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news covering the period of October 2019
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Thursday, October 31
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed yesterday's trading
session at $7.61/lb ($16,780/tonne). Indicators at 6:15
am CST today show
nickel trading around $.06/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell
yesterday, and for only the fourth time this month, fell by less than
1000 tonnes. And on two of those days, stockpile numbers actually grew.
Inventories opened the last day of October just under the 67,000 tonne
level. Nickel traders apparently feel a deep need to take nickel places
lower, regardless of the inventory situation. After a bump that was
helped by news that Indonesia miners were halting nickel shipments
immediately, prices have resumed a negative and/or sideways trend.
This has been helped by news that much of the news out of Indonesia is
initially only partially true. Indonesia miner shipments have been
halted 'temporarily' while Indonesia checks exports for illegal
shipments. LME Week is over, and according to a poll taken, nickel and
copper were favored by investors to see price growth in 2020.
Average price of LME traded cash nickel
so far this month
- $7.77/lb
Average price of LME traded nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning - Copper steady as weak Chinese data counters supply concern - more
China Doubts Long-Term Trade Deal Possible With Trump - more
EU Steel Rout Deepens as Demand Seen Dropping Most in 7 Years - more
Yesterday's market review - Copper slips as U.S. official
warns of trade deal delay - Copper prices fell on Wednesday after a
U.S. official dampened hopes that a trade deal with China will soon be
announced and a big delivery into London Metal Exchange (LME)
warehouses pointed to ample supply. - more
LME investors favor copper, nickel; shun lead and zinc: survey - Copper
and nickel are the preferred London Metals Exchange metals, while lead
and zinc are the least popular among investors, according to a survey
of the metals community undertaken by BMO Capital Markets during the
current LME Week. - more
Indonesia's Export of Stainless Steel Semi-products in August 2019 =
Ingot is 17,000 tons and flat roll is 212,000 tons = Indonesia's
foreign trade statistics shows the export volume of stainless steel
semi-products in August 2019 was 17,322 tons of ingot (slab/HS: 7218),
drastically down by 40.2% from the prior month. - more
Solomon Islands turfs out Aussie miner in favour of China company - The
Solomon Islands is forcing an Australian miner out of the country as it
moves to hand a world-class nickel resource and access to a strategic
deepwater harbour to a controversial Chinese company. - more
Ramu nickel mine: Scientists set to study pollution - The governor of
Papua New Guinea's Madang province has invited the government to join a
team of European scientists set to study pollution around the Ramu
nickel mine. - more
Indonesia to probe illegal exports of nickel ore - Indonesia is probing
a sudden surge in nickel ore exports and has told miners to suspend
them. - more
Government digs deeper into alleged nickel export violations - more
PolyMet and Twin Metals say they’ll create thousands of Iron Range
jobs. Does Minnesota have the workers to fill them? - The promise of
thousands of jobs from a boom in copper-nickel mining has won the new
industry broad political support on the Iron Range. - more
Morning
Nickel Price Statistics & Figures
Today's almost official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan nickel price -
available here
or here(updated)
Please let us know if any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
Wednesday, October 30
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed Tuesday's trading
session at $7.63/lb ($16,830/tonne). Indicators at 6:25
am CST today show
nickel trading around $.02/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started today's session just above the 67,900 tonne level.
News from Indonesia yesterday changed, yet again, and now the immediate
suspension of exports of nickel ore is possibly only a temporary two
week situation. If true, this means nickel ore exports would resume in
mid-November, only to once again stop at the end of December, and
unless they change their minds .... again .... this December stoppage
will be permanent. News on the trade talks between China and the U.S.
are mixed, with some reporting an agreement on 'phase one' will be
announced soon, with others suggesting new difficulties have cropped
up. Nickel has trended higher since Monday, and so far today, that
trend continues. Only two working days left in October.
Average price of LME traded cash nickel
so far this month
- $7.77/lb
Average price of LME traded nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning - LME copper falls on possible U.S.-China trade deal delay - more
China Steelmaker Default Sparks Debt Contagion Fear - more
Stocks Struggle Before Fed Rate Decision, Powell: Markets Wrap - more
Tuesday's market review - Nickel climbs after Indonesia
blocks exports - Nickel prices rose on Tuesday as top producer
Indonesia said it would temporarily stop ore exports ahead of a ban due
to come into force next year. - more
Even a Lifelong Copper Bull Isn’t Sure Next Move Will Be Up - As head
of sales for copper-mining giant Freeport-McMoRan Inc., Javier
Targhetta overflows with arguments for why the metal’s prospects are
bright. - more
Indonesia Shelves Early Nickel Export Ban for Tighter Inspection -
Indonesia, one of the world’s top supplier of nickel ore, will allow
miners to continue exports until a ban takes effect on Jan. 1 and
ordered greater scrutiny of cargoes meant for shipments. - more
Noront raising $2.5 million for Ring of Fire - Noront Resources Ltd.
said Monday it has arranged a $2.5 million non-brokered private
placement. It said proceeds with be used for exploration and
development of the company’s Eagle’s Nest Project and chromite deposits
in the Ring of Fire mineral district in northern Ontario - more
China Macro and Metals: Steel exporters target China amid warmer
economic signals - Chinese commodity prices softened over September and
into the first half of October, while economic data was mixed over the
same period. - more
Morning
Nickel Price Statistics & Figures
Today's almost official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan nickel price -
available here
or here(updated)
Please let us know if any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
Tuesday, October 29
For the final week of October only, our morning posting time may be
delayed - no later than 8 a.m. CST.
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed Monday's trading
session at $7.55/lb ($16,640/tonne). Indicators at 6:20
am CST today show
nickel trading around $.05/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and started today's session just under the 69,200 tonne level.
Nickel is trading choppy this morning and resembles a funky mountain
range already. For technical traders, we quote from Reuters this
morning "...commodities technicals analyst Wang Tao.
“Nickel failed to break resistance at $17,993 in September. It is
expected to retrace further to $14,533,” he said." That technical
forecast puts nickel trading back to $6.59/lb. In light of LME
stockpile numbers, we find that forecast rather incredible. However, we
also are scratching our heads along with many others, on why the
decision by Indonesia to stop exports of nickel ore on December 31st
caused the market to spike, as well it should have, but a decision to
move that action up to October 31st, sees the market price fall. LME
Week continues, and so far, we aren't seeing any change in market
sentiment.
Average price of LME traded cash nickel
so far this month
- $7.78/lb
Average price of LME traded nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning - Nickel pares early gains; investors see metal as overpriced - more
Biggest Private Coal Miner Goes Bust After Trump Rescue Fails - more
U.S. rejects sanctions sought by China in tariffs case,
going to arbitration - trade official - more
U.S. Futures Dip, Europe Stocks Drop as Bonds Rise: Markets Wrap - more
Monday's market review - Zinc rises towards 4-month
high as stocks fall - Zinc prices climbed towards 4-month peaks on
Monday as slumping stocks fuelled fears of shortages, while copper
hovered near five-week highs on hopes of progress in trade talks
between the United States and China. - more
Miner Seeks Answers Amid Indonesia Nickel Shock: LME Week Update - LME
Week, the biggest annual event of the London metals world, kicks off
Monday. - more
LME WEEK 2019: Nickel ore shortage to take its toll H2 2020 after
Indonesian export ban - Tightness in nickel ore supply may unlikely to
materialise until the second half of next year, as top producer
Indonesia announced the export ban four months in advance of its
effective date on January 1, 2020, said Jim Lennon, senior commodities
consultant at Macquarie. - more
Global manufacturing 'recession' casts shadow over metals outlook: LME
seminar - The global manufacturing sector is in recession, which
does not bode well for the outlook for metals, speakers at a London
Metals Exchange seminar said Monday. - more
Toxic spill from PNG mine a threat to health, locals say - People
living on Papua New Guinea's Rai Coast say a toxic spill from the Ramu
nickel mine has killed marine life, destroyed livelihoods and
endangered their health.They also say the mining company has done
nothing for the community apart from pollute it. - more
PNG Madang Locals call for Third Independent investigation in Ramu Mine Spill - more
Indonesia launches AD investigation on CR stainless steel from China
& Malaysia - On October 23rd, the Indonesian Anti-Dumping Committee
(KADI) had issued a notice announcing the initiation of an anti-dumping
investigation on imported cold-rolled stainless steel products from
China and Malaysia. - more
Courtesy AISI - In the week ending on October 26, 2019, domestic raw
steel production was 1,866,000 net tons while the capability
utilization rate was 80.7 percent. Production was 1,877,000 net tons in
the week ending October 26, 2018 while the capability utilization then
was 80.1 percent. The current week production represents a 0.6 percent
decrease from the same period in the previous year. Production for the
week ending October 26, 2019 is up 1.4 percent from the previous week
ending October 19, 2019 when production was 1,841,000 net tons and the
rate of capability utilization was 79.6 percent. - more
Morning
Nickel Price Statistics & Figures
Today's almost official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan nickel price -
available here
or here(updated)
Please let us know if any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
Monday, October 28
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed Friday's trading
session at $7.61/lb ($16,775/tonne). Indicators at 6:30 am CST
today show
nickel trading around $.09/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
sharply on Friday and started the day just around the 70,650 tonne
level. Today has a couple "WTH" news items. After the government
announced Indonesia nickel miners could no longer export nickel ore
after December 21st of this year, the local media is announcing nickel
miners in that country have agreed to halt all exports immediately. And
in neighbor Papua New Guinea, after announcing the government had
indefinitely suspended production at the Ramu nickel mine last week,
the mine announced it had reopened Saturday. Do you think nickel just
jumped back to topic number 1 at LME Week? Considering LME nickel
stockpiles fell by 8% on Friday alone, it probably should be. It will
be interesting to see if the LME meetings have any effect on nickel
trading. Sometimes they do, sometimes they don't. Only four days of
October left - have a great week.
Average price of LME traded cash nickel
so far this month
- $7.80/lb
Average price of LME traded nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning - London zinc climbs for 4th day as inventories slide - more
U.S. Futures Rise as Fed Meeting Nears; Bonds Fall: Markets Wrap - more
Friday's market review - Zinc gains as inventories fall,
shrugs off hidden stock - Zinc prices rose on Friday as London Metal
Exchange inventories touched the lowest level in 12 years, though
analysts said the higher prices failed to reflect large amounts of
hidden stock. - more
What a Difference a Year Makes: Gloom and Doom at Metals Week - The
metals world is descending on London for the biggest annual bash in the
industry’s calendar, but there’s not much to celebrate. - more
The Big Question in Metals Is What Happens Next to Nickel - While the
fog of the trade war clouds the outlook for most commodities, battle
lines are being drawn in the nickel market. - more
Indonesian nickel miners agree to stop ore exports immediately:
investment chief - Indonesia’s nickel miners agreed on Monday to stop
nickel ore exports immediately, the country’s investment agency chief
Bahlil Lahadalia said, after Jakarta last month brought forward a ban
on shipments to January 2020 from 2022. - more
PNG's Ramu Nickel Mine reopens - Ramu Nico’s controversial Basamuk
Refinery Plant in Madang Province, Papua New Guinea is said to be back
in full operation. - more
China's MCC restarts Ramu nickel plant in Papua New Guinea - more
China Sept nickel
ore imports hit highest since at least 2016 as Indonesia ban looms -
China’s nickel ore imports in September rose 24.6% from the previous
month to their highest since at least 2016, customs data showed on
Friday, as stockpiling accelerated ahead of a ban on shipments from top
miner Indonesia from January 2020. - more
US stainless:
Surcharges nudge lower - US stainless steel producers' monthly alloy
surcharges for austenitic grades of stainless steel flat-rolled
products dropped narrowly for November shipments. - more(our
readers got this information earlier this week - we follow two of
the mfg's and a distributor monthly here)
September 2019
crude steel production - World
crude steel production for the 64 countries reporting to the World
Steel Association (worldsteel) was 151.5 million tonnes (Mt) in
September 2019, a 0.3% decrease compared to September 2018. - more
New membership structure set for stainless steel sector - The Southern
Africa Stainless Steel Development Association (Sassda) is at a turning
point in its history as it gears up for the future with the
introduction of a new tiered membership model that will launch in March
2020, says Sassda acting executive director Michel Basson. - more
The Effect of Workhardening and Residual Stresses Due to Cold Work of
Forming on the Strength of Cold-formed Stainless Steel Lipped
Channel Sections - pdf here
Morning
Nickel Price Statistics & Figures
Today's almost official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan nickel price -
available here
or here(updated)
Please let us know if any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
Friday, October 25
For the final week of October only, our morning posting time may be
delayed - no later than 8 a.m. CST.
Friday's
Abbreviated Nickel/Stainless Steel Briefing(7:00 AM CST is 12 PM in London)
Nickel closed Thursday's trading
session at $7.65/lb
($16,860/tonne). Indicators at 7:20 am CST today show
nickel trading around $.01/lb
higher. Stockpiles of nickel stored in LME licensed warehouses took
another hit yesterday and opened the day just under the 76,800 tonne
level. After turning bullish late Tuesday, LME nickel has been quiet so
far today. No earth shaking news to report this morning so we leave you
with our hope you have a safe and relaxing weekend.
Average price of LME traded cash nickel
so far this month
- $7.80/lb
Average price of LME traded nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning - Zinc gains as inventories fall, shrugs off hidden stock - more
Thursday's market review - Nickel firms as plant closure
amplifies supply fears - Nickel touched a one-week high on Thursday
after Papua New Guinea ordered the closure of a nickel processing plant
over its failure to take remedial action after a slurry spill,
intensifying supply concerns. - more
Indonesia to revise domestic nickel ore rule to put floor on price -
Indonesia’s mining ministry is revising a rule that governs the
domestic price of nickel ore to ensure smelters follow government
benchmark prices, a ministry official told Reuters. - more
Local community welcomes Ramu nickel processing plant's temporary
closure, but want compensation from spill - Local fishermen who have
been impacted by a recent slurry spill on Papua New Guinea's north
coast, are calling for the government to slap heavy penalties on the
Chinese operators of the multi-million-dollar nickel mine responsible.
- more
Noront still committed to Sault ferrochrome plant - After more than
five hours of consultations with sometimes-hostile Saultites, Noront
Resources Ltd. says it still prefers Sault Ste. Marie as the future
site of its billion-dollar ferrochrome facility. - more
Court of Appeals extends stay of PolyMet permits - A court-ordered stay
on two key permits for PolyMet Mining’s proposed NorthMet copper-nickel
mine near Hoyt Lakes, will continue, at least until sometime in early
2020. - more
Vale turns to artificial intelligence for exploration at Coleman nickel
mine - Brazil’s Vale will begin applying artificial intelligence (AI)
and machine learning to identify new drilling targets at its Coleman
nickel mine, which is part of base metals operations in Ontario,
Canada. - more
China could
kick off deep-sea mining before others: UN body - China
is likely to become the first country in the world to start mining
seabed minerals if the international rules for exploitation are
approved next year, according to the International Seabed Authority
(ISA). - more
Thursday, October 24
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed
Wednesday's trading
session at $7.53/lb
($16,595/tonne). Indicators at 6:15
am CST today show
nickel trading around $.14/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
sharply again yesterday and started today around the 79.800 tonne
level. Cancelled warrants remain over 62%. Traders are reacting to the
ordered suspension of the Ramu nickel mine in Papua New Guinea. That
mine spilled about 52,000 gallons of toxic slurry into the ocean back
in August and from the media reports we have seen since, the mine has
been on a PR campaign ever since. There may have been apologies
offered, but it appears from Papau media, that the mine's campaign
gravitated more around 'here is what we have done for you', instead, we
are sorry and here is what we are going to do to fix this'. This
campaign has proven ineffective, at least for now, and an 'indefinite'
suspension has been ordered. With LME stockpiles approaching
dangerously low levels, this closure could not come at a worse time.
Markets, which have been in a correction for the last two weeks, are
suddenly bullish again. Whoever bought earlier this week, and a jump in
cancelled warrants from Friday's 41% to 54% on Monday and 66% on
Tuesday proves some were buying, have made some very smart buys. Unless
the market tanks for some reason. There is absolutely no reason to
believe that might happen, but nickel has proven to be a 'fickle b---h
before'. Lot of news today, so we leave you with it.
Average price of LME
traded cash nickel
so far this month
- $7.81/lb
Average price of LME
traded nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning
- Nickel rises on Ramu nickel project shutdown in Papua New Guinea - more
Japan July-Sept crude
steel output falls to lowest in 10 yrs - more
Tim Treadgold: Rare
earths could be another ‘buy the
sector’ situation, just like nickel - more
Stocks Rise on
Earnings; Bonds Mixed Before ECB: Markets Wrap - more
Wednesday's market review - Zinc gains as deficit
pushes inventories to new lows - Zinc prices rose on Wednesday as
available stocks in London Metal Exchange (LME) warehouses slipped to
their lowest levels in more than two decades despite expectations of
increased supply. - more
Papua New Guinea shutters polluting Chinese plant - Papua New
Guinea
said Thursday it had ordered the indefinite closure of a multi-billion
dollar Chinese-owned nickel facility that spewed potentially toxic red
slurry into the sea. - more
AK Steel's stainless steel & electrical steel shipments drop in Q2
2019 y-o-y - According to the sales performance report released by AK
Steel, a leading steel producer in the US, the firm’s shipments of
flat-rolled steel products totaled around 1.39 million tons in the
second quarter of this year, decreasing by nearly 3.4% compared to the
same period a year ago, while slightly up by 0.2% from the previous
quarter. - more
LME nickel inventory plunge sparks supply crunch fears, but was the
drawdown manipulation or demand? - With nickel stockpiles suddenly
plunging below 90,000t on the London Metal Exchange this month,
industry participants are fearing the much-awaited supply crunch has
arrived, but is it a result of the genuine physical market conditions
or unsavoury manipulation tactics? - more
Vale's Production Volumes of Mn Ore, FA, Ni and Co in Jul-Sept =
Production of Mn ore, Mn-containing alloy, Ni and Co is down from
year-earlier period =
On October 14, Vale S. A., a major resource company in Brazil announced
its production volumes of manganese ore, ferroalloys, nickel and cobalt
in the period from July to September in 2019 (Production volume by
division is as per the table below). - more
New Caledonia growth to remain subdued - report - Last year's economic
growth in New Caledonia was minimal and there is no chance of a rebound
this year, a French report says. - more
Eramet's nickel plant in Indonesia to start ahead of schedule in H1
2020 - French miner and metals producer Eramet said on Wednesday its
Weda Bay Nickel plant in Indonesia would start operation ahead of
schedule in the first half of 2020, and it reiterated production
targets for this year. - more
Trump canceled a federal study about the impacts of mining near the
Boundary Waters. Rep. Betty McCollum is trying to bring it back - After
President Donald Trump took office in 2017, his administration ended a
study that could have led to a 20-year ban on copper-nickel mining near
the Boundary Waters Canoe Area Wilderness. - more
Morning
Nickel Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price -
available here
or here(updated)
Please let
us know if any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
Wednesday, October 23
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed
Tuesday's trading
session at $7.27/lb
($16,030/tonne). Indicators at 6:10
am CST today show
nickel trading around $.18/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
sharply and started today's session just under the 83,700 tonne level.
LME announced it was investigating why stockpile numbers were falling
at record levels, but if anyone is up to some funny business, they
don't seem to be too concerned, as stockpiles fell nearly 3500 tonnes
yesterday, and cancelled warrants ended the day over the 64% level. It
will be interesting to see if anyone is gaming the system, as we
suspect they aren't breaking any rules. Nickel rebounded in overnight
trading on the Shanghai market, and this may be a case of LME traders
following SMM traders. We said we would follow the new stainless steel
trading in China and let you know if it was worth posting. Not yet. On
Oct 1st, their stainless steel future was trading at 15,700, today it
is at 14,975. We suspect traders are still jockeying for positions of a
new trading future and the price does not reflect the industry yet.
Average price of LME
traded cash nickel
so far this month
- $7.83/lb
Average price of LME
traded nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning
- Shanghai nickel rises on low stockpiles, Nornickel accident - more
Brexit’s Risk to the
Union Is Becoming Clearer - more
Global steel industry
groups call for urgent action on
excess steel capacity - more
Tech Sell-Off Weighs on
Stocks Amid Mixed Earnings: Markets Wrap - more
Tuesday's market review - Copper flat as traders gauge
supply concerns from Chile protests - Copper prices were flat on
Tuesday, as traders gauged the impact of intensifying protests in top
producer Chile on supplies. - more
LME Starts Inquiry Into Nickel Trading as Inventories Plunge -
The London Metal Exchange is reviewing recent trading in the nickel
market following the biggest-ever decline in inventories. - more
Three dead in underground mine accident at Russia's Nornickel - Three
people were killed on Tuesday in an accident at Norilsk Nickel’s Taimyr
underground mine in Siberia, the Russian mining giant said. - more
Indonesian villagers fighting planned mine garner national support - A
conflict between residents of a remote Indonesian island and a
nickel-mining company trying to operate there has gained national
attention. - more
Morning
Nickel Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price -
available here
or here(updated)
Please let
us know if any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
Tuesday, October 22
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed Monday's
trading
session at $7.30/lb
($16,100/tonne). Indicators at 6:10 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and started today's session just over the 87,100 tonne level.
Cancelled warrants soared to over 66%. At one time, that meant parties
had purchased 2/3 of that 87,100 tonnes to use. Now it could mean much
of what is sold will merely move from an LME warehouse to a non LME
warehouses, giving the impression demand is stronger than it really is.
Nickel prices continue to slide, albeit much slower this week than
last. Support was beat yesterday, and another close below today, could
send a technically negative signal. The disparity between stockpile
numbers and the trading price continues.
Average price of LME
traded cash nickel
so far this month
- $7.87/lb
Average price of LME
traded nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning
- Copper flat as traders gauge supply concerns from Chile protests - more
Australian Mines
becoming major nickel-cobalt producer - more
Stocks Fluctuate as
Earnings Roll In; Bonds Climb: Markets Wrap - more
Monday's market review - Copper hits one-month high
on Chile unrest and easing trade tensions - Copper prices rose to
one-month highs on Monday as protests in major producer Chile fuelled
concern about supplies and the prospect of easing trade tensions
between China and the United States boosted sentiment. - more
Indonesia: current account deficit expected to shrink after nickel ore
export ban – UOB - Economist at UOB Group E.Tanuwidjaja assessed the
implications of the nickel ore exports ban on the Indonesian current
account. - more
Merafe reports lower production in Q3 in line with cutbacks -
JSE-listed Merafe Resources' attributable ferrochrome production from
the Glencore-Merafe Chrome Venture for the third quarter ended
September 30 was 60 000 t, 29% lower than the 84 000 t produced in the
third quarter of 2018. - more
Independence exceeds Nova production guidance - Independence Group’s
(IGO) Nova nickel copper operation has snuck above its production
guidance for the September quarter, producing 7724 tonnes of nickel and
3490 tonnes of copper. - more
Courtesy AISI - In the week ending on October 19, 2019, domestic raw
steel production was 1,841,000 net tons while the capability
utilization rate was 79.6 percent. Production was 1,877,000 net tons in
the week ending October 19, 2018 while the capability utilization then
was 80.1 percent. The current week production represents a 1.9 percent
decrease from the same period in the previous year. Production for the
week ending October 19, 2019 is up 1.1 percent from the previous week
ending October 12, 2019 when production was 1,821,000 net tons and the
rate of capability utilization was 78.7 percent. - more
Morning
Nickel Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price -
available here
or here(updated)
Please let
us know if any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
Monday, October 21
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed Friday's
trading
session at $7.36/lb
($16,230/tonne). Indicators at 6:15
am CST today show
nickel trading around $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose
nearly as much as they fell on Thursday and started the week just over
the 88,100 tonne level. Cancelled warrants also bounced from nearly 41%
on Thursday to nearly 54% on Friday. Somebody is buying, whether for
stock or investment purposes remains to be seen. Nickel fell from a
high of nearly $17,300, to around $16,200 today. We are back to trading
where we were before nickel spiked on September 1st to over
$18,400/tonne. We show support at $7.33/lb, if you believe in technical
trading. It was tested earlier this morning, but with a slight
recovery, this support level has held. At least for now. ISSF reported
on Friday it projects stainless steel consumption to grow only 2.4% in
2019, down from 4.85% in 2018. It's a new week, and you have 9 business
days left to accomplish any personal goal you might have set for
yourself. Have a pleasant week!
Average price of LME
traded cash nickel
so far this month
- $7.90/lb
Average price of LME
traded nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning
- Copper hits 1-month high as Chile unrest fans supply worries - more
China's growth weakens
further to 6.0% in third quarter - more
Merafe identifies
community unrest as factor in 29% slide in third quarter chrome output
- more
Nickel price surges on
demand for electric cars and
Indonesia export ban - more
Stocks Rise With U.S.
Equity Futures as Bonds Sink: Markets Wrap - more
Friday's market review - Copper climbs on Chinese
property and infrastructure data - Copper prices rose on Friday after
positive Chinese data on property and infrastructure growth, while zinc
and lead hit multi-month highs as investors worried about shortages. - more
Stainless Steel Consumption Figures – The International Stainless Steel
Forum (ISSF) has released stainless steel consumption figures for all
products (cold rolled flat, hot rolled flat and long products).
Year-on-year changes are forecast at +2.4% for 2019 and at +4.4% for
2020. - more
Global stainless steel
consumption growth to slow to 2.4%
in 2019: ISSF - more
Toxic spill from PNG nickel mine having long lasting effects - On one
stretch of Papua New Guinea's coastline, the sea water turned bright
red earlier this year. - more
US issues final AD ruling on imported stainless steel rod from India -
The US Commerce Department had issued a final anti-dumping ruling
against imports of stainless steel rods from India after some Indian
producers and exporters sold below normal amounts in the US during the
period under review. - more
Potanin says smelter in Nikel will be closed - Nornickel and regional
authorities in Murmansk have signed agreement on how to collaborate on
retraining and restructuring for the 800 employees of the smelter in
Nikel. - more
On ‘Island’ in Russian
Arctic, Arrival of Fast Internet Shakes Political Calm - more
Open Letter From Doctors On Ferrochrome Smelter - Should Sault Ste.
Marie have a ferrochrome smelter built in the city? This is a critical
question facing our community. - more
Please let
us know if any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
Friday, October 18
Abbreviated Daily Nickel/Stainless
Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed
Thursday's trading
session at $7.38/lb
($16,270/tonne). Indicators at 6:20 am CST today show
nickel trading around $.01/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today's session just under the 86,600 tonne level.
Nickel is trading ever so slightly higher this morning, but showing no
real enthusiasm, and for the moment, appears to be trading in a narrow
band started yesterday. A very interesting article below hinting that
some of the massive decline in stockpile numbers this month has been
market manipulation - moving inventory from a LME warehouse to a non
LME warehouse, making the demand appear to be higher than it really is.
It wouldn't surprise us if the article is based on fact, as this type
of activity has happened before, and since it is legal, it will
continue. It will remain one of the many ways for the big guy to stick
it to the little guy. If the large trading houses are convinced this
has all been a case of market manipulation, it could explain the sudden
retreat in price. However, last month, when we saw stockpile numbers
for the entire month remain fairly stable, nickel was trading much
higher than it is currently. At present, we are back to trading where
we were in August. It's been one of those head scratcher weeks, when
trying to make sense of the senseless can give one a headache. We hope
the weekend is less confusing for you, and that it is a safe and
enjoyable one. Drop by next week and visit us as we bring you our daily
market update.
Average price of LME
traded cash nickel
so far this month
- $7.94/lb
Average price of LME
traded nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning
- Copper dips on bleak China data - more
Thursday's market review - Copper prices gain as
trade negotiators firm up U.S.-China deal - Copper inched higher on
Thursday as negotiators from the United States and China worked on
firming up the first phase of a trade deal as part of efforts to end a
protracted dispute. - more
Traders Are Rushing Nickel Out of China to Capture LME Profits -
Traders are moving nickel stockpiles from China to other Asian
warehouses to capture hefty profits by delivering to the London Metal
Exchange. - more
Ring of Fire developer faces tide of opposition to Sault ferrochrome
plant - Erin Brockovich might be the most watched movie in Sault Ste.
Marie these days. - more
DeepGreen makes run at seafloor mining - DeepGreen Metals intends
to be the world’s first zero tailings miner by retrieving polymetallic
base metal nodules from the seafloor. - more
China's steel industry fragmentation worsening: official - China’s
steel sector fragmentation is worsening, an industry official said on
Tuesday, citing unplanned new capacity at small mills undermining
government efforts to restructure and merge companies in the huge
industry. - more
For The First Time Ever, Scientists Discover Fractal Patterns in a
Quantum Material - From tiny snowflakes to the jagged fork of a
lightning bolt, it's not hard to find examples of fractals in the
natural world. - more
Thursday, October 17
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed
Wednesday's trading
session at $7.45/lb
($16,420/tonne). Indicators at 6:10
am CST today show
nickel trading around $.08/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started the day just over the 88,300 tonne level. Nickel
continues to fall and Reuters quoted Citi analysts last night "The
disconnect between physical nickel market weakness and exchange
tightness "presents a major downside risk to prices, alongside the
global growth risks, and we continue to see nickel price risks as
skewed to the downside", said analysts at Citi." In other words, since
what is happening does not make any sense, the analysts assumes the
market will continue not to make sense. Come to think about it, it does
makes sense, pun intended. The last time nickel stockpiles tracked by
the LME were under 90,000 tonnes, was reported on January 9, 2012. On
that day, stockpiles were reported at 89,838 and the cancelled warrants
was given as 2.75%. Current cancelled warrants are at 43.15%. Is the
large stainless steel producers aren't responsible for the large egress
of nickel so far this month, they should have their fingers ready to
pull the trigger when the current price correction finds a bottom.
Average price of LME
traded cash nickel
so far this month
- $7.99/lb
Average price of LME
traded nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning
- Copper falls on concerns slowing economic growth to dent demand - more
Corroded pipe elbow
linked to Philly refinery blast, fire - more
We're One Mistake Away
From a Global Recession - more
Platts China Steel
Sentiment Index weakens in October; Q4 outlook bearish - more
Horizonte Minerals
confirms Vermelho as a critical nickel source for the EV industry with
strong PFS results - more
Stocks Jump With Pound
on Brexit Deal; Bonds Slump: Markets Wrap - more
Wednesday's market review - Copper dips as
U.S.-China trade battle seen harming global growth - Copper fell to a
one-week low on Wednesday on rising concerns about the health of the
global economy as the U.S.-China trade row showed no signs of
abating,weighing on demand for metals. - more
Demand Forecast for Special Steel in Oct-Dec 2019 = Down by 12% from
year-earlier period = On
October 9, the Ministry of Economy, Trade and Industry made clear the
demand forecast for special steel products in the period from October
to December in 2019 in the lecture given in the special steel club. - more
BHP's output drops in September quarter - Planned maintenance work and
natural field decline have resulted in mining major BHP reporting
decreased production volumes across its portfolio for the quarter ended
June. - more
Millions Injected Into PNG Economy, Says Ramu Nico - More than K250
million kina was injected into PNG’s economy by Ramu Nickel/Cobalt mine
in 2018. - more
Fate of Black Swan nickel project to be decided before year-end -
Poseidon Nickel’s interim CEO, David Riekie, announced this week that a
final investment decision can be expected in the current quarter on the
proposed A$30-million restart of the Black Swan nickel mine in Western
Australia. - more
Sault Tribe opposes ferrochrome processing facility - The following
ferrochrome resolution was passed Tuesday night by Sault Tribe of
Chippewa Indians, at a meeting at Kewadin Casino in the Michigan Sault.
- more
Morning
Nickel Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price -
available here
or here(updated)
Please let
us know if any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
Wednesday, October 16
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed
Tuesday's trading
session at $7.71/lb
($16,995/tonne). Indicators at 6:15
am CST today show
nickel trading around $.10/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started today's session just under the 91,100 tonne level.
For the first half of October 2019, the average rate of withdrawal has
been approximately 5,577 tonnes per day. During the month of September,
stockpiles actually grew 5,502 tonnes - that was the grand total for
the entire month. Had the withdrawal rate not slowed in the last few
days, at 5,577 tonnes per day, mid November could have started a very
bleak holiday season for stainless steel producers. And it still could.
We suspect some of the nickel shipments are to stainless steel
producers who have decided the bull is here to stay for awhile, and are
investing in inventory. And while the bull is here to stay, the
correction in the trading price enters its third trading day. October
has been known to throw the market a curve ball in years past, but we
still feel this is little more than a technical correction and the big
trading houses making moves on their competitors. The shorts are making
some money this week, but we doubt it lasts. McKinsey has an
interesting report below about the Asian nickel value chain.
Other
than that, after a busy news day yesterday, it is quieter today.
Average price of LME
traded cash nickel
so far this month
- $8.01/lb
Average price of LME
traded nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning
- Copper dips after Chilean miner Antofagasta averts labour strike - more
IMF warns world growth
slowest since financial crisis - more
Stocks Slip Before
Earnings; Pound Drops on Brexit: Markets Wrap - more
Tuesday's market review - Nickel bounces after
heavy selling; copper in doldrums - Nickel prices rebounded on Tuesday
after heavy losses a day earlier, while copper was weighed down by
worries about weak economic growth. - more
Has Southeast Asia taken a firm grip on the nickel value chain? - A
closer look at the future of the nickel market considers the role of
ore exports from Southeast Asia. - more
Nickel market records deficit in January to August 2019 -The
nickel market was in deficit during January to August 2019 with
apparent demand exceeding production by 77.1 kt. In the whole of 2018
the calculated deficit was 102.9 kt.. - more
Opportunity to grow nickel back in the market - The Australian nickel
industry has been encouraged to take the opportunity for growth in the
face of market challenges the metal faces. - more
Noront announces time and place for first ferrochrome open house -
Noront Resources today announced the venue and time for an introductory
open house about its proposed $1 billion ferrochrome smelter in Sault
Ste. Marie. - more
Morning
Nickel Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price -
available here
or here(updated)
Please let
us know if any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
Tuesday, October 15
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed Monday's
trading
session at $7.81/lb
($17,220/tonne). Indicators at 6:20
am CST today show
nickel trading around $.14/lb
lower. Stockpiles of nickel stored in LME licensed warehouses pulled of
a rarity for the month and rose slightly on Monday. It started today's
session just under the 94,700 tonne level. Not sure what they are
talking about down there at the Perth Nickel Conference in Perth,
Australia, but every since they started meeting, the trading price of
nickel has taken a hit. Considering the condition of the physical
market, it is hard to explain such a drop in price, unless a big player
is manipulating the short term price to take advantage of their fellow
traders. Whatever is happening, we suspect it is only a temporary
respite. Looks like the huge dip in stockpiles has come to an end, and
we might even see stockpile numbers grow over the next few weeks. Then
again, maybe we won't and this is only a temporary change. One of
the
reasons this industry remains 'interesting' is very few know what will
happen from day to day.
Average price of LME
traded cash nickel
so far this month
- $8.04/lb
Average price of LME
traded nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning
- LME nickel recovers on tight stockpiles - more
US treasury chief
Mnuchin in China tariff warning - more
worldsteel Short Range
Outlook October 2019 - more
Stocks Rise Before U.S.
Earnings; Treasuries Climb: Markets Wrap - more
Monday's market review - Copper drops as China
trade data reinforces negative mood - Copper prices fell on Monday as
trade data from top consumer China reinforced concerns about demand for
industrial metals while signs of progress on U.S.-China trade talks
elicited a cautious response. - more
Ni SUS Scrap Price in Early October JPY130,000 = Price is in lull after
going up during September and remains unchanged = As of October 7, the
stainless steel mills in the Kanto area purchase nickel-containing
stainless steel scraps (SABOT) at around JPY130,000 per ton (delivered
at plant). - more
Brazil's Vale, Sumitomo to reduce stake in Indonesian nickel miner-
filing - Brazilian miner Vale SA said in a filing on Monday it has
signed an agreement with Japan’s Sumitomo Metal Mining Co and
Indonesia’s Asahan Aluminium to reduce its stake in nickel mining
company Vale Indonesia. - more
Vale Indonesia's
nine-month nickel matte output down 7%
year/year - more
The EV Metal Miners' Downturn Looks To Have Bottomed Or Will Likely
Bottom In 2019 Or Early 2020 - Cobalt and nickel prices are rising
again. Lithium is probably stabilizing and graphite remains a bit weak.
- more
The Trump Administration Has Surrendered Entirely to Industry - On
Saturday, when we moved the shebeen into Joy Reid's studio, I wore a
T-shirt that honored the late Frank LaMere, a remarkable man and a
Native activist who was central to the defense of the land and the
water in Nebraska, and also central to the fight against our old
friend, the Keystone XL pipeline, the continent-spanning death funnel
and perennial conservative fetish object. - more
Courtesy AISI - In the week ending on October 12, 2019, domestic raw
steel production was 1,821,000 net tons while the capability
utilization rate was 78.7 percent. Production was 1,877,000 net tons in
the week ending October 12, 2018 while the capability utilization then
was 80.1 percent. The current week production represents a 3.0 percent
decrease from the same period in the previous year. Production for the
week ending October 12, 2019 is up 0.9 percent from the previous week
ending October 5, 2019 when production was 1,804,000 net tons and the
rate of capability utilization was 78.0 percent. - more
Morning
Nickel Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price -
available here
or here(updated)
Please let
us know if any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
Monday, October 14
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed Friday's
trading
session at $8.02/lb
($17,690/tonne).Indicators at 6:20 am CST
today show
nickel trading around $.21/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and started the week just over the 94,100 tonne level. One year
ago, these stockpile numbers were at 222,102, and in 2017, 385,788
tonnes. One does not need to wonder long where they will stand
next
October if demand does not fall ... or supply not start increasing. As
far as that goes, we have two large news stories for 2019 that forecast
neither of those may apply in the coming year. First, the anticipated
increase in nickel usage based on the popularity of electronic vehicles
and their need for nickel consuming batteries. And on the other end,
the decision by Indonesia to ban exports of nickel ore beginning on
January 1 of next year. Markets are generally lower today, as traders
realize the 'agreement' between China and the US turned out to be a
whole lot less than it was sold as. China agreed to buy a whole lot of
farm goods, that they would have already purchased had the tariff's not
been attached, and the US agreed not to increase the current tariff's
for a month or so. News coming from China is they haven't even agreed
to "Phase 1" as the President claims. So markets are now worried that
whatever happened on Friday, may not last. Have a great week - looks to
be another interesting one.
Average price of LME
traded cash nickel
so far this month
- $8.05/lb
Average price of LME
traded nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning
- Copper drops as China trade data reinforces negative mood - more
US postpones next
tariff hike after China trade talks - more
Lead-Acid Batteries Are
On A Path To Extinction - more
Steelmaker Severstal's
output stable in Q3 despite weak
demand outside Russia - more
Oil Drops After Biggest
Gain in a Month as Trade Optimism Ebbs - more
Friday's market review - Copper touches two-week
high on hopes of partial trade deal - Copper rose to its highest in
more than two weeks on Friday as the market awaited further news on
U.S.-Sino trade talks amid optimism that a partial deal can be reached.
- more
Indonesia plans to build 31 nickel smelters by 2022 - The Indonesian
Government aims to build 31 nickel smelters by 2022, with 20 projected
to open next year to help the production of electric car components. - more
China refined nickel
production grows 5% in Sep
– China’s production of refined nickel grew 4.97% from August to 13,300
mt in September, showed an SMM survey, as a smelter in Gansu recovered
from maintenance and also a smelter in Shandong moved up a gear to
chase higher margins after refined nickel turned more profitable than
nickel sulphate. - more
Indonesia state miner agrees to buy 20% stake in Vale Indonesia
- Mining Industry Indonesia, the state miner formerly known as PT
Inalum, said on Monday it has signed an initial agreement to buy a 20%
stake in nickel miner PT Vale Indonesia for an undisclosed sum. - more
Brazil makes ruling of first AD review on stainless steel cold-rolled
sheet from China & Taiwan - On April 13th, 2012, Brazil initiated
anti-dumping investigations on stainless steel cold-rolled sheets
originating in China, Taiwan, South Africa, Germany, South Korea, the
US, Finland and Vietnam. - more
Morning
Nickel Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price -
available here
or here(updated)
Please let
us know if any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
Friday, October 11
Abridged Friday Nickel/Stainless
Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed
Thursday's trading
session at $7.99/lb
($17,625/tonne). Indicators at 8:00 am CST today show
nickel trading around $.02/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and start the day under the 100,000 tonne for the first time
since 2012. Stockpiles opened just under the 98,600 tonne level.
President Trump is reportedly meeting Chinese head negotiator later
today, raising hopes for a possible end to the trade war. Have a safe
and relaxing weekend!
Average price of LME
traded cash nickel
so far this month
-
Average price of LME
traded nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning
- Copper touches 2-week high on hopes of partial trade deal - more
Thursday's market review - Industrial metals rise
as U.S.-China trade talks begin - Copper prices rose on Thursday amid
signs that U.S.-China trade talks in Washington could de-escalate a
dispute that has weighed on economic growth and metals prices. - more
Prices of Cr-base SST HRC in Asia May Bottom Out at $1,000 - According
to a source, the prices of chromium (Cr) -base stainless steel (SST)
hot-rolled coil (HRC) seem to have bottomed out at about $1,000 FOB in
Asia. - more
PNG's Ramu nickel mine mismanaged waste - probe - The Ramu nickel mine
in Papua New Guinea's Madang province has been found to have mismanaged
toxic waste it dumps into the sea. - more
How do miners dispose
of their waste in the sea? - more
Niagara steel production gets major boost - After a tumultuous period
of uncertainty in Canada's steel industry, a recent announcement by ASW
Steel in Welland has provided encouraging signs of growth and
prosperity in the Niagara area. - more
Thursday, October 10
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed
Wednesday's trading
session at $7.87/lb
($17,360/tonne). Indicators at 6:20
am CST today show
nickel trading around $.13/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today just under the 102,700 tonne level.
Cancelled warrants have fallen from a recent high of 65% to just over
50% yesterday. Nickel opened sharply higher this morning, while SMM
nickel hardly moved overnight. Some of nickel's bounce this morning can
be credited to a rebounding Euro. According to China, lower level talks
between China and the US deputies
has accomplished little over the past few days, but higher level trade
negotiations begin today. While everyone hopes an end can be found to
the 15 month long trade war, higher tariff's are scheduled to be
implemented next week if no agreement is reached. In sports, not since
St Louis, Missouri resident William T Sherman visited Atlanta in 1864,
and burned much of it to the ground, has St Louis inflicted so much
damage on this Georgia city. Cardinals 13 Braves 1. Brutal 1st
inning!
Average price of LME
traded cash nickel
so far this month
- $8.04/lb
Average price of LME
traded nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Trump lost leverage on
China and North Korea: former Obama aide - more
St George confirms
nickel discovery at Radar Prospect in Western Australia - more
Stocks Whipsawed Before
Trade Talks; Dollar Slumps: Markets Wrap - more
Wednesday's market review - Copper stabilises,
focus on U.S.-China trade talks - Copper held steady on Wednesday
before high-level talks between China and the United States but low
expectations for a swift end to the prolonged trade dispute kept prices
in a tight range. - more
LME stocks grab feeds nickel's raging bull fires: Andy Home - Where is
all the nickel going? London Metal Exchange (LME) stocks of nickel are
falling at an unprecedented rate. - more
Philippines lifts suspension on nickel-miner Zambales Diversified
- The Philippines’ Department of Environment and Natural
Resources has lifted the suspension of nickel-miner Zambales
Diversified Metals Corp, DMCI Holdings Inc said in a regulatory filing
on Thursday - more
Case AS660 - Stainless steel hot-rolled flat products from China Trade
Investigation Initiated - more
Morning
Nickel Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price -
available here
or here(updated)
Please let
us know if any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
Wednesday, October 9
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed
Tuesday's trading
session at $7.92/lb
($17,470/tonne). Indicators at 6:20 am CST today show
nickel trading around $.05/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell at
its greatest rate yet this month, and started today just over the
108,600 tonne level. Just to give you an idea of how big a dent these
stockpiles reductions are having, we started this month with 157,986
tonnes. If we have the same volume of withdrawals today, as we did
yesterday, we will fall below 100,000 tonnes. 'That' is a huge hit, no
matter one twists it. World stocks are higher this morning as
markets eagerly await the meeting tomorrow between China and US
trade negotiators. US traders will be watching the release of the
minutes to the last Fed meeting later this afternoon. Not sure if
you missed this tweet from the President on Monday, but we suspect it
is a line he borrowed in part, from the Wizard of Oz "As I have stated
strongly before, and just to reiterate, if Turkey does anything that I,
in my great and unmatched wisdom, consider to be off limits, I will
totally destroy and obliterate the Economy of Turkey (I’ve done
before!)." Sounds like something the guy behind the curtain would say
about the Wicked Witch of the North. Nothing like taking credit for
wrecking an allies economy as "I've done before." We have come to a
point in our history where there is so much bizarre behavior coming out
of D.C., that, what would have once make headlines, merely causes the
world to roll it's eyes. With that, we return you to your previously
scheduled program.
Average price of LME
traded cash nickel
so far this month
- $8.03/lb
Average price of LME
traded nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning
- Copper buoyed, focus on U.S.-China trade talks - more
IMF boss Kristalina
Georgieva warns of 'painful' Brexit - more
China steel extends
losses on demand worries, inventory pick-up - more
Stocks Jump on Fresh
Trade-Deal Hopes; Dollar Dips: Markets Wrap - more
Tuesday's market review - Copper slips on
U.S.-China concerns, but vulnerable to squeeze - Copper prices slipped
on Tuesday as investors feared that U.S.-Chinese trade talks would make
little progress, but the metal was vulnerable to a squeeze higher due
to heavy bearish positions, an analyst said. - more
China’s Tsingshan Helped Drive Record Drop in Nickel Inventories -
China’s Tsingshan Holding Group Co. was one of the main forces behind a
record draw down in London Metal Exchange nickel inventories last week,
according to people familiar with the matter. - more
Russia's aluminum and nickel exports fall from January to August copper
exports increase - The following Russian export data for January-August
2019 are provided by the Federal Customs Service: - more
Can microwaving rocks cut a mining company's power bill? - A University
of Toronto professor who began her environmental engineering career in
Sudbury several years ago is currently working on a project to capture
carbon from the atmosphere with nickel ore and mine tailings. - more
Chromium: Outokumpu considers new slag furnace in Tornio - Outokumpu is
assessing options to build a new slag furnace in Tornio, Finland, on
which a decision will be made in 2020. - more
Courtesy AISI - In the week ending on October 5, 2019, domestic raw
steel production was 1,804,000 net tons while the capability
utilization rate was 78.0 percent. Production was 1,877,000 net tons in
the week ending October 5, 2018 while the capability utilization then
was 80.1 percent. The current week production represents a 3.9 percent
decrease from the same period in the previous year. Production for the
week ending October 5, 2019 is down 1.2 percent from the previous week
ending September 28, 2019 when production was 1,825,000 net tons and
the rate of capability utilization was 78.4 percent. - more
Wilderness wars: 'There's an assault on public lands' - At 91, Walter
Mondale endured a seven-hour drive and a short flight in June to go
fishing on Canada's Elsie Lake, deep in Ontario's wilderness. - more
Morning
Nickel Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price -
available here
or here(updated)
Please let
us know if any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
Tuesday, October 8
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed Monday's
trading
session at $8.07/lb
($17,800/tonne). Indicators at 6:20 am CST today show
nickel trading around $.14/lb
lower. Stockpiles of nickel stored in LME licensed warehouses continue
to dive and started today just over the 117,500 tonne level. In the
month of October alone, LME nickel stockpiles have fallen by over 25%
and the daily average of the last six sessions stands at an average
withdrawal of 6,744 tonnes per day. At that rate, we would only have 17
more days of inventory. No one expects this rate of daily decrease to
continue much longer, but it as rather concerning hypothetical thought.
Shanghai Metals Market reopened after a week long holiday, and instead
of following LME's lead, it decided to buck the trend and fall its
first day. LME markets appear to be following their lead, a rather rare
switch in who leads and who follows. Thus ends the fourth little bull
mountain the trading chart reveals for the past 30 days of trading.
Look to $17,000/tonne for support if the bear takes over.
Average price of LME traded
cash nickel
so far this month
- $8.05/lb
Average price of LME traded
nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning -
Most base metals fall on cloudy U.S.-China trade deal prospect - more
U.S. Stock Futures Decline as
Blacklist Sours Mood: Markets Wrap - more
Monday's market review - Copper firms as U.S.-China
trade talks move into focus - Copper edged higher on Monday ahead of a
fresh U.S-China trade talks this week but reports that China was
reluctant to agree to a wide-ranging deal tempered hopes for a speedy
resolution. - more
United States races to build critical minerals alliances: Andy Home -
President Donald Trump’s offer to buy Greenland didn’t go down well
with either the inhabitants of the world’s largest island or with
Denmark, which administers it as an autonomous territory. - more
Nickel Asia to boost production at Cagdianao mine next year - Nickel
Asia Corp. (NAC) is increasing production at its Cagdianao mine site by
10% next year, as it anticipates an improvement in nickel prices as
Indonesia begins implementing a nickel export ban. - more
Japan's Purchase Price of HC FeCr in Oct-Dec Down by US Cents 2 =
US Cents 110 per lb, which is as result of no big difference being
between demand and supply = Japanese stainless steel mills have
continued negotiation with multiple overseas ferro-chrome producers to
fix the purchase price of high-carbon ferro-chrome for the period from
October to December in 2019 and have this time come to an agreement on
the price to be down by US Cents 2 from the prior period. - more
August and September U.S. EV Sales Recap: BEV Sales Dominate -
Due to
the sales reporting issues, we've combined the last two months into one
report.
Sad but true, folks, it seems monthly EV sales and eventual
year-over-year estimates may not surpass 2018's record numbers.
Unfortunately, it all comes down to one automaker ... Tesla. - more
Morning
Nickel Price Statistics & Figures
Today's almost official
prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan nickel
price -
available here
or here(updated)
Please let us
know if any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
Monday, October 7
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed yesterday's
trading
session at $8.07/lb
($17,790/tonne). Indicators at 6:15 am CST today show
nickel trading around $.06/lb
higher. Stockpiles of nickel stored in LME licensed warehouses ended
the week much like they started, and fell again sharply on Friday. They
started this week just under the 125,700 tonne level. The last time LME
nickel inventory registered this level was back in mid November 2012.
At that time, we were in an inventory growth cycle, and on that day,
nickel was trading for $7.21/lb cash. Cancelled warrants are falling
steadily as the physical nickel leaves the warehouses, so the rate of
decrease we witnessed the past week, should start tapering down ....
eventually. In the mean time, it is causing concern in the trading
world. SMM forecasters are not expecting nickel to spike when traders
in China return tomorrow (tonight). They feel the lack of demand for
stainless steel will keep nickel fairly stable. If their
prediction
proves correct, we could see their hesitance bleed over to LME traders
and at the very least, calm the market down some. We are trading about
$700/tonne shy of September 2nd's high, and after that, we are trading
in territory not seen since 2014. With China returning to work, and
China and US negotiators meeting later, it looks to be potentially an
interesting week. We hope its a good one for you!
Average price of LME traded
cash nickel
so far this month
- $8.03/lb
Average price of LME traded
nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning -
Copper picks up on U.S. job data; trade talks in focus - more
A New Era for the
International Stainless Steel Forum - more
U.S. Futures Drop With Yuan
as Trade Roils Outlook: Markets Wrap - more
Yesterday's market review - Copper falls on worries
about possible global recession - Copper prices drifted lower on Friday
on concerns about weak global growth even though the U.S. unemployment
rate dropped to near a 50-year low, while tight supply cushioned the
fall. - more
Anxiety Grips Nickel Market as Inventories Fall by Record Again - The
nickel market is being roiled by Indonesia’s impending ban on ore
exports and traders are rushing to withdraw as much metal as possible.
- more
Stainless steel market demand remains weak - Stainless steel price had
risen for four consecutive months, plus the peak season was coming, the
price and demand should increase in theory, but the demand remained
weak. - more
Indonesia govt appoints Inalum to buy stake in Vale Indonesia -official
- The Indonesian government has appointed state miner PT Inalum to
purchase a stake that PT Vale Indonesia aims to divest, mining
ministry’s Director General of Coal and Minerals Bambang Gatot Ariyono
told reporters on Monday. - more
Meet the Russian Oligarch Launching a Metal-Backed Crypto Token -
Vladimir Potanin is used to dealing in hard realities. The
billionaire oligarch started his business empire in the Wild East days
of the 1990s, when the assets of the old Soviet Union were up for grabs
and opportunistic entrepreneurs could make mega-roubles if they were in
the right place at the right time. - more
Export of metals grows by 35pc - The exports of base metals and
articles from the country grew by 35.62 percent during the first two
months of current financial year (2019-20) as compared to the
corresponding months of last year. - more
Morning
Nickel Price Statistics & Figures
Today's almost official
prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan nickel
price -
available here
or here(updated)
Please let us
know if any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
Friday, October 4
Abridged Nickel/Stainless Steel
Briefing(7:00
AM CST is 12 PM in London)
Nickel closed Thursday's
trading
session at $7.99/lb
($17,610/tonne). Indicators at 6:00 am CST today show
nickel trading around $.07/lb
higher. Stockpiles of nickel stored in LME licensed warehouses continue
to attract traders attention by falling by huge amount yesterday,
and start the day just over the 133,128 tonne level. Stockpiles have
fallen by 24,858 tonnes the last four sessions. That is nearly 20%.
Almost 1/5 of LME stockpiles have disappeared over the last four days.
Are these Chinese replenishment orders, shipping to arrive when they
reopen next week? Are these replenishment orders by others, timed to
ship after the 1st of October? Or are these merely purchases shipping
from one warehouse to another non LME warehouse, in the hopes of making
'demand' look more than it really is? It's hard to know the exact
truth, but whatever is going on, we can't really afford to see a whole
lot more weeks like this one. It's a wake up call to the bears, who
might have relaxed over the past few months, which saw stockpile totals
grow. Enjoy your week, may it be a safe one, and we invite you to join
us next week as we see what China's return from holiday on Tuesday has
on the market.
Average price of LME traded
cash nickel
so far this month
- $7.99/lb
Average price of LME traded
nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning -
Copper slips as demand outlook stays weak; metal down for 3rd week - more
USGS Mineral Industry Surveys
- Molybdenum June 2019 - pdf
Thursday's market review -
Rising trade fears drag
copper to 4th day of losses - Copper prices slipped for a fourth day on
Thursday after the United States announced tariffs on some European
goods, adding to fears that a global economic slowdown will deepen,
weakening demand for metal. - more
Stainless steel melt shop production increased for the first half year
of 2019 - Brussels
03 October 2019 – The International Stainless Steel Forum (ISSF) has
released figures for the first half year of 2019 showing that stainless
steel melt shop production increased by 1.9% year–on–year to 26.1
million metric tons. - more
India launches review of stainless steel tariffs from China, Malaysia,
South Korea - India has started a sunset review of its antidumping
duties on flat hot-rolled stainless steel products from China, Malaysia
and South Korea, the Ministry of Commerce and Industry said late
Thursday. - more
Vale updates 2019 forecasts, announces Onça Puma restart - Brazilian
mining giant Vale has updated its projections for economic and
financial indicators, and on investments for the remainder of the year,
including disbursements related to the Brumadinho dam tragedy. - more
Shareholders of the Company are advised that the European benchmark
ferrochrome price has been settled at USD102 cents per pound for the
fourth quarter of 2019, down 1,9% from the USD104 cents per pound in
the previous quarter. This price is also lower than the benchmark for
quarter four 2018 which stood at USD124 cents per pound. - source
Fatal mine accident avoidable, Sudbury inquest hears - Development work
was carried out on the 6,500-foot level of First Nickel Inc.’s Lockerby
Mine in early 2013, wrapping up in March of that year. - more
Palmer's Queensland Nickel trial wraps up evidence - The Queensland
Nickel liquidation trial to hear a $200 million claim against
billionaire businessman Clive Palmer has moved a step closer to
completion. - more
Thursday, October 3
Daily Nickel/Stainless Steel Briefing(7:00 AM CST is 12 PM in London)
Nickel closed yesterday's
trading
session at $7.93/lb
($17,485/tonne). Indicators at 6:00 am CST today show
nickel trading around $.05/lb
lower. Stockpiles of nickel stored in LME licensed warehouses feel by
another large amount (Its 3rd consecutive large decline) yesterday and
started today's session just over the 140,900 tonne level. That's the
lowest they have been since December 31, 2012. The last three days have
seen stockpile numbers fall by over 10% .... that's in only three days
folks. On Tuesday, the traded price of nickel came dangerously close to
testing the $17,000/tonne level for the third time in the last three
weeks. Now we are in the third bump in that same period and this one
has already surpassed the last peak.... which was last week. LME
traders are watching the stockpile numbers, but with cancelled warrants
falling under 60%, some are apparently betting these large declines are
a temporary situation. We hope they are right because we can't average
a drop in LME stockpiles of 5,000 tonnes a day for very long. Lot of
news below so we leave you with it.
Average price of LME traded
cash nickel
so far this month
- $7.96/lb
Average price of LME traded
nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning - LME
metals scramble off recent lows in holiday-thinned trade - more
Ex-RNC CEO to lead new Canada
nickel company - more
Why should we use stainless
steel pipes in Arizona? - more
China waste policy could make
or break the global scrap market - more
Stocks Mixed, Bonds Advance
Before Key U.S. Data: Markets Wrap - more
Yesterday's market review -
Bleak factory data
sends copper prices lower - Copper prices fell on Wednesday after data
showed manufacturing output contracted in the United States and Europe,
suggesting metals demand will remain weak. - more
Judge orders Marex to pay most of $32 million metals fraud bill -
Glencore warehouse unit Access World was mostly to blame for $32
million (£26.12 million) of losses from a complex metals fraud, but
broker Marex Spectron will have pay most of the bill to French bank
Natixis, a UK judge ruled on Wednesday. - more
Indonesia's Export of Stainless Steel Semi-products in July 2019 =
Ingot is 29,000 tons and flat roll is 169,000 tons = Indonesia's
foreign trade statistics shows the export volume of stainless steel
semi-products in July 2019 was 28,952 tons of ingot (slab/HS: 7218),
drastically up by 67.2% from the prior month. - more
Rising Nickel Costs Squeeze Stainless Steel Producers’ Margins - Rising
nickel prices have lifted the input costs for most stainless steel
producers, significantly, in recent months. - more
Noront ferrochrome plant definitely not a sure thing, city clarifies -
The City of Sault Ste. Marie and Sault Ste. Marie Economic Development
Corporation (SSMEDC) would like to address some of the concerns and
misinformation regarding the proposed ferrochrome production facility
project (FPF) by Noront Resources Ltd. - more
Report: Bulk Carrier Nur Allya Found - The bulk carrier that has been
missing since August is reported to have been found near North Sea Buru
Island, Indonesia. - more
Axiom sues Tovosia and mining board - AXIOM Mining Limited says it has
initiated legal proceedings at the High Court over the government’s
handling of its export permit application. - more
Two-year copper-nickel mining study could get new life - The
two-year study of the impacts of copper-nickel mining on the edge of
the Boundary Waters could have new life if the U.S. House and a
bipartisan group of U.S. Senators have their way. - more
Morning Nickel Price Statistics &
Figures
Today's almost official
prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan nickel
price -
available here
or here(updated)
Please let us
know if any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
Wednesday, October 2
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed yesterday's
trading
session at
$7.82/lb ($17,220 tonne). Indicators at 6:00
am CST today show
nickel trading around $.12/lb
higher. Stockpiles of nickel stored in LME licensed warehouses have
fallen sharply over the past two days and started todays sessions just
under the 147,700 tonne level. Today's large withdrawal pushed nickel
stockpiles back below the 150,000 tonne level for the first time since
August. With stockpiles falling by over 10,000 tonnes since Monday, and
canceled warrants remaining over the 64% level, inventory concerns have
apparently moved back into the forefront of traders minds. The $8/lb
level has been putting up some resistance, albeit psychological, so we
will have to see if these concerns are enough to turn the trend from
weakening or sideways to positive again.
Average price of LME traded
cash nickel
so far this month
- $7.90/lb
Average price of LME traded
nickel in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning -
London copper recovers from 1-month low - more
US-China trade talks set for
Oct. 10 as clock ticks on tariffs - more
Europe Stocks Drop With U.S.
Futures; Dollar Rises: Markets Wrap - more
Yesterday's market review - Copper hits 1-month low,
dollar
reinforces negative mood - Copper prices hit one-month lows on Tuesday
as worries about demand in top consumer China, coupled with a strong
dollar, triggered a fresh bout of selling amid low liquidity. - more
Base Metals And Industrial Commodities: Q3 2019 Evaluation And Outlook
For This fall 2019 – Invesco DB Base Metals ETF - Base metallic costs
fell by 23.43% in 2015, however in 2016 they appreciated by 26.77%. - more
Japanese stainless steel exports slide in Aug m-o-m - According to the
statistics from the Japan Iron and Steel Federation (JISF), Japan
exported around 75,000 tons in August, falling by 12.8% from 86,000
tons in the previous month. The total export value was about
US$288,000. - more
Australia cuts 2019 aluminum price forecast by 5% on US-China trade
tensions - However, copper prices were forecast to rise to $6,328/mt by
2021 from $6,668/mt in 2018 and nickel to $15,784/m from $13,420/mt
over that same period due to growing consumption, the department said.
- more
Sumitomo Corp to book Y70 bln loss on nickel unit in FY19/20 on parent
basis - Japanese trading house Sumitomo Corp said on Tuesday it will
book an appraisal loss of about 70 billion yen ($647 million) related
to the Ambatovy nickel project in the year to March 2020 on a
parent-only basis due to slow output at the Madagascar project. - more
Papua New Guinean man dies after eating fish caught near nickel mine
spill - A man dies in Papua New Guinea after eating a fish caught near
the site of a massive nickel refinery spill, however the mine's Chinese
operator denies the accident caused his death. - more
Natixis claim succeeds against Marex in metals fraud case - A high
court judge ruled on Wednesday in favor of French bank Natixis in a
claim against commodities broker Marex Spectron concerning fraudulent
receipts in connection with nickel stored at warehouses in Asia. - more
Inquest examines 2014 deaths at Lockerby Mine - The inquest into the
2014 deaths of miners Norm Bisaillon and Marc Methé began Sept. 30 with
two witnesses taking the stand in front of a five-person jury. - more
Federal judge rejects challenges to PolyMet land swap - A federal judge
has rejected challenges by several environmental groups to a land swap
needed for the planned PolyMet copper-nickel mine in northeastern
Minnesota. - more
Morning
Nickel Price Statistics & Figures
Today's almost official
prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan nickel
price -
available here
or here(updated)
Please let us
know if any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
Tuesday, October 1
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed yesterday's trading
session at $7.73/lb
($17,050/tonne). Indicators at 6:00 am CST today show
nickel trading around $.02/lb lower. None of our multiple
sources for
nickel stockpile numbers have reported this morning, so we will have to
update tomorrow. Traders are fighting to hold onto the psychological
line of $17,000/tonne this morning, with the trade in general, being
sideways. The average price of cash LME nickel for the month of
September was able to hold onto the $8/lb level, but just barely. The
last three months produced nickel's best quarter in nearly a decade,
and we start a new month and the final quarter of 2019 today. China is
reportedly buying soybeans heavily before they meet with the US again.
Soybeans are free to any tariff's at the moment, so the purchases tend
to make us think the Chinese are skeptical about future negotiations
and are buying before any potential tariff is attached.
Average price of LME traded cash
nickel
so far this month
- $8.01/lb (September average)
Average price of LME traded nickel
in
first half of 2019 - $5.59/lb / 2018 - $5.95/lb / 2017 - $4.73/lb /
2016 - $4.36/lb /
Reports
Reuters metals morning - Copper
hits 1-month low, dollar reinforces negative mood - more
U.S. Futures Rise as Bad Data Hits
European Stocks: Markets Wrap - more
Yesterday's market review - Copper slips, weak
demand prospects dominate mood - Copper slipped on Monday as worries
about weak demand due to the prolonged U.S.-China trade war weighed on
sentiment, but above-consensus industrial activity data from top
consumer China provided price support. - more
Nickel Monthly News For The Month Of September 2019 - Nickel spot
prices were significantly higher in September, and the LME inventory
was slightly higher but remains near a 7-year low. - more
Taiwan's Tang Eng announces to increase stainless steel price for Oct -
According to the strong nickel price in global, Tang Eng Iron Works
Co., one of the leading stainless steelmakers in Taiwan, announced to
increase its stainless steel price for October by NTD$1500/ton for 304
series, and US$30/ton on 300 series for export, and kept flat for 316L
series. - more
Rising
Nickel Costs Squeeze Stainless Steel Producers’ Margins - Rising nickel
prices have lifted the input costs for most stainless steel producers,
significantly, in recent months. - more
Environment ministry to exempt nickel slag from 'hazardous' status -
The Environment and Forestry Ministry is preparing a regulation to
exclude nickel slag produced by local mineral smelters from the list
of hazardous and toxic waste ( B3 ) so that it can be used, such
as for the construction of roads. - more
PolyMet: Questions remain as project faces hurdles with the courts,
independent watchdogs - It wasn’t inevitable that PolyMet Mining’s
proposed copper-nickel mine near Hoyt Lakes would face growing
skepticism by the courts and by independent government watchdogs. - more
Courtesy AISI - In the week ending on September 28, 2019, domestic raw
steel production was 1,825,000 net tons while the capability
utilization rate was 78.4 percent. Production was 1,866,000 net tons in
the week ending September 28, 2018 while the capability utilization
then was 79.6 percent. The current week production represents a 2.2
percent decrease from the same period in the previous year. Production
for the week ending September 28, 2019 is up 0.9 percent from the
previous week ending September 21, 2019 when production was 1,809,000
net tons and the rate of capability utilization was 77.7 percent. - more
Morning
Nickel Price Statistics & Figures
Today's almost official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan nickel price -
available here
or here(updated)
Please let us know if
any of
these
links stop working, stop carrying info, or become available to
subscriber's only. We encourage our readers to use the services of
those companies who supply news and information free of charge.Contact us
"A Guide
To LME
Trading"...pdf here(all
ton listings are metric tons = 2204.622 pounds ) Updated Monday thru
Thursday before 7 am CST - DisclaimerOriginal content and opinions
copyright
www.estainlesssteel.com. All prices shown on
this page are indications only. Note - For real time and official LME
prices, LME requires a user subscribe to an authorized LME vendor.
Daily
Nickel/Stainless Steel Briefing (7:00
AM CST is 12 PM in London) 
($16,780/tonne). Indicators at 6:15
am CST today show
nickel trading around $.06/lb 
Reports
Commodity/Economic
Comments 
Yesterday's market review - Copper slips as U.S. official
warns of trade deal delay - Copper prices fell on Wednesday after a
U.S. official dampened hopes that a trade deal with China will soon be
announced and a big delivery into London Metal Exchange (LME)
warehouses pointed to ample supply. - 
Indonesia's Export of Stainless Steel Semi-products in August 2019 =
Ingot is 17,000 tons and flat roll is 212,000 tons = Indonesia's
foreign trade statistics shows the export volume of stainless steel
semi-products in August 2019 was 17,322 tons of ingot (slab/HS: 7218),
drastically down by 40.2% from the prior month. - 
Solomon Islands turfs out Aussie miner in favour of China company - The
Solomon Islands is forcing an Australian miner out of the country as it
moves to hand a world-class nickel resource and access to a strategic
deepwater harbour to a controversial Chinese company. - 
Ramu nickel mine: Scientists set to study pollution - The governor of
Papua New Guinea's Madang province has invited the government to join a
team of European scientists set to study pollution around the Ramu
nickel mine. - 
PolyMet and Twin Metals say they’ll create thousands of Iron Range
jobs. Does Minnesota have the workers to fill them? - The promise of
thousands of jobs from a boom in copper-nickel mining has won the new
industry broad political support on the Iron Range. - 
($16,830/tonne). Indicators at 6:25
am CST today show
nickel trading around $.02/lb 
Even a Lifelong Copper Bull Isn’t Sure Next Move Will Be Up - As head
of sales for copper-mining giant Freeport-McMoRan Inc., Javier
Targhetta overflows with arguments for why the metal’s prospects are
bright. - 
Noront raising $2.5 million for Ring of Fire - Noront Resources Ltd.
said Monday it has arranged a $2.5 million non-brokered private
placement. It said proceeds with be used for exploration and
development of the company’s Eagle’s Nest Project and chromite deposits
in the Ring of Fire mineral district in northern Ontario - 
China Macro and Metals: Steel exporters target China amid warmer
economic signals - Chinese commodity prices softened over September and
into the first half of October, while economic data was mixed over the
same period. - 
For the final week of October only, our morning posting time may be
delayed - no later than 8 a.m. CST.
September 2019
crude steel production - World
crude steel production for the 64 countries reporting to the World
Steel Association (worldsteel) was 151.5 million tonnes (Mt) in
September 2019, a 0.3% decrease compared to September 2018. - 
New membership structure set for stainless steel sector - The Southern
Africa Stainless Steel Development Association (Sassda) is at a turning
point in its history as it gears up for the future with the
introduction of a new tiered membership model that will launch in March
2020, says Sassda acting executive director Michel Basson. - 
The Effect of Workhardening and Residual Stresses Due to Cold Work of
Forming on the Strength of Cold-formed Stainless Steel Lipped
Channel Sections - 
Vale's Production Volumes of Mn Ore, FA, Ni and Co in Jul-Sept =
Production of Mn ore, Mn-containing alloy, Ni and Co is down from
year-earlier period =
New Caledonia growth to remain subdued - report - Last year's economic
growth in New Caledonia was minimal and there is no chance of a rebound
this year, a French report says. - 
Three dead in underground mine accident at Russia's Nornickel - Three
people were killed on Tuesday in an accident at Norilsk Nickel’s Taimyr
underground mine in Siberia, the Russian mining giant said. - 
Independence exceeds Nova production guidance - Independence Group’s
(IGO) Nova nickel copper operation has snuck above its production
guidance for the September quarter, producing 7724 tonnes of nickel and
3490 tonnes of copper. - 
US issues final AD ruling on imported stainless steel rod from India -
The US Commerce Department had issued a final anti-dumping ruling
against imports of stainless steel rods from India after some Indian
producers and exporters sold below normal amounts in the US during the
period under review. - 
Demand Forecast for Special Steel in Oct-Dec 2019 = Down by 12% from
year-earlier period = On
October 9, the Ministry of Economy, Trade and Industry made clear the
demand forecast for special steel products in the period from October
to December in 2019 in the lecture given in the special steel club. - 
The EV Metal Miners' Downturn Looks To Have Bottomed Or Will Likely
Bottom In 2019 Or Early 2020 - Cobalt and nickel prices are rising
again. Lithium is probably stabilizing and graphite remains a bit weak.
- 
Philippines lifts suspension on nickel-miner Zambales Diversified
- The Philippines’ Department of Environment and Natural
Resources has lifted the suspension of nickel-miner Zambales
Diversified Metals Corp, DMCI Holdings Inc said in a regulatory filing
on Thursday - 
Case AS660 - Stainless steel hot-rolled flat products from China Trade
Investigation Initiated - 
Chromium: Outokumpu considers new slag furnace in Tornio - Outokumpu is
assessing options to build a new slag furnace in Tornio, Finland, on
which a decision will be made in 2020. - 
($17,800/tonne). Indicators at 6:20 am CST today show
nickel trading around $.14/lb 
United States races to build critical minerals alliances: Andy Home -
President Donald Trump’s offer to buy Greenland didn’t go down well
with either the inhabitants of the world’s largest island or with
Denmark, which administers it as an autonomous territory. - 
Stainless steel market demand remains weak - Stainless steel price had
risen for four consecutive months, plus the peak season was coming, the
price and demand should increase in theory, but the demand remained
weak. - 
Export of metals grows by 35pc - The exports of base metals and
articles from the country grew by 35.62 percent during the first two
months of current financial year (2019-20) as compared to the
corresponding months of last year. - 
