Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $8.36/lb  ($18,420/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 Monday and started today's trading session just under the 44,900 tonne level. Shanghai nickel fell overnight, falling to 143,580 y/t. Nickel is trading lower this morning, on news that China's manufacturing PMI unexpectedly fell to 49.5 in October, after finally sneaking back above 50 in September. Another month nearly in the history books and we take another opportunity to thank our 2023 news page sponsor - PA Inc of Houston, Texas.  Because of their continued support, we are able to provide you with daily news updates and help you stay aware of where stainless steel prices may be heading down the road, by following their single biggest cost factor, nickel. We encourage you to visit their website by clicking the banner above and see if they offer a service your company can take advantage of.We thank them for their support, and thank you for visiting the site today. Stay safe out there and have a great Tuesday! And we hope to see you in November!
• Average price of LME traded cash nickel so far this month - $8.29/lb
  

    Monday's market review - China optimism helps copper scale four-week high - Copper prices climbed to four-week highs on Monday due to signs of steadying growth in top consumer China .... - more

    Stanislav Kondrashov of Telf AG: Nickel prices will not recover immediately - Nickel's participation in both emerging and established energy industries has not been sufficient to increase demand .... - more

    Steel Imports Down 4.1% In September vs. August - Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) reported today that the U.S. imported a total of ... - more

    Courtesy AISI - In the week ending on October 28, 2023, domestic raw steel production was 1,707,000 net tons while the capability utilization rate was 74.3 percent. Production was 1,644,000 net tons in the week ending October 28, 2022 while the capability utilization then was 73.7 percent. - more

   Other News

• US freezes gun exports, reviews backing of firearm industry - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.32/lb ($18,340/tonne). Indicators at 5:45 am CST today show nickel trading around $.15/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and ended the week just under the 45,150 tonne level. Shanghai nickel changed contracts overnight and ended higher at 146,470 y/t. The old contract ended higher as well, to 146,550 y/t. Nickel is up this morning, at least in part, thanks to some positive news from China. It doesn't hurt that a nickel association in Indonesia is warning that the supply of nickel in that country could be limited to less than a decade, echoing concerns that a government official made earlier. Two days left in October. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $8.29/lb
  

    China’s net stainless steel exports up 69.11 percent in Jan-Sept - In September this year, China\u2019s stainless steel imports amounted to 231,500 mt, up 32.59 percent month on month, ... - more

    Wyloo, Chalice, BHP sound alarm over Biden’s Jakarta nickel deal - Some of Australia’s largest nickel producers are increasingly concerned that the Biden administration will allow their big Indonesian .... - more

• Indonesia’s high-grade nickel ore reserves may deplete in six years - more

    LME trading technology revamp faces lengthy delays - sources - The London Metal Exchange's (LME) three-year-long flagship project to overhaul its electronic trading system faces up to a year  ... - more

    LME says China's Guangxi CNGR applies for new nickel listing - The London Metal Exchange (LME) said on Friday it had received an new application to list a Chinese nickel brand,... - more

    Glencore cuts 2023 nickel production guidance -  Commodity trader and miner Glencore on Monday cut its nickel production guidance for this year due to maintenance and strikes ... - more

   Other News

• Electric cars risk becoming uninsurable - more
• China’s renewable boom can't keep pace with power demand - more
• Namibia orders police to stop Chinese firm’s lithium exports - more
• Americans Keep Spending Despite Inflation, Rate Hikes - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $8.21/lb  ($18,090/tonne). Indicators at 5:10 am CST today show nickel trading around $.07/lb  higher. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Thursday and remain just over the 45,550 tonne level. Cancelled warrants, which started moving higher last Friday, now sit in the upper 18% range, much higher than the 1-2% range the metal measured for much of the month. Shanghai nickel ended the week lower, to 145,960 y/t. We expect to see the Shanghai contract change on Monday. Russia is threatening the world with nuclear weapons again, showing that behind the propaganda, the war is apparently not going well for the Asian bully. But never fear. According to the pundits in the nations capital, now that they have finally elected a new Speaker of the House, they want to remind us that our true enemy is not really war mongering Russia, but their neighbor. The one they haven't gone to war with yet. Stay safe out there and enjoy your weekend. They say we are jumping straight from summer to winter this weekend temperature wise.
  
• Average price of LME traded cash nickel so far this month - $8.30/lb
  

    Global stainless steel output down 1.7 percent in H1 - In the second quarter of this year, world stainless crude steel output increased by 7.8 percent quarter on quarter to 14.76 million mt, while in the ... - more

    Universal Stainless Names Christopher Zimmer President & Chief Executive Officer; Dennis Oates transitions to Executive Chairman - Universal Stainless & Alloy Products, Inc. today announced.... - more

    Eramet cuts Indonesia nickel ore target on permit delay - Mining group Eramet on Thursday reduced sharply its forecast for nickel ore production from its flagship Indonesian mine... - more

• French, British Investors in Talks with Indonesia on Nickel Smelter - more

    European steelmakers prepare coil price increases - Italian hot rolled coil prices are flattening on-week but values are about to increase in Europe mostly due to low availability. - more

    China's steel output cuts remain too small to buoy steel markets - China's daily crude steel output retreated in mid-October with Chinese steelmakers under growing pressure amid poor sales margins.  - more

   Other News

• Nickel catalysts - the many routes to decarbonising transport - more
• EU-US trade deal delay risks tariffs’ return - more
• Russia Says It Rehearsed Delivering 'Massive' Retaliatory Nuclear Strike - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.28/lb ($18,245/tonne). Indicators at 5:30 am CST today show nickel trading around $.02/lb  lower. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today's session just over the 45,550 tonne level. Shanghai nickel fell to 146,990 y/t overnight. In a report yesterday, Citibank analysts states "We think nickel is vulnerable to a short-covering rally likely up to (but potentially beyond) $20,000 a ton amid stretched fund short positioning, Indonesia supply risks and potential further China easing."  Citi also expects the surplus of nickel to increase from 230,000 tons this year, to 283,000 tons next, with prices trading between $16 and $20,000/tonne next year. Some news out there for your reading pleasure, so we leave you with it. Stay safe out there and have a great Thursday!
• Average price of LME traded cash nickel so far this month - $8.31/lb
  

    Wednesday's market review - Copper falls as stronger dollar offsets China stimulus - LONDON: Copper prices fell in London on Wednesday as a stronger dollar and further signs of stagnating euro zone .... - more

    China’s crude stainless steel production grows in Jan-Sep y-o-y - According to statistics, China’s crude stainless steel production amounted to 26.6 million tons in the first nine months of this year, .... - more

    Ramu Back to Full Production Levels Following Earthquake - Nickel 28 Capital Corp.  is pleased to announce the successful resumption of full production levels at the Ramu Mine’s Basumuk HPAL ....  - more

    Trafigura denies knowing that nickel deals with Gupa were fake - Trafigura Group denied that it or any of its employees were aware that deals with businessman Prateek Gupta involved  .... - more

    U.S. will extend EU metals tariff exemption if needed - envoy -  The United States will roll over its suspension of tariffs on European Union steel and aluminum if the two sides need more time ... - more

    Nornickel starts sulphur dioxide capture in Russia's most polluted city - Russian mining giant Nornickel launched a multi-billion dollar project on Wednesday aimed at reducing sulphur dioxide .... - more

    Environmental groups reject deep-sea mining as key UN meeting looms - Environmental groups on Wednesday urged a moratorium on deep-sea mining ahead of an international meeting ... - more

   Other News

• Vitality of China-US relations lies in sub-national areas: Xi - more
• Millions more Americans were food insecure in 2022 than 2021 - USDA - more
• In ‘big test’ for India, China and Bhutan push to solve border dispute and establish official ties - more
• Supply disruptions are delaying surgeries and compromising patient care, survey finds - more
• Ukraine's once-mighty steel sector choked by export blockade - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $8.30/lb ($18,300/tonne). Indicators at 5:30 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel store in LME licensed warehouses went unchanged on Tuesday and remain just under the 44,900 tonne level. Cancelled warrants continued to bounce, y/t to 18.5% yesterday. Shanghai nickel rose to 147,900 y/t. While Reuters is reporting base metal investors are pleased with China's $137 billion dollar infusion to stimulate their economy, you hardly prove it now. Any initial bounce has evaporated and markets are quiet. This could be caused by the fact the Euro bounce that started on Monday, has also evaporated and we are back to where we ended last week. No change in inventory, little change in price, just another ditto day. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month -  $8.31/lb
  

    Tuesday's market review - Copper steadies as China hopes offset gloomy outlook elsewhere - Copper prices edged higher on Tuesday as optimism that top metals consumer China .... - more

      September 2023 crude steel production - World crude steel production for the 63 countries reporting to the World Steel Association (worldsteel) was 149.3 million tonnes (Mt).... - more

    India's Jindal Stainless plans to close PTJSI in Indonesia - According to the report, India's largest stainless steel producer, Jindal Stainless Limited (JSL), plans to close .... - more

    Courtesy AISI - In the week ending on October 21, 2023, domestic raw steel production was 1,703,000 net tons while the capability utilization rate was 74.1 percent. Production was 1,644,000 net tons in the week ending October 21, 2022 while the capability utilization then was 73.7 percent.  - more

   Other News

• SMM Interpretation on How China’s Imminent Export Curbs On Graphite Will Affect Global Industry And Market? - more
• ’No one will be spared’: A guide to Middle East fallout from the Israel-Hamas war - more
• They Cracked the Code to a Locked USB Drive Worth $235 Million in Bitcoin. Then It Got Weird - more
• You can scrub your personal information from Google searches. Here’s how to do it - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $8.28/lb ($18,250/tonne). Indicators at 5:15 am CST today show nickel trading around $.09/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose slightly on Monday and started today's session just under the 44,900 tonne level. Shanghai nickel fell to 147,560 y/t overnight. The Euro jumped yesterday as 10 year US Treasury yields fell below 5%, pushing the Dollar lower. This typically pushed base metal prices higher, but not this round - or at least so far. Nickel is down and threatening to dip below the $18,000 tonne level for the first time since late 2021. Cleveland Cliffs has posted their surcharges for November and they are lower than October. Stay safe out there today and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $8.33/lb
  

    Monday's market review - Copper hits 11-month low, focus on China and Middle East  - Copper prices tumbled to 11-month lows on Monday as China's property crisis.... - more

    China's stainless steel prices may rebound in Nov - In August 2023, Chinese stainless steel prices saw a slight increase, followed by a decline in September.  - more

    China ups critical minerals heat with graphite controls: Andy Home - China is upping the critical minerals stakes by curbing exports of graphite, a key raw material in electric vehicle batteries.... - more

    Merafe Resources ferrochrome production slips over nine months - Merafe Resources’ ferrochrome production fell 21% for the nine months to September 30, the group said in a production report on Friday. - more

    Russia's Nornickel: Q3 nickel output higher q/q, palladium output drops -  Russia's Nornickel (GMKN.MM), the world's largest palladium producer and a major producer of high-grade nickel.... - more

   Other News

• Expansion of Chinese Ownership of Farms in U.S. Raises Concerns - more
• Hypersonic Race 2.0: China tests next-gen ‘waverider’ with revolutionary technology - more
• Euro zone October PMI at near 3-year low, stirring recession worries - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.44/lb ($18,610/tonne). Indicators at 5:30 am CST today show nickel trading around $.06/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Friday and ended the week, just over the 44,850 tonne level. Cancelled warrants has spent much of the summer in the 2% range and on Thursday last jumped to 7.86% and on Friday, jumped again to 11.77%. Shanghai nickel rose to 148,710 y/t overnight. Last week was quiet for LME nickel trading, with volatility taking a back seat to geopolitical risks. While the world's attention seems to be on Israel, or Ukraine, where open combat is taking place, we have an eye on the South China Sea, where a dispute between China and the Philippines risks getting out of hand. A collision between ships last week will hopefully cause China to back off another look at its tactics. The Hague ruled China can not claim an entire sea as its own, and risking conflict over the topic makes little sense for a country that is trying to be the peacemaker for the world. It's the final full work week of October. Stay safe out there and have a great week.
  
• Average price of LME traded cash nickel so far this month - $8.33/lb
  

    In the first 6 months of 2023, global stainless steel production decreased by 1.7% - According to a preliminary estimate by the World Stainless Association, during the first half of 2023,... - more

   Bank of America Lowers copper, aluminum and nickel price forecasts for this year and next - According to foreign news on October 18, Bank of America (BofA) said in a report that it would lower ... - more

    Indonesia’s nickel sector can rebound from Tesla EV setback, but Chinese market dominance a concern - A major factor that could affect Indonesia’s nickel policies is the ..... - more

    EU, US to keep talking about tariffs as war in Israel and Ukraine overshadow talks - U.S. and European Union negotiators failed to reach deals to settle longstanding trade disputes in time for a summit ... - more

    German mills call for intervention on power costs - The voice of Germany’s steelmakers, federation Wirtschaftvereinigung (WV) Stahl, has issued another call  - more

   Other News

• China, Philippines trade accusations over South China Sea collision - more
• Whatever happened to the South China Sea ruling? - more
• The Hague Tribunal’s South China Sea Ruling: Empty Provocation or Slow-Burning Influence? - more
• China Media Rage at Arkansas Forcing Chinese Companies to Give Up Land - more
• Can China Catch Up with Greece? - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $8.42/lb ($18,570/tonne). Indicators at 5:45 am CST today show nickel trading around $.04/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today's trading session just under the 43,200 tonne level. Shanghai nickel slumped overnight, to 146,000 y/t. Another trading day and barely a change in the ending price. While the official prices have been all over the map this week, the unofficial closing price we post (we are forbidden from posting official pricing), went unchanged all week, and barely changed yesterday.  Tati mine in Botswana is up for auction, so if you ever wanted your own nickel mine and millions of dollars gathering dust ...... The situation in the Middle East is getting worse, and we are no longer convinced that the war won't spread. Israel had the moral high ground, but is quickly using up its chips, and in many Arab minds, already has. China is thinking about how to counter act U.S. sanctions over a possible Taiwan invasion - something all importers should be thinking about as well. Stay safe out there and have a great weekend!  
  
• Average price of LME traded cash nickel so far this month - $8.34/lb
  

    Global nickel market sees 16,200 metric ton surplus in August -INSG  -  The global nickel market had a surplus of 16,200 metric tons in August, down from a surplus of 24,400 tons .... - more

    European steel producers are trying to make money from British Steel's problems - ArcelorMittal yesterday announced a price hike of £30 a tonne based on higher costs after British Steel ... - more

    Canada court ruling on key environmental law risks deterring investments - A Canadian court ruling that voided most of Prime Minister Justin Trudeau's environmental assessment law .... - more

    Unlocking opportunity: Tati Nickel Mine for sale by auction in Botswana - In the heart of the African mining industry, a unique opportunity is emerging that promises new potential... - more

   Other News

• Large number of Canadian diplomats has left India in last 24 hours - CBC - more
• EU seeking to resolve trade irritants with US at summit - more
• Africa’s ‘biggest steel plant’ fires off furnace this Dec - more
• US Navy warship near Yemen intercepted projectiles, Pentagon says - more
• China weighs options to blunt U.S. sanctions in a Taiwan conflict - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.44/lb  ($18,600/tonne). Indicators at 5:45 am CST today show nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today's trading session just over the 43,250 tonne level. Shanghai nickel fell slightly overnight, to 148,920 y/t. It was another day we would call a 'ditto', with nickel price changes evaporating by days end. An article below says the funds are back and betting heavily on further price falls, so expect the bulls to attempt to force the shorts to cover. In the mean time, if you are a user of nickel, then enjoy the lack of volatility - history shows us it won't last long. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $8.34/lb
  

   HRC market in Europe remains quiet amid lack of trading; mills reportedly mull rises amid rising costs - Steel hot-rolled coil prices in Europe were largely flat on Monday October 16, but some producers are .... - more

   Thyssenkrupp sees steel market deteriorating, M&A talks unaffected for now - Thyssenkrupp has seen conditions in the steel market deteriorate markedly ... - more

   Other News

• China confident to achieve 5% GDP growth rate in 2023, as economy rebound continues in Q4: NBS official - more
• US vetoes UN resolution condemning all violence against civilians in Israel-Hamas war - more
• (2021) U.S. again votes against U.N. call to end Cuba embargo - more
• Disinformation surge threatens to fuel Israel-Hamas conflict - more
• A targeted civilian death is called murder (a war crime), while a civilian death that one claims was not targeted is called 'collateral damage". 

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $8.44/lb ($18,600/tonne). Indicators at 5:40 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and now totals just over the 43,300 tonne level. Shanghai nickel ticked slightly lower overnight, to 149,530 y/t. Nickel prices have done a whole lot of nothing since last Friday, which for stainless steel producers, and EV battery producers, offers a sense of price stability. For nickel producers, this price stability came at a level that limits their ability, in some cases, to show a profit. For those of us tracking prices daily, we would call this week so far, as a "week of ditto's". Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $8.34/lb
  

    LME Week consensus is a bright future but short-term pain - Copper is the metal with the most upside price potential next year, according to those attending last week's London Metal Exchange (LME) seminar. - more

    India initiates AD investigation on stainless steel welded pipes from Thailand, Vietnam - On October 3, 2023, India’s Directorate General of Trade Remedies (DGTR) initiated an anti-dumping (AD) ..... - more

    worldsteel Short Range Outlook October 2023 - The World Steel Association (worldsteel) today released an update of the Short Range Outlook (SRO) for 2023 and 2024..... - more

    Indonesia's nickel ore supply leadership solidified - Indonesia and China currently account for 70% of global nickel ore supply and demand, with Indonesia accounting for 55%  ... - more

   Other News

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $8.44/lb ($18,600/tonne). Indicators at 5:40 am CST today show nickel trading around $.07/lb lower. Stockpiles of nickel stored in LME licensed warehouses went unchanged for a second consecutive day and remains just under the 42,900 tonne level. Shanghai nickel fell overnight, to 149,760 y/t. Markets remain quiet, with events in the Middle East catching the worlds attention. Above average news articles however, so we leave you with some reading today. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $8.34/lb
  

    Monday's market review - Copper propped up by weaker dollar, nervous over Mideast - Copper prices edged higher on Monday as the dollar weakened and China’s central bank injected liquidity .... - more

   Industrial metals to remain vulnerable to more softness near-term, says Goldman - Goldman Sachs on Monday said it expects industrial metals markets to remain vulnerable to incremental softness ... - more

   Stanislav Kondrashov: world prices and market conditions for nickel in the second half of 2023 - After a short-term surge, the price of 3M nickel on the LME began to decline, reaching its lowest .... - more 

    SunSirs: Stainless Steel Fell First and Then Rose This Week (October 9-13) - According to the price monitoring of SunSirs, stainless steel first fell and then rose this week.  - more

    U.S, EU business groups push for steel deal, minerals drive at summit - The largest U.S. and EU business federations urged leaders meeting for a summit on Friday to resolve a lingering dispute .... - more

    The new commodity superpowers​ - In the first part of a series, countries that produce the metals central to the energy transition want to rewrite the rules of mineral extraction - more

   Other News

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.45/lb ($18,620/tonne). Indicators at 5:50 am CST today show nickel trading around $.05/lb higher. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Friday and started this week, just under the 42,900 tonne level. Shanghai rose slightly overnight, to152,380 y/t. Nickel is higher this morning, possibly due to a slightly higher Euro, or it might be LME traders are shadowing Shanghai for a change. With the market in surplus, and forecast to be for the next few years, it is hard to see where nickel bulls can justify any large price spikes, and they will likely be playing more defense against large price dips. We start the second half of the first month of the fourth quarter of 2023 today. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $8.34/lb
  

    Friday's market review - Copper ticks higher on China data, weaker dollar - Copper prices clawed higher on Friday on a weaker dollar and after Chinese data .... - more

    China's Commodities Imports Stay Buoyant as Economy Revives - Chinese commodities imports remained buoyant in September as the economy .... - more

    USITC makes final determination of AD & CVD on stainless steel flanges from China & India - On October 11, 2023, the US International Trade Commission (USTIC) announced it ... - more

    China's steel exports rise at faster rate of 31.8% in Jan-Sept, despite slower Sept - In September this year, China's finished steel exports declined by 2.6 percent  ... - more

    Tesla sideswipes Indonesia’s EV supply chain dream - Tesla snub raises questions about future viability of Indonesia’s nickel export ban policy and wider end-to-end EV ecosystem scheme  - more

   Other News

• Huawei strengthens push for 5.5G, says network capacity to increase 10 times - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $8.50/lb ($18,750/tonne). Indicators at 6:10 am CST today show nickel trading around $.04/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today just under the 42,900 tonne level. Shanghai nickel retreated slightly overnight, to 151,220 y/t. The second week of the final quarter of 2023 is nearly in the bag, and it's Friday the 13th. Nothing of major importance to the nickel/ stainless steel industry came out of the LME Week festivities, and since most news these days seems to be bad news, we suppose we should be thankful for that. Stay safe out there and enjoy your weekend!
  
• Average price of LME traded cash nickel so far this month - $8.34/lb
  

    Thursday's market review - Copper prices rise on China demand hopes - Copper prices rose on Thursday due to measures to support the economy, ... - more

    China Stainless steel Output In September And Forecast For October - Chinese high-carbon ferrochrome output was 652,300 mt in September, up 1.54% on the month, and 7.82% on the year.  - more

    Hopes of 2024 uplift for stainless - An expectation of growth of up to 4% next year, led as ever by China, offers positive news for the stainless steel industry, according to the Bureau of International Recycling. - more

   Other News

• U.S., Qatar agree to stop Iran from tapping $6 billion fund after Hamas attack - more
• Why the Internet Isn’t Fun Anymore - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.36/lb ($18,430/tonne). Indicators at 5:50 am CST today show nickel trading around $.19/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and ended that session just under the 43,000 tonne level. Shanghai nickel rose slightly overnight, to 152,330 y/t. Nickel bounced around the $18,370 tonne level this morning, for the second time in a week. Apparently the bulls have their heart set on not going any lower than that. In the mean time, this bounce has a little more enthusiasm than the last and we will have to see if it has any holding power. LME Week festivities are over and traders are back to work. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $8.34/lb
  

    Wednesday's market review - Copper edges higher on retreating bond yields, hopes for China - Copper prices ticked higher on Wednesday, lifted by hopes that U.S. interest rates have hit a peak and that China will unleash more stimulus. - more

    India launches first CVD sunset review on welded stainless steel pipes from China, Vietnam - India’s Ministry of Commerce and Industry launched the first sunset review on countervailing duty (CVD) on welded stainless steel pipes and tubes .... - more

    European HRC prices under pressure as demand stays low - A downward mood settled in the European hot-rolled coil market Oct. 10 as demand remained poor. - more

• US, EU negotiate steel trade conditions - more

• The ecological costs of Indonesian nickel - more
  

    SMM Exclusive: China's Metals Output In September And Forecast For October - (excerpt) Chinese high-carbon ferrochrome output was 652,300 mt in September, up 1.54% on the month, and 7.82% on the year. - more

   Other News

• Report: White House May Send Two Carriers to Show Support for Israel  - more
• Spending Down Pandemic Savings Is an “Only-in-the-U.S.” Phenomenon - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $8.46/lb ($18,650/tonne). Indicators at 5:45 am CST today show nickel trading around $.10/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Tuesday and started today's trading session just under the 43,100 tonne level. Shanghai nickel tracked LME lower to 150,710 y/t overnight. Little more news than normal today, but its nearly all nickel related. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $8.35/lb
  

    Tuesday's market review - Copper slides as China property market jitters resurface - Copper prices retreated on Tuesday as jitters about demand in top consumer China were reinforced by Chinese property giant Country Garden warning .... - more

    LME WEEK-LME launches new collaboration with Shanghai Futures Exchange - The London Metal Exchange (LME) has launched a new collaboration on product development with its Chinese rival .... - more

    CISA mills’ daily steel output down 3.15 percent in late Sept - The China Iron and Steel Association (CISA) has announced that in late September (September 21-30) this year the average aggregate daily crude steel output .... - more

    EU plans anti-subsidy probes to secure steel deal with US - The European Union is planning anti-subsidy investigations into steelmakers producing to excess in countries such as China .... - more

    Share of Russian aluminium in LME-registered warehouses falls to 76% - The share of available aluminium stocks of Russian origin in London Metal Exchange-approved (LME) warehouses fell to ..... - more

    Indonesia’s “golden visa” pitch to big-wheel investors - The President has a downstreaming vision and needs long-term capital to make it reality. - more

• Indonesia’s nickel export ban: is it really in the national interest? - more
  

   Other News

• Russian ruble buckles under trade sanctions, declining export earnings - more
• Imports to U.S. East Coast ports may be delayed by Panama Canal slow down - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $8.57/lb ($18,900/tonne). Indicators at 5:45 am CST today show nickel trading around $.10/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Monday and started today's trading just over the 43,100 tonne level. Shanghai nickel rose to 151,650 y/t overnight. Yesterday's increase in LME nickel is starting to appear to be a potential head fake, with prices down this morning. The sneak attack by Hams on Israel was initially feared to lead to a larger conflict, but that is unlikely with most of the world, including friends, repulsed at the direct targeting of civilians. Even China, reluctant in earlier statements to condemn either side, finally stated "We oppose and condemn violence and attacks against civilians." through a Foreign Ministry spokeswoman. China has recently made in roads into negotiating peace deals in the Middle East and is learning the fine art of tight rope walking when it comes to pointing fingers in the region. Industry news is mostly about the first day of LME Week yesterday. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $8.36/lb
  

    Monday's market review - Middle East conflict fuels rise in commodity prices - Commodity markets surged on Monday as military clashes between Israel and Palestinian Islamist group Hamas raised fears that a wider conflict .... - more

    LME looking at fee structure to address cheaper OTC trading - CEO - The London Metal Exchange (LME) is looking at its fee structure to address the fact that over-the-counter (OTC) trading is cheaper than trading on the exchange, the LME's chief executive said on Monday. - more

• LME WEEK-London Metal Exchange looks to polish its ESG credentials - more
• LME WEEK-New Abaxx exchange to expand EV metals offering beyond nickel - more
• LME WEEK-Copper is top bet for base metals in 2024 at LME Seminar - more

    Geopolitics, China and Russia: Why Supply Chain Managers Should Care - Can supply chain leaders ignore geopolitical tensions around the world? The answer is likely no. - more

    Courtesy AISI - In the week ending on October 7, 2023, domestic raw steel production was 1,698,000 net tons while the capability utilization rate was 74.7 percent. Production was 1,644,000 net tons in the week ending October 7, 2022 while the capability utilization then was 73.7 percent. - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.42/lb ($18,570/tonne). Indicators at 5:40 am CST today show nickel trading around $.13/lb higher. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Friday and remain just under the 43,150 tonne level. Shanghai returned to work after a week off, and fell slightly to 150,900 y/t. This is LME Week, where traders from around the world gather in London; eat, drink and discuss commodity trading. It's a crap shoot whether anything could happen this week. Most years the markets make little change during this week, but in recent years nickel has witnessed what we would call a "mood change" during it. We entered LME Week in a bear market. Will we end it likewise, or will we see a change? Stay tuned. And stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $8.35/lb
  

    Friday's market review - Copper heads for the LME week with steep weekly decline - Copper prices rose in London on Friday, but were heading for their biggest weekly drop in five months due to concerns over sustained high interest rates, firm dollar and high inventories. - more

    JSL uses new way to transport stainless steel coils within India - Jindal Stainless Limited (JSL), the largest stainless steel manufacturer in India, adopted a new way to ship stainless steel coils within India on September 29. - more

    Another crisis looms over New Caledonia's nickel industry - New Caledonia's nickel industry is again facing a crisis with the main shareholder in one of the territory's three mines threatening to pull its funding. - more

   Other News

• Metal Trader Misery Undercuts Supercycle Hype Amid Losses - more
  
• Vale not planning more equity sales in Base Metals, may consider IPO in 3-4 years - more
  
• China’s genetically modified giant-rice harvest feeds Beijing’s narrative on food-security drive - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $8.39/lb ($18,500/tonne). Indicators at 5:40 am CST today show nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and started today's trading just under the 43,150 tonne level. Shanghai remains closed and returns to trading on Monday. Nickel prices continue to slide, but reflecting a pattern more like a slow leak than a running of the bears. With LME Week taking place early next week, and Shanghai traders returning from holiday, markets could potentially see a little more volatility return. We shouldn't see Shanghai traders make any big moves based on playing "catch up" to the LME, because there hasn't been that big a price change from last Friday. If we do see any substantial moves made in Shanghai on Monday, it would be based on other factors, more likely internal, such as the Chinese manufacturing PMI returning to a positive number in September. It's all  guess work and why the market, as frustrating as it can be sometimes, remains worth watching. Stainless steel producers sure do. Stay safe out there, and enjoy your weekend!
  
• Average price of LME traded cash nickel so far this month - $8.36/lb
  

    Thursday's market review - Copper drifts lower on disquiet about China as inventories rise - Copper prices stumbled on Thursday for the fourth straight session as investors unloaded positions on persistent worries about demand in China and uncertainty about interest rates and global growth. - more

• LME WEEK-Resilient China demand supports copper prices, boosts local aluminium prices - more
  

    Anglo CEO says miners must make "tough decisions" to remain profitable - Anglo American CEO Duncan Wanblad said on Thursday mining companies have to confront tough decisions such as cutting costs .... - more

   Other News

• How to critically assess nickel carbon footprint data - more
  
• The recent decline in immigration - more
• China Blockades Second Thomas Shoal, Cutting Off Supply Convoy - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.48/lb ($18,690/tonne). Indicators at 5:45 am CST today show nickel trading around $.06/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today's trading session just shy of the 42,400 tonne level. Shanghai remains closed for holiday. The week remains quiet with China closed for business. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $8.39/lb
  

• Nickel market falls as surplus Indonesian supply pushes prices lower - more
  

    Australia's OCE sees EVs driving Al, Cu, Ni demand - Australia's Office of the Chief Economist (OCE) predicts a strong electric vehicle (EV) sector will drive firm demand growth for aluminum, copper and nickel in the next two years. - more

• Global miner BHP to focus on cost cuts, patient on M&A - more
  

    South African mining employs many and may only have decades left, report warns - South Africa’s overall mining profits slipped by more than $5 billion in the last financial year, while the country that was once the world’s largest gold producer might have less than 30 years .... - more

   Other News

• IMF warns China at risk if commodity markets see further fragmentation - more
• U.S. Navy Quietly Decommissions Two Littoral Combat Ships in One Day - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $8.50/lb ($18,740/tonne). Indicators at 5:45 am CST today show nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today's session just under the 42,200 tonne level. Shanghai remains closed for holiday break. Nickel is a little higher this morning, possibly being helped by a slightly higher Euro. With Shanghai closed this week and traders preparing for LME Week next week in London, we could see the remainder of the week be about as exciting as the first part has been. Your average costs for September, compared to August are as follows - Nickel - $8.90/lb compared to $9.29/lb; Chromium - $4.80/lb compared to $4.85/lb; and Molybdenum - $24.59/lb compared to $24.66/lb. Stay safe out there and enjoy your hump day!
  
• Average price of LME traded cash nickel so far this month - $8.37/lb
  

    Tuesday's market review - Strong dollar, inventories push copper to 4-month low - Copper prices fell to four-month lows on Tuesday as expectations of further rises in exchange inventories and the soaring dollar reinforced concerns about demand for industrial metals. - more

• Global nickel market surplus to widen in 2024 -INSG - more
  

    Base Metals: Resilience, Amid Global Headwinds - The major LME base metals have mostly rallied in the past year, although nickel and zinc prices have fallen sharply, reflecting poor fundamentals. - more

    Increased demand in chromite production could lead to imports, says Mines Ministry; current demand and consumption on anticipated lines - India consumes 15-30 per cent of its production and exports the rest to countries like China, South Korea and Japan. - more

    Russia’s stainless steel production rises in Aug m-o-m, y-o-y - According to statistics from the Russian Federal State Statistics Service (Rosstat), Russia’s stainless steel production totaled around 33,000 tons in August .... - more

    Indonesia Defends Nickel Appeal Amid WTO's Appellate Body Crisis - Indonesia said Tuesday that the World Trade Organization's dysfunctional appellate body had set a challenge in ongoing dispute settlements. - more

    Solway Investment Group Guatemalan subsidiaries granted license to resume operations - Solway Investment Group (SIG), a Swiss mining and metals group, is pleased to announce that the US Treasury Office o... - more

   Other News

• Deceptive Chinese strategies that challenge U.S. economic statecraft - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $8.53/lb  ($18,800/tonne). Indicators at 5:40 am CST today show nickel trading unchanged  . Stockpiles of nickel stored in LME licensed warehouses also went unchanged on Monday and remain just above the 42,200 tonne level. Shanghai remains closed for a holiday break. It's Tuesday and apparently unchanged from yesterday.Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $8.40/lb
  

    Monday's market review - Resilient China demand, stocks propel aluminium to five-month peak - Aluminium prices hit five-month highs on Monday as the market factored in resilient demand in top consumer China, .... - more

    Walsin Lihwa maintains stainless steel wire rod prices for Oct - Walsin Lihwa, a stainless steel wire rod and cable manufacturer in Taiwan, maintained the price of its stainless steel wire rods for various steel grades for October. - more

    ZimAlloys to restart idled furnaces - Zimbabwe Alloys (ZimAlloys) to restart ferrochrome production in October following a ~US$40M injection to revive the company. - more

    Aperam launches new sustainability brand for net zero footprint stainless steel - According to a press release from Aperam, a Belgian-French stainless steel manufacturer, the company has launched a new sustainability brand called  ..... - more

    Russia’s stainless steel imports rise in Aug m-o-m, y-o-y - According to statistics released by the Russian Special Steel and Alloys Consumers and Suppliers Association (SpetsStal Association), Russia imported around 53,000 tons of stainless steel in August .... - more

    The Belarusian Steel Plant plans to significantly increase steel production - BMZ expects to increase steel production in 2023 by 15% to 2.3 million tons. - more

    Courtesy AISI - In the week ending on September 30, 2023, domestic raw steel production was 1,722,000 net tons while the capability utilization rate was 75.7 percent. Production was 1,684,000 net tons in the week ending September 30, 2022 while the capability utilization then was 76.4 percent. - more

   Other News

• Vietnam could buy the F-16 Block 70/72, the newest and most advanced Viper production configuration - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.48/lb ($18,700/tonne). Indicators at 6:00 am CST today show nickel trading around $.09/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and ended the month of September just over the 42,200 tonne level.
  
• Welcome to a new month, and the final quarter of 2023. There are three months remaining for annual goals to be met. China remains closed for holiday this week, and traders are preparing for LME Week to be held next week. For the month, LME nickel stockpiles rose 5,034 tonnes. Shanghai remains closed for holiday.  Our unofficial average cost of cash nickel fell by $.40/lb  in September when compared to August. Merafe is reporting the negotiated price of ferrochrome for Europe will by $1.53/lb for the fourth quarter of 2023. Could be a quiet week with China basically closed for business. Stay safe out there, and have a great day, week, and month!
  
• Average price of LME traded cash nickel so far this month - $8.90/lb (Sept average)
  

    Friday's market review - Aluminium rises as traders square positions ahead of quarter-end, stocks decline - Prices for aluminium rose on Friday as traders squared positions ahead of the end of the third quarter, daily data showed a decline in exchange stocks and, the dollar weakened. - more

    European stainless prices increase amid limited imports - European stainless flat product prices continued to rise in September, despite end-user demand remaining subdued.  - more

    Merafe – Ferrochrome price announcement for the fourth quarter of 2023 - Shareholders of the Company are advised that the European benchmark ferrochrome price for the fourth quarter of 2023 has been settled at 153 US cents per pound, an increase of 1.32% from the thirdquarter of 2023.

    Russia officially imposes export duties for most steel and raw materials until end of 2024 - Russia’s government has adopted a decision to implement export duties for certain categories of products, including steel and raw materials. - more

    Facing increasing pressure from customers, some miners are switching to renewable energy - Red hot sparks fly through the air as a worker in a heat-resistant suit pokes a long metal rod into a nickel smelter, ..... - more

    States continue to encourage steel overcapacity: OECD panellists - Trade barriers are leaky, subsidies difficult to counter, and excess steelmaking capacity is growing again, according to a session of the Global .... - more

   Other News

  Economic Stats and Prices (posted in Friday edition)