Nickel closed Friday's trading
session at $10.00/lb ($22,055/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
Friday and started this work week just over the 52,100 tonne level. It
looks like we are safe is saying the average traded price of official
cash nickel will fall below the $10.00/lb level for October, down from
$10.29/lb in September. LMEWeek is over and if traders came away
feeling anything particular about base metals, it appears by their bets
since, they are slightly bearish. That isn't to say we aren't watching
the bulls playing a bluff to bait the bears into betting short, but so
far, the bull is subdued. Today we say goodbye to October 2022, and one
third of the final quarter of this year will now be in the history
books. And in a few weeks, another contentious political season will be
behind us. Taiwan raises prices and the Financial Times has an
subscriber only article about some in Indonesia who want to form a
nickel cartel, much like OPEC. Stay safe out there and have a great
week! And Happy Halloween!
Average price of LME traded cash nickel
so far this month
- $9.95/lb
Reports
Reuters metals morning - Base metals fall on weak China factory data, COVID curbs - more
Friday's market review - Copper lurches lower as longs flee, lead soars
8% on index news - Copper slid on Friday as bullish investors shed long
positions while the dollar strengthened and top metals consumer China
reported more coronavirus cases and renewed lockdowns. - more
Taiwan’s Yusco increases stainless steel prices for Nov - Yieh United
Steel Corp. (Yusco), a leading stainless steel mill in Taiwan, declared
its new price list for November. - more
Stainless steel industry remains resilient amid post-Covid recovery -
The levels of local stainless steel consumption have been declining for
the past eight years, however, the industry remains buoyant after
having seemingly recovered from the effects of the pandemic, says
Southern Africa Stainless Steel Development Association (Sassda) acting
executive director Michael Basson. - more
Indonesia seeks Saudi investments in nickel to boost e-vehicle
production - Indonesia was looking to exchange resources with Saudi
Arabia to boost the production of electric vehicles and strengthen
energy cooperation, an Indonesian business leader has revealed. - more
Mineral-hungry China triples Indonesian investments as Jakarta pushes downstream processing - more
Canada strengthening guidelines to protect critical minerals sectors -
Canada must build a resilient critical minerals supply chain with
like-minded partners, Ottawa said on Friday, as it outlined rules meant
to protect the country’s critical minerals sectors from foreign
state-owned companies. - more
Nickel closed Thursday's trading
session at $10.15/lb ($22,380/tonne). Indicators at 6:00 am CST today show
nickel trading around $.04/lb
higher. Stockpiles of nickel stored in LME licensed warehouses went
unchanged for a third time this week, and remain just under the 52,900
tonne level. It is incredibly rare to see stockpile numbers go
unchanged once, but five times this month is something we have never
recorded before. Is someone sending LME a message warning them about
their market relevance, or is this something else? LMEWeek officially
ends today, and London media reports pressure is building on the LME to
boycott Russian base metals. The ISSF is out with year to date
stainless production numbers and they are rather dismal, but not as bad
as World Steel reported steel numbers were down during the same period
(3.5% compared to 5.5%). Outokumpu has decided to keep a ferrochrome
furnace, shut down for maintenance, closed until at least April of next
year, due to demand concerns and rising energy costs. A Ukrainian steel
group takes Russia to court, while Putin tells local media he will not
use nuclear weapons, while making preparations to potentially do so in
territory his army had seized but is in risk of losing. Why else would
you order the evacuation of all civilians, most of whom would be happy
to see you leave and leave them in peace?
Average price of LME traded cash nickel
so far this month
- $9.95/lb
Reports
Reuters metals morning - Base metals fall as China's COVID curbs spike demand worries - more
Thursday's market review - Copper pulls back as China COVID cases rise,
dollar firms - Copper and aluminum prices retreated on Thursday,
weighed down by more coronavirus curbs in top metals consumer China, a
firmer dollar and rising aluminum inventories. - more
Column: Metal markets brace for a downturn of a different kind - The
spectre of recession has hung heavy over this year's London Metal
Exchange (LME) Week festivities. - more
LMEWEEK-Pressure builds on London Metal Exchange to boycott Russia -
Pressure is mounting on the London Metal Exchange (LME) to block
Russian material from its system, with several producers calling
publicly for action, which some consumer associations oppose. - more
Global stainless steel output down 3.5 percent in H1 - According to the
ISSF data, in the first half of the current
year, stainless crude steel production decreased by
5.3 percent in China, up by 3.1 percent in the Asia region excluding
China and South Korea, down by 14.7 percent in the US, and was down by 5.2
percent in Europe, all compared with the first half of 2021. -
more
Outokumpu completed the change negotiations related to the restriction
of the ferrochrome production - Outokumpu has completed its change
negotiations related to the company's plans to further restrict the
ferrochrome production and to delay the restart of one ferrochrome
furnace after a maintenance break at least until the end of the first
quarter of 2023. - more
Some Minnesota residents worried about local nickel mining for EV
batteries - As demand for electric cars continues to grow, so does the
need for a mineral critical to its function: nickel, which makes
batteries last longer, so cars can go farther. - more
Russia with the European Court of Human Rights - The Metinvest Group of
Rinat Akhmetov and Vadim Novinsky announced that 16 enterprises of the
Group have filed suits with the European Court of Human Rights (ECHR)
against Russia for damage caused by Russia to property and property of
the Group in Mariupol and other territories of Ukraine since February
24, 2022 .- more
Nickel closed Wednesday's trading
session at$10.28/lb ($22,670/tonne). Indicators at 6:00 am CST today show
nickel trading around $.24/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell
slightly and started today just under the 52,900 tonne level. Base
metals are trading mixed this morning, with nickel the biggest loser of
the lot. Not sure what news is affecting nickel but it is worth
watching what the price does over the next few days, as the trading
price might reflect some of the intelligence being learned over drinks
during the LMEWeek get together's. The surge in the Euro was helping
nickel yesterday, but is slipping slightly this morning. Lot less news
today, with European demand under the microscope. Stay safe out there
and have a great Thursday!
Average price of LME traded cash nickel
so far this month
- $9.94/lb
Reports
Reuters metals morning - Copper pulls back as China COVID cases rise, dollar firms - more
Wednesday's market review - Weakening dollar pushes industrial metals
prices higher - Industrial metals prices rose sharply on
Wednesday as hopes for a slower pace of U.S. interest rate rises
boosted global stock markets and weakened the dollar, making
dollar-priced metals cheaper for buyers with other currencies. - more
EU steel usage expected to fall more in 2022 than previously forecasted
- According to the Economic and Steel Market Outlook 2022-2023/Q4 2022
Report from the Economic Committee of the European Steel Association
(EUROFER), the positive trend seen in apparent steel consumption in the
EU-27 throughout 2021 came to an end in the second quarter of 2022.....
- more
Turkey has excellent prospects in the European steel market - Mediterranean Exporters Association - more
Economic recession hits industry, downsizing steel demand expectations for 2022-2023 - more
CISA mills’ daily steel output down 2.03 percent in mid-October - The
China Iron and Steel Association (CISA) has announced that in
mid-October (October 11-20) this year the average aggregate daily crude
steel output of large and medium-sized steel enterprises in China - all
CISA members ..... - more
Taiwan’s stainless steel mills may increase prices for Nov - LME nickel
price rebounded to US$22,000/ton recently. China's Tsingshan Holding
Group increased its stainless steel prices by CNY 300-800/ton yesterday
(October 25). - more
Nickel closed Tuesday's trading
session at $10.11/lb ($22,280/tonne). Indicators at 6:00 am CST today show
nickel trading around $.06/lb
higher. Stockpiles of nickel stored in LME approved warehouses went
unchanged for a second consecutive session and remains just over the
52,900 tonne level. Nickel went unchanged yesterday, but is higher this
morning on a stronger Euro. We updated the US surcharges for November (here) and for resellers and end users, they are at the lowest they have been so far this year. After
a drought of news, we have a bunch today, including stainless steel
production and pricing trends, so we leave you with it. Stay safe out
there and enjoy your hump day!
Average price of LME traded cash nickel
so far this month
- $9.93/lb
Reports
Reuters metals morning - Copper climbs as dollar eases, but economic uncertainty weighs - more
Tuesday's market review - Copper retreats on projected demand slowdown
- Copper prices slipped on Tuesday as the market focused on slowing
growth and demand around the world, though some price support was
provided by low stock levels in warehouses registered with the London
Metal Exchange (LME). - more
LME partner Metalshub targets lower-content nickel trading - The global
metals sector needs viable spot trading to underpin burgeoning output
of lower-content nickel products, but industry participation is key,
said the head of German online platform Metalshub, which has linked up
with the London Metal Exchange. - more
China's stainless steel production increase in Oct less than expected -
Due to the recent port strike in South Africa, which seriously affected
the operation of many major South African ports, the bulk
transportation of South Africa's main export products such as iron ore,
coal, chromium, manganese, and agricultural products was threatened. - more
SunSirs: On October 25, the Spot Price of Stainless Steel Was Mainly Stable with Slight Adjustment - more
LMEWEEK-Aurubis urges LME to ban Russian copper as customers shun it -
Aurubis, Europe's biggest copper producer, wants the London Metal
Exchange to impose an immediate ban on Russian metal due to risk of
warehouses filling up as consumers shun it, its CEO told Reuters on
Tuesday. - more
World crude steel output up 3.7 percent in September - In September,
crude steel output in Asia amounted to 113.0 million mt, up by 10.6
percent, with China’s output at 87.0 million mt, up 17.6 percent, with
7.1 million mt produced by Japan, decreasing by 12.3 percent, 9.9
million mt produced by India, increasing by 1.8 percent, and 4.6
million mt produced by South Korea, falling by 15.4 percent - with all
comparisons on year-on-year basis. - more
Stainless steel meltshop production decreased in first half year of
2022 - The world stainless association released figures for the first
half year of 2022 showing that stainless steel melt shop production
decreased by 3.5% year–on–year to 29.0 million metric tons. - more
Prices under negative pressure despite mill list hikes - October was
expected to be a crucial month in determining the short-term direction
of global steel prices. In Europe and North America, the mills’ efforts
to reverse the negative trend are being strongly opposed by buyers. - more
World's biggest nickel producer ditches Western tech - Russian mining
company Nornickel says it intends to acquire new equipment from
"friendly countries." - more
Nickel closed Monday's trading
session at $10.11/lb ($22,290/tonne). Indicators at 6:00 am CST today show
nickel trading around $.08/lb
lower. Stockpiles of nickel stored in LME licensed warehouses went
unchanged on Monday and remain just over the 52,900 tonne level. It's
quiet out there and applicable news hard to find. This is normal for
the end of the month, but even more so, with the LME meeting in London.
Interesting analysis below on why throwing money to mining companies in
American may be a waste of time, since the licensing process is nearly
impossible to complete successfully. Twin Metals has learned that the
hard way with its Minnesota nickel mine hopes on perpetual hold. Stay
safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $9.92/lb
Reports
Reuters metals morning - London copper falls as Chinese yuan weakens against dollar - more
Monday's market review - Copper slips as China's
yuan falls to lowest since 2008 - Copper prices fell on Monday as
investors worried about the pace of economic growth in top consumer
China and the yuan fell to its weakest versus the dollar since 2008,
making dollar-priced commodities costlier for Chinese buyers. - more
Column: China may solve the LME's Russian copper problem. But at a
price: Russell - China will be a key component of how ever the London
Metal Exchange (LME) decides to attempt to solve its Russia conundrum,
with the possibility that the world's largest importer of metals
becomes the effective market of last resort. - more
Courtesy AISI - In the week ending on October 22, 2022, domestic raw
steel production was 1,669,000 net tons while the capability
utilization rate was 74.8 percent. Production was 1,836,000 net tons in
the week ending October 22, 2021 while the capability utilization then
was 83.2 percent. - more
Zijin Mining Buys Rights for Asia's Largest Molybdenum Mine - China's
Zijin Mining Group has acquired an 84 percent stake in the owner of
what is expected to become Asia's biggest molybdenum mine for CNY5.9
billion (USD813.6 million), marking its third large investment in less
than two weeks. - more
Analysis: Biden's EV minerals cash fruitless without permitting reform
- Washington's growing financial support for companies that produce
metals used in electric vehicles will likely prove fruitless unless the
federal government streamlines the mine permitting process, investors,
executives and consultants told Reuters. - more
Nickel closed Friday's trading
session at $9.96/lb ($21,965/tonne). Indicators at 6:00 am CST today show
nickel trading around $.10/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Friday and started this week just over the 52,900 tonne
level. It's LME Week, which means absolutely nothing to most of us, but
is that time of year when traders and executives involved with the LME,
get together, have meetings during the day and party at night. As Andy
Home reminded his readers in an article linked below, this year will
not be the first time LME has met while finding itself under scrutiny
for a trading scandal. And it probably won't be the last. Stay tuned.
Except for one day next week., this is the final full week of October.
Stay safe out there and have a great week!
Average price of LME traded cash nickel
so far this month
- $9.92/lb
Reports
Reuters metals morning - Base metals advance as China demand outlook improves - more
Friday's market review - Aluminium heads for weekly
loss on economic slowdown, demand worries - Aluminum prices were set to
end the week around 4% lower as fears of rapid U.S. interest rate hikes
dampened the outlook for economic growth and metals demand. - more
London Metal Exchange Week: cocktails, canapés and crises: Andy Home
- It’s not the first time the 145-year-old London Metal Exchange
(LME) has found itself in crisis. - more
LME could take action if Russian inventories become a problem -CEO - more
China’s stainless steel consumption expected to fall 2.3% in 2022 - As
for 2023, the outlook for China’s stainless steel consumption is
positive, while uncertainty still exists amid the impact of the
Covid-19 pandemic and the turbulence in the international market. - more
Vale CEO says iron ore miner will spin-off copper, nickel unit - The
chief executive of Vale SA said on Friday the Brazilian iron ore miner
is reconsidering a near-term spin-off of its base metals business and
an eventual public listing. - more
Nickel closed Friday's trading
session at $9.96/lb ($21,965/tonne). Indicators at 6:00 am CST today show
nickel trading around $.10/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Friday and started this week just over the 52,900 tonne
level. It's LME Week, which means absolutely nothing to most of us, but
is that time of year when traders and executives involved with the LME,
get together, have meetings during the day and party at night. As Andy
Home reminded his readers in an article linked below, this year will
not be the first time LME has met while finding itself under scrutiny
for a trading scandal. And it probably won't be the last. Stay tuned.
Except for one day next week., this is the final full week of October.
Stay safe out there and have a great week!
Average price of LME traded cash nickel
so far this month
- $9.92/lb
Reports
Reuters metals morning - Base metals advance as China demand outlook improves - more
Friday's market review - Aluminium heads for weekly
loss on economic slowdown, demand worries - Aluminum prices were set to
end the week around 4% lower as fears of rapid U.S. interest rate hikes
dampened the outlook for economic growth and metals demand. - more
London Metal Exchange Week: cocktails, canapés and crises: Andy Home
- It’s not the first time the 145-year-old London Metal Exchange
(LME) has found itself in crisis. - more
LME could take action if Russian inventories become a problem -CEO - more
China’s stainless steel consumption expected to fall 2.3% in 2022 - As
for 2023, the outlook for China’s stainless steel consumption is
positive, while uncertainty still exists amid the impact of the
Covid-19 pandemic and the turbulence in the international market. - more
Vale CEO says iron ore miner will spin-off copper, nickel unit - The
chief executive of Vale SA said on Friday the Brazilian iron ore miner
is reconsidering a near-term spin-off of its base metals business and
an eventual public listing. - more
Nickel closed Thursday's trading
session at $10.03/lb ($22,120/tonne). Indicators at 6:40 am CST today show
nickel trading around $.15/lb
lower. Stockpiles of nickel stored in LME approved warehouses fell
sharply on Thursday and ended that session just over the 52,900 tonne
level. Nickel is trading lower this morning, but already off earlier
lows. Nickel fell below the $22,000 tonne level last week and is
showing signs it might be hard to regain that level and hold on. Last
month it was the $24-$25,000 tonne level we were talking about. LME
Week is next week and trading in years past, has been rather docile
during this event. Last year, we saw the beginning of a bullish run
during and immediately following. Some of the dinner table
conversations next week will likely have to do less with nickel, and
more to do with the sudden exit of the British Prime Minister. The LME
has its work cut out for it, trying to reassure market participants it
is still a legitimate trading house for global trade. The debacle in
March left many wounds, some of which have yet to heal, and it is
likely, left some that never will. Their actions to calm the market
were seen to favor one side over the other, and those who took the
greatest risk, appeared to reap the greatest benefit. The integrity of
the trade was thrown into question, not something the LME, or the
market, wants or needs. Another week will soon be in the history books
and we hope it was a prosperous one for you. Stay safe out there and
have a great weekend!
Average price of LME traded cash nickel
so far this month
- $9.93/lb
Reports
Reuters metals morning - Copper prices retreat as Fed rate hike jitters offset demand prospect - more
Thursday's market review - Aluminium rebounds on
lower stockpiles, hopes of easing China curbs - Aluminum prices rose on
Thursday after a four-session slump as inventories slipped and
investors hoped that China would ease its strict COVID-19 restrictions.
- more
Global stainless steel consumption changes - During the course of the
worldstainless October meetings the Economics & Statistics
Committee meeting came together in its 55th session on October 17th,
2022 where participants reviewed stainless steel consumption prospects.
- more
FeCr market mulls surcharges as costs mount - Mounting costs to produce
and transport ferro-chrome in Europe and neighbouring countries are
causing market participants to consider adding surcharges to protect
suppliers' margins. - more
Chrome Ore Prices to See Limited Downside Room, even after the Strike in South Africa Has Ended - more
Association predicts nickel demand boost in 2023 - Delegates to
Lisbon-based International Nickel Study Group (INSG) meetings held in
mid-October see some bright spots in nickel demand in 2023, citing a
stainless steel sector rebound and continued growth in electric vehicle
(EV) battery demand. - more
Transnet employees back to work: but here’s how much the strike cost
us - (excerpt) Mineral exporters were unable to rail and load
357,000 tonnes of iron ore, coal, chrome, ferrochrome and manganese
onto ships daily.But seeing that the strikes lasted over 10 days, the total loss is around R8,9 billion. - more
Nickel closed Wednesday's trading
session at $9.94/lb ($21,915/tonne). Indicators at 6:00 am CST today show
nickel trading around $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Wednesday and ended that trading session just over the 52,900 tonne
level. World Steel Association and the World Bureau of Metal Statistics
are out with news and forecasts. The Biden Administration is handing
out billions of dollars to boost domestic production of EV's and the
minerals needed to make their batteries. The times they are a-changing.
Stay safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $9.92/lb
Reports
Reuters metals morning - Aluminium rebounds on fall in stocks, hope about Chinese curbs - more
Wednesday's market review - Copper pushes lower on
fears about inflation, recession - Copper prices extended losses on
Wednesday as soaring inflation and the prospect of more interest rate
hikes fueled worries about the global economy and metals demand, while
a strong dollar also weighed on the market. - more
worldsteel Short Range Outlook October 2022 - The World Steel
Association (worldsteel) has today released an update of its Short
Range Outlook (SRO) for 2022 and 2023. - more
January to August 2022 Metals Balances - (excerpt)The nickel market was
in deficit during January to August 2022 with apparent demand exceeding
production by 75.5 kt. In the whole of 2021, the calculated deficit was
179.3 kt. - more
Biden awards $2.8 billion to boost U.S. minerals output for EV
batteries - The Biden administration said on Wednesday it is awarding
$2.8 billion in grants to boost U.S. production of electric vehicle
batteries and the minerals used to build them, part of a bid to wean
the country off supplies from China. - more
Mill capacity cuts fail to deliver price aspirations - In early
September, European steelmakers were promoting significant price
increases, to protect margins against soaring energy costs. - more
Spotlight on LME nickel debacle and the fate of Russian metal -
Possible sanctions on Russian metal, lawsuits, a battle to recover
trust and a slump in nickel trading after the March fiasco are just
some of the headwinds facing the London Metal Exchange (LME) as the
industry prepares to meet in the British capital. - more
LME Week talking points: global slowdown looms over demand outlook - pdf here
Nickel to enter surplus by year-end – INSG - During an International
Nickel Study Group (INSG) meeting on October 17 and 18, the group
deduced that there will be negative growth in the stainless steel
sector and that nickel will increasingly be used in batteries for
electric vehicles (EVs), with both sectors set to increase output in
2023. - more
Italian crude steel production down 18.7 percent in September -
September was again a negative month for the production of crude steel
in Italy, with a total output of 1.873 million mt, down by 18.7 percent
compared to the same month of 2021, as announced by Federacciai, the
Italian federation of steel companies. - more
Nickel closed Tuesday's trading
session at $9.93/lb ($21,885/tonne). Indicators at 6:00 am CST today show
nickel trading around $.03/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started today just over the 53,750 tonne level. As can be
seen below, there is still no agreement on whether worldwide nickel
supplies are in surplus status or remain in deficit. Sumitomo Metals,
not only says nickel will remain in deficit this year, but continue so
next year. The International Study Group reports a surplus this year,
with a greater surplus next year. So pick your poison. The main reason
it matters to the stainless steel industry is the effect that status
could mean on the trading price. Deficits support higher prices, and
higher nickel prices can mean higher stainless steel prices. While LME
inventories can give us a hint of the overall picture, that picture has
been skewed since the March trading debacle and loss of confidence in
the LME organization. European stainless steel demand is higher since
summer vacations ended. China Iron and Steel Association is warning the
Chinese steel industry will continue to "face difficulties" for the
remainder of 2022. One of these challenges is, and it appears will
continue to be, the government's renewed commitment to a zero covid
policy. Stay safe out there today and enjoy your hump day!
Average price of LME traded cash nickel
so far this month
- $9.94/lb
Reports
Reuters metals morning - Base metals mixed as solid U.S. data counters rising inventories - more
Tuesday's market review - Copper wilts on worries over China and global
slowdown - Copper prices weakened on Tuesday, pressured by investor
disappointment that China failed to ease its strict COVID-19 policy and
as a global economic downturn dampens metals demand. - more
Sumitomo Metal sees global nickel market staying in deficit next year
- The global nickel market is expected to remain in deficit for a
third straight year in 2023 on solid demand for battery, chip-making
equipment and oil-well tubular, Sumitomo Metal Mining said on Tuesday.
- more
Global nickel demand to increase to 3.22 mln tonnes in 2023 -INSG -
(excerpt) Global output of nickel is expected to rise to 3.39 million
tonnes from 3.04 million tonnes, the Lisbon-based group said, adding
the implicit market balance is a surplus of 144,000 tonnes in 2022, and
a surplus of 171,000 tonnes in 2023. - more
India’s engineering exporters seeks immediate scrapping of export tax
on stainless steel - The EEPC said that stainless steel bars have very
low domestic consumption and have not contributed to the inflation
situation that prompted the government to impose the export tax. - more
Stainless flats prices, demand continue to improve - Sales activity for
European stainless steel coil, sheet and tube continues to be sustained
in October after a dynamic September following a long period of market
weakness, sources in the sector tell Kallanish. - more
CISA: Steel demand in China to pick up in the future - Accordingly, the
CISA said it believes that the Chinese steel industry will continue to
face difficulties in the fourth quarter this year, while steelmakers
should try their best to improve efficiency and to work hard. - more
Nickel closed Monday's trading
session at $9.88/lb ($21,777/tonne). Indicators at 6:00 am CST today show
nickel trading around $.08/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose for
a second consecutive session and ended that session just below the
54,300 tonne level. Nickel spent its second quiet day over the past
four, with a stronger Euro not helping it move yesterday. LME stockpile
numbers are starting to confirm the claim that global nickel has moved
into surplus, thanks mostly due to new production in Indonesia. One of
the striking unions in South Africa has reached an agreement and will
return to work, while the other large union on strike remains so. Putin
is using suicide drones in an apparent attempt to cripple Ukraine's
electrical grid and water systems as winter approaches. It is obvious
that Putin plans to use winter as a weapon, and this has energy
dependent Europe nervous. It is interesting to see the Dow jump back
over the 30,000 level with people from the President on down claiming
the worst of the economic slowdown, is yet to come. Stay safe out there
and enjoy your Tuesday!
Average price of LME traded cash nickel
so far this month
- $9.95/lb
Reports
Reuters metals morning - Copper falls on demand concerns as China sticks with zero-COVID stance - more
Monday's market review - Aluminium down as inventories jump;
softer dollar supports copper - Aluminum prices dropped on Monday in a
sell-off sparked by large deliveries to warehouses approved by the
London Metal Exchange (LME) while copper was supported by a weaker
dollar despite worries about demand in top consumer China. - more
More than half of the strikers at Transnet to go back to work -
State-owned logistics company Transnet has reached a new three-year
wage deal with its majority union, the United National Transport Union
(Untu), that will ease congestion at SA ports as more than half the
workforce returns to work. - more
China’s stainless steel market supported by higher raw material prices
- China’s stainless steel production exceeded expectations in
September, but the consumption was also high due to stock preparation
before the holidays. - more
Social Inventory of Stainless Steel Fell in the First Half of
October, Only That of 400 Series Stainless Steel Increased Slightly - more
The Recession Is Here - and it’s a Good Thing - As salespeople, sales
leaders and business owners try to navigate this next recession, it’s
important to remember that tough times are good. - more
Courtesy AISI - In the week ending on October 15, 2022, domestic raw
steel production was 1,688,000 net tons while the capability
utilization rate was 75.7 percent. Production was 1,836,000 net tons in
the week ending October 15, 2021 while the capability utilization then
was 83.2 percent. - more
Nickel closed Friday's trading
session at$9.88/lb ($21,775/tonne). Indicators at 6:00 am CST today show
nickel trading around $.02/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Friday and start the week just shy of the 53,700 tonne level. For the
first time in forever, stockpile numbers at the middle of the month,
exceed their reading at the beginning of the month - by around 1300
tonnes. Nickel ended lower on Friday, after a morning that saw little
change. We are seeing another quiet morning with a slightly stronger
Euro giving some support. US and Canadian service centers report
activity was lower in September, YOY, Germany's Thyssenkrupp discusses
the energy crisis and the "strong blow' it is having on steel
producers. And more on the South African strike. Stay safe out there
and have a great week!
Average price of LME traded cash nickel
so far this month
- $9.98/lb
Reports
Reuters metals morning - Copper subdued as demand uncertainty offsets supply woes - more
Friday's market review - Aluminium falters as rising
inventories highlight weak fundamentals - Aluminum prices
fell on Friday as rising inventories pointed to ample supply, reversing
some of the gains that followed news this week of a possible U.S. ban
on imports of Russian metal. - more
China's steel industry PPI decreases by 1.7 percent in Sept - China's
overall producer price index (PPI) rose by 0.9 percent year on year in
September, while it declined by 0.1 percent month on month. - more
South Africa’s mineral exporters losing $44 mln a day due to Transnet
strike - The Minerals Council South Africa has urged a speedy
resolution to the strike affecting state-owned Transnet’s rail and port
network, costing the country and damaging an already fragile economy,
it said in a statement. - more
Service Center Shipments Down Year-Over-Year in September - The MSCI
Metals activity report for the month of September, 2022 shows steel and
aluminum activity decreased in both countries from year ago levels. - more
The German Thyssenkrupp announced the “strong blow” of the energy
crisis to the factories of the concern - Rise in energy prices has
become a "strong blow" to the enterprises of the largest steel producer
in Germany. - more
India starts probe into increase in iron alloy imports from South Korea
- India has initiated a probe to ascertain if a spurt in imports of
Ferro Molybdenum, which is used in steel, nickel, and cobalt alloys,
from South Korea is hitting the domestic producers. - more
Streamlined metal fabrication of the 'monster' stainless grill - A
specialty grill manufacturer based out of North Carolina navigates
unprecedented times - more
Nickel closed Thursday's trading
session at $10.19/lb ($22,450/tonne). Indicators at 6:45 am CST today show
nickel trading around $.04/lb
lower. Stockpiles of nickel stored in LME licensed warehouses went
unchanged for a second time within a week, and remained just below the
52,700 tonne level. Factors to affect stainless steel production and
demand in the coming winter could include the following - Power
generation/availability in Europe. War in Ukraine and further potential
sanctions and slight possibility of spillover into a larger conflict as
players friendly to Russia flex what little muscle they have. Not
included in this is China, who could flex its muscle and mediate an end
to this war. Covid surges, especially in China which continues its zero
tolerance policy. Runaway inflation - some economists are warning about
2023 being a difficult one for many families - it already is in many
global families. In our opinion, as long as governments keep propping
up their economies with stimulus money, we will never truly know how
our economies would fare. And based off the stimulus money issued in
the US since covid, neither political party has much faith it would do
well. We probably missed a few factors worth mentioning, but for the
most part, much of what has been making headlines and affecting nickel
and stainless, will continue to do so. Stay safe out there and enjoy
your weekend!
Average price of LME traded cash nickel
so far this month
- $9.98/lb
Reports
Reuters metals morning - Aluminium falters as rising inventories highlight weak fundamentals - more
Thursday's market review - Aluminium rises further on threats of
Russian metal bans - Aluminum prices rose for a second straight
day on Thursday after news reports suggested that the United States
could ban imports from Russia, a major producer. - more
LME clearing house runs down default fund in BoE stress test - more
Explainer: Will market mayhem erupt if US bans Russian aluminium? - more
TISCO first launches stainless steel materials for highway guardrails
in China - Recently, the stainless steel materials for highway
guardrails (SB level) jointly developed by TISCO and Shanxi
Transportation Holdings Group have successfully passed the full-scale
crash test of a real vehicle, which was the first in China. - more
Russia's Novak casts doubt on Europe's ability to meet peak winter gas
demand - Russia's Deputy Prime Minister Alexander Novak cast doubt Oct.
13 on Europe's ability to meet peak winter gas demand without Russian
supplies, saying the situation for the European market this winter was
"critical." - more
The largest steel company in Ukraine stopped to save electricity - On
Monday evening, the Ukrainian authorities called on businesses and
citizens of the country to limit energy consumption in connection with
a massive Russian missile attack on energy infrastructure. - more
Ferrous metallurgy enterprises stop in Ukraine due to problems with electricity - more
Nickel closed Wednesday's trading
session at$10.19/lb ($22,460/tonne). Indicators at 6:00 am CST today show
nickel trading around $.05/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday, and started today just barely below the 52,700 tonne level.
Market seems to be somewhat subdued and waiting for a U.S. inflation
report to be released later today. The CPI report is scheduled to be
issued at 8:30 AM and is not only an important report these days, it is
issued early enough to actually affect same day London LME trading.
Quiet news day. Stay safe out there and have a great Thursday.
Average price of LME traded cash nickel
so far this month
- $9.99/lb
Reports
Reuters metals morning - Copper eases on firm dollar ahead of U.S. inflation data - more
Wednesday's market review - Aluminium lurches higher on report U.S.
weighs Russia ban - Aluminum prices surged on Wednesday after a report
that the United States was considering banning Russian aluminum in
response to Moscow’s escalation in Ukraine. - more
Copper today, aluminium tomorrow? LME's Russian dilemma: Andy Home -
More than 60% of the copper stored in London Metal Exchange (LME)
warehouses at the end of September was produced in Russia. - more
Zero chance ferrochrome plant will be built here, says
Shoemaker - Sautites needn't worry about any possibility of a
ferrochrome smelter being constructed here, says mayoral candidate
Matthew Shoemaker, who leads the SooToday poll for mayoral candidates
in the Oct. 24 municipal election. - more
IREPAS in Monaco: The current crisis is a once-in-a-generation event -
The 87th meeting of IREPAS (the International Rebar Exporters and
Producers Association) was held in Monaco, on October 9-11, 2022, in
conjunction with the SteelOrbis Fall ’22 Conference. - more
Nickel closed Tuesday's trading
session at $9.97/lb ($21,990/tonne). Indicators at 6:00 am CST today show
nickel trading around $.07/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Tuesday and ended that session just over the 52,700 tonne level. China
is back in business, except for those under quarantine due to covid
surges. We have seen where some are reporting stainless steel
'shortages' in China, but according to a SMM article today, 300 series
stainless steel inventories held at plants are near record levels -
record high that is. It appears 200 series stainless demand is up
there, and inventories lower, thanks in part to the higher nickel
prices. Recession fears and covid numbers get the media's blame for
lower nickel prices today, with Shanghai's nickel price see sawing
wildly since they returned to trading on Monday. Stay safe out there
and have a great hump day!
Average price of LME traded cash nickel
so far this month
- $10.00/lb
Reports
Reuters metals morning - Aluminium extends losses as China sticks to COVID curbs - more
Tuesday's market review - Aluminium staggers lower on recession fears -
Aluminum and some other base metal prices slumped on Tuesday as concern
grew that a global economic downturn and rising COVID-19 cases in top
consumer China would curb demand. - more
Recession worries stainless steel producers - Stainless steel producers
in Europe are becoming increasingly worried about demand for their
products because of the expected recession across the continent. - more
China's stainless steel prices hike after holidays - LME nickel prices
rose to US$22,782/ton last week. It was the highest level since the end
of September. - more
Russia’s stainless steel imports down 40.4 percent in Sept from Aug -
In September this year, Russia’s stainless steel imports totaled 18,230
mt, down by 40.4 percent compared to August and by 54.4 percent year on
year, according to Russia-based SpetsStal Association. - more
Mining sector would be hardest hit by Transnet strike, says economist -
Mining would be the hardest hit by the countrywide industrial action.
The Minerals Council South Africa forecast a revenue loss of R50
billion this year for iron ore, coal, chrome, ferrochrome and manganese
exporters – as measured by delivered tonnages against contracted rail
volumes. - more
Strike at South Africa’s Port and Freight-Rail Restrict the
Export of Chrome Ore, What is the Impact on Domestic Chrome Market? - more
GM to take equity stake in Australian mining company - General Motors
Co (GM.N) said on Tuesday it will invest up to $69 million and take an
equity stake in Queensland Pacific Metals (QPM.AX) to secure a new
source of nickel and cobalt for battery cells for use in the U.S.
automaker's vehicles. - more
Courtesy AISI - In the week ending on October 8, 2022, domestic raw
steel production was 1,680,000 net tons while the capability
utilization rate was 75.3 percent. Production was 1,836,000 net tons in
the week ending October 8, 2021 while the capability utilization then
was 83.2 percent. - more
EV batteries could become a $340 billion market: Startups are racing to
build them - The future of the auto industry hinges, now more than
ever, on batteries. Batteries are critical to automakers'
multi-billion-dollar plans to create electric vehicle lineups over the
next several years. - more
Nickel closed Monday's trading
session at $10.16/lb ($22,395/tonne). Indicators at 6:00 am CST today show
nickel trading around $.05/lb
lower. Stockpiles of nickel stored in LME licensed warehouses went
unchanged yesterday and remain just over the 52,000 tonne level.
Outokumpu announced it will keep a ferrochrome furnace shut down till
at least April 2023, reflecting both the lower demand and higher energy
prices Europe is feeling. A UK court has granted two hedge funds
permission to proceed with their suit against the LME for canceling
trades back in March during the nickel trading debacle. The possibility
of a railroad strike in later
November is back in the news after the Brotherhood of Maintenance of
Way Employees Division union rejected a contract its representatives
had
agreed to last month. China is reporting stainless steel production
in the latter half of September was well above earlier estimates. And a
fastener distributor index fell below 50 in September. Stay safe out
there and enjoy your Tuesday!
Average price of LME traded cash nickel
so far this month
- $9.98/lb
Reports
Reuters metals morning - Copper staggers lower on rising recession fears, firmer dollar - more
Monday's market review - Copper firms, but demand prospects weigh on
sentiment - Copper prices rose on Monday but Chinese-led demand fears,
expectations of further increases to U.S. interest rates, a stronger
dollar and rising inventories weighed on sentiment. - more
Stainless Steel Production in September Stood Well above the Estimate,
and Will the Rapid Growth Extend into October? - According
to SMM survey, the domestic stainless steel output totalled 2.76
million mt in September, up 21.10% MoM and 29.52% YoY. - more
UK court says Elliott, Jane Street can sue LME for cancelled nickel
trades - A British court has granted permission for U.S.-based hedge
fund Elliot Associates and Jane Street Global Trading to sue the London
Metal Exchange (LME) for cancelling nickel trades in March, a court
document showed. - more
Outokumpu to delay FeCr furnace restart until ‘at least’ end of Q1 2023
- Finland-headquartered stainless steel and ferro-chrome producer
Outokumpu plans to continue to restrict its ferro-chrome production
into the beginning of 2023, the company said on Friday October 7. - more
India starts probe into increase in imports of an iron alloy from South
Korea - India has initiated a probe to ascertain if a spurt in imports
of Ferro Molybdenum, which is used in steel, nickel, and cobalt alloys,
from South Korea is hitting the domestic producers. - more
Nickel closed Friday's trading
session at $10.21/lb ($22,500/tonne). Indicators at 6:00 am CST today show
nickel trading around $.06/lb
higher. Stockpiles of nickel stored in LME approved warehouses fell on
Friday and ended the week just over the 52,000 tonne level. Nickel
traders in Shanghai returned in a foul mood, with nickel falling over
3% in its first session since last weeks holiday break. Considering
nickel closed LME higher Friday than it had the last time Shanghai had
traded nickel, this move south is worth noting. Covid is surging again
in China, and reportedly, increasing in Europe. While most of the rest
of the world is learning to live with covid, China's crackdown and
efforts to eliminate the pandemic completely, comes with serious
economic repercussions. OPEC's decision last week to cut production by
2 million barrels is also expected to have worldwide implications,
slowing economic growth and making transportation more expensive. Stay
safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $9.97/lb
Reports
Reuters metals morning - Copper up, but demand prospects weigh on sentiment - more
Yesterday's market review - Copper extends losses on
recession fears after U.S. jobs data - Copper prices lurched lower on
Friday after U.S. jobs data hardened expectations that U.S. Federal
Reserve officials would stick to their drive to crush inflation. - more
Outokumpu Continues Restricting Ferrochrome Production Due to High
Energy Prices - Finnish stainless steel producer Outokumpu Oyj said
Friday that it will continue restricting its ferrochrome production due
to high energy prices. - more
Purchasing Prices of Ferrochrome Offered by Steel Mills still Diverged
after National Day Holiday - The retail quotations of high-carbon
ferrochrome stabled at 8000-8200/mt (Cr50%) after the National Day
holiday. - more
US maintains AD & CVD orders on stainless sheet and strip from
China - On October 5, 2022, the US International Trade Commission
(USITC) determined that the revocation of the existing anti-dumping
(AD) and countervailing duty (CVD) orders on imports of stainless steel
sheet and strip from China would be likely to lead to continuation or
recurrence of material injury within a reasonably foreseeable time. - more
US Trade Numbers - Exports and Imports - for nickel here for stainless steel here (use search bar to check your item of interest)
Nickel closed Thursday's trading
session at $10.22/lb ($22,540/tonne). Indicators at 6:00 am CST today show
nickel trading around $.02/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose by
nearly 1000 tonnes on Thursday and started today's session just under
the 52,400 tonne level. At the moment, nickel is trading about $200 a
tonne higher than it was when it closed last Thursday, which is what
Shanghai traders will have to work with on Monday, when they return to
work after a week long break. Things could change today of course, but
unless they do, Shanghai markets are likely to open quietly. If they do
not, expect LME traders to take note, and possibly play a role reversal
and follow the Shanghai leader. Been a slow news week with China closed
for business, so hopefully next week we will have more news to pass on.
The London Metal Exchange is requesting input from the market on
whether it should ban Russian nickel and other base metals. You can
download the notice and how to participate here (here). That's it for the first week of the final quarter of 2022. Stay safe out there and have a great weekend!
Average price of LME traded cash nickel
so far this month
- $9.92/lb
Reports
Reuters metals morning - Copper dips on strong dollar, recession fears - more
Thursday's market review - Lead jumps as stocks fall; others
weighed down by firm dollar - Lead prices hit a seven-week high on
Thursday as inventories slumped amid worries about smelter shutdowns,
while zinc rose after the London Metal Exchange (LME) imposed
restrictions on metal from a Russian company. - more
Global production and usage of molybdenum rose in Q2 2022 - Figures
released today by the International Molybdenum Association (IMOA) show
that global production of molybdenum rose 2% to 144.9 million pounds
(mlbs) in Q2 when compared to the previous quarter but remained static
when compared to the same quarter of the previous year. - more
LME seeks market opinion on possible Russian metal ban - The London
Metal Exchange (LME) on Thursday launched a discussion paper on the
possibility of banning Russian aluminium, nickel and copper from being
traded and stored in its system. - more
Mining company says Timmins could supplant Sudbury as global nickel
capital - Deposits being explored in the Timmins area could become
major source of high-quality nickel for the electric car battery
market. - more
Nickel closed Wednesday's trading
session at $10.22/lb ($22,530/tonne). Indicators at 6:00 am CST today show
nickel trading around $.09/lb lower.
Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and ended that session just above the 51,400 tonne level.
Nickel is lower this morning, with the LME announcement it was banning
new deliveries of copper and zinc from Russia’s Ural Mining &
Metallurgical Co. OPEC announced it was cutting production of oil by
two million barrels a day, which means gas prices are heading back
north. Stay safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $9.85/lb
Reports
Reuters metals morning - Zinc and Copper Jump After LME Bans New Metal From Russian Firm - more
Refinitiv Inside Commng - Zinc and Copper Jump After LME Bans New Metal From Russian Firm - more
Refinitiv Inside Commodities - pdf here
Wednesday's market review - Copper
pulls back on firmer dollar, zinc gains on Glencore news - Copper
prices retreated on Wednesday after touching their highest in nearly
two weeks due to a resurgent dollar and persistent worries that central
bank interest-rate hikes will hit metals demand. - more
Finland Blocks Helsinki Shipyard from Delivering Icebreaker to Russian
Mining Company - The Finnish Government is blocking Helsinki Shipyard
from delivering an icebreaker to Russian mining company Norilsk Nickel.
- more
Indonesian nickel players likely beneficiaries of sanctions on Russian
metals: DBS - Indonesian nickel and Chinese aluminium players will
likely benefit from sanctions against Russia’s metal and steel sector,
DBS Group Research said. - more
British Steel owner asks government for financial support - Jingye
Group, which bought the company out of bankruptcy just two years ago,
said blast furnaces are not viable without huge cash injections - more
Sulawesi islanders grieve land lost to nickel mine - The coconut palm
has been a source of food and identity for centuries among the people
of Wawonii Island. In the local language wawo means above and ni’i is
the word for coconut — Wawonii is an island crowned by coconuts. - more
Nickel closed Tuesday's trading
session at $9.99/lb ($22,025/tonne). Indicators at 6:00 am CST today show
nickel trading around $.14/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started today's session just under the 51,600 tonne level.
Nickel rebounded yesterday after we published and ended higher. This
morning we are seeing trading back in the $10/lb range. China remains
closed for their week long holiday, Putin signed papers annexing four
regions of Ukraine in Russia, some of which are no longer in his
control, and the Korea's are flexing muscles at one another again. And
elsewhere in the world, people unknown to one another, who speak
entirely different languages, journey to work by foot, by bike, by
automobile, by train, or even by plane, to mine rocks, or to process
rocks into nickel, or to transport nickel ore to a port, or to crew a
ship carrying nickel across the ocean .... etc, etc, and eventually,
some of that nickel shows up in your warehouse as part of your stainless steel
product. It's an amazing journey and you should be proud to be part of
the chain of events. Stay safe out there and enjoy your hump day!
Average price of LME traded cash nickel
so far this month
- $9.72/lb
Reports
Reuters metals morning - Copper choppy as dollar steadies; China demand hopes support - more
Tuesday's market review - Lower dollar lifts copper, but demand outlook
weighs - Copper prices rose to their highest in more than a week on
Tuesday as a sliding dollar triggered fund buying, though gains were
capped by rising inventories and a worsening demand outlook,
particularly in top consumer China. - more
Column: London Metal Exchange ducks Russian sanctions pressure - It's
clear the London Metal Exchange (LME) isn't going to be rushed into any
decision on whether to continue accepting Russian metal against its
contracts. - more
European stainless steel demand gradually recovers with increasing
prices - The European grade 304 stainless steel demand has gradually
recovered in the past week, and prices have increased as well. - more
Rosstat: Russia’s stainless production rises in Sep m-o-m, y-o-y -
According to statistics from the Russian Federal State Statistics
Service (Rosstat), Russia’s stainless steel production totaled around
22,600 tons in August this year, rising by 21% compared to the volume
in the preceding month and also growing by 5.3% from the year-ago
output. - more
Courtesy AISI - In the week ending on October 1, 2022, domestic raw
steel production was 1,700,000 net tons while the capability
utilization rate was 77.1 percent. Production was 1,839,000 net tons in
the week ending October 1, 2021 while the capability utilization then
was 83.3 percent. - more
The Case For Low Grade Sulfide Nickel Deposits - Nickel deposits come
in two forms: sulfide or laterite. About 60% of the world’s known
nickel resources are laterites, which tend to be in the southern
hemisphere. The remaining 40% are sulfide deposits. - more
Nickel closed Monday's trading
session at $9.64/lb ($21,260/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
Monday and ended that session just under the 51,800 tonne level, with
canceled warrants hovering around the 12% level. Nickel spiked early
this morning, much like yesterday, and has faded since, much quicker
than yesterday. With China on a week long holiday break, traders appear
to be playing tug of war with little more than speculation and a
stronger Euro. Reported PMI's are lower around the world, adding
evidence to the claim of a worldwide recession either ongoing, or
oncoming. With equity markets, stainless steel demand seems to be up
and down and depending on who is being asked. Scrap prices moved up a
little this week, which implies increased demand. Slow start to the
month and we leave you to your day. Stay safe out there and have a
great Tuesday!
Average price of LME traded cash nickel
so far this month
- $9.79/lb
Reports
Reuters metals morning - Copper rises in thin holiday trade as dollar weakens - more
Monday's market review - Copper prices fell on Monday as expectations
of weakening demand were reinforced by manufacturing data from around
the world and rising inventories in warehouses approved by the London
Metal Exchange (LME). - more
Ferrochrome price announcement for the fourth quarter of 2022 -
Shareholders of the Company [Merafe] are advised that the European
benchmark ferrochrome price for the fourth quarter of 2022 has been
settled at 149 US cents per pound, a 17.2% decrease from the
third quarter of 2022. - source
Analysis: Global metals volumes slide on recession fears, volatile
markets - Industrial metal trading volumes have fallen across the world
and may slide further as economic threats from higher interest rates to
the war in Ukraine send buyers, especially in leading consumer China,
to the sidelines. - more
Italian distributors forecast prices to decline in October - Italian
distributors forecast prices to decline in October -The Italian
distribution sector expects prices in October to fall, but in a gradual
and controlled way. - more
Demand for Steel Soaring from Renewable Energy Farms: BHP - Mining
giant expects global steel consumption to increase by 42 million tonnes
in 2030 and 76m tonnes in 2050, due to soaring demand for solar and
wind power equipment. - more
Nickel closed Friday's trading
session at$9.57/lb ($21,100/tonne). Indicators at 6:00 am CST today show
nickel trading around $.19/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and ended the month just under the 52,400 tonne level. For the
month, LME nickel inventories fell 2,166 tonnes. It's the first working
day of the final quarter of 2022 and nickel is trading higher as rumors
of a potential ban on Russian nickel continue to circulate. A stronger
Euro is also helping push commodities higher. We take a moment at the
beginning of each month to thank our site sponsor, PA Inc, because
their support makes the page possible. We thank them for their support,
and would appreciate your visiting their web site to see if they offer
a service that could make your life easier. Between Putin, the
pandemic, and price inflation, markets are likely to remain volatile as
we near a new year. And while one does not have to look hard for
reasons to be worried, it is only 83 days until Christmas! Stay safe
out there and have a great week - and month!
Average price of LME traded cash nickel
so far this month
- $10.29/lb
Reports
Reuters metals morning - Copper pressured by crumbling demand - more
Friday's market review - Zinc gains on potential for further
smelter shutdowns - Zinc prices climbed on Friday, lifted by fears of
further smelter closures owing to high power prices, while some other
metals gained after better than expected Chinese factory data. - more
Nickel Spreads Collapse as Banks Face Soaring Financing Costs - more
Asian stainless prices rise on supply concerns - Global
stainless steel demand remained weak throughout the summer period.
However, market sentiment in Asia has become more optimistic following
the return to work after the Mid-Autumn Festival holidays, earlier this
month. - more
Prices slump in ‘absolutely unhealthy’ European steel sections market -
Steel hollow sections prices across Europe declined in the week to
Wednesday September 28, amid concerns that weak end-user demand caused
by energy uncertainty could potentially lead to further price cuts in
the coming weeks, Fastmarkets understands. - more
ArcelorMittal moves ahead with temporary blast furnace shutdowns in Europe - more
Export ban triples nickel investment in Indonesia’s Morowali -
Indonesia’s nickel investment is set to triple in one of the country’s
biggest industrial parks, following a 2019 ban on raw ore exports that
President Joko Widodo says will help the economy produce higher-value
goods. - more
(all
ton listings are metric tons = 2204.622 pounds ) Updated Monday thru
Thursday before 7 am CST, Friday version before 8 am CST - DisclaimerOriginal content and opinions copyright
www.estainlesssteel.com. All prices shown on
this page are indications only. Please note - for real time and
official LME
prices, LME requires a user subscribe to an authorized LME vendor.
Daily Nickel/Stainless Steel Briefing 
($22,055/tonne). Indicators at 6:00 am CST today show
nickel trading around $.02/lb 
Reports
Shanghai Metals Market
London Metals Market
Taiwan’s Yusco increases stainless steel prices for Nov - Yieh United
Steel Corp. (Yusco), a leading stainless steel mill in Taiwan, declared
its new price list for November. - 
Stainless steel industry remains resilient amid post-Covid recovery -
The levels of local stainless steel consumption have been declining for
the past eight years, however, the industry remains buoyant after
having seemingly recovered from the effects of the pandemic, says
Southern Africa Stainless Steel Development Association (Sassda) acting
executive director Michael Basson. - 
Indonesia seeks Saudi investments in nickel to boost e-vehicle
production - Indonesia was looking to exchange resources with Saudi
Arabia to boost the production of electric vehicles and strengthen
energy cooperation, an Indonesian business leader has revealed. - 
Canada strengthening guidelines to protect critical minerals sectors -
Canada must build a resilient critical minerals supply chain with
like-minded partners, Ottawa said on Friday, as it outlined rules meant
to protect the country’s critical minerals sectors from foreign
state-owned companies. - 
Other News
Слава Україні! - 
higher. Stockpiles of nickel stored in LME licensed warehouses went
unchanged for a third time this week, and remain just under the 52,900
tonne level. It is incredibly rare to see stockpile numbers go
unchanged once, but five times this month is something we have never
recorded before. Is someone sending LME a message warning them about
their market relevance, or is this something else? LMEWeek officially
ends today, and London media reports pressure is building on the LME to
boycott Russian base metals. The ISSF is out with year to date
stainless production numbers and they are rather dismal, but not as bad
as World Steel reported steel numbers were down during the same period
(3.5% compared to 5.5%). Outokumpu has decided to keep a ferrochrome
furnace, shut down for maintenance, closed until at least April of next
year, due to demand concerns and rising energy costs. A Ukrainian steel
group takes Russia to court, while Putin tells local media he will not
use nuclear weapons, while making preparations to potentially do so in
territory his army had seized but is in risk of losing. Why else would
you order the evacuation of all civilians, most of whom would be happy
to see you leave and leave them in peace? 
Outokumpu completed the change negotiations related to the restriction
of the ferrochrome production - Outokumpu has completed its change
negotiations related to the company's plans to further restrict the
ferrochrome production and to delay the restart of one ferrochrome
furnace after a maintenance break at least until the end of the first
quarter of 2023. - 
Some Minnesota residents worried about local nickel mining for EV
batteries - As demand for electric cars continues to grow, so does the
need for a mineral critical to its function: nickel, which makes
batteries last longer, so cars can go farther. - 
Russia with the European Court of Human Rights - The Metinvest Group of
Rinat Akhmetov and Vadim Novinsky announced that 16 enterprises of the
Group have filed suits with the European Court of Human Rights (ECHR)
against Russia for damage caused by Russia to property and property of
the Group in Mariupol and other territories of Ukraine since February
24, 2022 .- 
EU steel usage expected to fall more in 2022 than previously forecasted
- According to the Economic and Steel Market Outlook 2022-2023/Q4 2022
Report from the Economic Committee of the European Steel Association
(EUROFER), the positive trend seen in apparent steel consumption in the
EU-27 throughout 2021 came to an end in the second quarter of 2022.....
- 
($22,280/tonne). Indicators at 6:00 am CST today show
nickel trading around $.06/lb 
LME partner Metalshub targets lower-content nickel trading - The global
metals sector needs viable spot trading to underpin burgeoning output
of lower-content nickel products, but industry participation is key,
said the head of German online platform Metalshub, which has linked up
with the London Metal Exchange. - 
World crude steel output up 3.7 percent in September - In September,
crude steel output in Asia amounted to 113.0 million mt, up by 10.6
percent, with China’s output at 87.0 million mt, up 17.6 percent, with
7.1 million mt produced by Japan, decreasing by 12.3 percent, 9.9
million mt produced by India, increasing by 1.8 percent, and 4.6
million mt produced by South Korea, falling by 15.4 percent - with all
comparisons on year-on-year basis. - 
Vale CEO says iron ore miner will spin-off copper, nickel unit - The
chief executive of Vale SA said on Friday the Brazilian iron ore miner
is reconsidering a near-term spin-off of its base metals business and
an eventual public listing. - 
worldsteel Short Range Outlook October 2022 - The World Steel
Association (worldsteel) has today released an update of its Short
Range Outlook (SRO) for 2022 and 2023. - 
Italian crude steel production down 18.7 percent in September -
September was again a negative month for the production of crude steel
in Italy, with a total output of 1.873 million mt, down by 18.7 percent
compared to the same month of 2021, as announced by Federacciai, the
Italian federation of steel companies. - 
Sumitomo Metal sees global nickel market staying in deficit next year
- The global nickel market is expected to remain in deficit for a
third straight year in 2023 on solid demand for battery, chip-making
equipment and oil-well tubular, Sumitomo Metal Mining said on Tuesday.
- 
India’s engineering exporters seeks immediate scrapping of export tax
on stainless steel - The EEPC said that stainless steel bars have very
low domestic consumption and have not contributed to the inflation
situation that prompted the government to impose the export tax. - 
EV batteries could become a $340 billion market: Startups are racing to
build them - The future of the auto industry hinges, now more than
ever, on batteries. Batteries are critical to automakers'
multi-billion-dollar plans to create electric vehicle lineups over the
next several years. - 
The Case For Low Grade Sulfide Nickel Deposits - Nickel deposits come
in two forms: sulfide or laterite. About 60% of the world’s known
nickel resources are laterites, which tend to be in the southern
hemisphere. The remaining 40% are sulfide deposits. - 
Asian stainless prices rise on supply concerns - Global
stainless steel demand remained weak throughout the summer period.
However, market sentiment in Asia has become more optimistic following
the return to work after the Mid-Autumn Festival holidays, earlier this
month. -
