange (LME) will raise its trading and clearing fees by an average 13% from next year, but nearly double charges .... - more

    Yongjin Group's second stainless steel mill in Vietnam expected to be put into production in Q2 2024 - Yongjin Group stated that the construction of the first phase of the second plant in Vietnam .... - more

   Other News

• More than 300 new mines needed to meet electric vehicle demand, says analyst - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $8.12/lb ($17,905/tonne). Indicators at 5:40 am CST today show nickel trading around $.01/lb  lower and under $18,900/tonne. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today's day of trading, just under the 40,700 tonne level. Shanghai nickel was quiet overnight, down slightly to 141,240 y/t. The Euro is attempting to bounce back this morning, but at the moment, would be better defined as stabilizing. Thus it is having little effect on trading. Here are your average costs for October and how they compared to September. Nickel - $8.28/lb, down from $8.90/lb; Chromium - $4.95/lb, up from $4.80/lb, and Molybdenum - $21.18/lb, down from $24.59/lb. Stay safe out there and have a great day!
• Average price of LME traded cash nickel so far this month - $8.06/lb
  

    Tuesday's market review - Firm dollar and China angst weigh on copper - Copper prices retreated from one-month highs on Tuesday under pressure from a stronger dollar and Chinese trade data .... - more

     Nickel: excess production in Indonesia and increased supply on the market – Stanislav Kondrashov - The nickel market has faced oversupply this year as production increases in Indonesia .... - more

     EU's anti-circumvention investigation into Indonesian cold-rolled stainless steel impacts Taiwan - The recent anti-circumvention investigation initiated by the European Commission into stainless steel ....- more

    Smelters in Indonesia turn to Philippine nickel - Indonesian nickel smelters have had to rely on Philippine imports to run operations in the world’s biggest nickel-producing country due .... - more

    CISA mills’ daily steel output down 5.65 percent in late October - The China Iron and Steel Association (CISA) has announced that in mid-October (October 11-20) this year the average aggregate daily  ... - more

    How Does Stainless Steel Compare to Carbon Steel? - Stainless steel and carbon steel are extensively utilized for various industrial and domestic purposes. - more

    BoE tests show LME clearing house resources depleted in extreme case - - The Bank of England said on Wednesday that stress tests results saw the London Metal Exchange's (LME) clearing house .... - more

    Courtesy AISI - In the week ending on November 4, 2023, domestic raw steel production was 1,699,000 net tons while the capability utilization rate was 73.9 percent. Production was 1,594,000 net tons in the week ending November 4, 2022 while the capability utilization then was 71.5 percent. - more

   Other News

• Worldsteel Sustainability Indicators 2023 - more
• Credit Card Delinquencies Continue to Rise - Who Is Missing Payments? - more
• Indonesia calls on West to help it develop EV manufacturing power - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $8.38/lb ($18,475/tonne). Indicators at 5:50 am CST today show nickel trading around $.23/lb lower. Stockpiles of nickel stored in LME licensed warehouses continue to fall, and started today's session just under the 40,100 tonne level. Shanghai nickel stumbled overnight, to 141,450 y/t. The Euro is starting to give back some of last weeks gains against the US Dollar, and in return, bullish nickel traders have taken cover, with nickel trading back around the $18,000 tonne level. Some of this could be blamed on one Ing Tri Winarno, the Director of Mineral and Coal Program Development at the Indonesia Ministry of Energy and Mineral Resources, who announced his country still has 5 billion tons of nickel reserves. This may or may not silence those who are/were growing vocally concerned about Indonesia's reserves being depleted much faster than previously thought. In the mean time, LME stockpiles are in danger of slipping below 40,000 tonnes again. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $8.08/lb
  

    Challenges loom for global stainless steel market due to Indonesian nickel reserves depletion - In recent years, the global stainless steel materials market has increasingly faced serious challenges .... - more

• Nickel resources are still secure said Ministry amidst claims nickel reserves are depleting - more

    POSCO’s stainless steel output slides in Q3 q-o-q on weak demand - South Korean leading steelmaker POSCO produced around 390,000 tons of stainless steel in the third quarter of this year,.... - more

    CISA: EU’S CBAM creates new trade barrier - The China Iron and Steel Association (CISA) has stated that the EU\u2019s Carbon Border Adjustment Mechanism (CBAM) creates concerns regarding a new ..... - more

    Regulator approves Eskom tariff discounts for ferrochrome groups - The Energy Regulator has approved six-year negotiated pricing agreements (NPAs) for ferrochrome smelters operated in South Africa ... - more

    Russia’s stainless steel production grows in Sep m-o-m, y-o-y - According to statistics from the Russian Federal State Statistics Service (Rosstat), Russia’s stainless steel production totaled around ... - more

   Other News

• Siemens, Ericsson warn EU cybersecurity rules may disrupt supply chains - more
• Maersk plans thousands of job reductions, says ocean market is ‘worsening’ - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.27/lb ($18,225/tonne). Indicators at 6:00 am CST today show nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started this week just over the 40,900 tonne level. Shanghai nickel went basically unchanged overnight, to 142,840 y/t. The Euro continues to climb against the U.S. Dollar and that is apparently the sole reason nickel ended higher on Friday. So far today, we are back in a holding pattern, while the Euro continues to strengthen. At the same time some Indonesia government officials are reporting their nickel resources are being drained too quickly, other government officials are limiting the mining of that nickel under the covers of reported illegal mining, and the country continues to import nickel ore. When we started this web site, Indonesia was what some might call a "non-factor" in world nickel mining until the Chinese discovered a viable way of turning low grade ore into usable nickel. Now, by some reports, it is the largest producer of nickel in the world. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $8.07/lb
  

     Friday's market review - Copper down on higher stocks, concerns about demand in China - Copper prices fell in London on Friday after data showed higher inventories in exchange-registered .... - more

    Global steel production and capacity round-up, Oct 2023 - MEPS International has compiled the key investments and adjustments to steel producers' operations across the globe during October, 2023. - more

    European HRC producers increasingly bullish on prices amid rising costs, reduced supplies - European hot-rolled coil prices stabilized on Wednesday November 1, mainly due to a lack of activity .... - more

    Indonesia approves 38 of 84 requests for 2023 mining quota revision - official - Indonesia has approved 38 out of 84 requests for mining quota revisions this year, a mining ministry official told .... - more

• Crackdown on illegal mining forces Indonesia to import nickel ore - more

     EUROFER: EU construction to see bigger recession in 2023 than expected - According to the Economic and Steel Market Outlook 2023-2024 Q4 2023 Report from the Economic Committee of the .... - more

    Battery Metals Lose Luster as Surge in Supply Outpaces Demand - In the fast-moving world of battery metals, 2022 already feels like a bygone era. - more

    Twin Metals fights for Minnesota copper/nickel leases - Antofagasta-owned Twin Metals has moved to defend its mineral leases in north-east Minnesota from “unlawful federal agency action”. - more

   Other News

• When material science meets microbial ecology: Bacterial community selection on stainless steels in natural seawater - pdf here
• Maersk plans thousands of job reductions, says ocean market is ‘worsening’ - more
• Chinese EV Company Planning to Eliminate 10% of Its Workforce - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $8.18/lb  ($18,030/tonne). Indicators at 5:30 am CST today show nickel trading around $.02/lb lower and trading under the $18,000 tonne level. Stockpiles of nickel stored in LME licensed warehouses dropped sharply again on Thursday and now total just over the 41,800 tonne level. Shanghai nickel rose again overnight, to 142,830 y/t. The Euro continues to trade higher, but you couldn't tell by watching nickel trading. Typically adding positive momentum, the weaker Dollar appears to be having little affect on nickel since it started moving on Wednesday. Even two consecutive large withdrawals of nickel from LME warehouses (over 3000 tonnes in last 3 days) does not appear to be giving the bulls any courage. And for the long term picture, we have another article below about possible nickel reserve depletions in Indonesia in less than a decade. And yet, from traders - nothing. Instead the price has slipped under the $18,000 tonne level and is showing signs of getting comfortable there. Go figure. Stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $8.06/lb
  

    Thursday's market review - Copper drifts higher on hopes of peak Fed rates, weak dollar - Copper prices edged higher on Thursday on hopes that the U.S. Federal Reserve has stopped hiking rates, ... - more

    Challenges loom for global stainless steel market due to Indonesian nickel reserves depletion - In recent years, the global stainless steel materials market has increasingly faced serious challenges .... - more

    WTO extends deadline for China & Japan’s AD disputes over stainless steel products - The World Trade Organization (WTO) said yesterday (November 1) that it has extended China’s deadline to adopt ... - more

    London Metal Exchange appoints Williamson chair after interim role - The London Metal Exchange (LME), in the midst of a drive to boost confidence and volumes after a nickel crisis last year,.... - more

   Other News

• Tata Steel employees donate shoes to school children  - more
• Miner First Quantum faces rocky road as Panama protesters dig in - more
• Hurricane Otis Sank at Least 33 Boats, Including Many That Were Crewed - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.19/lb  ($18,045/tonne). Indicators at 5:50 am CST today show nickel trading unchanged from yesterday's close. Stockpiles of nickel stored in LME approved warehouses fell sharply on Wednesday, and ended that session just over the 43,000 tonne level. Shanghai nickel rose slightly overnight, to 140,700 y/t. The Euro is trading higher this morning, and we would usually see nickel follow, but so far this morning, bullish traders seem to be happy they are able to keep nickel trading above the $18,000 tonne level. The Euro is higher after the US Fed left rates alone yesterday, but left the door open for a potential increase in December. Andy Home from Reuters reports that the bears are back in the nickel market, which hints to us that volatility could be sneaking its head back. Nothing makes a bull happier than forcing a bear to cover its bets, and the most infamous incident of this, nearly broke the market last year. We don;t expect a repeat on that scale, but the days of forcing a bear to cover his/her bets by buying physical inventory are not over. Cancelled warrants fell from 17 to 14% with yesterday's shipments. Stay safe out there and have a great day!.
  
• Average price of LME traded cash nickel so far this month - $8.05/lb
  

    Wednesday's market review - Copper steady despite weak China industrial data; investors wary - Copper prices were steady on Wednesday despite weak manufacturing data from China .... - more

    Bears bet big that nickel can close the product gap - The bears are out in force on the London Metal Exchange (LME) nickel market.Fund players have lifted their bets on lower prices to levels  .... - more

    Brazil initiates anti-circumvention investigation on China’s cold-rolled stainless steel - Brazil initiated the anti-circumvention review to investigate whether the existing anti-dumping (AD) duty order .... - more

    Europe's steel sector faces recession in 2024 - War, an unresolved energy crisis, high inflation and tightening economic conditions have created uncertain prospects for the European ...- more

    U.S. senators oppose Indonesia FTA that paves way for nickel subsidies - U.S. lawmakers have expressed concern about signing a limited free trade agreement with Indonesia, seeking to block... - more

    South Africa’s base metal export value up 9.5 percent in January-September - According to data released by the South African Revenue Service (SARS), in September this year the value of South Africa's ... - more

   Other News

• Watch Joe Rogan Try To Shoot An Arrow Into The Tesla Cybertruck's Body - more
• F.W. Webb Could Pay Millions for Overtime Pay Violations - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $8.28/lb  ($18,250/tonne). Indicators at 5:500 am CST today show nickel trading around $.07/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and started today's trading session just under the 44,800 tonne level. Shanghai nickel continued to slide overnight, down to 140,390 y/t. Nickel is bouncing off the $18,000/tonne level it hit earlier this morning, and it is obvious the bulls have no desire to trade below that level and are trying to pull the market as far from that level as they can. There is little bullish news out there to fuel their attempt however, so we expect the price will hover around this level for the foreseeable future. Lots of news to start the new month so we leave you with it. Stay safe out there and have a great hump day - and month!
  
• Average price of LME traded cash nickel so far this month - $8.28/lb (average October)
  

    Tuesday's market review - Most base metals fall as China's factory activity slows - Prices of most nonferrous metals declined on Tuesday, as manufacturing activities in top metals consumer China .... - more

    China’s steel sector PMI down to 45.6 percent in October - In October this year, the purchasing managers index (PMI) for the Chinese steel sector was at 45.6 percent, 0.2 percentage points lower compared to ...- more

    Tang Eng decides to take individual negotiation way for Nov prices again - Tang Eng Iron Works Co., Ltd., one of Taiwan's main stainless steel manufacturers, announced today (October 31) that the .... - more

    The world nickel market in 2023 – large surplus expected - Government and industry representatives met on the 24th and 25th April 2023 for the most recent International Nickel Study Group meetings .... - more

    Steel sector in recession faces unpredictable 2024 - War, an unresolved energy crisis, high inflation and tightening economic conditions have created an uncertain outlook for the European steel.... - more

    India's demand for stainless steel to increase - According to Indian manufacturer Jindal, the stainless steel industry of India could face huge challenges while expanding stainless steel production .... - more

    US Supreme Court declines to hear steel importer’s Section 232 appeal - The US Supreme Court declined to hear a US-based steel importer's bid to invalidate Section 232 tariffs based on .... - more

   Other News

• Video shows uncontacted tribe near Indonesia’s nickel mine confronted with bulldozers - more
• Canada PM Trudeau rules out further carbon tax exemptions - more
• EU fears for 'tsunami' of fentanyl entering Europe as deadly drug 'on the way big time' - more
• Chinese copper giant Amer’s affiliates see staff exodus as trading crackdown, faltering economy weigh on metals sector - more

  Economic Stats and Prices (posted in Friday edition)