Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $8.89/lb ($19,590/tonne). Indicators at 6:35 am CST today show nickel trading around $.15/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started the final day of the month, just over the 143,000 tonne level. Nickel gained slightly yesterday, with about as much enthusiasm as a man does to get a prostate exam. We suspect a stronger Euro might explain much of the slight gain, and as the Euro has given back some of those gains this morning, nickel traders are heading for the exits again. Nickel closed the first day of the month at $18,000/tonne, so the month looks to end higher, but sentiment appears to have soured. This is reflected in the LME cash average cost, which ended last month at $8.82/lb and is at $8.81/lb for October, as of today. LME nickel stockpiles for the month, with one day remaining, have fallen by 13,212 tonnes. That compares to a drop of 36,222 tonnes in September, and 30,664 in August. Cancelled warrants remain in the 45% range, which, at the moment, are losing millions of dollars in value daily. Lot of news below for your review so we leave you with it. We also want to thank our monthly sponsors for their continued support. They make this news update possible, so please visit their website and see if they offer a service you can use. Stay safe out there and enjoy your weekend!
  
• Average price of LME traded cash nickel so far this month - $8.81/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Thursday's market review - Aluminium bounces back as supply fears grow - Aluminium rebounded from two-month lows on Thursday as traders refocused on the impact that power restrictions in China will have on energy-intensive smelters producing the metal. - more

      Asian stainless steel prices reach ten-year high - The MEPS Asian average grade 304 hot and cold rolled coil prices, in October, stand at their highest levels since September 2011. - more

      Taiwan’s Yusco announces new stainless steel prices for Nov - Yieh United Steel Corp. (Yusco), a leading stainless steel mill in Taiwan, announced its new price for stainless steel products for November. - more

      Strong rebound in first half of 2021 but recovery slows down as uncertainty weighs on steel market -  In the second quarter of 2021 EU27 apparent steel consumption recorded 40 million tonnes, scoring an exceptional year-on-year growth rate (+40.5%) compared to the extremely low levels of 2020 caused by the COVID-19 economic shock. - more

• BMW i4 Electric Car Already Sold Out Based On 2021 Allocation - more
  

       Nickel and net-zero - As delegates to the UN COP26 Climate Change conference in Glasgow grapple with finding solutions to the climate crisis, clean energy solutions will be in focus. - more

       Pricing insanity: Material costs escalate, driving contractor desperation - Amid unprecedented challenges with the cost and availability of construction materials, firms locked into contracts based on last year's prices are feeling the heat. - more

• U.S. Is Global Outlier With Longer Supply Chain Delays: IIF - more
• White House Says Federal Vaccine Rule Won’t Strain Supply Chains - more
• Sea-Intelligence: Two of Every Three Containership is Behind Schedule  - more

   Other News

• Reuters The Day Ahead - pdf here
• Third Chinese city placed under Covid-19 lockdown as Beijing chases zero cases before Winter Olympics - more
• Medicare Punishes 2,499 Hospitals for High Readmissions - more
• Over 50% of workers haven’t gotten a pay raise this year: RPT - more
  
• Futures Fall With Stocks; Bonds Extend Declines: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.82/lb ($19,435/tonne). Indicators at 6:00 am CST today show nickel trading around $.09/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose for a second time since August and began today's session just over the 143,300 tonne level. Since the 21st of April, thru yesterday, LME stockpiles have registered gains on only five days. June 11 (+162), June 15 (+270), July 3 (+1188), August 24 (+1518), and October 27 (+1410). During that same period, LME stockpile totals fell from 264,606 (the highest this year), to 142,664 tonnes. Cancelled warrants, during the same period, rose from 22.99% to 45.85%. Shanghai markets played follow the LME leader overnight, with nickel falling sharply. News is light today so we take a moment to address the Reuters poll yesterday. Besides a major economic slowdown, negatively affecting both the stainless and EV industry, the biggest threat to the demand on the nickel miners, in our opinion, would be the development of a battery that uses smaller amounts of nickel, or none at all. There are scientists out there working on it, so it is not out of the realm of possibility. But even if successful, any shift away from nickel, would not happen overnight, and take years. The stainless industry tried it years ago, with the development of 200 series stainless, using manganese instead of nickel. And while 200 has been able to replace some 300 series applications, it has been unsuccessful in meeting the criteria demanded in more applications. But 200 series has found a market, and production in China has overtaken 400 series. Yesterday's surprising forecast consensus by metals analysts was based in part, off a forecast by the International Nickel Study Group published earlier this month. In April of this year, the International Nickel Study Group forecast nickel to be in surplus this year by 45,000 tonnes (see here). Now they are forecasting a 134,000 tonne deficit. That would be a six month old difference in forecasts of about 179,000 tonnes. Where we come from, the hill folk might look at these forecasts, and say somebody 'screwed the pooch'. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $8.80/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Wednesday's market review - Falling thermal coal prices drag aluminium lower - Aluminium dropped to its lowest in nearly eight weeks on Wednesday as falling thermal coal prices eased supply concerns. - more

• Sibanye-Stillwater adds to green metals portfolio acquiring Santa Rita and Serrote in Brazil from Appian - more
  

      L.A. Ports Announce New Fees Aimed at Clearing Cargo  - In an effort to improve cargo movement amid congestion and record volume, the ports of Long Beach and Los Angeles will begin assessing a surcharge to ocean carriers for import containers that dwell on marine terminals. - more

• Maersk, MSC and Zim Omit Seattle Calls Due to Congestion - more
  

   Other News

• Reuters The Day Ahead - pdf here
• Stocks Steady, Futures Rise as Earnings Watched: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $9.13/lb ($20,130/tonne). Indicators at 6:00 am CST today show nickel trading around $.16/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose for the first time since August 25th and opened today's session just under the 142,700 tonne level. We find it rather odd that stockpiles rise after such a lengthy drought, on the day before Reuters releases a poll, where the majority of metals analysts forecast a surplus in nickel next year. Something was shared at the LMEWeek meetings to change a lot of minds, as we had heard of no analyst making this claim prior. After being bushwhacked, traders are taking nickel lower this morning. This is a simply stunning forecast and the Reuters article (posted below) credits increased production in Indonesia for throwing the world into surplus next year. The one part of the forecast we tend to buy into, is that China will continue to slow next year, and thanks to their carbon reduction efforts, we will continue to see stainless steel production shifting from China to Indonesia. The World Steel Association reported worldwide steel production was nearly 9% lower in September of this year, when compared to the same month in 2020. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $8.79/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Tuesday's market review - Copper stumbles on worries about China demand, power crisis - Copper prices retreated on Tuesday, weighed down by worries that a power crisis and slower economic growth in top metals consumer China will erode demand. - more

• China power curbs are challenge for steel mills - industry group - more
  

       September 2021 crude steel production - World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 144.4 million tonnes (Mt) in September 2021, an 8.9% decrease compared to September 2020. - more

      These Three Actions Are Critical to Future Supply Chains, Gartner Says - Supply chains have been in the spotlight for the past year - and not in a positive way. - more

• SoCal Ports to Charge Carriers if Containers Linger - more
  

     A Simple Story To Illustrate Why Tesla’s Order From Hertz Will Change Some Minds - Fifteen years ago I owned my third Subaru, an Outback, which served my family’s needs pretty well. - more

   Other News

• Reuters The Day Ahead - pdf here
• Stocks Struggle Amid Mixed Earnings; Bonds Gain: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $9.22/lb ($20,320/tonne). Indicators at 6:00 am CST today show nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today just under the 141,300 tonne level. Nickel is trading higher this morning, but its facing some strong headwinds and at the moment, it is the only base metal trading positively. Overnight, Chinese nickel ended higher, and India is trading positively. We rarely mention India's market, since they nearly always identically mirror the LME. It became apparent last Tuesday that LME was 'investigating' a sudden surge in cancelled warrants in copper (article here). Nickel traders responded to this news by taking nickel over $1000/tonne higher on Wednesday and taking cancelled warrants from 35.36% on Wednesday, to 47% on Friday. The trading price fell on Thursday, but the cancelled warrant percentile remains high this week. Is this move defiance in the face of  the LME copper investigation, or defense against possible moves by LME to curb the more speculative aspect of cancelled warrants? Demand appears to be slipping so it's hard to believe these 'commitments' are from actual end-users. Could it be merely shorts covering thier bets? Reuters, in its yesterday's daily review, stated "LME cash nickel was at a premium of $118 a tonne over the three-month contract, its highest since October 2019, indicating tightening nearby supplies, as on-warrant LME stocks have lost 58% to 75,246 tonnes over the last four months." US stainless steel surcharges for November are up (here) and AK/Cliffs and Allegheny moved in different directions for a change. Taiwan surcharges are predicted to rise. And at least one Chinese province has announced energy cuts thru next March. We read in a blog over the weekend, that the energy cuts were over in one province, but that the large steel makers there were still shut down as the expense of starting and shutting down furnaces were preventing them from firing up until they know the power will be predictable. It's Tuesday. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $8.76/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Monday's market review - Copper prices snap back on scarce material, inflation worries - Copper prices recovered on Monday after two sessions of losses as investors continued to worry about low inventories and rising global inflation. - more

      Shanxi Announced to Start Staggered Production until Mar 2022, Affecting Various Non-Ferrous and Construction Industries - According to Shanxi Provincial Department of Industry and Information Technology, in order to further prevent the pollution, Shanxi Province will require the key industries to conduct staggered production from November 1, 2021 to March 31, 2022. - more

      Taiwan’s Yusco & Tang Eng expected to hike stainless steel prices for Nov due to tight nickel supply - Due to the sharp reduction in nickel output, LME's three-month nickel futures price once hit a seven-year high.  - more

      Sibanye-Stillwater in talks to buy two Brazilian nickel-copper mines - South African Sibanye-Stillwater is in advanced talks to buy two Brazilian nickel and copper assets, as miners across the globe try securing supplies of the metals used in batteries for electric cars and are key for the transition to a green economy.  - more

      TMC Is Drowning in Legal Woes and Environmental Concerns - Based in Vancouver, TMC The Metals Company has inserted itself into the electric vehicle (EV) story without ever showing off an EV prototype. - more

      Courtesy AISI - In the week ending on October 23, 2021, domestic raw steel production was 1,870,000 net tons while the capability utilization rate was 84.7 percent. Production was 1,549,000 net tons in the week ending October 23, 2020 while the capability utilization then was 70.1 percent. The current week production represents a 20.7 percent increase from the same period in the previous year. - more

      High Winds Expected at Ports of Los Angeles and Long Beach Anchorages and Holding Areas - The bomb cyclone that has impacted the Pacific Northwest since Sunday has made its way to the ports of Los Angeles and Long Beach, where close to a record number of ships are backed up in anchorages and holding areas. - more

   Other News

• Reuters The Day Ahead - pdf here
• 6 charts show the effects of Vietnam's lockdowns on supply chains  - more
• Russian Hackers Target Tech Supply Chain in Defiance of Biden - more
• RaaS: Ransomware Attacks on the Supply Chain Made Easy - more
• 4 Ways Distributors Can Optimize E-Commerce Conversion Rate - more
• Stocks, U.S. Futures Rise With Earnings in Focus: Markets Wrap - more
  

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.84/lb ($19,715/tonne). Indicators at 6:05 am CST today show nickel trading around $.12/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started this week just under the 142,000 tonne level. Nickel fell on Friday, but it appears the bounce and rout from mid last week, have thrown a chill over traders. Cancelled warrants remain at 47%, although LME withdrawal deficits have fallen substantially this month. In separate reports issued last week, the International Nickel Study Group reported the worldwide nickel deficit year to date stood at 172,200 tonnes thru the end of August, while the World Bureau of Metal Statistics reported the YTD deficit stood at 83,100 tonnes for the same period.  That is a difference of 89,000+ tonnes, so we will let our readers decide which they believe is more realistic. The indigenous people of Guatemala are rioting over the nickel mine there and the government has put a month long, dusk to dawn curfew in place, to calm the situation. This mine has a long and shall we call it, tainted history. We would call this rumor weekend in the world of nickel and stainless steel. Lot of chatter on the potential for the economic collapse of China. Let us re-word that. Lot of noise from a very few people on potential problems in China.  And the EV industry is fighting back on higher nickel prices with renewed rumors of moves by Tesla to become less dependent on nickel. Good luck with that. It's the final week of the first month of the final quarter of 2021. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $8.73/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Friday's market review - Copper extends losses on energy crunch, China coal intervention - Copper prices extended their downward path on Friday, pressured by uncertainty over China’s moves to dampen down coal prices and as speculators squared positions ahead of the weekend. - more

• Guatemala Decrees the State of Siege in El Estor Municipality  - more
  
• Guatemalan Ombudsman denounces illegal mine activity and police repression - more
  
• Guatemala sets month long curfew in province after protests - more
• Official statement of Solway Investment Group in response to the media reports on the protests in Guatemala -  more
  

• Panasonic unveils prototype battery to help Tesla lower production costs - more
  

      Container Ships Headed for U.S. Poised to Worsen Port Bottleneck - The backlog of ships outside the twin ports of Los Angeles and Long Beach -- America’s largest gateway for ocean freight -- is poised to worsen. - more

• Supply Chains' New Normal is Unclear, and That’s OK - more
  
• Long Beach Port Chief: ‘Shop Early’ as Snarls to Last All Year - more
  

   Other News

• Reuters The Day Ahead - pdf here
• Copper Chaos Is Latest in a Rich History of Wild Metal Swings - more
  
• If China's economy keeps stumbling, it won't just take down Beijing — the whole world will collapse with it - more
• Evergrande Isn’t China’s Only Economic Worry - more
• Stocks, U.S. Futures Steady; Turkey’s Lira Slumps: Markets Wrap - more
  

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $9.05/lb ($19,950/tonne). Indicators at 6:15 am CST today show nickel trading around $.09/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and ended that session just over the 142,400 tonne level. Cancelled warrants jumped on Wednesday to 40+% and on Thursday, they jumped to 46+%. We suspect this has  more to do with investment houses buying  than actual users, but time will tell. After hitting $21,425/tonne yesterday, the flood gates were suddenly opened, and it was 'Maverick, call the ball'. Before the session closed, noses were bleeding, ears were popping, and Captain Kirk was once again in tears after the descent. Nickel, having risen around 5% the prior day, closed right back where it did on Monday. (And the stainless steel industry smirked at the EV industry and muttered 'welcome to our nightmare".)Speaking of EV nightmares, we couldn't help but wonder this week, that with all the news of power outages in China, what happens in Shenzhen if the power goes out for any  extended length of time. From what we have read, their entire bus fleet (about 16,000 vehicles) and taxi fleet (another 22,000 vehicles) are all electric and need daily (or more frequent) charging. What is the backup plan if you have an EV during a power outage and your battery runs low? Bad enough when its your vehicle, but Shenzhen has more EV buses than the rest of the world combined. The World Bank has updated its commodity forecasts and put its nickel forecast for this year at $18,500, up from $13,787 in 2020. It sets its 2022 forecast at $17,750/tonne and the extended forecast is linked under 'Reports'. IMOA reports global molybdenum production fell in the second quarter of 2021 when compared to the same quarter of 2020. Someone needs to remind the moly miners that the world was kind of shut down in the second quarter of last year, so if they can't beat those numbers, they have problems. SunSirs reports stainless prices in China fell last week, but remain 49.49% higher this calendar year. And at days end, we put another week in the history book. Stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $8.70/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Thursday's market review - Copper falls as LME squeeze fades and China demand fears grow - Copper prices fell more than 3% on Thursday as a supply squeeze on the London Metal Exchange (LME) eased and attention refocused on the threat of slowing demand in top consumer China. - more

• Dalian iron ore price tumbles on slow China manufacturing - more
  

      SunSirs: Stainless Steel Prices Continued to Be Weak and Stable on the 20th - According to the price monitoring of SunSirs, on the 20th, the price of stainless steel was currently quoted at 19,856.67 RMB/ton, a decrease of 0.08% from the previous trading day and an increase of 49.49% from the beginning of the year. - more

      Global production of molybdenum fell while usage rose year-on-year in Q2 2021 - Figures released today by the International Molybdenum Association (IMOA) show that the global production of molybdenum fell by 3% to 142.8 mlbs in Q2 2021 when compared to the same quarter of 2020, a 2% fall when compared to Q1 2021. - more

      Russia to test air quality monitoring on Nornickel with view to going nationwide - Russia will start testing a potentially nationwide real-time system to monitor air quality at metals giant Nornickel's base in the industrial Arctic city of Norilsk next year, the company and a government official said on Thursday. - more

      Push to Fabrication Down bound - Service centers continue to move deeper into the manufacturing process to improve margins and serve customers. - more

      COVID-19 has proven that people can be productive away from the office - In light of ongoing challenges from the pandemic, employers and employees alike need to question whether a return to the office is a necessity - more

• 4 tips to safeguard against corruption and theft in procurement - more
• Few Options for G7 Trade Chiefs to Alleviate Supply Chain Problems - more
• Dow expects supply chain clogs to last into 2022: CEO - more
• NY Fed - Severe Supply Disruptions Are Impeding Business Activity in the Region - more

   Other News

• Reuters The Day Ahead - pdf here
• Vale cut two notches to Sell equivalent at RBC on China uncertainty - more
• As Iwo Jima Rises, a WWII "Harbor" Emerges From the Waves - more
• Evergrande, Earnings Lift Stocks; Treasuries Gain: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $9.51/lb ($20,963/tonne). Indicators at 6:00 am CST today show nickel trading around $.25/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today just under the 142,800 tonne level. Depending on which end of the nickel / stainless steel supply chain you reside, yesterday was a spectacular day, or a horrific day. We show LME nickel trading spiked at $21,235/tonne yesterday, before closing at its highest in a decade. Shanghai markets followed suit overnight, trading at record levels. This morning, nickel has dropped sharply, but is still trading at levels well ahead of Tuesday's close. These are the kind of trading days where it pays to sit on the sidelines and let the big players play their tug of war and not try to explain why things are turning in one direction or the other. The Biden administration announced a few months ago, we needed to mine more of our own metals, including nickel. At the time we asked if we were suddenly worrying about a conflict with Canada. Yesterday, the same administration put a potential halt to a nickel mine under consideration in Minnesota. Last week we posted that Cleveland-Cliffs, the owner of AK Steel, had entered the scrap business, with the purchase of Ferrous Processing and Trading Company. This purchase may have been in response to Asperam's spring purchase of worldwide stainless steel scrap processor, ELG Group, a sponsor of this site. Regardless, this is two big acquisitions in as many years, and has made Cleveland-Cliffs a major player in the U.S. production of stainless steel.  WBMS says this years deficit of nickel now totals about what it gained last year. We tend to disagree with this conclusion. It's Thursday and the final third of the month has begun. Stay safe out there and have a great day
  
• Average price of LME traded cash nickel so far this month - $8.66/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Wednesday's market review - Industrial metals rise on low inventories - Base metals resumed their climb on Wednesday as the dollar slipped and on concerns that the global power crunch could hit already thinning inventories. - more

       worldsteel Short Range Outlook October 2021 - The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand will grow by 4.5% in 2021 and reach 1,855.4 Mt after 0.1% growth in 2020. - more

      WBMS January to August 2021 Metals Balances - (excerpt) The nickel market was in deficit during January to August 2021 with apparent demand exceeding production by 83.1 kt. In the whole of 2020, the calculated surplus was 84.2 kt. - more

• Minnesota officials weigh in on pause to new mineral leases near the Boundary Waters - more
  
• Biden administration pauses new copper-nickel leases near Boundary Waters - more
  

      Supply Chain is No Longer a Chain – It’s a Network - I don’t want to interrupt the supply chain’s moment in the spotlight. And it is quite a moment. Listening to or reading the news, the supply chain has become a hot topic, with consumer and business media alike pointing to supply chain issues to explain the fits and starts of goods availability, mini-inflationary bubbles, and the series of shortages twirling through the economy. - more

• Trucking expects LTL, TL rates to soar through 2021 - more
• ‘People Are Hoarding’: Food Shortages Are The Next Supply Chain Crunch - more
• Most Stocks Fall as Mood Sours; Treasuries Steady: Markets Wrap - more
  

   Other News

• Reuters The Day Ahead - pdf here
• Rio Tinto earmarks $7.5B to cut carbon emissions in half by 2030 - more
• Slow-Paying Buyers Are Threatening the Stability of Struggling Suppliers - more
• Bolted-On: Brighton-Best Acquires Vertex Distribution from HWC - more
• China tells mines to produce 'as much coal as possible' - more
• Premier Li calls for ‘all-out’ efforts to ensure ‘warm winter’ - more
  

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $9.09/lb ($20,050/tonne). Indicators at 6:00 am CST today show nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Tuesday and started today's session just over the 143,500 tonne level. Nickel had a wild day yesterday, rising sharply in the morning, and falling almost as sharply in the afternoon. By the end, nickel closed less than $100/tonne over Monday's close. Shanghai nickel closed lower overnight for a second consecutive session. On the news front, the bidding war for a Canadian nickel miner has heated up. The battle is between Australian billionaire Andrew Forrest and Australian based mega miner BHP, and last night, BHP raised their bid. Here are some stunning numbers for you (maybe old news for many of you) - about half way down this page (here) there is a short article under "Trucking delays and cost increases". Along with a graph, the article states "Freightos.com marketplace data shows that last month, China-US ocean shipments took an average of 73 days to arrive at their final destination, 83% longer than in September 2019." 73 days! Christmas is only 65 days away gang. Speaking of the Grinch, did someone say China and many other parts of the world suddenly needed more coal to keep their lights on? Price chart here. Article here. Last night, China announced it was looking into ways to bring these prices under some sense of control, and in response, base metal traders appear to be a little nervous in their trading today. Slow news day. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $8.62/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Tuesday's market review - Copper recoils after steep rally as energy prices dip - Copper prices dipped on Tuesday as speculators locked in profits after heady recent gains amid a pullback in energy markets. - more

      Supply-Crunch Inflation Gives Central Banks an Unfixable Problem - The global economy’s supply crunch is propelling inflation at such a fast pace that central bankers may be forced to respond, even though fixing that imbalance is beyond their power. - more

   Other News

• Reuters The Day Ahead - pdf here
• Indonesia plans to ‘hit the brakes’ on raw commodity exports - more
• Amazon Logistics now ships more US parcels than FedEx: Pitney Bowes - more
• Stocks Mixed, Bonds Hold as Traders Mull Recovery: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $9.06/lb ($19,970/tonne). Indicators at 6:00 am CST today show nickel trading around $.25/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today's session just under the 143,900 tonne level. It appeared yesterday that nickel's bullish run might have stalled, with nickel closing only slightly higher than it had on Friday. Shanghai might have thought so as well, with traders there taking nickel lower overnight. With nickel way up this morning and trading over $20,500 tonne at the moment, LME's end result yesterday may have been a mere head fake. The Euro continues to climb against the U.S. Dollar, and that is helping make nickel less expensive - if that is possible to say in the same sentence. The Euro should get credit for part of this nickel bounce, with the US Dollar's winning streak coming to an end the same day that nickel decided to start climbing again. Onca Puma in Brazil has been ordered closed again. Vale Indonesia says production is down so far this year, and BHP reported nickel production fell last quarter. Demand is apparently dropping as well, if we use LME stockpile numbers as a sole gauge. So far this month, LME nickel stockpiles have fallen by 1000+ tonnes only five times. In the last five sessions, post Chinese holiday shut down, they fell by 1,434 tonnes yesterday, 270 tonnes the prior session, and in the 700+ tonne range the other three sessions. So either demand is lower, or it is back to normal and the big trading houses were secretly warned at LMEWeek to stop manipulating the numbers. The evidence, especially from China, tends to make us believe demand is taking a hit. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $8.57/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Monday's market review - Supply squeeze pushes copper spreads to record levels - Weak Chinese and U.S. economic data on Monday stalled a rally in copper prices even as a supply squeeze forced traders to pay unprecedented premiums for quickly deliverable metal. - more

      INSG: Nickel demand to continue to grow this and next year - According to the International Nickel Study Group (INSG), global primary nickel demand will increase to 2.8 million tons this year and 3 million tons next year. - more

• INSG October 2021 Web Meetings - press release pdf here
  

      Brazilian miner Vale halts operations at Onca Puma after court order - Brazilian miner Vale said on Monday that it has once again halted operations at its Onca Puma nickel mine after the state of Para obtained a judicial order to reinstate the suspension of the venture's operating license. - more

      Vale Indonesia Jan-Sept nickel matte production down 13% y/y - PT Vale Indonesia’s nickel matte production fell 13% in the first nine months of this year compared to a year ago due to planned maintenance issues, the company said on Tuesday. - more

      Canadian nickel miner Noront picks Wyloo's raised offer to BHP bid - Canadian nickel miner Noront Resources Ltd said on Monday it had picked a sweetened offer from billionaire Andrew Forrest-owned Wyloo Metals over a bid from BHP Group. - more

• Australian magnate beats BHP on ‘superior’ offer for Canadian nickel miner Noront - more

      Pallinghurst to beef up EV battery metal business with stake in Talon Metals - Mining investor Pallinghurst Group will acquire a 19.2% stake in electric-vehicle battery metal miner Talon Metals Corp for about $80.2 million, as it looks to tap the opportunity arising from growing demand for EVs to cut carbon emissions. - more

      Fastenal Addresses “Crushingly Bad” Supply Chain Challenges - In the company's Q3 earnings presentation, CEO Dan Florness was candid about just how bad matters are for importing overseas product. - more

   Other News

• Reuters The Day Ahead - pdf here
• Defaults loom over more property developers as China reassures investors on Evergrande - more
• China risks making ‘big mistakes’ with widespread crackdown, says ex-IMF chief economist - more
• China GDP: slowdown in third quarter growth ramps up fears of more economic trouble ahead - more
  
• Global Port Gridlock Threatens Economies Everywhere - more
• Just-in-Time Economy Becoming a Problem for Europe, Lagarde Says - more
• September U.S. Industrial Production Slid 1.3% Amid Ida Impact - more
• Signs of steel price retreat appear - more
• Stocks Rise on Earnings; Treasuries Advance: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $9.05/lb ($19,955/tonne). Indicators at 6:00 am CST today show nickel trading around $.11/lb higher. Stockpiles of nickel stored in LME licensed warehouse fell on Friday and started the second half of October just under the 144,600 tonne level. Nickel bounced sharply on Friday and continues its bullish run into a Day 3. Overnight, Shanghai nickel jumped around 3-1/2%, but one has to be careful when trying to determine if Shanghai is leading the pack, or merely reacting to what LME did the prior session, We tend to look at the latter as a better explanation of why Shanghai traders do what they do - most of the time. Obviously if LME nickel closes lower and Shanghai nickel trades higher that evening, there is a disparity that has to be explained. But what we typically see, including today, is the Shanghai market shadowing what LME did their prior session. This sometimes helps the bull, or bear, feed on itself, with each side of the globe 'reacting' to the other. This 'reacting' can also help explain some of the wild swings we see. China reported their steel production in September was the lowest since the last month of 2018. The Biden administration is expected to weigh in on the proposed nickel mine in Minnesota this week. And Outokumpu expects higher stainless prices to help its quarterly earnings. Apparently, when you have little else to say, stating the obvious helps fill the press release. It's Monday and a new week offers up new opportunities. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $8.51/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Friday's market review - Copper heads for best week since 2016, zinc rockets - Copper on Friday was heading for its biggest weekly gain since 2016 as surging power prices threaten to curb supply at a time when exchange stockpiles are at rock bottom. - more

      The Biden administration is poised to weigh in on Twin Metals mine: Here are the options - Both supporters and critics of the proposed Twin Metals Minnesota copper-nickel mine are anticipating what could be a major announcement in the next few days from President Joe Biden’s administration — one that could help determine the future of the project. - more

      China Sept daily crude steel output at lowest since Dec 2018 - China's daily crude steel output in September stood at 2.46 million tonnes, the lowest level since December 2018, according to Reuters calculations based on statistics bureau data. - more

      China’s nickel producers step up investment in Indonesia - Chinese companies are ramping up nickel investment in Indonesia to secure ore supply following the Southeast Asian country’s 2020 ore export ban. - more

      Why the Physical Seller-to-Customer Relationship is Still Important in B2B - Seemingly all discussions about industrial supply today focus on digital activities. Here, Global Industrial's chief sales officer explains why personal relationships will remain a vital element. - more

       7 challenges lie ahead for the Port of LA to support 24/7 supply chains - The goal is to transition quickly to round-the-clock operations, but "it's not a single lever we can pull today to open up all the gates," the Port of Los Angeles' Gene Seroka said. - more

• Port-Crisis Plan Seeks Inland U.S. Terminals, More Truckers - more
  

   Other News

• Reuters The Day Ahead - pdf here
• At the New York Fed: Implications of Federal Reserve Actions in Response to the COVID-19 Pandemic - more
• China's economy is set to slow sharply as it grapples with the Evergrande crisis and weaker domestic demand, Barclays says - more
• Apple Veteran Wins Gates’s Backing for Michigan Battery Startup - more
  
• Global Bonds, Stocks Fall as Inflation Fears Mount: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $8.78/lb ($19,360/tonne). Indicators at 6:20 am CST today show nickel trading around $.21/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell by its smallest amount since mid August and opened today's session just over the 146,000 tonne level. Nickel closed yesterday at its highest this month, and looks to close even higher today. LME traders have returned to their offices and it appears they are in a buying mood. The good news for stainless steel producers and distributors is this means that nickel or stainless steel you have on order, is no longer losing value before you get your hands on it. The bad news for stainless steel end users is pricing and availability remain 'stressed'. That means, in many cases, at or near record high pricing. Stressed seemed a more gentle way of saying 'violated'. But its not your suppliers fault. If every ingredient you put in a pot costs your more, the end cost of the soup that comes out is more. These days, even the kitchen. pot and person stirring it seem to cost more. So higher stainless steel prices appear to be here for awhile. And honestly, we wouldn't be a bit surprised to see them go higher. We are not one of those who feels this 'super cycle' is nearing an end, and wouldn't be surprised, if the market is slowly redefining 'normal'. That's not to say the bear is dead. Like William Shatner this week, this rocket ride will end some day and we will all weep as the adrenalin rush fades. But as the Simpson's Moe Szyslak says "Not today, old friend. Not today.".  Stay safe out there and have a wonderful weekend!
  
• Average price of LME traded cash nickel so far this month - $8.46/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Thursday's market review - Zinc hits 14-year high as Nyrstar cuts output on rising power costs - Zinc prices hit their highest in 14 years on Thursday after producer Nyrstar announced a plan to cut its output amid higher power prices in Europe. - more

      Courtesy AISI - In the week ending on October 9, 2021, domestic raw steel production was 1,858,000 net tons while the capability utilization rate was 84.2 percent. Production was 1,549,000 net tons in the week ending October 9, 2020 while the capability utilization then was 70.1 percent. The current week production represents a 19.9 percent increase from the same period in the previous year. - more

      Mexico eyes 'strategic minerals,' copper limits in mining reform - A proposed mining overhaul from Mexico’s president that seeks greater government control over the sector has swung the ruling party back to its nationalist leanings and alarmed industry leaders. - more

   Other News

• Reuters The Day Ahead - pdf here
• Hardware price hikes are here to stay - more
• Double-Dip La Niña Emerges in Pacific Ocean - more
  
• Port of Houston Highlights Amazon Containers Offloading of Cargo Ship - more
• U.S. Futures Hold Gains as Brent Hits 3-Year High: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.58/lb ($18,905/tonne). Indicators at 6:00 am CST today show nickel trading around $.18/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today just under the 146,300 tonne level. Since China resumed production after their week long holiday, LME nickel stockpiles have fell by less than 1000 tonnes three of the five reported sessions. Cancelled warrants have remained consistent the entire month and run in the 33-34% range. Does this hint at a slowdown in demand? After closing below the $19,000/tonne level for a second session, nickel is bouncing again this morning. Whether it holds or not remains to be seen. So far, it shows no sign of fading, but its still early. Shanghai markets ended slightly higher overnight. Zinc and aluminum apparently got a lot of the attention at LME Week. Zinc is trading at multi year highs, with aluminum at all time highs. US inflation numbers snuck back up to 5.4% yesterday, after slipping from that level the month prior by .1%. The Barchart stainless steel scrap index jumped overnight - from $.39/lb to $.47/lb. It's Thursday and the downhill slide is on. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $8.43/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Wednesday's market review - Zinc surges 5% as power prices prompt Nyrstar to cut output - Zinc and aluminium prices stormed to fresh peaks on Wednesday as a power crisis sparked cuts in smelter output. - more

      Do You Connect with Your Workers? - How engaged are your workers? Many workers contribute 50% or even less of themselves when they come to work and that has direct impacts on productivity, safety, innovation, and organizational culture. - more

• Is Wage Inflation Coming to the Sales Force? (Yes) - more
  

   Other News

• Reuters The Day Ahead - pdf here
• China's Golden Week Adds to Global Shipping Delays - more
• Challenges at Chinese Ports are Increasingly Impacting Global Shipping - more
• China’s exports climb about 20% in September despite energy crisis - more
• Stocks, U.S. Futures Rise as Traders Mull Recovery: Markets Wrap - more
  

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $8.61/lb ($18,980/tonne). Indicators at 6:05 am CST today show nickel trading around $.09/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today just under the 147,100 tonne level. Today is one of those days where we like to watch trading closely. Last night was the LME Week dinner and the next few days of trading can give us an idea of where the market may head the rest of the year. We say may because we have seen the market go one way for a few days, then suddenly turn and go the other way harder. So while some of the intelligence learned last night might be legit, other 'rumors' or 'brags' could have been more of a disinformation campaign meant to sucker a rival into making a move they would regret later. So, while we like to watch for clues, we take them with a grain of salt.Today the traders and analysts start heading home, and begin to seriously trade on what they have learned. After closing slightly lower last night, and back below the $19,000 tonne level, nickel is trading up over that level again this morning.  Since bouncing last week, nickel appears to be slowly fading, with its highs not hitting as high as the prior peak. The bulls, as least for now, are leaning heavily on the $19,000 tonne level for support. Lots of news below so we leave you with it. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - 
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Tuesday's market review - Copper falls as global energy crisis spooks markets - Copper prices fell on Tuesday as soaring energy costs raised concerns that the global economic recovery might be derailed, though signs that supplies of the metal are tightening limited losses. - more

• Nickel Down as Supply of Nickel Sulphate has been Sufficient, Weighing on Prices - more
  

      SunSirs: Both Supply and Demand Were Weak, Stainless Steel Prices Fluctuated within a Narrow Range - According to the price monitoring of SunSirs, on the 11th, the stainless steel futures price dropped slightly. The spot price of stainless steel deviated from the futures price, rose slightly. - more

      Stainless Steel Imports Jump in Turkey As Consumption Rises - Turkey imported 411,600 mt of stainless steel coil with widths above 600 mm in the first eight months of the year, higher than the 335,000 mt imported in the same period the previous year, as stainless steel consumption in the country rose notably with the easing of the pandemic, S&P Global Platts observed from the latest monthly Turkish Statistical Institute (TUIK) data. - more

      India initiates first CVD sunset review on China's stainless steel flat products - On October 8, 2021, the Ministry of Commerce and Industry of India announced to initiated the first sunset review investigation of countervailing duty (CVD) on certain hot-rolled and cold-rolled stainless steel flat products originating in or exported from China. - more

      August Steel Shipments Up 28.7 Percent From Prior Year - The American Iron and Steel Institute (AISI) reported today that for the month of August 2021, U.S. steel mills shipped 8,404,858 net tons, a 28.7 percent increase from the 6,532,652 net tons shipped in August 2020. - more

• Tesla cofounder JB Straubel sends warning to automakers going all-electric: ‘Do the supply chain math’ - more
• Poseidon weighs battery feed  - more
  

      Vietnam’s Factory Crisis Worsens as Migrant Workers Flee - Whether yoga pants and Air Jordans appear under Christmas trees in the U.S. and Europe may come down to Vietnamese assembly line workers like Le Thi My. - more

   Other News

• Reuters The Day Ahead - pdf here
• Fastenal Posts Strong Q3 While Closing Another 63 Branches - more
• Rush of US imported goods expected but container rates may have peaked - more
• Stocks Bounce With Futures Before Inflation Data: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $8.66/lb ($19,095/tonne). Indicators at 6:00 am CST today show nickel trading around $.08/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and ended that session just below the 147,800 tonne level. Nickel ended slightly lower yesterday and after a bounce, dip, and second bounce this morning, has done little since. Depending on who you talk to, the energy crisis in China is either good for base metals, or bad. We suspect China will not be alone in having a hard time keeping the lights lit this winter. With all the logistical problems facing the world, and huge price increases in coal this year, why would others not feel the pinch. The U.S.is reporting shortages of natural gas and propane. So what all this means to stainless steel and nickel is yet to be determined. We suspect any reduction in demand would offer some relief to strained supply lines, unless of course, they too suffer from the power outages. Quiet on the news front. Stay safe out there and enjoy your Tuesday!
  
• Average price of LME traded cash nickel so far this month - $8.34/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Monday's market review - Aluminium hits 13-year high as power shortages escalate - Aluminum prices rose to their highest since 2008 on Monday as traders worried about increases in the cost of energy and raw materials used to make the metal and output cuts by leading producer China. - more

       China’s power crisis prompts warning from rust-belt despite efforts to boost coal supply, manage electricity - Liaoning has the biggest economy and consumes the most power of the three provinces making up China’s rust-belt industrial region - more

• China's Largest Province Warns Of More Power Shortages Amid Energy Crisis - more
• Chinese coal prices hit record high and power cuts continue - more
• China’s power crisis: why is it happening, how bad is it, and what if it continues into the freezing winter months? - more
  
• (April 2021) Column: China is paying a high price for its ban on Australian coal  - more
  

      4 Ways Distributors Can Shorten the Sales Cycle - There is no magic wand to fix current problems, but distributors can start implementing these strategies to shorten the sales cycle and provide a more enjoyable customer experience. - more

   Other News

• Reuters The Day Ahead - pdf here
• U.S. Futures Steady as Inflation Risks Eyed: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.72/lb ($19,215/tonne). Indicators at 6:00 am CST today show nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started this week just under the 148,900 tonne level. Nickel took off on Friday after Shanghai traders returned from holiday in a very good mood. While this time last week we were trading under the $18,000 level, we start this week well over the $19,000 level. Will we hit $20,000 again? It's LME Week and in London, many of the nickel high rollers are meeting. We like to watch and see what nickel does this week, which gives us an idea what traders might be saying when reporters aren't around taking notes, but this time around, traders took nickel higher in anticipation. Someone blinked on Friday and everyone was in a sudden rush to pile back in the boat. We expected the nickel rush to come this week - it came a few days early. The 200 day moving average held and the 50 day is now in the rear view mirror as well. New week, the fortieth of the year, and lots of news to review. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $8.26/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Friday's market review - Copper rebounds after soft U.S. jobs data hits dollar - Copper and other industrial metals bounced on Friday after surprisingly weak U.S. jobs data tipped the dollar lower. - more

      The hottest party in the metals world is back, but much smaller - Near-record copper prices are usually a sure sign that the parties will be extravagant and the champagne will flow all night when the metals world descends on London. - more

      China’s stainless steelmakers may cut output to react power limited policy - According to the power limited policy from China, some of the stainless steel mills decided to reduce their monthly output by 20% scale in the last quarter of this year. - more

      Gas explosions kill six Chinese nationals at Zimbabwe mine - Six Chinese nationals and two Zimbabweans have been killed in gas explosions at a nickel mine in northern Zimbabwe, a lawmaker said on Friday. - more

      Industry demands incentives for raw material suppliers to develop India’s battery-making ecosystem - Niti Aayog believes battery makers who benefit from the proposed PLI scheme will pass on benefits to raw material suppliers  - more

      Energy crisis: Warnings of blackouts in India and China and gas prices soar in Europe - The energy crisis fuelled by soaring gas prices is causing chaos around the world as Lebanon has run out of power and India has just a few days of coal supply left. - more

• India: Looming power ‘crisis’ in Delhi amid coal shortages - more
• Lebanon faces total blackout as main power stations run out of fuel - more

   Other News

• Reuters The Day Ahead - pdf here
• China’s Energy Crisis Is Hitting Everything From iPhones to Milk - more
• BHP to require COVID vaccinations at Australian sites - more
  
• Inflation Knocks Businesses Off Balance as Recovery Slows - more
• The World's Tallest Ghostscraper - video here
• Stocks Drop as Surging Oil Price Unsettles Traders: Markets Wrap - more
  

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.31/lb ($18,320/tonne). Indicators at 6:35 am CST today show nickel trading around $.22/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell sharply on Thursday and started today's session just over the 149,400 tonne level. While Reuters is crediting the debt limit deal as 'cheering' markets, U.S. equity futures are up by a whooping 9 points at the moment. We seriously doubt the 'annual' threat over raising the debt limit had much bearing on what markets did, or did not do, over the past week. The U.S. Congress has proven time and time again that the one thing it can do with certainty - is kick the can down the road. We suspect the morning rise in the traded nickel price of around 2-1/2%, has more to do with the fact Shanghai traders came back from vacation in a very good mood. Nickel there traded up 3% at one point overnight. China's reopening and LME stockpiles falling below the 150,000 tonne level also sent a stark reminder to markets that regardless of the daily news, good or bad, the world continues to use more nickel than it is producing and that's one pig that ain't looking any prettier, no matter how much lipstick you slap on it. Lots of news today. Onca Puma in Brazil is back up and producing. The ISSF reported stainless steel melt shop production was nearly 25% higher in the first half of 2021, than it was in covid closed 2020. Ferrochrome prices are increasing thanks to the power outages in China. Speaking of the power outages, China has ordered its coal miners to bump up production to keep their coal fire power plants running at capacity. This is a setback for their goal  to produce cleaner energy, but it should help keep their lights on. Another big Chinese real estate developer missed a payment on Monday, and that is stoking fears of financial stress spreading throughout the Chinese real estate market. And its just possible that three out of four of your co-workers is thinking about quitting. Stay safe out there and enjoy your weekend!
  
• Average price of LME traded cash nickel so far this month - $8.20/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Wednesday's market review - Perky stock markets lift copper prices - Copper prices rose on Thursday, helped by a rebound on global equities markets, falling exchange inventories and the threat of supply disruption at a mine in Peru. - more

• Vale setting aside plans to spin off base metals unit, CEO says - more
  

       Stainless steel production increases by 24.9% to 29.0 million tons in the first half year of 2021 - The International Stainless Steel Forum (ISSF) has released figures for the first half year of 2021 showing that stainless steel melt shop production increased by 24.9% year–on–year to 29.0 million metric tons. - more

      Japan’s ferrochrome prices surge to 13-year high due to China’s supply restrictions - Due to China's electricity curtailment, which tightened the production and supply, the purchase price of ferrochrome, a raw material for stainless steel making in Japan, hit a 13-year high. - more

      India's stainless steel industry association seeks to resume CVD on stainless steel from China, Indonesia - The All-India Stainless Steel Cold Rollers Association, a leading body of Indian stainless steel producers and suppliers, is seeking the government’s resumption of countervailing duty (CVD) on stainless steel flat products by citing a surge in stainless steel imports after the measure was canceled. - more

      Renault Group partners Terrafame for sustainable nickel supply - Renault Group and Terrafame, a company operating one of the world's largest production lines for EV battery chemicals in Finland, have signed an MoU for the future supply of nickel sulphate. - more

      Steel and roofing materials shortage hamstrings construction industry - Shortages of key materials including steel and PVC pipes continue to hamstring the construction industry, pushing up prices and delaying deliveries, according to August data from Gilbane Building Company. - more

      BHP boss expects Australia, China to bury the hatchet - BHP chief executive Mike Henry expects Australia and China will gradually repair their fractured relationship, saying his own company’s ties with Chinese customers and suppliers have “never been stronger”. - more

      How Procurement Directed Buy Agreements Value Are Improved With Blockchain - Blockchain technology—the underpinning of cryptocurrencies—is becoming more prevalent in a growing variety of applications. When it comes to the supply chain, most people immediately think about how Blockchain can help drive part traceability. - more

• Supply Chain Crisis May Have Caused California Oil Spill - more
• 76 ships sit idel off Los Angeles - NBC story here 
  

   Other News

• Reuters The Day Ahead - pdf here
• Coronavirus: Other countries are giving up ‘Covid zero’. China wants to wait and see - more
• U.S. May Sue Contractors Who Don't Report Cyber Breaches - more
• Short-Term Increase in U.S. Debt Ceiling Passes Senate - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.20/lb ($18,085/tonne). Indicators at 6:05 am CST today show nickel trading around $.05/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today's session just over the 151,700 tonne level. Based on the last three days, we suspect that level to fall below the 150,000 tonne point today or tomorrow. As a reminder, theses stockpile numbers peaked on January 21st of this year just 600 tonnes shy of the 250,000 tonne level. April was the last month where daily numbers rose and fell, with numbers on the decline consistently since May. Lots of info below, including monthly import/export figures by ustradenumbers.com. Added a link at the bottom of these reports which has a search bar at the top of  the linked page where you can check your SKU's. There used to be a way to check the search engines to find what companies your competitor was importing from. Not sure of this still works but if anyone is interested, send us a company to check and we will check into it. Always put "stainless steel" in the subject line when contacting us by email. China is back to work tomorrow and LME Week begins next week. As we suspected, nickel has done very little while China was on holiday, and unless Shanghai traders come back in a foul or great mood, we don't expect much to happen until mid next week. Then we might start 'seeing' what LME traders 'talked' about during their prior evening soiree. Stay safe out there and enjoy the weekly downhill slide.
  
• Average price of LME traded cash nickel so far this month - $8.18/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Wednesday's market review - Copper extends losses on worries about China property, growth - Copper prices slid on Wednesday on worries that the troubled Chinese property sector will further curb Chinese economic growth and metals demand. - more

• U.S. exports of Stainless steel wire increased 19.70 percent from $81.28 million to $97.29 million through the first eight months of 2021 when compared to the same period the previous year, according to WorldCity analysis of the latest U.S. Census Bureau data. - more
• U.S. imports of Misc. stainless steel bars, rods increased 25.04 percent from $268.08 million to $335.2 million through the first eight months of 2021 when compared to the same period the previous year, according to WorldCity analysis of the latest U.S. Census Bureau data. - more
• U.S. exports of Misc. stainless steel bars, rods decreased 0.78 percent from $202.66 million to $201.09 million through the first eight months of 2021 when compared to the same period the previous year, according to WorldCity analysis of the latest U.S. Census Bureau data. - more
• U.S. imports of Nickel increased 16.51 percent from $821.68 million to $957.31 million through the first eight months of 2021 when compared to the same period the previous year, according to WorldCity analysis of the latest U.S. Census Bureau data. - more
• U.S. exports of Nickel decreased 5.93 percent from $129.66 million to $121.97 million through the first eight months of 2021 when compared to the same period the previous year, according to WorldCity analysis of the latest U.S. Census Bureau data. - more
  
• Search your item at US Trade Numbers - more
  

• Brazil’s Vale CEO Says Dam Tragedies Were Wake Up Call on Safety, Green Policies - more

      The Dry Bulk Parabola: What Goes Up Must Come Down… Right? - The drybulk market, where large deepsea vessels transport unpackaged (therefore, “bulk”) cargoes of iron ore, coal (for heating and for steel making), various grains, and a host of lesser known minerals and other movers too big or bulky (“duh”) for containers, has been rising throughout 2021. - more

• Cost of shipping between China and U.S. plunges - more
  

      The Most Common Metals That Conduct Electricity - Whether they realize it or not, people use conductive metals all the time. To transfer electricity into a machine or electrical device, you need to use a conductive metal. - more

   Other News

• Reuters The Day Ahead - pdf here
• The rise of LTL: How e-commerce changed the middle mile - more
• High Quits Rates, Poaching: U.S. Firms Are Plagued by Turnover - more
• AISI Releases September SIMA Imports Data - more
• An Update on the U.S.–China Phase One Trade Deal - more
• Stocks, Futures Climb as Debt, Energy Worries Ease: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.33/lb ($18,120/tonne). Indicators at 6:05 am CST today show nickel trading around unchanged. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and ended that session just under the 153,200 tonne level. Nickel closed back above the $18,000/tonne level yesterday, and so far this morning, has done little. So far, the price of nickel has slumped below the 200 day moving average on multiple occasions, but immediately bounces back above. As our regulars know, we sometimes have fun at the expense of the poor Reuters commodity reporter that has to find a "reason" each morning for explaining why metals traders are doing what they are doing. An impossible task, to say the least. Under 'Other News' each morning, we post the Reuters morning "Market Wrap" and on Monday, this reporter blamed the equity market slump on the fear of stagflation. This morning's slump is apparently due to the fear of inflation.  Stagflation or Inflation - which is it - inquiring minds want to know? Slow news day, and we posted multiple presentation from the Australian Nickel conference. We post these strictly for the market intelligence they might contain. If you live in Minnesota, Tamarack made a presentation that might be of interest. Christmas is getting a lot of attention this week. Should you invite the family? Depends on which hour you check the CDC web site. Will there be presents? Maybe not, if the Logistics Grinch still controls the docks. Our regulars know there can not be a Christmas this year, as we reported months ago that Santa Claus had fallen victim to covid. So hide in your house, wrap something you already own so you can open a present, and shoot anyone crawling down your chimney as a fraud. And Merry Christmas! In the mean time, stay safe out there and enjoy your hump day.
  
• Average price of LME traded cash nickel so far this month - $8.17/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Wednesday's market review - Copper falls as dollar inches near 1-year high - London copper prices fell on Tuesday as dollar gained strength, amid tepid trade as markets in top consumer China were closed for a public holiday. - more

       World's largest miners pledge net zero carbon emissions by 2050 - The world’s top miners on Tuesday committed to a goal of net zero direct and indirect carbon emissions by 2050 or sooner, the International Council on Mining and Metals (ICMM) said. - more

      Christmas at Risk as Supply Chain ‘Disaster’ Only Gets Worse - It’s the beginning of October, just the start of what the retail world simply calls “peak.” But the industry is already in various forms of panic that usually don’t take hold until the weeks before Christmas. - more

   Other News

• Reuters The Day Ahead - pdf here
• Olympic Steel Acquires Shaw Stainless & Alloy - more
• Futures, Stocks Fall With Bonds on Inflation Worry: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $8.14/lb ($17,935/tonne). Indicators at 6:00 am CST today show nickel trading around $.02/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started todays session just over the 154,400 tonne level. The last three sessions have seen inventory declines by between 800 and 990 tonnes, but we suspect this has more to do with China shutting down for a week long holiday, over a slowdown in demand. That said, one has to be careful using LME stockpile numbers as a gauge for world supply and demand, with large trading players having a history of quietly moving inventory around to make demand appear higher. Nickel is trading below the 200 day moving average this morning, with the US Dollar adding negative pressure. Wood Mackenzie is forecasting nickel demand will double in the next two decades and we haven't heard of any mega nickel mines going under construction lately. Actually, one in Brazil just suspended production due to a licensing problem. China remains closed for holiday, and LME traders prepare for their annual shin-dig next week. Remember back when medical "experts" were telling us we could see 100,000 Americans die the first year of the pandemic and we wondered if they were alarmist at best, and lost their minds, at worst. Well, we have lost over 700,000 Americans already and this pandemic is only 1-1/2 years old. The invisible killer is still out there hunting, so stay safe and have a great day!
  
• Average price of LME traded cash nickel so far this month - $8.23/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Monday's market review - Shortages help aluminium towards 13-year highs - Aluminium prices climbed towards 13-year highs on Monday, boosted by strong demand and large shortages created by China imposing production curbs on high-polluting industries such as smelting to cut power use and emissions. - more

      Nickel consumption to double by 2040 - WoodMac - Nickel consumption is expected to more than double from the 2.4-million tonnes used in 2020 to 4.9-million tonnes by 2040, analyst Wood Mackenzie (WoodMac) said. - more

• The U.S. Steel Sector Would Be Booming Even Without Trump’s Tariffs - more
  

      Courtesy AISI - In the week ending on October 2, 2021, domestic raw steel production was 1,872,000 net tons while the capability utilization rate was 84.8 percent. Production was 1,540,000 net tons in the week ending October 2, 2020 while the capability utilization then was 69.0 percent. The current week production represents a 21.6 percent increase from the same period in the previous year.  - more

      DNR to Review Siting Rule for Nonferrous Mines - Today, the Minnesota Department of Natural Resources (DNR) filed a Procedural Order in Ramsey County District Court outlining the process the department will use to review Minnesota’s siting rule for nonferrous mines. - more

• Should the DNR ban mining within the same watershed as the BWCAW? Public comment period set - more
  

    Factbox: Electric-vehicle batteries: major players and their expansion plans - The global auto industry's shift to electric vehicles (EVs) has spurred an expansion race among battery makers, and caused a growing a skills shortage. - more

      US East Coast Ports Backed Up as Congestion Spreads - Persistent and mounting congestion at US west coast ports has caused some shippers to seek the sanctuary of the east coast to speed cargo through the supply chain – but this avenue is also becoming increasingly problematic. - more

• Industrial Distribution's 2021 Big 50 List - more
  

   Other News

• Reuters The Day Ahead - pdf here
• Rout in Technology Stocks Eases; Natural Gas Soars: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.16/lb ($18,000/tonne). Indicators at 6:00 am CST today show nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started this week just over the 155,200 tonne level. Nickel traders continue to hug the $18,000/tonne level for a third session, fighting to keep their head above the 200 day moving average. Since the 17th of September, nickel has fallen from the $20,000/tonne level to the $18,000/tonne level, once again earning nickel its reputation as a volatile trader. Stainless steel raw material price averages for September 2021 and how this compared to August. Nickel - $8.80/lb ; Chromium - $5.15/lb ; Molybdenum - $20.09/lb . China markets remain closed until Friday for their National Day holiday, which could help keep trading subdued this week, although that did not prove true the last time China was out for a week.  LME Week begins next week and its always interesting to see what nickel does during the week and the week . These big trading houses spend tons of money on market intelligence, and typically, will know or suspect things well before the general public does. So will future shortages of nickel be a primary topic of discussion amongst traders next week, or is the topic not as realistic as we are being led to believe? We will find out next week. In the mean time, stay safe out there and have a great week. It's a new week and you have exactly one quarter left in 2021.
  
• Average price of LME traded cash nickel so far this month - $8.22/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Friday's market review - Copper bounces, but set for weekly decline of 2% - Copper prices rebounded on Friday, but were on pace to post a weekly decline of about 2%, with traders warning that more losses were likely due to concerns over energy prices and Chinese growth. - more

• Report On Business® Roundup: September Manufacturing PMI® - more
  

    The scientists trying to efficiently recycle the batteries in electric cars - In the UK, transport accounts for a third of emissions. Electric vehicles are seen as key to solving that and by 2030, the European Union needs at least 30 million electric vehicles to reach climate targets.  - more

• Another Big EV Battery Fantasy, Another Letdown - more
• Iron Battery Breakthrough Could Eat Lithium’s Lunch - more
• U.S. Futures Decline as Stagflation Worries Deepen: Markets Wrap - more
• BHP to supply nickel to Toyota-Panasonic battery venture - more
• BHP produces crystals at its first Australian nickel sulphate facility - more
  

   Other News

• Reuters The Day Ahead - pdf here
• ‘Iron ore prices decline and rapid rise in shipping rates’ – another iron ore miner halts operations - more
  

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $8.16/lb ($17,995/tonne). Indicators at 6:25 am CST today show nickel trading around $.05/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started the new month just over the 156,200 tonne level.  Stockpile numbers fell by 36,222 tonnes in September, 20,644 tonnes in August, and 18,378 tonnes in July.  For the third quarter of 2021, LME nickel stockpiles fell by 75,264 tonnes - and they currently hold just a tad more than twice that amount. So unless this is all a big numbers game with the big trading houses, secretly shifting inventory back and forth to give an illusion of demand - we look for 2022 to be an 'interesting' year. China markets are closed for their National Day holiday from October 1 to 7, 2021, so this could potentially help with their black out problems. Speaking of blackouts, there is a super simple way for this condition to fix itself, but we live in a time where diplomacy is more rhetoric than substance. The Australian leader was one of those who began to echo the then U.S. President's claim that covid was a creation of a China lab, and China retaliated by banning, among other things, the importation of Australian coal. And then the brown-outs came more regularly, until finally, this year, they look to start having a negative effect on the country's GDP.  Someone really needs to blink here. "Both" economies are paying a price for this political spat, and the world is just starting to. We welcome back P.A. Inc. and ELG Metals as our October sponsors. These two companies are supporting this site by sponsoring a banner and it is because of their support, and our other banner sponsors, that this site is updated daily and remains free to visitors. They are supporting you, so please consider visiting their site and seeing if they offer a service that might benefit your company. It's a less intrusive way to introduce themselves to you over a cold call. And we thank them both for their support. It's Day one of the fourth and final quarter of 2021. There are only 85 days left to Christmas and 91 days left in the year. More importantly, it's the weekend so stay safe out there and have a great weekend.
  
• Average price of LME traded cash nickel so far this month - $8.80/lb (average for September)
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Thursday's market review - Base metals hurt by strong dollar and China power curbs - Copper prices and other metals were dragged down on Thursday by a stronger dollar, and as power constraints in top consumer China triggered worries over demand. - more

      Taiwan's stainless steel upstream raises price, downstream may follow - According to the latest information, Yieh United Steel Corp. (Yusco), one of the leading stainless steelmakers in Taiwan, decided to raise its stainless steel price for October, mainly because of the increasing cost driven by the Chinese limited power policy. - more

      Delayed exports clog the wood pulp, toilet paper supply chain - Some big box stores are again limiting how much toilet paper and other paper products customers can buy as suppliers struggle to overcome logistical hurdles in exporting raw materials. - more

• Dear Port Of Los Angeles, It’s Time To Call The Marines - more
  

   Other News

• Reuters The Day Ahead - pdf here
• US dollar hits 1-year high as Fed tightening in focus - pdf here
• EU makes $2 billion push to curb reliance on China’s rare earths - more
• Industrial Distribution's 2021 Big 50 Countdown: 10-1 - more
• China’s population could halve within the next 45 years, new study warns - more
• Stocks, Futures Begin New Quarter on Risk-Off Note: Markets Wrap - more

  Morning Stats and Prices