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news covering the period of September 2020
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Wednesday, September 30
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $6.55/lb ($14,440/tonne). Indicators at 6:15 am CST today show
nickel trading around $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Tuesday and started today's session just under the 236,400
tonne level. Nickel ended back below the $14,500 tonne level yesterday,
and with China now shut down for a week, has little more than the
strength of the U.S. Dollar to motivate its movements. The Dollar is up
this morning and nickel is down. China's manufacturing PMI dropped from
53.1 in August to 53.0 in September, but remains on the growth side.
This will help give nickel some positive momentum, but that do little
more than stabilize where it is at. There appears to be the proverbial
bad taste in many traders mouths this morning, especially in the U.S.,
after round one of the Presidential debates. It was not what one could
call 'an example of decorum'. And that is the most courteous and
shortest analysis you will hear all day. It's the last day of the
month, so we want to take this moment to thank our September sponsor,
Texas Pipe & Supply. When we started accepting sponsors last year,
Texas Pipe was one of two that offered to sponsor the entire year.
Texas Pipe has not only been a long time reader, but a generous
sponsor. Their support this year helped keep this daily news site
online and we invite you to visit their website and see if they can
assist you. We will see them again. It's hump day and the final day of
the month and third quarter. Coronavirus killed its 1,000,000th victim
this week, and as we all know, is no where near being under control
yet. So stay safe, and have a great day!
Average price of LME traded cash nickel
so far this month
- $6.75/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper dips on economic worries, rising inventories - more
Tuesday's market review - Copper under pressure from
rising inventories - Copper prices softened on Tuesday as inventories
in London Metal Exchange-registered warehouses jumped, but losses were
capped by a weaker dollar as the market awaited manufacturing data from
top consumer China. - more
Stainless steel production decreases by 9.4% to 23.7 million tons in
the first half year of 2020 - The International Stainless Steel Forum
(ISSF) has released figures for the first half year of 2020 showing
that stainless steel melt shop production decreased by 9.4%
year–on–year to 23.7 million metric tons. - more
How long can nickel prices defy market fundamentals? - Nickel has
ignored western market fundamentals, where demand has dried up due to
the global pandemic, and prices have soared 30% since April. - more
Tesla puts nickel in the spotlight, strong dollar weighs on metal’s price - more
MySteel Global – China mills’ steel stocks ease, demand steady - Stocks
of the five major finished steel products held by the 184 Chinese steel
mills Mysteel regularly canvasses emptied for the fourth straight week
over September 17-23, thinning by another 0.5% on week to 6.63 million
tonnes, mainly thanks to the largely steady demand from steel users and
the reduction in output among mills, according to Mysteel’s latest
weekly survey. - more
Researcher collecting stories from historic INCO strike - Workers at
INCO, the mine now known as Vale, began a historic strike 62 years ago
and now, a University of Saskatchewan professor and researcher is
gathering memories and stories to chronicle in a new book. - more
Nornickel May Increase Investment In Industrial Safety In Taimyr By
$1.26Bln - Russia's Norilsk Nickel plans to increase investments in the
modernization of the energy infrastructure in Taimyr Peninsula by more
than 100 billion rubles ($1.26 billion) from 2020 to 2024 to ensure its
maximum safety, the company said. - more
China’s shadow looms as New Caledonia decides whether to leave France -
The Pacific island of New Caledonia, home to 270,000 people, is slated
to hold its second referendum on independence from France this weekend,
amid bids for self-government in a region that has become a focus of
geopolitical rivalry among the United States, China and Australia and
has been late to the decolonisation process. - more
Abandoned Rio Tinto Mine Is Blamed for Poisoned Bougainville Rivers -
Residents of the Papua New Guinea region have accused the mining giant
of environmental and human rights violations and asked for an
investigation. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
How & When Will We Know a COVID-19 Vaccine is Safe, Effective? - more
Tuesday, September 29
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $6.58/lb ($14,510/tonne). Indicators at 6:20 am CST today show
nickel trading around $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Monday and started today's session around the 236,400 tonne level.
Nickel is trading choppily this morning as the Euro staggers around
looking for a direction. For the most part, neither the Euro, nor
nickel, have done much of anything so far this morning. China has one
more business day to go before they shut down for a week long break. US
media reported last night that the China government has approved the
early release of a vaccine in that country, and is well underway in
giving them to front line workers and the military. The official from
one of the drug companies producing the vaccine stated, on camera, that
he was 80% confident the vaccine would work. Seriously? We wonder how
he would have replied if someone asked him how confident he was there
would be no permanent side effects for the millions getting the shot.
Only in China.... we hope. Stay safe, and have a great Tuesday!
Average price of LME traded cash nickel
so far this month
- $6.76/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Dollar, inventories weigh on copper prices - more
Monday's market review - Copper gains capped by long-term
prospects, higher stocks - Copper prices firmed on Monday as
expectations of robust demand from top consumer China supported
sentiment, but doubts about longer-term prospects and a jump in London
Metal Exchange stocks capped gains. - more
WBMS Press Release September 2020 - (excerpt) The nickel market was in
surplus during January to July 2020 with production exceeding apparent
demand by 33 kt. In the whole of 2019, the calculated deficit was 26.9
kt. - more
Refined nickel industry's production arrangements for the National
Day/Mid-Autumn Festival holidays - As it is approaching the National
Day/Mid-Autumn Festival holidays, SMM has conducted a survey about
refined nickel industry's production arrangements for the upcoming
holidays. - more
Taiwan’s Walsin Lihwa raises stainless steel prices for Oct -
Walsin Lihwa, one of the main stainless steel manufacturers in Taiwan,
announced to hike its products for October this morning (September 28).
- more
Nickel Export Up in July - According to the RF Federal Customs Service,
during January-July 2020 Russia exported 1.4 mn tons of unwrought
aluminum, down 26.5% year-on-year. In terms of value, unwrought
aluminum export dropped by 30.3% year-on-year down to $2.2 bn. - more
Australia's Jervois Mining to buy Brazilian cobalt, nickel refinery -
Australia’s Jervois Mining said on Tuesday it would buy a nickel and
cobalt refinery from a unit of Votorantim SA, one of Brazil’s biggest
diversified holding companies, as demand for metals used in batteries
for electric vehicles grows. - more
US steel prices surge in September - US steel prices are on a bull run.
Following April’s crash, and May/June’s false start, domestic steel
producers currently have the bit between their teeth as they look to
lift coil prices ever higher. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, September 28
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $6.47/lb ($14,275/tonne). Indicators at 6:15 am CST today show
nickel trading around $.08/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and start the week just over the 235,900 tonne level. The Euro
is bouncing back against the US Dollar, and this is adding momentum
back into base metals. Nickel tested and bounced off of $the
14,250/tonne level twice on Friday and has been on the increase since.
With the help of the slump in the U.S. Dollar today, we don't see any
hindrance in that movement today. Couple of things worth noting today.
China will be closed the first week of October (1st - 8th) for a
holiday, so they are only open thru Wednesday. And there is an article
below that makes the stunning claim that Norilsk Nickel puts more
sulfur dioxide into the air, than all of the United States combined. It
also states Norilsk is responsible for 1/4 of what Russia, as a whole,
puts into the air. The timing of this article may be to send a message
to Elon Musk about Norilsk, but apparently these figures came from
Greenpeace last year. Pretty staggering to think about. SMM reported
Friday that nickel ore inventories stored at Chinese ports rose 81,000
wmt to 9.03 million wmt last week. So far this month, LME stockpiles
are down nearly 3,000 tonnes (1.3%), just about the same as they rose
in August. The third quarter of the first year of the third decade of
the 21st century ends on Wednesday. History will look back on 2020 as
the year of the pandemic. How will you remember it? If covid has been
the highlight of the year for you, you have three months to change
that. There are some wonderful memories yet to be had in the next three
months, but only for those who want to take them. In the same token,
when it comes to business, there are numerous success stories out there
and many more to be had. But only for those who are willing to work for
them. Yes, success in business is sometimes based more on luck than
anything else, but if you walk past a slot machine, don't complain when
the next passing person drops in a coin and hits big. Mr. Luck rarely
visits those who aren't looking for him. Hey, it's Monday and fall time
in America. Stay safe out there, and have a wonderful week.
Average price of LME traded cash nickel
so far this month
- $6.77/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper gains capped by long term prospects, higher stocks - more
Friday's market review - Copper steadies as market waits
for cues from data - Copper prices steadied on Friday after hitting
one-month lows in the previous session as the market waited for
economic data to shed light on growth and demand prospects and stimulus
plans to shore up economic activity. - more
Rosstat: Russian stainless steel production grows in Aug y-o-y -
According to statistics from the Russian Federal State Statistics
Service (Rosstat), Russian stainless steel production was 18,200 tons
in August, increasing by 19.3% from the same month a year ago and up by
9.8% compared to the previous month. - more
China steel market active in pre-holiday restocking - Chinese steel
mills, traders and end-users have been active in replenishment ahead of
China’s upcoming National Day holiday, fearing that trading or
transportation might slow down or be halted completely during the long
holiday over October 1-8, Mysteel Global has learned from domestic
industry sources. - more
Mincor to cut output at Western Australian nickel mines - Mincor
Resources has announced plans to boost operating margins by
implementing a revised mining plan at its nickel mines in Kambalda,
Western Australia. - more
Nine employees in Indonesia's largest nickel industrial park tested
positive for COVID-19 - Recently, nine employees in Indonesia Morowali
Industrial Park (IMIP) tested positive for COVID-19, which is the
largest nickel industrial park in Indonesia. - more
Steel Imports Down 21% Year-to-Date Through August - Based on
preliminary Census Bureau data, the American Iron and Steel Institute
(AISI) reported today that the U.S. imported a total of 1,300,000 net
tons (NT) of steel in August 2020, including 1,188,000 net tons (NT) of
finished steel (down 51.9% and 13.9%, respectively, vs. July final
data). - more
Electric Vehicles: The Dirty Nickel Problem - Electric vehicles are
only a small part of the world vehicle market, but this is expected to
change. - more
How Nornickel Became the Arctic’s Biggest Polluter - One Russian
company releases more sulfur dioxide into the air than the whole of the
U.S. - more
How fabricators can continue to survive the pandemic - An industry
survey was conducted in the early summer to get a snapshot of where
metal manufacturing companies are today. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Friday, September 25
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $6.51/lb ($14,345/tonne). Indicators at 7:30 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 session, just shy of the 237,000 tonne
level. The WSA announced worldwide steel production in August was
higher than the same month, pre-pandemic, 2019. This was courtesy
China, who was up 8.4%. The U.S. was down 24.4% during the same month.
China reported 7 new cases of covid-19 yesterday, while the U.S. reported another
45,000 plus. If China's total case numbers, a country with 4X greater
the population as the entire U.S., were stacked up against the
individual 50 states, it would rank 26th, right below Washington and
just ahead of Iowa. In deaths, it would rank 14th, behind Ohio and just
ahead of Connecticut. US Dollar continues to move higher against the
Euro, as they see clear evidence of another wave of covid cases as
well, which is keeping the negative pressure on base metals. The
average trading price of LME cash nickel for the month, moved below the
$15,000/tonne level today. It's Friday, that day when we see a spark of
life coming back to those employees who have spent the last four days
apparently playing the lead zombie role in an apocalyptic movie. Get
outside this weekend, because in a few more weekends, you'll need a
coat. Stay safe, and have a relaxing and enjoyable few days off.
Average price of LME traded cash nickel
so far this month
- $6.79/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper steadies as market waits for cues from data - more
Thursday's market review - Stronger dollar and new
COVID-19 cases drag metals lower - Copper fell to a one-month low on
Thursday as the U.S. dollar strengthened, sapping demand for
commodities priced in the currency and on concerns that fresh cases of
coronavirus could hamper global economic recovery. - more
August 2020 crude steel production - World crude steel production for
the 64 countries reporting to the World Steel Association (worldsteel)
was 156.2 million tonnes (Mt) in August 2020, a 0.6% increase compared
to August 2019. - more
Cuban innovation to reduce the nickel industry’s reliance on imports - Given
the high cost of importing needed parts to maintain facilities at
smelters, the Comandante Gustavo Machín Nickel Enterprise has been
called upon to find innovative Cuban solutions - more
Chinese investor swindles Bindura Nickel Corporation of US$66 000 -
Bindura Nickel Corporation (BNC), a mining company based in Mashonaland
Central province, lost over US$66 000 through an alleged
well-orchestrated fraudulent scam by one of its majority shareholders
and executive director. - more
Here’s what Tesla will put in its new batteries - Tesla’s “battery day”
Tuesday revealed a surprising amount of information about projects the
company has kept under wraps. - more
Distributor Pandemic Index Hits Highest Non-Holiday Growth Mark - It
was the index's best growth week since the pandemic hit the US, and the
best week since Feb. 24-28. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Thursday, September 24
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $6.58/lb ($14,500/tonne). Indicators at 6:10 am CST today show
nickel trading around $.12/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Wednesday and started today just over the 236,600 tonne level. US
Dollar continues to strengthen, possibly as European and Asian
countries start re instituting restrictions in light of resurging covid
cases. As the Dollar strengthens against the Euro, nickel falls,
showing the correlation between the two. We read the transcript of
Elon Musk's presentation yesterday. While it's easier to watch, it is
also easier to be emotionally swayed by the 'pitch'. So with a
skeptical eye, we read what Mr Musk had to sell. And we have to be
honest. If this guy pulls off half of what he wants too, we are going
to have a nickel supply problem. It takes time to build new nickel
mines; a lot of time actually. But his dream appears to need a lot more
nickel, and if he is right in his forecasting models .... and this is a
guy who can fire a rocket and have the spent rocket then land on a
small platform in the middle of the ocean .... so...! By the way, they
recently attached a camera to the rocket part during one of his recent
launches, and you can watch its entire trip, from blast off, to
floating in space, to reentry, free fall, and then landing on the
platform, It's on Youtube if interested. So, in brevity, what we read
shook our overall pessimism to the whole nickel shortage claims. The
next time the "chicken little" nickel forecasters hatch, we will pay
closer attention to what they are chirping about. It's Thursday, and
the countdown clock till the weekend has begun. Stay safe and have a
great day!
Average price of LME traded cash nickel
so far this month
- $6.81/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper declines on robust U.S. dollar, virus worries - more
Wednesday's market review - Strengthening dollar sucks
momentum from copper's rally - Copper prices fell on Wednesday as the
dollar strengthened and the slowing pace of the metal’s rally raised
fears of a speculative sell-off. - more
Musk's nickel claims show disconnect between automakers and miners -
Elon Musk’s assumption that the world’s major miners will be able to
ramp up nickel supply to meet spiralling demand from electric vehicles
could prove a little hasty. - more
Nunavik employees to return to Canadian Royalties nickel mine next week
- Nunavik employees of Canadian Royalties will start to return to work
next week, following a six-month leave from the Nunavik nickel mine. - more
Exploration group says Timmins could become new nickel mining capital
of Ontario - There could be a bright future in nickel for the city that
has been known for its heart of gold. - more
September 2020 Business Conditions Report: Small up tick in metal
formers’ optimism, but challenges continue - Metal forming companies
predict a small improvement in business conditions during the next
three months, according to the September 2020 Precision Metalforming
Association Business Conditions Report. - more
China's carbon neutral targets requires enormous shift in priorities -
Chinese President Xi Jinping has done the easy part of changing the
path of the world’s biggest polluter to become carbon neutral in
setting a target 40 years in the future. - more
Courtesy AISI - In the week ending on September 19, 2020, domestic raw
steel production was 1,446,000 net tons while the capability
utilization rate was 64.5 percent. Production was 1,801,000 net tons in
the week ending September 19, 2019 while the capability utilization
then was 77.4 percent. The current week production represents a 19.7
percent decrease from the same period in the previous year. Production
for the week ending September 19, 2020 is down 0.9 percent from the
previous week ending September 12, 2020 when production was 1,459,000
net tons and the rate of capability utilization was 65.1 percent. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, September 23
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $6.62/lb ($14,605/tonne). Indicators at 6:15 am CST today show
nickel trading around $.04/lb
higher. Stockpiles of nickel stored in LME licensed warehouse fell on
Tuesday and started the day just over the 236,300 tonne level. Traders
of nickel were apparently unimpressed with Elon Musk's announcement
yesterday that he was dropping cobalt as a component of his electric
car battery, nor were they moved by his plea for more nickel to be
mined. The first time he made this request, the price of nickel jumped.
This time, at least so far, not so much. Apparently the primary
motivation for all these moves, was to cut the cost of making batteries
in half. Which means Mr Musk needs the price of nickel to drop. This
isn't exactly good news to those who mine and trade nickel, although
stainless steel producers and downstream users are probably wishing him
the best of luck. Nickel has a long and established history of pricing
volatility, and this year, while tame compared to some years, has been
no different. And while everyone, besides miners, would like to see the
price lower, we imagine that stainless steel producers, and those who
sell stainless steel goods, would be far more interested in far less
price volatility. And yet, those who help set that price, can't make money unless the traded price 'is' volatile.
The only way Mr Musk can hope to control the cost of the nickel going
into his batteries, is to mine the nickel himself. Which we suspect,
are his long term intentions.U.S. stainless steel surcharges are posted for October ( here).
Technical signals have moved to sell on a daily basis and on a monthly
basis, moved off strong buy to buy. Have we seen the bear uncaged, or
are the bulls just taking a nap? Stay tuned. It's hump day. Stay safe
and have a wonderful day!
Average price of LME traded cash nickel
so far this month
- $6.83/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper edges down as U.S. dollar strengthens - more
Tuesday's market review - Copper bounces on bargain
hunting and inventory slide - Copper prices rebounded on Tuesday as
investors took advantage of a pull-back from two-year highs and as
inventories continued to decline. - more
China daily steel output dips again in mid-September - Daily crude
steel production among the 318 Chinese steel mills under Mysteel’s
regular survey continued falling over the middle ten days of September,
due to the lower-than-expected demand from end-users. - more
Russian lawmakers give initial nod to hefty tax hike for mining, oil -
Russian lawmakers on Tuesday supported a plan to increase taxes for
some mining and oil companies, as Moscow seeks to plug the gaps left by
lower oil prices and the COVID-19 pandemic, while facing industry
opposition and criticism of its changing rules. - more
Asian suppliers' stocks slip on Tesla's cheaper battery plan - Shares
of Asian battery suppliers fell on Wednesday after Tesla Inc TSLA.O
outlined a plan to halve the cost of its electric vehicle batteries and
bring more production of the key auto component in-house. - more
Tesla to make EV battery cathodes without cobalt - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, September 22
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $6.59/lb ($14,530/tonne). Indicators at 6:10 am CST today show
nickel trading around $.05/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and started today just under the 236,400 tonne level. Nickel
closed a little too close to the $14,500 tonne level yesterday and to
keep nickel rangebound, the price is trading higher this morning. The
U.S. Dollar is lower again, which is helping support metals trading.
There was an overall pessimism in the market yesterday that may have
worked itself out in a bearish Monday trading day, an attitude that
extended across the trading boards and around the world. An increase in
covid cases in Europe have raised concerns of a second wave, while in
the U.S., we never left the first wave, but folks have learned to surf (ie pretend there isn't a problem).
The sudden death of another Supreme Court justice has raised fears the
possibility of a compromise on a new stimulus bill are now dead. Today
is the long awaited (based on the media coverage, someone must have
been waiting) of Tesla's Battery Day. If you would like to watch, you
can find it here. It's Tuesday, which means Monday is behind us. Stay safe and have a great day.
Average price of LME traded cash nickel
so far this month
- $6.85/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - LME copper rises on demand prospects; lockdown anxiety caps gains - more
Monday's market review - Copper pulls back from two-year
peak on resurgent coronavirus - Copper prices slid on Monday from their
highest in more than two years as COVID-19 cases surged, threatening to
curb economic activity and metals demand. - more
Stock shortages developing in the European steel market - European
steel market participants implemented inventory reduction plans during
the recent coronavirus pandemic. - more
Nunavik mine workers test positive for COVID-19 - Two workers at
Canadian Royalties’ Nunavik Nickel mine site tested positive for
COVID-19 last week, but Nunavik health officials say there is no threat
to other workers or residents in the region. - more
Bleak future for ferrochrome producers - The global coronavirus has
forced most ferrochrome producers in Zimbabwe
to switch off furnaces following a plunge in
prices. - more
Global chromium production impacted by Covid-19 outbreak, says ICDA -
Chromium production and consumption remained constrained during the
second quarter of this year, in line with lockdown restrictions
implemented in various countries, says the International Chromium
Development Association (ICDA). - more
2000s: Tough times take their toll on metal fabricators - Two
recessions in the decade force companies to get more serious about the
business of metal fabricating, not just making parts - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, September 21
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $6.76/lb ($14,910/tonne). Indicators at 6:15 am CST today show
nickel trading around $.08/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Friday and started this work week just over the 236,500
tonne level. Nickel is lower this morning, most likely on a stronger
U.S. Dollar. Traders appear to still remain comfortable with nickel
trading on wither side of the $15,000/tonne level. Even short term
technicals have gone neutral, although long term remains bullish. Mark
your calendar - or not. The much anticipated, or much hyped, Tesla
Battery Day is tomorrow and starts at 4:30 pm EST. We suspect this is
more of a marketing stunt than real news for the nickel industry, but
in case we are wrong, one can watch the presentation live here.
Whether you like this guy or not, he is making history with his money,
so what he might do to the nickel industry, is anyone's guess at this
point. And if you have been in the stainless steel industry longer than
a day, you know what affects nickel, affects the price of most grades
of stainless steel. It's the last 'full' week of September, although we
still have most of next week to go before we finish the third quarter
of 2020. The official death toll for the U.S. for covid-19 rolled over
the 200,000 level on Saturday, meeting a worst case scenario forecast
made by Dr Birx (the lady you see on TV all the time) back in March to
NBC. Stay safe and have a great week!
Average price of LME traded cash nickel
so far this month
- $6.86/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper hits over 2-year high on Chinese demand recovery - more
Friday's market review - Copper hits two-year peak on
speculative buying and China hopes - Copper touched its highest in more
than two years on Friday as speculators extended their buying spree on
a recovery in top metals consumer China while the dollar weakened. - more
Press Release - Merafe Resources Limited - Shareholders of
the Company are advised that the
European benchmark ferrochrome price for the
fourth quarter of 2020 has been settled at 114 US cents per pound, a
rollover from the third quarter of 2020.
The next wave of the global recovery could send commodity prices
soaring - The next phase of the economic recovery is likely to be
driven by commodity-intensive infrastructure investment, analysts have
told CNBC. - more
South Korea initiates AD probe on stainless steel flat products from 3
countries - According to reports, South Korea’s Trade Commission, which
belongs to the Ministry of Trade, Industry and Energy,
announced that it decided to start the anti-dumping (AD) investigation
to stainless steel flat products imports from China, Indonesia, and
Taiwan. - more
Russian Indigenous communities are begging Tesla not to get its nickel
from this major polluter - Every year in August and September, the
people of Ust’-Avam, a remote indigenous community located in the
Taimyr region of the Russian Arctic, toss nets into the Avam River to
catch tugunok fish, an important traditional food. - more
Distributor Pandemic Index Shows Daily Sales Up 9% YoY For Week of
Sept. 7-11 - Labor Day has severely skewed overall readings for the
past two weeks, but average daily sales show continued gains. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Friday, September 18
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $6.83/lb ($15,065/tonne). Indicators at 7:25 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 over the 236,500 tonne level. Not much
to talk about today. With little else making headlines in the industry,
attention has shifted to Tuesday's "Battery Day" to be held during the
annual Tesla shareholder's meeting. With a tweet yesterday calling the
upcoming meeting 'insane', Elon Musk is expected to announce
advancements in battery technology and could potentially give an update
on the 'huge' contract he baited nickel miners with earlier this year.
Whatever he says, he has the attention of the nickel industry. It's the
weekend, and following a shortened holiday week here in the States, it
felt a little longer. Stay safe, enjoy a little - or a lot - of
football, and have a restful and enjoyable weekend.
Average price of LME traded cash nickel
so far this month
- $6.87/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper hits over 2-year peak on weak dollar, China demand hopes - more
Thursday's market review - Copper prices steady as U.S.
economy comes into focus - Copper prices were steady in choppy
trade on Thursday as high levels of U.S. unemployment took the steam
out of a dollar rally a day after an upbeat reading of economic
recovery in the world’s top economy. - more
Tesla Battery Day will be “insane”, says Musk. Here’s why - Tesla’s
highly anticipated Battery Day is just four days away, and Elon Musk
has taken to Twitter again saying that: “It will be very insane.” - more
Fed Signals Interest Rate to Remain Near Zero Through 2023 - The rate
influences borrowing costs for homebuyers, credit card users and
businesses. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Thursday, September 17
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $6.91/lb ($15,230/tonne). Indicators at 6:20 am CST today show
nickel trading around $.12/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today just under the 237,000 tonne level. Nickel
is trading lower this morning, but the US Dollar has also fallen back
to where it started the day, so its hard to say what has spooked
traders. It is possible the China slump overnight is bleeding over, but
we suspect traders are comfortable, at least for now, trading closer to
the $15,000 tonne level. It's also worth noting that that $15,300 tonne
level we have been talking about has held. Reuters gives a subtle
warning for Giga Metals below, as it offers some history on Mr Muck's
SOP. Yesterday, in the U.S., the Director of the CDC, those guys who
brought you the confusion over whether masks helped or hurt the cause,
announced to a Congressional hearing, that it would take
months, many months, before the entire country could be immunized once
a vaccine is approved. The President, the guy who says herd 'mentality'
will eventually make us all immune later corrected the CDC Director and
advised he misunderstood the question. This is sure to give further
confidence to the American people over their fears that the process has
become politicized. And by the way, around 225 million Americans would
have to be sickened before the country could obtain natural immunity
and at present we have seen nearly 7 million. Based on the fatality
rate so far, millions of Americans would potentially die before we
reached herd 'immunity'. Not so many for herd mentality. But it is what
it is. And
because we forgot yesterday, we wanted to let you know there are now 99
days left till Christmas. See there - some days it's hard to see the
sun for the clouds, but it's always there - as is good news. And
finally, we are starting an online petition to do away with ending
Daylight Savings time in October. This year has been the year from
h--l, and we really don't need to add another hour to it. It's Thursday
and we are on the downhill slide to the weekend. Have a great day!
Average price of LME traded cash nickel
so far this month
- $6.88/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - LME copper falls most in seven sessions on stronger dollar - more
Wednesday's market review - Rising Chinese demand pushes
zinc towards 16-month high - Zinc prices on Wednesday pushed towards
the 16-month highs hit earlier this month as resurgent Chinese industry
bolstered the outlook for demand and the yuan strengthened, making
metals more affordable for Chinese buyers. - more
China’s steel demand in the year’s second half to outpace first half,
says CISA - World’s largest steel producer China expects demand in the
second half of the year to exceed the first half as the economy
gradually comes out of the grip of covid pandemic, according to the
China Iron and Steel Association (CISA). - more
The Musk Method: Learn from partners then go it alone - Elon Musk is
hailed as an innovator and disruptor who went from knowing next to
nothing about building cars to running the world’s most valuable
automaker in the space of 16 years. - more
Union rally to be held in New Caledonia over sale of Vale nickel plant
- New Caledonia’s leading union umbrella group has called for a rally
today over the sale of the Vale nickel plant. - more
Norilsk Nickel proposes reclamation plan for land affected by fuel
spill - Norilsk Nickel has submitted a plan to reclaim the land
affected by the fuel spill near Norilsk for consideration and approval
by the interdepartmental commission set up by order of the Ministry of
Natural Resources. - more
Research on risk of metal contamination in inactive mine could help
reclamation efforts - New research by University of Alberta scientists
on the risks for metal contamination at an inactive mining site in
northwestern Saskatchewan could help inform a strategy for a safe
long-term reclamation of the site. - more
US Outlines Vaccine Distribution Plan - The
campaign would begin gradually in January or even later this year, and
President Trump noted a vaccine could be three or four weeks away. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, September 16
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $6.89/lb ($15,200/tonne). Indicators at 6:15 am CST today show
nickel trading around $.01/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Tuesday and started today just under the 237,300 tonne level. LME
nickel continues to trade in a rather narrow $250/tonne range, as it
has since Monday. Traders still appear to eye the $15,350/tonne level
as a line of psychological resistance - or the trading line established
earlier this month when the US Dollar bottomed out against the Euro.
Not a lot of industry news today, but what we found we posted below.
More stories we thought might interest some of our readers, than
industry related however. Yesterday morning the Canadian Prime Minister
announced retaliatory tariff's would be announced later in the day, but
before he could announce them, the U.S. President retracted the 10%
aluminum tariff on Canada that started the latest diplomatic tiff with
that nation. And earlier in the day, the World Trade Organization
declared that the U.S. tariff's on China violated international trade
rules. We suspect we now know what international organization the
United States will be defunding next. Hurricane Sally finally made
landfall earlier this morning, crossing into Gulf Shores, Alabama. If
this hurricane continues to creep along as it did all day yesterday,
the amount of rain that could potentially fall is very concerning. And
out west, those who still have houses are being warned against
breathing in the smoky air, with some areas seeing their air quality at
its worst. We stumbled across a Youtube special from Canada, made some
years back on what causes wildfires, and it ended with dire warnings
against breathing in wildfire smoke. Will 2020 ever end - yikes. Well,
not exactly sure how anymore, but stay safe out there and have a great
'hump day'!
Average price of LME traded cash nickel
so far this month
- $6.88/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper dips, strong China demand limits losses - more
Tuesday's market review - Copper near 2-year high as
Chinese factory output accelerates - Copper prices hovered near
two-year highs on Tuesday after strong manufacturing data in China, the
biggest consumer, boosted confidence in the demand outlook. - more
Column-Juukan Gorge is a watershed moment for the world's miners: Andy
Home - Even before Rio Tinto made its fateful decision to blow up the
ancient Aboriginal rockshelters at Juukan Gorge, this was turning out
to be another terrible year for the mining industry. - more
BHP Nickel West plant delayed - BHP’s expensive, high-profile planned
Nickel West sulphate plant in Western Australia is officially off the
plan for a 2020 opening and the miner is now targeting the first half
of 2021 as the facility is not yet complete. - more
Ukraine
Increases Import of Nickel Ore by 30% - Ukraine increased the import of
nickel ore and concentrate by 30% in January-August 2020 compared to
the same period in 2019, to 1.12 million tonnes. - more
Miner Atlantic Nickel to invest $335 million in Brazil - Atlantic
Nickel, a miner backed by British private equity fund Appian, will
invest $335 million starting in 2026 to build an underground nickel
sulphide mine in Brazil’s Bahia state, the company said on Monday. - more
SNOLAB
awarded US$31M for research at Vale's Creighton - Canadian underground
science laboratory SNOLAB, which specialises in neutrino and dark
matter phyiscs, has been granted C$41 million (US$31 million) to
continue research at Vale’s Creighton Mine in Sudbury that includes
work on mining innovations aimed at improving productivity and health.
- more
Two killed in mining incident outside Mokopane - In a statement,
Ivanhoe Mines confirmed that a third employee was injured while a
fourth was still missing. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, September 15
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $6.93/lb ($15,280/tonne). Indicators at 6:20 am CST today show
nickel trading around $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Monday and started the day just under the 237,200 tonne level. Nickel
is bumping against the $15,350/tonne level, which is the level nickel
was unable to punch back thru last week this time, which was
immediately followed by a steep drop. So the level is now supplying a
line of psychological resistance. If nickel is unable to punch thru
again and hold, the psychological becomes technical, so bullish traders
want to punch thru with some strong momentum. In the mean time, nickel
is in a temporary holding pattern. Rio Tinto's boss is out. Apparently
Australia frowns on mining companies blowing up 46,000 year old
cultural heritage site. That wouldn't be possible here is the US, where
many Americans believe the earth is only 6,000 years old. But in the
real world, Australian's apparently don't like their mining
conglomerates being compared to ISIS, so someone had to go. The U.S. officially passed the 6.5 million number of covid-19 cases
yesterday, and are less than 7,000 Americans away from the 200,000
total deaths level. Hurricane Sally was a tropical storm this time
yesterday - now its a Level 2 and looks to hit the Mississippi
shoreline today. The west is on fire, with major fires in nearly every
state, but specifically the states bordering the Pacific. When we say
stay safe, we truly mean it. It's the half way point to the final month
of the third quarter. Have a great day.
Average price of LME traded cash nickel
so far this month
- $6.87/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper near 2-year high as Chinese factory output accelerates - more
Yesterday's market review - Demand cheer helps copper hold
near 26-month peak - Copper prices rose on Monday as strong demand in
top consumer China, historically low inventories in London Metal
Exchange approved warehouses and a lower dollar boosted sentiment and
fuelled buying. - more
Second bid for New Caledonia's Vale nickel plant - A further bidder has
come forward to try to acquire New Caledonia's Brazilian-owned Vale
nickel plant. - more
Demand for LC ferrochrome to rise in Q4 - Asian Metal: Hi Mr. Qiao,
thank you for accepting our interview. Please give us a brief
introduction about your company. - more
Zimra, BNC US$14m tax dispute drags on - The High Court is still to
make a ruling over an outstanding US$14 million tax dispute involving
Bindura Nickel Corporation (BNC) and the Zimbabwe Revenue Authority. - more
Rio Tinto legally blew up ancient caves, and now the chief executive
has quit - here’s why - The company in May detonated an ancient habitat
at Australia’s Juukan Gorge with traces of 46,000 years of life -
more
Rio Tinto urged to hire Australian chief exec after after destruction of 46,000-year-old Aboriginal cave site - more
Courtesy AISI - In the week ending on September 12, 2020, domestic raw
steel production was 1,459,000 net tons while the capability
utilization rate was 65.1 percent. Production was 1,801,000 net tons in
the week ending September 12, 2019 while the capability utilization
then was 77.4 percent. The current week production represents a 19
percent decrease from the same period in the previous year. Production
for the week ending September 12, 2020 is up 2.2 percent from the
previous week ending September 5, 2020 when production was 1,428,000
net tons and the rate of capability utilization was 63.7 percent. - more
What is the First Principle of Selling? - First
principles are fundamental truths that provide a decision-making
foundation. Here, Paul Reilly explains what that bedrock principle is
for B2B sales. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Monday, September 14
Daily Nickel/Stainless Steel Briefing
Nickel closed yesterday's trading
session at $6.84/lb ($15,075/tonne). Indicators at 6:20 am CST today show
nickel trading around $.05/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and start the week at the 237,000 tonne level. Nickel has
resumed its bullish ways, closing back above the $15,000/tonne level on
Friday and continuing to climb today. The US Dollar continues to drop,
and Shanghai nickel trading jumped overnight. Technicals, surprise,
surprise, are signaling strong buy. The buzz is over talks between
little known Giga Metals and mega car builder, Tesla, with the reported
goal of mining carbon neutral nickel. In Papau New Guinea, the future
of Eramet Nickel could determine the future of the island. And mining
purchases and mergers are down in 2020 - then again, isn't just about
everything? It's another Monday, and football, American style, is back.
Hopefully, someone at the networks will work on the fake audience
sounds, as they sounded very fake and grew so loud and annoying, that
we finally turned down the tv sound and found an internet radio station
playing the games in question. There is also another way of reaching a
enjoying a football game - as there is always multiple ways to meet a
goal. Are you meeting your goals this year? It's easy to blame the
challenges on covid, and likely justified. But there are others meeting
their goals, so before you enter the final quarter of 2020, it might be
time to consider a 'different way'. Worth considering. Stay safe and
have a wonderful week.
Average price of LME traded cash nickel
so far this month
- $6.88/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Demand cheer helps copper hold near 26-month peak - more
Friday's market review - China demand, historically low
stocks boost copper - Copper prices rose on Friday as optimism about
demand in top consumer China, a balanced market, historically low
inventories in London Metal Exchange approved warehouses and a lower
dollar triggered fresh buying. - more
Exclusive: Tesla in talks to buy low carbon nickel from Canada -
sources - Tesla is in discussions with Canadian miner Giga Metals about
helping to develop a large mine that would give the electric carmaker
access to low carbon nickel for its batteries, three sources familiar
with the matter said. - more
Tesla In Talks With Canada’s Giga Metals To Secure Low Carbon Nickel- Report - more
HPAL closures point to tight nickel market: Giga Metals - more
Fate of nickel factory clouds New Caledonia’s independence vote -
France’s South Pacific territory of New Caledonia risks seeing the
closure of a nickel factory that has long been the lifeblood of its
economy, a threat that could weigh heavily on a looming independence
vote. - more
Nornickel says it collected more than 90% of fuel leaked by Arctic
spill to rivers - Russia’s Norilsk Nickel (Nornickel) said on Friday
that it had collected more than 90% of fuel leaked into rivers during
its Arctic fuel spill earlier this year, or about 12,000 tonnes. - more
How clean can the nickel industry become? - With demand expected to
increase from 2.2 million metric tons to somewhere in the range of 3.5
million to 4.0 million metric tons by 2030, the nickel market could
become constrained. - more
Mining deal value fell by over $18bn in first half of 2020, as COVID-19
disrupts flow of capital - Global mining deal value, suffering from an
unanticipated shock from the COVID-19 pandemic, fell by over US$18bn
when compared to the first half of 2019 to US$46.6bn in the first half
of 2020. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Friday, September 11
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $6.71/lb ($14,796/tonne). Indicators at 7:10 am CST today show
nickel trading around $.07/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Thursday and started today's session just over the 237,100
tonne level. The Euro is higher, as is nickel this morning, with the
$15,000/tonne level throwing up a weak line of resistance. Technical
indicators are back to strong buy, once again reflecting our statement
yesterday that they are little more than a reflection of current events
when markets are on the move. September 11th, for Americans, is a day
of
remembrance for the victims of the 2001 aerial attack on the Towers,
Pentagon, and Flight 93. Each generation has that one day that stands
out as a day we, as a nation, reflect on the victims of an attack that
took the country by complete surprise. Growing up in the latter half of
the 20th
century, December 7th, and the Sunday morning attack on Pearl Harbor,
was that day. Just one year into the 21st century, that day became the
September
11th attack. It is regrettable that
the days following 9/11 saw the country drawn together in a way we have
not seen since. Compare the American death toll from 9/11 and the
pandemic and then explain why one surprise attack brought us together
as a nation, and
the other is helping rip us apart. It's been worse. Far worse. The 60's
of the last two century's have seen the United States nearly destroy
itself. But, as a nation, we are at a low. Let us work together to
recognize our common bonds, and not wait for an external enemy to give
us a reason to unite. Never forget the tragedy - never forget the
unity. Stay safe and have a relaxing and enjoyable weekend.
Average price of LME traded cash nickel
so far this month
-
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper slips on strong dollar, China demand hopes limit losses - more
Thursday's market review - Copper withers on doubts about
further gains, ECB stimulus - Copper prices slipped on Thursday as
investors questioned whether its recent rally was exaggerated and were
cautious ahead of a news conference by the European Central Bank (ECB).
- more
Local bid for New Caledonia's Vale plant still stands - There is
renewed interest by a company in New Caledonia's Northern province to
take over the Vale nickel plant. - more
Battery metals to boom despite widespread Covid-19 disruption - Battery
metals, which are used in modern energy efficient electrical products,
are playing an increasingly important role in climate change mitigation
and the shift towards a lower carbon-intensive future. - more
Inhumane Mining Giant Evicts And Gets Arrested Former Employees Over
Failure To Pay Rentals - Seven people renting Zimasco houses in
Shurugwi were arrested when they tried to resist eviction. - more
Carbon emission curves for iron ore, copper, met coal and nickel -
Skarn Associates is pleased to announce the first release of its Carbon
Emission Curves for the mining industry. - more
COVID's Staying Power Hampers Industrial Purchasing - August purchasing
numbers showed V-shaped recoveries in many key sectors, but still lag
year-over-year. - more
Distributor Pandemic Index Nearly Back to Pre-Pandemic Level - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Thursday, September 10
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $6.77/lb ($14,925/tonne). Indicators at 6:15 am CST today show
nickel trading around $.04/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Wednesday and started today's session just under the 237,200 tonne
level. After recovering a little yesterday, nickel is once again
floundering. A lot going on in Europe today with the ECB meeting, and
traders appear to be giving little credit to the rising Euro.
Technicals are still giving a sell signal, but off the strong sell
signal of Tuesday. Technicals to us, are kind of like the VIX
(volatility index). Good at telling you what is happening right now,
but little better than a flip of the coin predicting beyond that. If
the market is dropping like a rock, we would bet the odds are, you
might consider selling. Rising sharply, one might consider buying. So
technicals seem of less value to human traders, and more important to
computer trades - executed by algorithms and zero emotion. But on slow
news days, we have to talk about something. Today is one of those slow
news days, so we leave you with it. Stay safe and have a great day!
Average price of LME traded cash nickel
so far this month
- $6.92/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Benchmark copper prices drop ahead of ECB meeting - more
Wednesday's market review - Copper rises as China recovery
stays the course - Copper rose on Wednesday as Chinese producer prices
fell at their slowest pace in five months, pointing to a continued
economic recovery in the world’s top metals consumer and better demand.
- more
Japan Dives to Secure Cobalt and Nickel in the Ocean - Japan Oil, Gas
& Metals National Corp. confirmed that it has conducted the world’s
first successful excavation test of a cobalt-rich crust on the seabed
in Japan’s exclusive economic zone. - more
Women's group say plan for Solomons nickel mine a threat to endangered
turtles - A Solomon Islands conservation group says plans for a nickel
mine on the island of Choiseul could threaten the nearby Arnavon
Islands, a protected area and birthing site for the endangered
leatherback turtle. - more
Mining and Metallurgical Norilsk Nickel : Russian watchdog files $2
billion lawsuit against Nornickel over fuel spill damages - Russia's
environmental watchdog said on Thursday that it had filed a lawsuit
against a power unit of mining giant Norilsk Nickel to claim 148
billion roubles ($1.96 billion) in environmental damage caused by a
fuel leak earlier this year. - more
PolyMet water permit heads back to Court of Appeals - The
Minnesota Court of Appeals will take its own look at the actions of the
state’s Pollution Control Agency, after a district court judge found
that the state agency did not break permitting rules when it pressured
the federal Environmental Protection Agency to delay issuing public
comments on its proposed water discharge permit for PolyMet. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Bob Woodward book takeaways: Trump admits 'playing' down COVID threat, secret nuclear program, Kim Jong Un letters - more
Wednesday, September 9
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $6.75/lb ($14,885/tonne). Indicators at 6:10 am CST today show
nickel trading around $.04/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose
slightly on Tuesday and started the today just under the 236,500 tonne
level for a second consecutive day. Nickel continues to fall, as the US
Dollar strengthens. We are trading at levels last seen on August 21st,
and the Dollar is trading at a level it last saw on August 12th. This
would imply if the Dollar/Euro equation is the primary trading signal
being used by nickel traders, there is room left to drop. Technical
signals that were flashing strong buy just a week ago, are now flashing
strong sell, a quick jump from one extreme to the other. Sentiment has
turned negative, although this may be little more than a mirror
reaction to equity markets, that have turned negative on the tech
correction. Just a reminder to the stainless steel industry on the joy
of trying to price a product competitively when a major piece of the
cost factor is changing on a daily basis. Made even more enjoyable when
your product is being imported and comes with a lead time measured in
the months. If you are new to the industry, welcome to fun times ahead,
and now you know why the old veterans have those big bottles of Tums
stashed in their desk drawer. Stay safe and have a wonderful hump day.
Average price of LME traded cash nickel
so far this month
- $6.95/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Most base metals drop on stronger dollar, LME copper gains as stocks shrink - more
Tuesday's market review - Copper dips as sizzling rally
loses some of its heat - Copper fell on Tuesday as stock markets and
oil prices dived and the dollar strengthened, but prices remained near
two-year highs as London Metal Exchange (LME) inventories hit 15-year
lows and speculators bet on a further rally. - more
Vale’s Divestment Collapse Underscores Nickel-Mining Challenges - In
the clearest sign yet of the challenges to nickel mining in New
Caledonia, a would-be buyer failed to put together a deal that would
have seen it paid to acquire a major asset. - more
Vale Indonesia delays smelter rebuild - PT Vale Indonesia has postponed
to next year a US$90 million upgrade of its Sorowako nickel smelter in
South Sulawesi due to COVID-19 related logistical issues. - more
MySteel Global – China’s Jan-Aug ’20 steel export down further by 18.6%
on year - China exported 36.6 million tonnes of steel products over
this year’s January-August period, according to the latest statistics
of China’s General Administration of Customs (GACC) published on
September 7. - more
Vietnam’s steel industry continuously faces safeguard investigations - The
Trade Remedies Authority of Vietnam under the Ministry of Industry and
Trade (MoIT) said that Malaysia's Ministry of International Trade and
Industry (MITI) has just announced to initiate an anti-dumping
investigation on cold-rolled stainless steel products originating from
Vietnam and Indonesia. - more
Courtesy AISI - In the week ending on September 5, 2020, domestic raw
steel production was 1,428,000 net tons while the capability
utilization rate was 63.7 percent. Production was 1,813,000 net tons in
the week ending September 5, 2019 while the capability utilization then
was 78.0 percent. The current week production represents a 21.2 percent
decrease from the same period in the previous year. Production for the
week ending September 5, 2020 is up 3.3 percent from the previous week
ending August 29, 2020 when production was 1,383,000 net tons and the
rate of capability utilization was 61.7 percent. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
The Contagion Externality of a Superspreading Event: The Sturgis Motorcycle Rally and COVID-19 - pdf here
Tuesday, September 8
Daily Nickel/Stainless Steel Briefing
Nickel closed Monday's trading
session at $6.92/lb ($15,265/tonne). Indicators at 6:20 am CST today show
nickel trading around $.06/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and started today's session just under the 236,500 tonne level.
Nickel drifted sideways yesterday, with American traders on holiday,
and are lower this morning on news the U.S. President is threatening
China economically again. The big news in the nickel industry is the
failure of Vale to sell their New Caledonian operation, as Australia's
New Century announces it has backed out of purchasing the mine. Vale
announced it was putting Goro on care and maintenance, ie shutting down
operations. With Eramet, the other large nickel operation in New
Caledonia, experiencing serious financial difficulties, it makes one
wonder why these island mines can't make money with nickel prices well
off March lows. With nickel the largest export from the island, the
government there may want to do some soul searching about what it wants
for its people, and the best way to meet those goals. If nickel is too
play a part, then what is happening now is apparently not working. Last
week we heard repeatedly that falling nickel stockpiles in China were
to blame for higher nickel prices. Nickel ore stockpiles in China saw a
gain of 504,000 tonnes to 8.85 million tonnes last
week, so can we please put that excuse to rest until it is actually
applicable. Using the site we have used from the beginning, sometime today, the
US will see its 200,000th death. The official CDC numbers lag this
site, so they will show the 200,000 level reached later this week. No
matter what day it actually happens, even for news that we have grown
numb too, who actually thought we would ever reach this kind of
depressing level? Stay safe and have a great day.
Average price of LME traded cash nickel
so far this month
- $6.97/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper falls on U.S.-China tension, stronger dollar - more
Monday's market review - Copper rises as solid Chinese exports
lift recovery hopes - Copper prices advanced on Monday as solid exports
data from top consumer China signaled a faster and more balanced
economic recovery in the world’s second-biggest economy, although gains
were capped by lower-than-expected imports. - more
Friday's market review - Copper boosted by China demand,
low inventories - Copper prices rose on Friday as expectations of
strong demand in top consumer China were reinforced by historically low
inventories of the metal in the London Metal Exchange (LME) registered
warehouses. - more
Australia's New Century scraps acquisition of Vale's Pacific island
projects - Australian zinc miner New Century Resources Ltd said on
Tuesday it will not proceed with the acquisition of Vale
Nouvelle-Caledonie’s (VNC) nickel and cobalt mines on the Pacific
island of New Caledonia, knocking its shares lower. - more
Vale idles New Caledonia nickel/cobalt mine as Aussie suitor walks away - more
Fitch Solutions sees higher nickel prices as China demand rises - Fitch
Solutions said Monday nickel prices could rise as economies recover,
especially China which is the largest nickel ore consumer in the world.
- more
Stainless steel wire, the No. 728 import by value totaled $12.52
million for the month of July, $90 million through July of 2020, and
$190.55 million for all of 2019, the latest annual data available,
according to U.S. Census Bureau data analyzed by WorldCity. - more
Stainless steel wire, the No. 654 export by
value totaled $9.59 million for the month of July, $73.41 million
through July of 2020, and $135.04 million for all of 2019, the latest
annual data available, according to U.S. Census Bureau data analyzed by
WorldCity. - more
Misc. stainless steel bars, rods, the No. 498
import by value totaled $33.87 million for the month of July, $237.89
million through July of 2020, and $539.18 million for all of 2019, the
latest annual data available, according to U.S. Census Bureau data
analyzed by WorldCity. - more
Misc. stainless steel bars, rods, the No. 440
export by value totaled $19.73 million for the month of July, $182.02
million through July of 2020, and $360.93 million for all of 2019, the
latest annual data available, according to U.S. Census Bureau data
analyzed by WorldCity. - more
Nickel, the No. 269 import by value totaled
$75.88 million for the month of July, $704.29 million through July of
2020, and $1.37 billion for all of 2019, the latest annual data
available, according to U.S. Census Bureau data analyzed by WorldCity.
- more
Nickel, the No. 538 export by value totaled
$9.16 million for the month of July, $120.17 million through July of
2020, and $280.98 million for all of 2019, the latest annual data
available, according to U.S. Census Bureau data analyzed by WorldCity.
- more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Friday, September 4
Monday is a U.S. holiday, so our next update will be on Tuesday, September 8th.
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $6.85/lb ($15,095/tonne). Indicators at 6:40 am CST today show
nickel trading around $.07/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today's session just over the 236,600 tonne level.
After yesterday's rush for the exit, traders are back to buying this
morning, and the bull has once again, slipped thru the lasso's grip.
Lot of speculation on why the sudden drop yesterday, but no real
answers. Just a reminder that what goes up, can and will go down. US
markets are closed Monday for Labor Day, and will return to business on
Tuesday. Have a great weekend, stay safe, and we invite you back next
Tuesday.
Average price of LME traded cash nickel
so far this month
- $7.02/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper gains as markets stabilise and stockpiles hit 15-year low - more
Thursday's market review - Copper drops on profit-taking,
improved mine output - Copper fell on Thursday as investors skimmed off
profits from a rally that may struggle to make further progress as
supply fears ease and demand levels off. - more
Eramet's SLN nickel unit asks court to name expert for rescue plan -
Nickel miner SLN has asked a commercial court in New Caledonia to
appoint an expert to help with discussions over a rescue plan, its
parent company Eramet said on Thursday. - more
New Caledonia's SLN nickel company acts as insolvency looms - more
Rooster Talk: Making nickel mining in Vietnam a reality - Blackstone
MineralsScott Williamson, managing director of Blackstone Minerals Ltd,
tells us how things are going in Vietnam. - more
Anti-Dumping Case - Hot Rolled Flat Products of Stainless Steel 304
series originating or exported from China PR, Korea RP and Malaysia - more
China can easily cut off more of Australia’s commodities exports -
Australia, the most China-reliant economy in the world, is bracing for
further disruptions to its commodities sector amid tensions with
Beijing that’ve already jolted beef, wine and barley producers. - more
Judge finds Minnesota regulators largely followed rules on key PolyMet
permit, despite efforts to avoid bad press - The ruling comes out of a
lawsuit brought by a coalition of environmental nonprofits and the Fond
du Lac Band of Lake Superior Chippewa, which had accused the Minnesota
Pollution Control Agency of trying to bend rules to suppress criticism
from the Environmental Protection Agency. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Thursday, September 3
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $7.10/lb ($15,645/tonne). Indicators at 6:10 am CST today show
nickel trading around $.18/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today just over the 236,700 tonne level. $15,700
proved to be the line of resistance that, at least for now, has proven
a level that is putting up some fight. After hanging at this level
since late yesterday, nickel jumped to $15,800 late last night, and has
been falling ever since. Who knows why the big boys are suddenly taking
some profits off the table. But if you are a down stream user, you have
to appreciate the fact the bull has been lassoed. How long this will
last is anyone's guess. Reuters is reporting that "Fitch Solutions
raised its 2020 average price forecast for LME three-month nickel to
$13,500 a tonne from $13,250." That may not seem like much of a change,
but thru the end of August, we show LME cash nickel averaging around
$12,800/tonne - or $5.82/lb. Less news but a lot of reports linked
below. It's Thursday and we are on the downhill slide too, if you are
in the States, a three day weekend. Stay safe and have a great day.
Average price of LME traded cash nickel
so far this month
- $7.10/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper eases as Chile, Peru supplies pressure prices - more
Wednesday's market review - Copper slips on weak U.S. jobs data,
firmer dollar - Copper prices pulled back on Wednesday from a two-year
peak after disappointing U.S. payrolls numbers raised doubts about
economic recovery and as the dollar firmed. - more
China’s stainless steel imports from Indonesia surge in Jul y-o-y -
According to statistics, China imported around 140,000 tons of
stainless steel from Indonesia in July, dropping by 0.3% compared to
the previous month while surging by 443.6% from the same month a year
ago. - more
MySteel Global – China’s steel prices may strengthen in September -
Both the fundamentals and market sentiment will be lending support to
China’s steel prices in general and rebar in particular in September,
and coke and scrap prices may stay on their uptrend's while iron ore
price may recede from the highs, Wang Jianhua, Mysteel’s chief analyst
shared his near-term outlook on September 1. - more
Bag-ao unveils 19-kilometer access road in Dinagat - Gov. Arlene
‘Kaka’ Bag-ao has led the unveiling of a 19.2-kilometer access road
connecting two coastal municipalities, enabling for the first time land
travel for residents who have been relying on the sea as their primary
mode of transport. - more
A pristine American back country faces down an environmental crisis -
With a million acres of woods and a thousand lakes, the Boundary Waters
Canoe Area Wilderness in Minnesota’s Superior National Forest is one of
America’s most iconic natural preserves. - more
More Gains for Distributor Pandemic Index; Now at Highest Mark Since
Pandemic Started - Indian River Consulting's weekly index has now made
above break even gains in three straight weeks, albeit small ones. - more
The post-pandemic metal fabrication supply chain - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Wednesday, September 2
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $7.04/lb ($15,525/tonne). Indicators at 6:10 am CST today show
nickel trading around $.06/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started the day just over the 237,300 tonne level.
Stockpiles fell by nearly 1400 tonnes yesterday and that is the biggest
one day drop recorded since mid-March. Shanghai and India nickel
trading markets ended lower overnight, while London markets show no
signs yet of slowing down. The step back in Far East nickel pricing had
more to do with a stronger US Dollar than anything else, but this fact
apparently is being disregarded by Western traders. The bull is in
command, and trying to predict where or when a bull will turn, is a
sport, not a way to make a living. We are on day two of the last third
of 2020. The first two
thirds of the year were pretty rough on many people, but even in a
thorn bush, there are flowers to be found. Winners accept downturn's as
challenges and look to failures as learning experiences. How are you
approaching the remainder of the year? If you are still in a defensive
mode, and hunkering down thru these hard times, you are leaving
yourself vulnerable to the competition. It's time to be on the offense.
Find out what your client 'really' needs, and potential customer really
"wants" - not what you think they need or want. If you are training a
sales person, send them into a
cold call solo, then when they come out, question them on what they
heard, and what they saw. So many new salespeople are wrapped up into
their 'pitch' and never learn that its far more important to listen
and look, than talk and tell, in a sales call. So commit to making the
month of September
a listening month. It's hump day and there are 114 days till Christmas.
Stay safe and have a great day!
Average price of LME traded cash nickel
so far this month
- $7.10/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper eases on stronger dollar, recovering Peru production - more
Tuesday's market review - Chinese data helps propel copper to
2-year highs - Copper prices scaled two-year highs on Tuesday as robust
data on manufacturing activity in top consumer China, a weaker dollar
and falling inventories boosted sentiment and expectations of strong
demand for industrial metals. - more
Nickel: We’re cautiously optimistic, short term - Strong stainless
production from China is the key support to nickel’s rally. Lower ore
inventories at ports are also fueling concerns over domestic NPI/FeNi
supply. - more
Vale sale in New Caledonia labelled 'dangerous' - Leading New
Caledonian politicians have warned against the planned sale of the
Brazilian-owned Vale nickel plant to an Australian company. - more
Courtesy AISI - In the week ending on August 29, 2020, domestic raw
steel production was 1,383,000 net tons while the capability
utilization rate was 61.7 percent. Production was 1,841,000 net tons in
the week ending August 29, 2019 while the capability utilization then
was 79.1 percent. The current week production represents a 24.9 percent
decrease from the same period in the previous year. Production for the
week ending August 29, 2020 is down 2.1 percent from the previous week
ending August 22, 2020 when production was 1,412,000 net tons and the
rate of capability utilization was 63.0 percent. - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
Tuesday, September 1
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $7.00/lb ($15,442/tonne). Indicators at 6:05 am CST today show
nickel trading around $.12/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Friday and started today's session just over the 238,700 tonne level.
For July, LME stockpiles rose 3,506 tonnes. Nickel rose to near the
$14,750 tonne level early this morning, but have done little over the
last five hours or so. The new month has started bullishly, as have the
last few. The U.S. Dollar is trading at two year lows, which is adding
some positive momentum to base metals in general. Technical signals
remain bullish. This rally started on March 24th, when nickel had
fallen from $17,900/tonne on August 1, 2019 to $10,930/tonne on March
23rd of this year. We welcome back Texas Pipe & Supply as our
September sponsor. Texas Pipe has been one of our long time readers,
and a multi - month sponsor for 2020. We invite you to visit their
website and see the product and services they can offer your company.
And we thank them for their support. Thank you for being a daily
reader, stay safe, and have a wonderful Tuesday.
Average price of LME traded cash nickel
so far this month
- $6.57/lb (average for August)
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - China data helps propel copper to 2-year highs - more
Friday's market review - Copper hits fresh 2-year high on
weak dollar, falling stocks - Copper hit its highest level since
mid-2018 on Friday as the dollar extended losses and visible
inventories pointed to a steady recovery in demand for the metal. - more
Baosteel expects 2020 China steel output to rise 4%, breach 1 bil mt
for the first time - Shanghai-listed Baosteel, during a news conference
held Aug. 28, said China's major steel end-users will continue
recovering in the second half of the year, driving China's crude steel
production 4% higher year on year in 2020 at 1.04 billion mt -- the
first time ever that the country's steel production breaches 1 billion
mt. - more
BHP maps out priorities in quest for ‘future-facing’ commodities - The
head of Australian mining giant BHP says new plans to boost exposure to
the "future-facing" commodities nickel and copper will focus first on
exploring for new deposits and finding ways to extract more from
existing assets, rather than looking for acquisitions. - more
China revises resource tax rates on metals - China's implementation of
its resource tax law alters mining tax rates on some ferrous and
non-ferrous metals from today. - more
How to Humanize the B2B Customer Experience and Minimize Churn Despite
COVID-19 - “Humanized” can sound like a fluffy, abstract word. What
does it mean in practice? - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
US Fed MN Covid Economic Dashboard - more
US Fed NY Weekly Economic Index - more
Resurgence - how is your state faring? - more
The United States saw its 6 millionth confirmed case of covid-19 on Monday.
(all
ton listings are metric tons = 2204.622 pounds ) Updated Monday thru
Thursday before 7 am CST, Friday version before 8 am CST - DisclaimerOriginal content and opinions copyright
www.estainlesssteel.com. All prices shown on
this page are indications only. Please note - for real time and
official LME
prices, LME requires a user subscribe to an authorized LME vendor.
Daily Nickel/Stainless Steel Briefing 
($14,440/tonne). Indicators at 6:15 am CST today show
nickel trading around $.01/lb 
Reports
Why Stainless Steel 
Tuesday's market review - Copper under pressure from
rising inventories - Copper prices softened on Tuesday as inventories
in London Metal Exchange-registered warehouses jumped, but losses were
capped by a weaker dollar as the market awaited manufacturing data from
top consumer China. - 
How long can nickel prices defy market fundamentals? - Nickel has
ignored western market fundamentals, where demand has dried up due to
the global pandemic, and prices have soared 30% since April. - 
MySteel Global – China mills’ steel stocks ease, demand steady - Stocks
of the five major finished steel products held by the 184 Chinese steel
mills Mysteel regularly canvasses emptied for the fourth straight week
over September 17-23, thinning by another 0.5% on week to 6.63 million
tonnes, mainly thanks to the largely steady demand from steel users and
the reduction in output among mills, according to Mysteel’s latest
weekly survey. - 
Researcher collecting stories from historic INCO strike - Workers at
INCO, the mine now known as Vale, began a historic strike 62 years ago
and now, a University of Saskatchewan professor and researcher is
gathering memories and stories to chronicle in a new book. - 
Nornickel May Increase Investment In Industrial Safety In Taimyr By
$1.26Bln - Russia's Norilsk Nickel plans to increase investments in the
modernization of the energy infrastructure in Taimyr Peninsula by more
than 100 billion rubles ($1.26 billion) from 2020 to 2024 to ensure its
maximum safety, the company said. - 
China’s shadow looms as New Caledonia decides whether to leave France -
The Pacific island of New Caledonia, home to 270,000 people, is slated
to hold its second referendum on independence from France this weekend,
amid bids for self-government in a region that has become a focus of
geopolitical rivalry among the United States, China and Australia and
has been late to the decolonisation process. - 
Abandoned Rio Tinto Mine Is Blamed for Poisoned Bougainville Rivers -
Residents of the Papua New Guinea region have accused the mining giant
of environmental and human rights violations and asked for an
investigation. - 
Other News
Taiwan’s Walsin Lihwa raises stainless steel prices for Oct -
Walsin Lihwa, one of the main stainless steel manufacturers in Taiwan,
announced to hike its products for October this morning (September 28).
- 
Australia's Jervois Mining to buy Brazilian cobalt, nickel refinery -
Australia’s Jervois Mining said on Tuesday it would buy a nickel and
cobalt refinery from a unit of Votorantim SA, one of Brazil’s biggest
diversified holding companies, as demand for metals used in batteries
for electric vehicles grows. - 
US steel prices surge in September - US steel prices are on a bull run.
Following April’s crash, and May/June’s false start, domestic steel
producers currently have the bit between their teeth as they look to
lift coil prices ever higher. - 
Mincor to cut output at Western Australian nickel mines - Mincor
Resources has announced plans to boost operating margins by
implementing a revised mining plan at its nickel mines in Kambalda,
Western Australia. - 
Nine employees in Indonesia's largest nickel industrial park tested
positive for COVID-19 - Recently, nine employees in Indonesia Morowali
Industrial Park (IMIP) tested positive for COVID-19, which is the
largest nickel industrial park in Indonesia. - 
Cuban innovation to reduce the nickel industry’s reliance on imports - Given
the high cost of importing needed parts to maintain facilities at
smelters, the Comandante Gustavo Machín Nickel Enterprise has been
called upon to find innovative Cuban solutions - 
Chinese investor swindles Bindura Nickel Corporation of US$66 000 -
Bindura Nickel Corporation (BNC), a mining company based in Mashonaland
Central province, lost over US$66 000 through an alleged
well-orchestrated fraudulent scam by one of its majority shareholders
and executive director. - 
Here’s what Tesla will put in its new batteries - Tesla’s “battery day”
Tuesday revealed a surprising amount of information about projects the
company has kept under wraps. - 
Stock shortages developing in the European steel market - European
steel market participants implemented inventory reduction plans during
the recent coronavirus pandemic. - 
South Korea initiates AD probe on stainless steel flat products from 3
countries - According to reports, South Korea’s Trade Commission, which
belongs to the Ministry of Trade, Industry and Energy,
announced that it decided to start the anti-dumping (AD) investigation
to stainless steel flat products imports from China, Indonesia, and
Taiwan. - 
Ukraine
Increases Import of Nickel Ore by 30% - Ukraine increased the import of
nickel ore and concentrate by 30% in January-August 2020 compared to
the same period in 2019, to 1.12 million tonnes. - 
Demand for LC ferrochrome to rise in Q4 - Asian Metal: Hi Mr. Qiao,
thank you for accepting our interview. Please give us a brief
introduction about your company. - 
Japan Dives to Secure Cobalt and Nickel in the Ocean - Japan Oil, Gas
& Metals National Corp. confirmed that it has conducted the world’s
first successful excavation test of a cobalt-rich crust on the seabed
in Japan’s exclusive economic zone. - 
Women's group say plan for Solomons nickel mine a threat to endangered
turtles - A Solomon Islands conservation group says plans for a nickel
mine on the island of Choiseul could threaten the nearby Arnavon
Islands, a protected area and birthing site for the endangered
leatherback turtle. - 
Vietnam’s steel industry continuously faces safeguard investigations - The
Trade Remedies Authority of Vietnam under the Ministry of Industry and
Trade (MoIT) said that Malaysia's Ministry of International Trade and
Industry (MITI) has just announced to initiate an anti-dumping
investigation on cold-rolled stainless steel products originating from
Vietnam and Indonesia. - 
Monday is a U.S. holiday, so our next update will be on Tuesday, September 8th. 
Anti-Dumping Case - Hot Rolled Flat Products of Stainless Steel 304
series originating or exported from China PR, Korea RP and Malaysia - 
Bag-ao unveils 19-kilometer access road in Dinagat - Gov. Arlene
‘Kaka’ Bag-ao has led the unveiling of a 19.2-kilometer access road
connecting two coastal municipalities, enabling for the first time land
travel for residents who have been relying on the sea as their primary
mode of transport. - 
