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Stainless Steel News and Nickel Prices

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Friday, October 11

LME nickel prices  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
  • Reuters Daily Inside Metals - pdf here  
  • SMM Evening Comments - more
  • Reuters The Day Ahead - pdf here
  • World Mining Magazine Oct 2019 - here
  • Canadian Mining Journal Oct 2019 - here

     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
  • Expert says lab results from PNG Ramu nickel spill 'alarming' - report
  • 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

LME nickel prices  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 /

  Reports

  • Reuters metals morning - Copper advances despite mixed U.S.-China trade expectations - more
  • Reuters Daily Inside Metals - pdf here  
  • SMM Evening Comments - more
  • Reuters The Day Ahead - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Scotiabank Reports - more
  • Baltic Dry Index - (chart)
  • Stainless steel: The role of nickel - here
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us
Wednesday, October 9

LME nickel prices  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
  • Reuters Daily Inside Metals - pdf here  
  • SMM Evening Comments - more
  • Reuters The Day Ahead - pdf here
  • U.S. Imports of Stainless Steel Mill Products - more
  • NAB Minerals & Energy Outlook: October 2019 - pdf here
  • Metal AM Magazine Autumn 2019 - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Scotiabank Reports - more
  • Baltic Dry Index - (chart)
  • Stainless steel: The role of nickel - here
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us
Tuesday, October 8

LME nickel prices  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
  • Reuters Daily Inside Metals - pdf here  
  • SMM Evening Comments - more
  • Reuters The Day Ahead - pdf here
  • Weekly commodity alerts - pdf here
  • Scotiabank Metals Quarterly - pdf here
  • The Commodities Feed: Nickel stocks decline - more
  • US Exports of Stainless Steel Mill Products - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Scotiabank Reports - more
  • Baltic Dry Index - (chart)
  • Stainless steel: The role of nickel - here
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us
Monday, October 7

LME nickel prices  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
  • Reuters Daily Inside Metals - pdf here  
  • SMM Evening Comments - closed, reopens tomorrow
  • Reuters The Day Ahead - pdf here
  • U.S. Imports of Stainless Steel Mill Products - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Scotiabank Reports - more
  • Baltic Dry Index - (chart)
  • Stainless steel: The role of nickel - here
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us
Friday, October 4

LME nickel prices  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
  • Reuters Daily Inside Metals - pdf here  
  • SMM Evening Comments - closed, no report
  • Reuters The Day Ahead - pdf here
  • 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

LME nickel prices  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
  • Reuters Daily Inside Metals - pdf here  
  • SMM Evening Comments - closed, no report
  • Reuters The Day Ahead - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Scotiabank Reports - more
  • Baltic Dry Index - (chart)
  • Stainless steel: The role of nickel - here
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us
Wednesday, October 2

LME nickel prices  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
  • Reuters Daily Inside Metals - pdf here  
  • SMM Evening Comments - closed, no report
  • Reuters The Day Ahead - pdf here
  • Special Metals Raw Material Monthly Averages - more
  • U.S. Imports of Stainless Steel Mill Products - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Scotiabank Reports - more
  • Baltic Dry Index - (chart)
  • Stainless steel: The role of nickel - here
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us
Tuesday, October 1

LME nickel prices  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
  • Reuters Daily Inside Metals - pdf here  
  • SMM Evening Comments - closed, no report
  • Reuters The Day Ahead - pdf here
  • Scotiabank Commodity Price Index - pdf here
  • The Copper Journal - pdf here
  • Metals & Manufacturing Outlook for September 2019 - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Scotiabank Reports - more
  • Baltic Dry Index - (chart)
  • Stainless steel: The role of nickel - here
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 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)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

September Archives


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"A Guide To LME Trading"...pdf here (all ton listings are metric tons = 2204.622 pounds ) Updated Monday thru Thursday before 7 am CST - Disclaimer Original 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.



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