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Stainless Steel News and Nickel Prices



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Monday, October 31

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • China Steel Production - chart here
  • Employment Cost Index - pdf here
  • United States Economic Indicators - more
  • University of Michigan: Consumer Sentiment - chart here
  • United States Imports For Consumption Of Stainless Steel Products - chart here
  • U.S. GDP bounced back in Q3 but outlook weakening - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • 'Perfect storm' swirls as Canadians face hot inflation, rising rates - more
  • Shippers urge Biden to prevent potential rail shutdown - more
  • Grainger Sales Up 17%, Earnings 46% - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Friday, October 28

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • ISSF Book of New Applications 2020 - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Western economies rediscover meaning of scarcity - more
  • Glencore to stick with Rusal's aluminium in 2023 -sources - more
  • Historic autonomous vehicle hits the road - more
  • SOS – Are Boomers To Blame For The Shipping And Supply Chain Crisis? - more
  • Mineral-hungry China triples Indonesian investments as Jakarta pushes downstream processing - more

  Economic Stats and Prices (posted in Friday edition)

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Thursday, October 27

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • U.S. Imports for Consumption of Steel Products Sept 2022 - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • As the 'Great Resignation' Slows, Leverage Culture to Mitigate Turnover - more

  Economic Stats and Prices (posted in Friday edition)

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Wednesday, October 26

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Cleveland Cliffs Q3 Quarterly Results - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

  • September 2022 crude steel production - 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

   Other News

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Tuesday, October 25

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

     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

   Other News

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Monday, October 24

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Friday, October 21

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Why the US kept making enemies who wanted to be friends: Castro, Ho Chi Minh and Putin - more

  Economic Stats and Prices (posted in Friday edition)

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Thursday, October 20

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • EU to sanction Iran drone maker, three generals on Russia sales - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Wednesday, October 19

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • US Economic Indicators: Manufacturing Production & Capacity by Major Industries - pdf here
  • US Economic Indicators: Industrial Production - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • We're Heading for a Stagflationary Crisis Unlike Anything We've Ever Seen - more
  • London is disappointed with the plans of metallurgists to leave the British business and asks for negotiations - more
  • EU inches toward sanctioning Iran for supplying drones to Russia - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Tuesday, October 18

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • SFSA Casteel Reporter – October 2022 - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • What Is the Outlook for China’s External Surplus?  - more
  • Russian Mining Giant Told It’s Not Welcome at Gold Industry Bash - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Monday, October 17

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Manufacturers Sales - chart here
  • U.S. Economy in a Snapshot - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • HRC prices trend down across Europe; prices range wide on sluggish trading, bleak outlook - more
  • Column: Xi's commitment to energy transition is mixed for commodities - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Friday, October 14

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Current US Inflation Rates: 2000-2022 - more
  • United States Indicators - more
  • China Molybdenum - chart here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • What’s been driving the rise in auto prices since COVID? - more
  • Toilet paper is going to get costlier. Blame Russia - more
  • Fastenal Sales Up 16% in Q3 - more

  Economic Stats and Prices (posted in Friday edition)

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Thursday, October 13

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Recycling Today - October 2022 - online here
  • Producer Price Index by Commodity: Steel Wire, Stainless Steel - more
  • Producer Price Index by Commodity: Externally Threaded Fasteners - more
  • Producer Price Index by Industry: Truck Transportation - more
  • Producer Price Index by Industry: Corrugated Shipping Containers - more
  • Truck Tonnage Index - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Wednesday, October 12

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • MolyReview issue 2, 2022 - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Tuesday, October 11

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • ING The Commodities Feed: Gasoil spreads surge - pdf here
  • The State of Steel October 2022 - more
  • Fastener Distributor Index - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Amazon Shuts Down Autonomous Delivery Robots - more
  • Rail union rejects labor deal brokered by Biden administration, raising possibility of strike - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Monday, October 10

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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)

   Other News

  • Reuters The Day Ahead - pdf here
  • How a ban on Russia’s mining giants could shake the metals world - more

  Economic Stats and Prices (posted in Friday edition)

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Friday, October 7

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - holiday
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Weekly Pricing Pulse: Commodity prices down amid bond market turmoil - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Indonesia Largest Nickel Industrial Estate will Provide Training to 17,000 Workers - more

  Economic Stats and Prices (posted in Friday edition)

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Thursday, October 6

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • SMM Evening Comments - on holiday break
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - 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

   Other News

  • Reuters The Day Ahead - pdf here
  • Euro area industrial producer prices up five percent in August from July - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Wednesday, October 5

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - holiday break
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • US Monthly GDP Index for August 2022 - more
  • US Economic Indicators: Durable Goods Orders & Shipments - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • A Cheaper Chemistry Is Storming The Battery Market - more
  • US vacancy rates slow sharply as boardroom caution spreads - more
  • German grid operator warns of potential cuts to winter power exports - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Tuesday, October 4

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - on holiday
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Global Economic Indicators: Global Manufacturing PMIs - pdf here
  • S&P Global PMI™ Commodity Price & Supply Indicators - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • The wealthiest 0.1% of households - more
  • Inflation Concerns and High Interest Rates Haven’t Stopped U.S. Consumers from Spending - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Monday, October 3

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - holiday break
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • United States Imports For Consumption Of Stainless Steel Products - more
  • University of Michigan: Consumer Sentiment  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more


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(all ton listings are metric tons = 2204.622 pounds ) Updated Monday thru Thursday before 7 am CST, Friday version before 8 am CST - Disclaimer Original 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.



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