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LME nickel prices and news

Stainless Steel News and Nickel Prices

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Daily Nickel Market News & Stainless Steel Prices

Nickel Prices and Stainless Steel Market

Thursday, September 27

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Wednesday's trading session at $5.89/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.07/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Wednesday and now total just under the 228,900 tonne level. After last Friday's peak, nickel has resisted a gradual down trend.  Bulls are fighting to beat the $13,000 tonne level, and hold it, while bears are using it as a line of resistance. The market did close above the level for two days (Friday and Monday) but any positive technical signal that might have been given by this, was soo lost, and nickel has closed south of that level since. Yesterday's third interest rate increase in the US this year may be the news that is wearing on traders today. The US Fed also announced a fourth increase before the end of the year is likely, and most importantly, it dropped the term "the stance of monetary policy remains accommodative" from its meeting statement. The Fed also forecast an economic slowdown in 2021, for the first time. The Euro fell just slightly on the news but for the week has been a non issue. Steel futures in China continue to slide. Shanghai nickel market prices fell slightly overnight. This week has been a draw so far. For the bears, the $13,000 tonne level remains elusive. For the bulls, the market is trading off recent lows. This is our last update for the week, so we wish our readers a safe and restful weekend and invite you to visit us again on Monday.
  • Average price of cash nickel so far this month - $5.68/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - no story posted
  • Reuters Daily Inside Metals - pdf here
  • U.S. Imports of Stainless Steel Mill Products - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Yukon nickel junior waits for better metal prices - more
  • US Steel Mills Benefit from Elevated Prices, as End-Users Face Rising Costs - more
  • Stocks Fall After Fed; Euro and Italian Bonds Drop: Markets Wrap - more

     Yesterday's market review - Copper slips for third day as Fed rate hike looms - Copper fell for a third straight session on Wednesday as the dollar firmed ahead of clues on the direction of U.S. interest rates later in the day following an expected hike. - more

      BHP tips smelter back in 3 weeks - shut down on Sunday, with the company saying its furnace was not damaged in the blaze. Nickel West is yet to provide its own estimate of the damage caused by the fire, which Department of Fire and Emergency Services personnel have placed at about $10 million. - more

      Ni SUS Scrap Price in Latter Half of September JPY130,000 - JPY135,000 = Sense of excessive products is strong and respective companies reduce purchase volume = As of September 18, the stainless steel mills in the Kanto area purchase nickel-containing stainless steel scraps (SABOT) at JPY130,000 - JPY135,000 per ton (delivered at plant). - more

      South Africa keeps 30 pct black ownership target in mining charter - South Africa’s new mining charter will require holders of mining rights to raise the level of black ownership to at least 30 percent from 26 percent within five years, Resources Minister Gwede Mantashe said on Thursday. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Wednesday, September 26

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Tuesday's trading session at $5.87/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today just under the 229,200 tonne level. Shanghai Metals Market told its traders that it could take up to a year for BHP's Kalgoorlie smelter to return to full production. Not real sure where they are getting their information. Considering the smelter is part of Nickel West's operations, which produced a little over 4% of world supply in 2017, traders should keep their eye on news from the company. Traders have been able to recover the $13,000/tonne level this morning, after falling as much as $300/tonne below this level yesterday. For now, $13,000/level appears to be the line the tug of war between bulls and bears are fighting over.
  • Average price of cash nickel so far this month - $5.67/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - London copper slips for third day as Fed rate hike looms - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Here’s why Carnavale could be a serious force in the battery metals space - more
  • Stocks Stable as Traders Await Fed; Oil Edges Down: Markets Wrap - more

     Tuesday's market review - Copper pressured by China property worries after holiday - Copper, zinc and other base metals slid on Tuesday, rattled by more concerns about the economy of top metals consumer China and adjusting after a one-day closure of Chinese markets. - more

       August 2018 crude steel production - World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 151.7 million tonnes (Mt) in August 2018, a 2.6% increase compared to August 2017. - more

      Which way the key commodities will go in the next two years – in one chart - If you’re looking for ideas as to what commodity prices may do over the next two years, the chart below may be of interest. - more

      Drilling restarts at Poseidon Nickel’s Abi Rose nickel find - The drill bit is in motion at Poseidon Nickel’s wholly-owned Lake Johnston project in Western Australia, with hopes of proving up a nickel resource close to existing mine infrastructure. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Tuesday, September 25

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Monday's trading session at $5.93/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today just under the 229,500 tonne level. Cancelled warrants slipped below the 22% mark Friday, but crawled back over that level Monday. Hard to tell what is driving the market today. The closure of the Kalgoorlie smelter in Australia due to a fire, however temporary it might be, could be seen as potentially affecting supply in a time when supply does not need messing with. Shanghai markets, which were closed Monday, shrugged off yesterday's drop on the LME and played catch-up to Friday's gain. The Euro, which jumped on Thursday, has stalled since, but held onto the gain.Steel futures in China are up and down, trending lower, and currently about where they were at the start of the month. The 20, 50 and 100 daily MVA continue to trend lower. We show resistance persists at $13,000/tonne.
  • Average price of cash nickel so far this month - $5.66/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Copper down 1.5 pct as U.S.-China trade war raises demand concerns - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • China Is Open to U.S. Talks, But Not With a Knife at Its Throat - more
  • Stocks Edge Up With Trade, U.S. Politics in Focus: Markets Wrap - more
  • There’s a Major Disconnect Between Voters and Beltway Types on Trade, New Poll Finds - more
  • El Niño WATCH continues; signs of a positive Indian Ocean Dipole emerge - more

     Monday's market review - Copper steady near 10-week high, focus on U.S.-China trade dispute - Copper prices slipped on Monday, but held near 10-week highs hit last week as the market waited to see how the U.S.-China trade dispute would develop after both countries imposed new tariffs on imports. - more

      $10 million fire damage to BHP’s Kalgoorlie nickel smelter - The Department of Mines, Industry Regulation and Safety has launched an investigation into the incident, with two mines safety inspectors due onsite yesterday. - more

  • Kalgoorlie nickel smelter shut after fire - more

     Market Trend of Import of Ferroalloy as of 14 September 2018 = Some of steel mills in China begin to slow down steel production = Some of the steel mills in Hebei and its vicinity have begun to slow down the operating pace before the regulation of production which is scheduled to start from October 1 (ending at the end of 2019). - more

      Vale: Embracing The Electric Vehicle Revolution - Vale's iron ore operations have been by far the main driver of the company's performance. Because of this, the Base Metals division tends to fly under the radar, despite Vale being the world's largest producer of nickel. - more

     Courtesy AISI - In the week ending on September 22, 2018, domestic raw steel production was 1,863,000 net tons while the capability utilization rate was 79.5 percent. Production was 1,711,000 net tons in the week ending September 22, 2017 while the capability utilization then was 73.4 percent. The current week production represents a 8.9 percent increase from the same period in the previous year. Production for the week ending September 22, 2018 is up 0.1 percent from the previous week ending September 15, 2018 when production was 1,862,000 net tons and the rate of capability utilization was 79.4 percent. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Monday, September 24

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Friday's trading session at $6.01/lb  . Indicators at 6:15 am CST today show 3 month nickel trading around $.11/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and Friday and started the week just over the 229,800 tonne level. Markets appear to be backing off the rally base metals experienced on Friday as China announces retaliatory tariff's. For the moment, nickel , which saw a 5% gain in Friday, is lower but remains slightly above the $13,000/tonne level. Marex Spectron, in a tweet, said they felt much of the increase on Friday was due to traders covering short bets. Friday's close is the highest for nickel for September and the best since August 30th. China markets were closed today for the Mid-Autumn Festival, and while the tariff retaliation was expected, the announcement by China to terminate further trade talks, is renewing market nervousness. Looks like the potential for an interesting week ahead. We hope its a good one for our readers.
  • Average price of cash nickel so far this month - $5.65/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - London copper slips from 10-week top on trade uncertainty - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Reuters - China’s imports of scrap metal in August fell by 30.5 percent from a year earlier to 430,000 tonnes, the General Administration of Customs said on Sunday.
  • China accuses US of trade bullying as new tariffs imposed - more
  • Stocks Slip With Trade in Focus; Oil Up After OPEC: Markets Wrap - more

     Friday's market review - Copper surges in biggest one-day gain since 2013 - Copper notched its biggest one-day advance since May 2013 as investors calculated that a trade dispute between the United States and China could damage economic growth less than feared. - more

      S32-owned Colombian mine wins court appeal - Colombia's Cerro Matoso nickel mine, owned by Australian miner South32, will not be required to pay damages to indigenous and Afro-Colombian communities after winning an appeal in the country's constitutional court. - more

      Price of HC FeCr in China Turns Upward = Shut-down prevails in southern area, and supply and demand becomes tight = The price of high-carbon ferro-chrome in the Chinese domestic market dropped from July to August, but turned upward at last in the middle of September. - more

      Fire at Nickel Smelter - Firefighters have put initial estimates of the damage caused by a blaze that engulfed the Kalgoorlie Nickel Smelter on Sunday at $10 million. - more

      High power tariffs adversely impacting ferrochrome producers - Local ferrochrome producers have urged government to intervene as the high energy prices are adversely impacting their operations. - more

     Vale’s Port Colborne refinery a ‘poster child for resilience’ - At one time people in Port Colborne could set their watches to the INCO shift change whistle — and many did. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Thursday, September 20

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Wednesday's trading session at $5.67/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose for a second time this month on Wednesday, but for a third consecutive day, remain just under the 232,100 tonne level. The Euro is trading a little higher this morning, which may explain nickel's slight increase on the LME trading board. No real market news out there today. The rate of stockpile withdrawals has slowed significantly this month. Nickel stockpiles peaked out last August 31st at 389,154 tonnes, so the rate of decrease over the past 12-1/2 months has been pretty dramatic. If supply is catching up with demand, this is good for the industry. If these are the early clues of a slowing demand, then we need to be concerned. Cancelled warrants dropped below 23% on the 7th, and have averaged below there since. Last September, cancelled warrants were measuring in the 34-37% range. And cash nickel was trading in the $5.10/lb range back then. Thanks to a growing EV market, the future for nickel remains 'bright'. In the short term, the trade war concerns seem to be hog tieing the market. This is our last update for the week, so we wish each of you a safe and enjoyable weekend and hope to see you again on Monday.
  • Average price of cash nickel so far this month - $5.63/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - London copper prices hover near 3-wk high as trade war fears ease - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Stocks Advance as Treasuries Steady; Dollar Slips: Markets Wrap - more

     Wednesday's market review - Copper and zinc jump as U.S.-China trade tariffs undershoot expectations - Copper jumped to its highest in three weeks on Wednesday, boosted by a weaker dollar after a new round of U.S.-China trade tariffs proved not as costly as expected. - more

      Metals hit hard by trade disputes - Despite projections of a strong year for metals across the board, which were expected to be buoyed by global growth, multiple commodities have been hit by depressed prices this year as ongoing trade disputes soured market sentiment. - more

      Axiom wins mining permit for Solomon Islands nickel project; shares rocket 55pc - Junior explorer Axiom Mining has been granted a mining lease for its Isabel nickel project – news that sent shares up as much as 55 per cent this morning. - more

      Cobalt 27: Don't Forget The Nickel Exposure - Until now, all the focus for Cobalt 27 has naturally been on their rapidly expanding portfolio of cobalt metal and cobalt royalties, streams and interests. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Wednesday, September 19

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Tuesday's trading session at $5.62/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.08/lb higher. Stockpiles of nickel stored in LME licensed warehouses were unchanged on Tuesday and remain just below the 232,100 tonne level. Nickel ended higher yesterday, and is trading higher again this morning. Currently the market has recovered from Monday's losses and we are back to trading in last Friday's range. US equity futures are drifting this morning, after yesterday's bounce on news that the new tariff;s would only be 10% until the end of the year, when they jump to 25%. This gives the US and China to negotiate some kind of truce - maybe.
  • Average price of cash nickel so far this month - $5.62/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Shanghai copper hits 1-month high; zinc surges - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Top Nickel Miners 2017 - image here
  • U.S. Futures Drift With Europe Stocks; Dollar Dips: Markets Wrap - more

     Tuesday's market review - Copper rebounds, shrugs off deepening U.S.-China trade row - Copper prices rallied on Tuesday as investors shrugged off new tit-for-tat tariffs by China and the United States to send stock markets higher and the dollar lower. - more

      Nickel's "electric premium" crushed by trade tensions: Andy Home - Nickel has finally succumbed to the base metals price rout.  It is still the best year-to-date performer among the core six metals traded on the London Metal Exchange - more

      BHP eyes first nickel sulphate by mid-2019 - UK-Australian resources group BHP expects the first output from its nickel sulphate plant in Western Australia by the end of June next year. - more

      De Lima slams nickel mining project in Zambales: Pati ba naman lupa sa China na rin? - Detained Senator Leila de Lima on Tuesday slammed the reported “suspicious construction” of a P200-million mining project in Candelaria, Zambales which is heavily-funded by Chinese investors. - more

      The Nickel market was in deficit during January to July 2018 with apparent demand exceeding production by 43.3 kt. In the whole of 2017 the calculated deficit was 76.3 kt. Reported stocks held in the LME at the end of July 2018 were 112 kt lower than at the end of the previous year. Refined production in January to July 2018 totalled 1087.8 kt and demand was 1131.1 kt. - more

      Global steel production, consumption growth to slow – Fitch - Growth in global production and consumption of steel is expected to slow over 2018/19, following a significant rebound since early 2016, Fitch Solutions Macro Research’s recently published ‘Global Steel Outlook’ report states. - more

      Nickel defined Port history for a century - In the dog days of summer back in 1916 the directors of the International Nickel Company, or Inco, met to discuss the acquisition of land in Port Colborne, with its abundance of access to hydro-electricity and transportation, as the site for the company’s first Canadian nickel refinery. - more

     Metminco signs term sheet to acquire DSO nickel-bauxite play - Metminco Limited has announced it has entered into a binding term sheet to acquire 100% of the issued capital of Sunshine Metals Ltd which holds 80% of the Jejevo Nickel Project on Santa Isabel Island in the Solomon Islands, as well as an 80% interest in an early stage bauxite prospect - the Tausere Project - located on the southern coastline of Choiseul Island, situated at the northwest extent of the Solomon Islands. - more

      Courtesy AISI - In the week ending on September 15, 2018, domestic raw steel production was 1,862,000 net tons while the capability utilization rate was 79.4 percent. Production was 1,711,000 net tons in the week ending September 15, 2017 while the capability utilization then was 73.4 percent. The current week production represents a 8.8 percent increase from the same period in the previous year. Production for the week ending September 15, 2018 is down 0.9 percent from the previous week ending September 8, 2018 when production was 1,879,000 net tons and the rate of capability utilization was 80.2 percent. - more

      Copper-nickel? The data say it’s bad economics - The ongoing debate about the pros and cons of copper-nickel mining near Ely has been cast by many as the stereotypical clash between jobs and the environment. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Tuesday, September 18

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Monday's trading session at $5.55/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started this morning's session just under the 232,100 tonne level. After markets closed last evening, the Trump administration announced a new round of tariff's on China, as expected. However, President Trump only slapped a 10% tariff on another $200 billion dollars worth of Chinese imports, which will rise to 25% following the U.S. elections. China has promised to retaliate, even in the face of President Trump's threat to impose more tariff's on another $267 billion dollars worth of imports if they do. President Trump is betting this trade war will hurt China more than the US and force the Chinese to meet his demands. Since the market had initially thought the Trump administration would set the tariff at 25% immediately as the President had initially threatened, nickel traders appear to be reacting by crawling back to where they were on Friday. Base metal traders worry president Trump may be right, and with China 'the' major nickel consumer of the world, a slowdown in China will effect world demand of nickel. Yesterday's close was only $10/tonne higher than its lowest close this year, ie last Monday's close. Market news dried up again today.
  • Average price of cash nickel so far this month - $5.63/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - London copper slips as China says will retaliate vs U.S. tariffs - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Factbox: China, a greater contributor to global economy - more
  • Trump slaps tariffs on $200 bln in Chinese goods, threatens $267 bln more - more
  • As Trump Touts Steel Revival, Investors Still Await Payoff - more
  • Most profitable mining companies in 2017 - more
  • Stocks Rise on Watered-Down Tariffs; Pound Slips: Markets Wrap - more

      USW updates on labor talks with US Steel, ArcelorMittal ahead of Sep 1 expiry - The United Steelworkers union Friday released separate updates on the progress of labor contract negotiations with US Steel and ArcelorMittal USA, expressing slightly more positive sentiment about the former. - more

      The Rare Rainforest Tree That Bleeds Metal - Pycnandra acuminata is a rare tree native to the shrinking rainforests of New Caledonia that has the rare ability to collect large quantities of nickel from the ground. Its blue-green sap reportedly contains up to 25% nickel. - more

      After disaster, Philippines to review all small-scale mining proposals - The Philippines has ordered a review of more than 100 proposals for small-scale mining sites across the country following a landslide that killed 62 people including illegal gold miners, its environment minister said on Tuesday. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Monday, September 17

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Friday's trading session at $5.74/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.04/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and Friday and started the week just over the 232,200 tonne level. For the first half of September, the average loss in nickel stockpiles slowed to 597 tonnes from 750 tonnes last month and 764 for the fist half of the year. A survey of Chinese metals analysts show 50% believe nickel prices will rise this week, while the other 50% feel they will fall. We appear to be starting this week just like last, with another round of possible tariff's spooking World markets. After climbing on Wednesday and Thursday, the traded price of nickel leveled off on Friday and is on the decline today. The Euro remains rangebound and offering no assistance to traders. Chinese stocks are reportedly trading at four year lows, as Wang Yue, an analyst at Shanghai East Asia Futures Co, reports Chinese investors appear to be in panic mode over world trade news. Two weeks left in the third quarter of 2018. Good luck and have a great week.  
  • Average price of cash nickel so far this month - $5.63/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Base metal prices drop as spectre of new U.S. tariffs looms - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Royal Gold Resolves Voisey’s Bay Royalty Dispute - more
  • China’s Stocks Drop to Lowest Level in Nearly Four Years - more
  • Andrew Forrest’s Squadron Resources left out of Poseidon Nickel $69m share offer - more
  • Stocks Fall as Trade Fears Return; Dollar Slips: Markets Wrap - more

     Friday's market review - Copper prices fall on Chinese demand fears - Copper prices fell on Friday as data in China pointing to a cooling economy and a worsening trade dispute between Washington and Beijing raised concerns that Chinese demand for metals would fall more than expected. - more

      Here's why nickel prices dropped moderately amid US-China trade standoff - The demand for nickel is expected to be higher and supply is seen falling short. Market participants expect battery sector would be the second larger area for nickel demand behind stainless steel by next year, says Hareesh V of Geojit Financial Services. - more

      The Ni-base CR SST Market in East Asia Returning to Stability - The market of nickel (Ni)-base cold-rolled (CR) stainless steel (SST) market in East Asia is settling down. With cheap Indonesian hot-rolled (HR) SST coil flooding the market, concerned parties were all taking a wait-and-see attitude, feeling unsure what comes next. However, price-wise, the market seems to be settling down. - more

     Nickel producers eye Indonesia to plug into EV battery market - Several global metals producers have set their sights on Indonesia’s nickel reserves to tap an expected surge in demand for the metal for electric vehicle batteries. - more

     No end in sight for New Caledonia nickel protest - There is no end in sight to a protest in the north of New Caledonia which has paralysed the nickel mine at Kouaoua. - more

  • More tension at New Caledonian nickel company - more

      Cargo - Nickel Ore - The dangers associated with the carriage of nickel ore, due to the risk of liquefaction of the cargo on passage when the moisture content is higher than the cargo’s Flow Moisture Point (FMP), are well known. - more

      Clive Palmer enjoys small court win as judge agrees to disqualify himself from Queensland Nickel case - Clive Palmer has succeeded in his legal bid to have the judge overseeing the case against him and his collapsed company, Queensland Nickel, recuse himself. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Thursday, September 13

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Wednesday's trading session at $5.72/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell overnight and started today's session just below the 234,000 tonne level. Nickel got a nice boost yesterday, as did many of the base metals, and all are pretty much hovering in neutral this morning, nickel on the positive side. Couple of larger industry players and analysts made some forecasts yesterday at a nickel conference in Jakarta. Jim Lennon of Macquarie Research predicts nickel will trade for around $8.00/lb_ by the end of the year. Norilsk forecast the current nickel deficit to run for at least three more years. Linda Zhang of Woods Mackenzie predicts nickel will trade for $6.53/lb this year and $7.56/lb next year. Yesterday, the US Secretary of Treasury announced he had sent an invitation to China to enter another round of negotiations over the trade war. So far this morning, no tweet from the White House has negated this invitation, so markets remain hopeful. Yesterday's bump in the traded price of nickel puts us back to where we were early last week. Apparently the bullish day got people talking about nickel again yesterday and there is a lot of news today. This is our last update for the week, so we hope each of you has a safe and relaxing weekend and invite you back next week.
  • Average price of cash nickel so far this month - $5.62/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Copper rallies after U.S. invites China to restart trade talks - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • US proposing new round of trade talks with China in near future - more
  • (FR) The Australian Securities and Investment Commission has taken the highly unusual step of referring a capital raising to the Takeover Panel in a move that threatens to derail Andrew Forrest's plan to boost his stake in Poseidon Nickel.
  • (SO) US construction costs rise 6.2 percent in August
  • Stocks Rise as Asia Rebounds; Euro Dips Before ECB: Markets Wrap - more

     Wednesday's market review - Base metals rise as dollar rally ebbs, trade fears cap upside - Base metals recovered on Wednesday, with nickel moving off an 8-1/2 month low as a dollar rally ran out of steam, but gains were capped by fresh sparring between Washington and Beijing over trade and by sinking steel prices in China. - more

      Nickel price to benefit from short supply, strong steel demand through 2019 - Slower production increases in leading supplier Indonesia and continued growth in stainless steel demand are forecast to extend a supply shortage in the global nickel market, supporting price gains through 2019. - more

      Black Mountain buys idled nickel mine from Panoramic - US private equity firm Black Mountain announced on Thursday that it would buy the Lanfranchi nickel mine, near Kambalda, Western Australia, as it seeks to tap into the growing battery minerals market. - more

      Matter of SLN's Kouaoua Mine May Spill over into Other Mine = Labor union asks for mine strike = The second month has begun since Kouaoua nickel mine (New Caledonia) owned by Eramet's subsidiary, Societe Le Nickel (SLN) was unlimitedly shut down. - more

      LME to maintain discounted carry trade fees indefinitely - The London Metal Exchange will maintain its discounted fees for carry trades indefinitely as it believes the discounts have had a positive impact on trading volumes - the mainstay of the exchange’s revenue. - more

      Copper-nickel? The data say it’s bad economics - The ongoing debate about the pros and cons of copper-nickel mining near Ely has been cast by many as the stereotypical clash between jobs and the environment. - more

      Challenges facing dry bulk during Indonesia's monsoon season - Indonesia’s wet season generally falls October to March/April, reinvigorating the archipelago’s amazingly diverse flora and fauna and giving its farming sector a major boost. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Wednesday, September 12

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Tuesday's trading session at $5.55/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.09/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and stood just over the 235,800 tonne level. While stockpile numbers continue to fall on a fairly consistent pace, cancelled warrants dipped below 23% last Friday, and have stayed below since. Nickel is up this morning, after hitting new lows for 2018, and we are either seeing a temporary desperation bounce, or a new bottom. The tariff threats remain quiet, with the approaching Hurricane Florence getting the attention in the US. China announced overnight it would not be issuing new business license to American companies in various trades until the tiff with Washington showed some progress. Markets were expecting President Trump to announce tariff's on another $250+ billion this week, but so far, no such announcement has been made. We couldn't find any nickel news this morning worth repeating, and we're not real sure that has ever happened before. Australia used to be a good source for stories, being a major world producer, but many of their major news outlets have gone to giving access to online subscribers only. Other than daily updates on the Clive Palmer drama, we aren't missing anything. If it's important, the smaller outlets pick it up and they have yet to limit access. Some outlets are crediting a weaker US Dollar this morning for the mini rally in base metals, and we got out the magnifying glass to see if our live chart was showing something we couldn't see but we are not seeing much movement at all in that trade. So we don't try to explain it, just call it a bump in a bear market - so far.
  • Average price of cash nickel so far this month - $5.62/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Shanghai metals fall as China mulls change to winter industrial output cuts - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • The Global Economy Is Still Feeling the Lehman Fallout 10 Years Later - more
  • Europe Stocks Rise, Asia Extends Drop; Euro Slips: Markets Wrap - more

     Tuesday's market review - Nickel sinks to eight-month low on trade tensions and weak steel prices - Nickel hit an eight-month low and zinc slipped to its lowest in three weeks on Tuesday as speculators added bearish positions against the backdrop of persistent international trade concerns and a slide in steel prices. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Tuesday, September 11

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Monday's trading session at $5.63/lb . Indicators at 6:00 am CST today show 3 month nickel trading unchanged . Stockpiles of nickel stored in LME licensed warehouse fell on Monday and started today's session just over the 236,300 tonne level. Nickel gained slightly yesterday, but is in a holding pattern so far today. Chinese media reports nickel ore stockpiles are growing in that country, while stainless steel inventory growth appears to be slowing. Market sentiment is cautious due to escalating trade war, while prices stay strong. Chinese steel futures took a whack overnight, erasing all of the months gains. The Euro and US Dollar exchange rate remains rangebound and the Chinese stainless steel index ticked slightly higher overnight. Major support is currently at $5.37/lb, with resistance at $5.89/lb. No new tariff threats from any country yesterday, with campaigning for mid term elections in full swing.
  • Average price of cash nickel so far this month - $5.64/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Zinc touches three-week low on trade tension, weak steel prices - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • (SO) - CISA mills' average daily crude steel output up 0.33% in late August
  • July Steel Shipments Up 5.8% from July 2017 - more
  • U.S. Small Business Optimism Just Hit Its Highest Level in History - more
  • Stocks Slip as Trade Mood Sours; Dollar Steadies: Markets Wrap - more
  • El Niño still possible in 2018 - more

     Monday's market review - Escalating U.S.-China trade dispute hits copper prices - Copper prices fell on Monday after U.S. President Donald Trump threatened to impose tariffs on virtually all Chinese imports into the United States, escalating the trade dispute and stoking fears of weaker demand for industrial metals. - more

     Russia's Potanin returns 2 pct in Norilsk Nickel to Abramovich -sources - Russian billionaire Vladimir Potanin has returned a 2 percent stake in Norilsk Nickel to Roman Abramovich and his partners, according to a source in a holding which manages Potanin’s assets and a source familiar with the matter. - more

     China steel, coke futures slide amid plan for flexible output cuts - Chinese steel futures fell more than 4 percent and coke prices also tanked on Tuesday after a source involved with China’s output-cut plan said the environment ministry may allow northern provinces to set their own production curbs over winter. - more

      PH nickel industry plants more than 4 million trees - Going beyond compliance in implementing responsible and sustainable mining operations, key players in the Philippine nickel industry have planted an estimated 4.2 million trees to date in the Caraga region and in Palawan. - more

  • Nickel: New king of PH minerals - more
  • All About Nickel - more

      Local court to decide Norilsk claim on BCL - Russia’s largest mining company in mineral rights dispute with Botswana group and liquidation leader - more

      Courtesy AISI - In the week ending on September 8, 2018, domestic raw steel production was 1,879,000 net tons while the capability utilization rate was 80.2 percent. Production was 1,711,000 net tons in the week ending September 8, 2017 while the capability utilization then was 73.4 percent. The current week production represents a 9.8 percent increase from the same period in the previous year. Production for the week ending September 8, 2018 is up 0.5 percent from the previous week ending September 1, 2018 when production was 1,870,000 net tons and the rate of capability utilization was 79.8 percent. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Monday, September 10

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Friday's trading session at $5.60/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.02/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Thursday but rose on Friday and now total just under the 237,100 tonne level. Friday's rise in nickel stockpiles are the first recorded since a 12 tonne gain on August 30th, which was the only increase recorded in August. Industry news was nearly non existent this past few days, as the market tries to figure out what traders will do with nickel prices. Today we are trading at 2018 lows, and in the range not seem since last December. We are still approximately $2000/tonne higher than the last twelve months, hitting a low last September 27th. China steel prices are in recovery, after dipping in late August. The Euro is quiet against the US Dollar. President Trump says he is ready to slap tariff's on every Chinese import at a moment's notice, and is expected to announce another $267 billion in tariff's this week. China has promised to retaliate if the administration makes such a move.  In positive industry news, US sales figures of electric vehicles for August are out. Last year, EV vehicle sales totalled just over 15,500. This year they were slightly over 29,500. Almost doubled. We are seeing a huge spike in sales of EV vehicles in the US this year, compared to sales over the last five years. The trading charts look rather bleak for nickel. Technically we are seeing the 100 day MVA take a noticeable dip in the past few days. The 100 day is looked on by some as the long term indicator, since its movement is less affected by the daily noise. It leveled out for the first time over the past 12 months in mid July, where it stayed fairly stabile until last week. This now puts the all three technical indicators, short, mid and long term in the negative column. We feel the fundamentals supports a more positive long term outlook, but give it as it is. We hope you have a prosperous and good week.
  • Average price of cash nickel so far this month - $5.66/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Copper under pressure as U.S. threatens more tariffs on China - more
  • Reuters Daily Inside Metals - pdf here
  • U.S. Exports of Stainless Steel Mill Products - more
  • Nickel Magazine - Current Issue - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • China's Trade Outlook Darkens as Trump Raises Stakes on Tariffs - more
  • Europe Stocks, U.S. Futures Shrug Off Asia Malaise: Markets Wrap - more

     Friday's market review - Trade war fears push copper towards second weekly loss - Copper prices steadied near 14-month lows on Friday but were set for their second consecutive weekly loss as investors braced for new U.S. tariffs on China which could damage economic growth and demand for metals. - more

      Market Trend of Import of Ferroalloy as of 31 August 2018 = Steel production in China will be regulated from October to end of March next year = The daily crude steel production volume in China is in a state of being at an extremely high level, which is because the steel mills in Hebei and its vicinity advance the production and accumulate the products before the regulation of production from October 1. - more

      Feds reopen forests near Boundary Waters to mining - The Trump administration has cleared the way for renewed mineral leasing — and potentially mining — in about 365 square miles of the Superior National Forest within the watershed of the Boundary Waters Canoe Area Wilderness. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Thursday, September 6

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Wednesday's trading session at $5.65/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Wednesday and started this morning's session just above the 236,700 tonne level. On a day to day trading basis, the Euro jumped in yesterday's afternoon trading, and is holding onto those gains today, giving base metals a boost. On a week to week basis, the Euro is now trading about where it did last week. On an annual basis, the Euro is trading well off earlier year highs. And right now, that appears to be one of the few things nickel traders are taking into consideration. The Philippines announced new restrictions on nickel mines, and Japan announces an earthquake will affect some ferrochrome and steel production in that country for at least a week. After spending the last few months in a holding pattern, the 100 day MVA is starting to show sings of weakening. The 100 day is seen by some as the long term trend line for nickel, and with the short and mid term trends surely in the bearish column, the neutrality of the long term trend is suddenly in jeopardy. We remain very bullish long term, based strictly on supply and demand fundamentals, unless the trade war starts having dramatic effects on the world economies. This is our last update for the week, and we hope you have a safe and enjoyable weekend. See you Monday.
  • Average price of cash nickel so far this month - $5.68/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Copper ticks up for 2nd day on dollar weakness, U.S.-China trade war weighs - more
  • Reuters Daily Inside Metals - pdf here
  • U.S. Imports of Stainless Steel Mill Products - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • SMM - China’s nickel output in August fell 19.24% on the year and came in at 11,400 mt. From January-August, output declined 9.76% from last year and stood at 95,100 mt.
  • U.S. trade deficit widens to five-month high in July - more
  • U.S. Steel Import Permits Witnessed Rapid Decline in August - more
  • Stocks Regain Footing as EM Fears Take a Breather: Markets Wrap - more

     Wednesday's market review - Copper snaps 5-day losing streak as dollar slips - Copper rose on Wednesday after five straight days of losses as a dollar rally paused, but gains were firmly capped by persistent fears over escalating trade tensions between the United States and top metals consumer China. - more

      Japan's NSSC cuts Sep austenitic CRC, plate prices by $90/mt - Japan's Nippon Steel & Sumikin Stainless Steel Corp or NSSC Wednesday cut September prices for austenitic stainless cold rolled coil and plates for distributors by Yen 10,000/mt ($90/mt), and left ferritic CRC prices unchanged. - more

      Philippines implements fresh nickel mining curbs in environment protection drive - The Philippines, one of the world’s top suppliers of nickel ore, will this week start limiting the land that miners can develop at any one time as new rules to protect the environment take effect. - more

     New Caledonia union calls for strike at SLN - A union in New Caledonia has called for a one-day strike at the SLN nickel mining company over the impasse at the closed Kouaoua site. - more

  • New Caledonia's Neaoutyine hits out at SLN - more

      Power outage cripples manufacturing in quake-hit Hokkaido - Manufacturing operations in Hokkaido island in north Japan are likely to be suspended for about a week, due to power outage in the entire region following a 6.7 magnitude earthquake at around 03:08 am local time Thursday (1108 GMT Wednesday). - more

      Assore resilient, but acknowledges US trade war hit chrome exports - Assore, the miner and marketer of metals used in steelmaking, emerged unscathed by the US/China trade wars in its year to June. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Wednesday, September 5

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Tuesday's trading session at $5.66/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licenses warehouses fell on Tuesday and started the day just over the 237,000 tonne level. Here is a number to keep in mind. $5.53/lb  or $12,190/tonne. Back on January 16th we saw this level and so far, it is the lowest nickel has traded in 2018. And what seemed like a number we may not see for many years just a few months ago, is now a realistic line of major technical support for traders to avoid. At the end of July we published the average daily loss in LME nickel stockpiles and put the number at 764.30 tonnes per day. For August, typically the slowest month of the year, that number barely moved and registered an average daily loss of 750.52 tonnes. Here is some elementary math. Take the 237,000 tonne level and divide that by the daily loss. We come up with a little over 300 working days of inventory and with no major mines under construction ..... and with 240 working days a year, give or take a few days .... well we think you see why some are concerned. Now its not as simple as that - but maybe we made our point. For now, however, the trade war and concerns about China's economic future, are proving a major drag on the speculative market. So far today, the retreat of the last week has calmed, and the market, for the moment, is in a holding pattern. US manufacturing PMI, published by the ISM, grew from 58.1 to 61.3. Full ISM report here and we follow four major world PMI's monthly here.
  • Average price of cash nickel so far this month - $5.70/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Shanghai copper tumbles to 14-month low as trade tensions simmer - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Inside American Companies Reeling From Trump’s Trade War - more
  • Stocks Drop on EM Turmoil; Dollar, Treasuries Rise: Markets Wrap - more

     Tuesday's market review - Nickel leads metals lower, pressured by dollar - Nickel hit its weakest since January on Tuesday, leading London metals lower as concerns over rising trade tensions between China and the United States benefited the dollar. - more

      Some warehouse firms want LME to change delivery rules, lengthen queues - Some warehouse firms want the London Metal Exchange to change its rules for delivering material so as to allow longer queues and boost revenues undermined by falling stocks, sources familiar with the matter said. - more

     Sinosteel plans African growth - Beijing-based Sinosteel Group Corp Ltd said it would bring more advanced metallurgical technologies to the African continent, speeding up the use of technological new materials while providing more EPC services in African countries. - more

     Courtesy AISI - In the week ending on September 1, 2018, domestic raw steel production was 1,870,000 net tons while the capability utilization rate was 79.8 percent. Production was 1,759,000 net tons in the week ending September 1, 2017 while the capability utilization then was 75.4 percent. The current week production represents a 6.3 percent increase from the same period in the previous year. Production for the week ending September 1, 2018 is up 0.6 percent from the previous week ending August 25, 2018 when production was 1,858,000 net tons and the rate of capability utilization was 79.3 percent. - more

  Morning Nickel Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here or here (updated)
  • India MCX Nickel Price - more  more
  • 100 Years of Stainless Steel Video - online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Tuesday, September 4

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Monday's trading session at $5.80/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.10/lb lower. Stockpiles of nickel stored in LME licensed warehouses has fallen each day for the last three and started today's session just below the 238,000 tonne level. Nickel traders have turned very bearish since our last update, with today's trading at January lows, and very nearly setting a new low for 2018. The technicals chart looks dismal, with the 10 and 30 day MVA both well below the 200 day MVA. Caroline Bain, chief commodities economist at Capital Economics in London, told Reuters yesterday "I'm surprised that any of the metals are up today, given the combination of the Caixin PMI in China, the lack of progress on NAFTA talks and the tit-for-tat tariff contest between China and the U.S.". And just for the record, the official China manufacturing PMI rose from 51.2 to 51.3, an opposite reading than the Caixin. It will be interesting to see what happens with US traders returning today after yesterday's holiday, although the weakening Euro is not encouraging any bullish moves. US traders appear to approach President Trump's actions in a different light than much of the rest of the world, and nickel could use some bullish traders. The unofficial summer vacation season has come to an end, and we look forward to spending fall with you. Have a great day .... and month.
  • Average price of cash nickel so far this month - $6.09/lb (average August)
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - London copper falls for 5th day amid trade war worries - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Chinese steel manufacturers flock to Vietnam to avoid US trade war - more
  • Steel mills cancel scrap orders, dealers brace for September fall - more
  • The trade war is deepening the gloom at Chinese factories - more
  • Dollar Advances With Treasury Yields; Stocks Fall: Markets Wrap - more

     Monday's market review - Nickel slides to seven-month low on concern over tariffs and China - Nickel sank to its lowest in more than seven months on Monday, weighed down by worries about China’s economy, escalating trade tensions and weak steel prices. - more

      Nickel Monthly News For The Month Of August 2018 - Welcome to the first nickel miners news. This follows strong demand for this topic from investors. August saw a slightly weaker nickel price and some stellar results from the big nickel producers. - more

      Escalating Trade Tensions Disrupt Global Stainless Steel Market - The global stainless steel market is, currently, unclear. Growing trade concerns and volatile raw material costs are causing market participants to become increasingly apprehensive in their purchasing decisions. - more

      LME explores nickel sulfate premium contract to expand battery metal futures - The London Metal Exchange is exploring launching a nickel sulfate premium contract, following the launch of cash-settled lithium and cobalt contracts possibly in 2019, which will expand its battery metals futures offerings, Oscar Wehtje, the product development head said Tuesday. - more

       IMOA Announces World Mo Consumption in Jan-Mar 141.6 Mil. Lbs  = Up by 5% from year-earlier period and production volume is 137.5 million lbs = According to the announcement made by International Molybdenum Association (IMOA), the consumption of molybdenum all over the world in the period from January to March in 2018 was 141.6 million lbs, up by 5% from the year-earlier period. - more

      New Caledonia nickel company halts expansion - reports - Reports from New Caledonia say the SLN nickel company has acceded to instructions by the northern province to halt its mining expansion plans in Kouaoua. - more

  • New Caledonia's Neaoutyine hits out at SLN - more

     Colombia nickel output gains in Q2; gold, coal fall - Colombian nickel output rose in the second quarter year on year, while gold and coal production declined, the government said. - more

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