This page is archived news covering the period of September 2023
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Stainless Steel News and Nickel Prices



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Friday, September 29

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $8.58/lb ($18,925/tonne). Indicators at 5:30 am CST today show nickel trading around $.04/lb lower. Stockpiles of nickel stored in LME approved warehouses rose on Thursday and started the final trading day of the third quarter, just over the 42,200 tonne level. That's assuming the bags marked nickel ARE actually filled with nickel, which used to be a pretty safe bet. Shanghai is closed for a week long holiday so it will be the second week of October before we hear from them again. LME nickel continues to slide, now trading just above the $18,800 tonne level, having fallen below that level earlier this morning. It's a very bearish end to September and the nickel bulls appear to be out to pasture. If your requirements include corrosion resistant and high alloy piping, we request you visit our site sponsor, P.A. Inc of Houston, Texas. It is courtesy their year long sponsorship that estainlesssteel is able to bring you daily updates and links to news on the nickel and stainless eel industry. We thank them for that sponsorship and we invite you to visit their website thru the banner link at the top of this page. Stay safe out there, have a great weekend, and we hope to see you in October.
  • Average price of LME traded cash nickel so far this month - $8.93/lb

  Reports

  • Reuters metals morning - Copper set for flat quarter amid rising inventories, firm dollar - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - closed
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • Ryerson - Are Steel Prices Going Up or Down? - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

     Aperam raises European stainless steel alloy surcharges for Oct - Aperam, a stainless steel manufacturer based in Luxembourg, raised the alloy surcharge for its European austenitic stainless steel flat products for October. - more

     Russia’s stainless steel imports up 21.4 percent in August from July - In August this year, Russia's stainless steel imports totaled 53,292 mt, up by 21.4 percent compared to the previous month and by 34.4 percent ... - more

    Thyssenkrupp in talks to sell up to 50% of steel unit to Czech billionaire -sources - German industrial group Thyssenkrupp is in advanced talks to sell up to 50% of its steel division to Czech billionaire.... more

    Atlas Materials Raises $27 Million for Nickel Processing Pilot Plant in North America - Atlas Materials, a start-up firm based in the United States, has secured $27 million in funding to construct a pilot plant in North America. - more

    Swiss-based trader IXM cuts several metals traders in major reshuffle - Swiss-based commodity trader IXM has announced the departure of several metal traders, including its head of refined copper, ... - more

   Other News

  • $1 billion metals SPAC deal backed by Glencore, automakers collapses - more
  • China's Grip on Critical Minerals Draws Warnings at IEA Gathering - more
  • Cuba warns of worsening blackouts as fuel crisis bites - more
  • Flexe lays off 33% of its workforce - more

  Economic Stats and Prices (posted in Friday edition)

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • US Fed Singla Family New Housing Starts - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Thursday, September 28

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $8.61/lb ($18,980/tonne). Indicators at 5:45 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today's session just under the 42,000 tonne level. Shanghai nickel rose slightly overnight to 151,910 y/t. China begins a week long holiday today celebrating two holidays, their National Day and mid-Autumn Festival. Nickel has peeked its head back above the $19,000 tonne level this morning, but showing little enthusiasm to move in either direction. Glencore announced it will stop funding the Koniambo Nickel mine in New Caledonia next year. New Caledonia is rich with nickel, but no one has figured out a way to mine nickel there and make money. French owned and long time miner Eramet, has made money in years past, but even that operation has experienced some difficulty primarily due to social unrest and sabotage to facilities. Stay safe out there and have a great Thursday!
  • Average price of LME traded cash nickel so far this month - $8.95/lb

  Reports

  • Reuters metals morning - Copper rebounds after traders square positions ahead of China holiday - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • US Consumer Confidence - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

    Glencore to stop funding troubled New Caledonia nickel plant - Glencore Plc said on Wednesday it will stop funding the loss-making Koniambo Nickel SAS business it co-owns in New Caledonia at the end of February .... - more

    Yusco maintains stainless steel prices for Oct - Yieh United Steel Corp. (Yusco), a leading stainless steel mill in Taiwan, announced that the new prices for both domestic and foreign sales are kept unchanged for October, in line with market expectations. - more

    Column - China's strong metal imports not as bullish as they seem: Andy Home - China’s appetite for base metal imports appears to be growing.- more

    House passes bill overhauling mining tax system - The Philippines’ lower house on Tuesday approved a bill that overhauls the tax system for mining, which the government said will be simplified to make the industry more attractive to investors. - more

    EU recyclers warn against Critical Raw Materials Act - European recyclers umbrella organisation EuRic has issued a note of concern on a report presented to the European Parliament on critical raw materials (CRMs). - more

    Assessing nickel downstreaming in Indonesia - The International Monetary Fund’s June 2023 assessment of Indonesia’s export ban policy has reignited debate on Indonesia’s downstream industrial policy. - more

   Other News

  • Brazilian miner Vale seals deal for potential low-carbon iron ore complex - more
  • A Manufacturing Supercycle Has Begun - more
  • Start-up Atlas raises $27 mln for new nickel technology for EV batteries - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Wednesday, September 27

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday's trading session at $8.58/lb ($18,905/tonne). Indicators at 5:50 am CST today show nickel trading around $.13/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today's session just over the 41,600 tonne level. Shanghai nickel fell to 149,900 y/t overnight. While we have observed a few bearish runs at the end of a fiscal quarter over the years, we remember more the opposite happening. Bulls, who seemed to have wanted to get an early jump on a new quarter in the past, have disappeared this week. We may yet see a bump this week, but based on the overall trend, that could turn out to be little more than what is called a 'dead cat bounce'. Nickel closed trading yesterday $2,220 tonne lower than it did the first day this month. Stay safe out there and have a great hump day!
  • Average price of LME traded cash nickel so far this month - $8.98/lb

  Reports

  • Reuters metals morning - Copper falls on firm dollar, China property worries - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • Business Leaders Survey - pdf here
  • US Economic Indicators: Durable Goods Orders & Shipments - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

   Nickel futures have declined to a nearly two-year low, falling below the $19,000 - Nickel futures have declined to a nearly two-year low, falling below the $19,000 per tonne mark. - more

    Outokumpu raises stainless steel alloy surcharges for Oct - Outokumpu, a leading stainless steel manufacturer in Europe based in Finland, announced its new alloy surcharges of stainless steel flat products for October for its European customers. - more

    Robust exports, stable domestic demand keep China’s steel production strong in 2023 - Robust steel exports from China have emerged as a major driver supporting steel production at a time .... - more

    Indonesia's Ambitious EV Drive Faces Regional Challenges - Indonesia's government has rolled out a series of policies to boost the electric vehicle (EV) industry. Anindya Novyan Bakrie, president of Indonesian company Barkie&Brothers .... - more

    Mexico issues preliminary conclusions on anti-dumping investigation into cold-rolled steel from Vietnam - The International Commercial Practices Unit (UPCI) of the Mexican Ministry of Economy has issued preliminary conclusions on the anti-dumping.... - more

  • What set off the latest South China Sea row between China and Philippines? - more
  • US Steel is attracting interest from a Canadian rival it once owned - more
  • Canada sees China as less ‘dependable’ partner on critical minerals, minister says - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Tuesday, September 26

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Monday's trading session at $8.68/lb ($19,145/tonne). Indicators at 5:45 am CST today show nickel trading around $.10/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose slightly on Monday and started today just over the 41,300 tonne level. Shanghai nickel fell overnight to 157,080, and it is that time of the month when we change contracts, so our new price will reflect 155,200 y/t for today. The Euro fell yesterday and this helped drag nickel lower,  and this morning, that negative momentum has dragged the price below the $19,000 tonne level. Stay safe out there and have a great Tuesday!
  • Average price of LME traded cash nickel so far this month - $9.01/lb

  Reports

  • Reuters metals morning - Copper dragged down by China demand concerns, strong dollar, high stocks - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

    Taiwan’s Yusco & Tang Eng expected to hike stainless steel prices for Oct - Yieh United Steel Corp. (Yusco) and Tang Eng Iron Works Co., Ltd., two leading stainless steel upstream manufacturers in Taiwan,.... - more

    August 2023 crude steel production - World crude steel production for the 63 countries reporting to the World Steel Association (worldsteel) was 152.6 million tonnes (Mt) in August 2023, a 2.2% increase compared to August 2022. - more

    Reclaiming a billion-dollar venture from illegal miners - Standing in groups on the lower slopes of a huge mountain in the Sandawana area of the vast Mberengwa District, young men spoke to one ..... - more

    Courtesy AISI - In the week ending on September 23, 2023, domestic raw steel production was 1,735,000 net tons while the capability utilization rate was 76.3 percent. Production was 1,684,000 net tons in the week ending September 23, 2022 while the capability utilization then was 76.4 percent. - more

   Other News

  • Polymetal CEO: new tax proposals to hit price of Russian assets sale - more
  • EU Rules on Electric Cars Could Cost Carmakers Billions - more
  • Lego Abandons Effort to Make Bricks From Recycled Plastic Bottles - more
  • EU negotiator says trade relations with China ‘very imbalanced’ - more
  • Shutdown showdown in US Congress: Time running short to fund government - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Monday, September 25

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $8.80/lb ($19,400/tonne). Indicators at 5:45 am CST today show nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Friday and started this week just under the 41,300 tonne level. Shanghai nickel rose overnight to 158,160 y/t. It's the beginning of the last week of the third quarter of the year and so far this morning, nickel is trading quietly. News in the U.S. this week will likely be centered around another potential government shutdown. Stay safe out there and have a great week!
  • Average price of LME traded cash nickel so far this month - $9.04/lb

  Reports

  • Reuters metals morning - Gloomy demand outlook, rising stocks hammer copper price - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

     MEPS debates future of stainless steel buying trends - The future of stainless steel pricing models and the possibility of Amazon-style online buying platforms were explored in a MEPS International debate at the UK Metals Expo - more

    Pullback In Commodity Prices Sets The Stage For Next Big Move – What’s Next? - After an explosive start to September, Commodity prices have pulled back on routine end of quarter profit-taking as traders square up their positions – ready to capitalize on the markets next big move. - more

    South Korea’s Hyundai Steel to exit stainless steel market - South Korean steelmaker Hyundai Steel will close its Incheon stainless steel plant at the end of the year, exiting the stainless steel market, ... - more

    Russia to introduce new export tariffs linked to ruble exchange rate on commodities - The Russian government will impose additional tariffs linked to the ruble-dollar exchange rate on exports of metals, iron ore, pig iron, .... - more

    Inside Vietnam's plans to dent China's rare earths dominance - Vietnam plans to restart its biggest rare-earths mine next year with a Western-backed project that could rival the world's largest, .... - more

   Other News

  • Steel mills selling ‘below cost’ in Northern European long steel markets - more
  • Russia Temporarily Bans Diesel Exports; European Prices Jump - more
  • Why can’t Americans buy cheap Chinese EVs? - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Friday, September 22

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $8.68/lb ($19,130/tonne). Indicators at 6:00 am CST today show nickel trading around $.11/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Thursday and started today just under the 41,300 tonne level. Shanghai nickel declined slightly overnight, to 157,210 y/t. Nickel is trading higher this morning, but with little apparent enthusiasm. Nickel traded below the $19,000 tonne level yesterday, for the first time in two years. Not a lot of news, so we end the week quietly. Stay safe out there and have a great weekend!
  • Average price of LME traded cash nickel so far this month -

  Reports

  • Reuters metals morning - Copper heads for weekly loss as hawkish US rate path spurs dollar - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

    Odisha & GSSE establish partnership for Stainless Steel Hub - In order to establish the Indian state of Odisha as a key destination for the production and trade of stainless steel,  .... - more

    Hyundai Steel decides to withdraw stainless steel market - Hyundai Steel, a steel manufacturer in South Korea, has decided to stop operations at its stainless steel plant in Incheon by the end of this month. - more

    Post-holiday demand revival fails to materialise - A post-holiday revival in European steel demand has yet to materialise as the limited market activity of a month ago continues in September. - more

    IREPAS in Istanbul: Uncertainty prevails in slow market with weak demand - The 89th meeting of IREPAS (the International Rebar Exporters and Producers Association) was held in Istanbul on September 17-19, marking the 40th anniversary of the foundation of the association, in conjunction with the SteelOrbis Fall ’23 Conference. - more

   Other News

  • Minnesota grapples with nickel mining impacts as EV manufacturing raises demand - video here
  • Stagflation in Europe a bigger worry than China’s economic slowdown - more
  • New Battery Recycling Rules Could be a Game Changer - more

  Economic Stats and Prices (posted in Friday edition)

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • US Fed Singla Family New Housing Starts - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Thursday, September 21

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $8.90/lb ($19,620/tonne) Indicators at 6:00 am CST today show nickel trading around $.15/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose for the fifth consecutive session, and ninth time this month, and started today just over the 41,300 tonne level. Shanghai nickel fell sharply overnight, to 157,480 y/t, its lowest close this year. The Euro is down against the U.S. Dollar, while the Chinese Yuan Renminbi has recovered most of its loss from yesterday's dip. This is adding negative pressure on base metals trading, with all base metals trading lower this morning. Fundamentally, nickel is finally facing clear evidence in LME numbers, of the surplus we have been told about since late last year. Indonesia says it will hold quota numbers for the next three years, meaning the plants built there, will have to continue importing ore. If Indonesia continues to take measures to protect their nickel, we could see a lot more imported in the future. We really hope the US government is paying attention to these developments, before entering into some long term agreement for nickel they may or may not want to mine and export. Everyone in the world wants a piece of the U.S. tax credits being offered, but our government needs to be careful in using this as a political carrot without getting some supply guarantees in return. Stay safe out there and have a great Thursday!
  • Average price of LME traded cash nickel so far this month - $9.10/lb

  Reports

  • Reuters metals morning - Copper falls to five-week low on hawkish Fed, strong dollar, high stocks - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

    Wednesday's market review - Copper rises with improved China demand hopes, weaker dollar - Copper prices rose in London on Wednesday with more upbeat demand prospects from top metals consumer China, .... - more

    China’s steel bar exports up 50 percent to 7.36 million mt in Jan-Aug - In the January-August period this year, China\u2019s exports of steel bars, wire rod and angles\/channels totaled 7.361 million mt, 1.62 million mt and ... - more

    Indonesia extends validity of mining production plans to three years - Indonesia will allow mining production plans to stay valid for three years with immediate effect, according to rules made public on Thursday, as it looks to beef up efficiency in quota approvals. - more

    Top Philippine nickel miners may spend $2bn in new plants - The Philippines’ two biggest nickel producers are planning to invest about $1-billion each to build processing plants, the companies’ top executives said, .... - more

    China Baowu puts deal for Tsingshan nickel assets on hold - report - China Baowu Steel Group, the world's largest steelmaker, has put on hold the purchase of some Indonesian nickel assets owned by Tsingshan Holding Group, according to a Chinese media report. - more
  • Indonesia’s nickel sector under scrutiny as Chinese workers allege inhumane working conditions, incl. company statement - more

   Other News

  • Supply Chain Due Diligence: New Regulations and What You Need to Do - more
  • What Industrial Distributor Customers Really Want - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Wednesday, September 20

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday's trading session at $9.04/lb ($19,925/tonne). Indicators at 5:45 am CST today show nickel trading unchanged . Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday, and started today's session just over the 41,000 tonne level. Shanghai nickel rose overnight, to 163,540 y/t. Markets are very quiet so far this morning, with the Fed rate decision offering traders an excuse to trade in wither direction. That will be announced after LME trading hours, so unless someone blinks and decides to gamble big, this could remain a quiet day. Indonesia is making news again, and its an apparent turn around from all the promises they have been giving to those who were looking to invest there. Apparently the largest producer of nickel in the world, is suddenly concerned about running out, and is now putting limits on production by limiting quotas. IF you are one of the countries that invested heavily there, you have a right to be annoyed. If you are not, like Elon Musk, you are to be congratulated. Stay safe out there and have a great hump day!
  • Average price of LME traded cash nickel so far this month - $9.11/lb

  Reports

  • Reuters metals morning - Copper moves in tight range ahead of Fed rate decision - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

    Tuesday's market review - Copper slips ahead of Fed meeting as inventories build - Copper prices extended losses on Tuesday, as inventories piled up and as traders worried ahead of a U.S. Federal Reserve policy .... - more

    Top nickel producer Indonesia will not approve any new mining quotas for 2023 - Top nickel producer Indonesia will not approve any new mining output quotas this year, .... - more

    POSCO achieves 50 million tons of stainless steel crude steel production on Sep 18 - South Korean leading steelmaker POSCO achieved 50 million tons of stainless steel crude steel production on September 18 ..... - more

    Odisha government announces subsidy scheme to boost stainless steel production - The Odisha government launched a special investment scheme to raise stainless steel production, offering 20% capital subsidy..... - more
  • India's Jindal forays into stainless steel long products - more
    China may finally nick some metals clout from LME - When Hong Kong Exchanges and Clearing splashed $2.2 billion to acquire the London Metal Exchange in 2012.... - more

    Trafigura Reshuffles Top Team as Metals Losses Rattle Trader - Trafigura Group announced a shakeup in its senior ranks as the commodities trading giant wrestles with with the future of its metals business, .... - more

    Turning a makorokoza-infested mine into a billion-dollar venture - Standing in groups on the lower slopes of a huge mountain in the Sandawana area of the vast Mberengwa District, ..... - more

    Courtesy AISI - In the week ending on September 16, 2023, domestic raw steel production was 1,733,000 net tons while the capability utilization rate was 76.2 percent. Production was 1,684,000 net tons in the week ending September 16, 2022 while the capability utilization then was 76.4 percent. - more

   Other News

  • Aurubis trims annual forecast further after metal theft - more
  • US to continue CVD orders on wire rod from Italy - more
  • Clorox warns of product shortages a month after disclosing cyberattack - more
  • Senate ditches dress code as Fetterman and others choose casual clothes - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Tuesday, September 19

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Monday's trading session at $9.02/lb ($19,885). Indicators at 5:45 am CST today show nickel trading around $.10/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Monday and started today's session at 40,500 tonnes. Shanghai nickel fell slightly overnight, to 161,670 y/t. In the lead article below, the author states "Energy and Mineral Resources Minister Arifin Tasrif has forecast that at current nickel ore consumption, the world’s largest nickel producer has around 15 years until its deposits run out." This kind of information would usually send a chill through the market, but since its publication in the Jakarta Post yesterday, traders appear to be shrugging it off. The sudden growth in LME nickel numbers this month, back over 40,000 tonnes for the first since May 2nd, appears to have supply bulls subdued. There is a mine for sale in Australia, the Philippines is looking for more nickel to mine, and Fitch has updated its nickel forecast. Stay safe out there and have a great Tuesday!
  • Average price of LME traded cash nickel so far this month - $9.14/lb

  Reports

  • Reuters metals morning - Copper heads lower ahead of Fed meeting, as inventories build - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • ITS State of Steel September 2023 - more

   Shanghai Metals Market

  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

    Indonesia’s nickel reserves could be depleted in 15 years, minister warns - The possible depletion could be the result of high annual production amid increased demand from smelting facilities, a senior minister has warned. - more

    China slowdown? Indonesian exporters are not feeling it, yet - Despite the drop in exports to China, the Asian powerhouse remains Indonesia’s biggest export destination, accounting for 25.99 per cent of all outgoing shipments in August. - more

    Receivers look to sell Australia’s Avebury nickel mine by Christmas - KordaMentha plans to have sold the Avebury nickel mine in Tasmania by Christmas, a partner for the insolvency firm said on Monday, after missed debt repayment deadlines and a falling nickel price tipped the operation into receivership. - more

    Philippines seeks more sites for critical minerals in govt-led exploration - The Philippine government will step up support for the local mining industry via exploration activities starting next year to identify more areas where critical minerals such as nickel and chromium can be extracted, a senior official said on Tuesday.  - more

   Fitch Ratings Revises Global Metals and Mining Price Assumptions - Fitch Ratings has raised all of its metallurgical coal price assumptions on higher costs and rising global steel consumption. - more

   Other News

  • Philippines' Philex says looking at venturing into nickel mining - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Monday, September 18

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $9.06/lb ($19,980/tonne). Indicators at 5:50 am CST today show nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Friday and started this week just over the 39,950 tonne level. Cancelled warrants remain in the 2% range. Shanghai nickel rose slightly overnight, to 162,900 y/t. The U.S. Federal Reserve is meeting tomorrow and will announce any possible interest rate increase on Wednesday. It appears the market is betting there will be no change, so any announced rate increase could affect the Dollar/Euro ratio, and thus, the trading price of nickel. Stay safe out there and have a great week!
  • Average price of LME traded cash nickel so far this month - $9.15/lb

  Reports

  • Reuters metals morning - China demand angst, LME inventories weigh on copper - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • Everything You Need to Know About: Steel - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

    US sets 0% dumping margin for India’s stainless steel bars - The US Department of Commerce (USDOC) announced the final result after the review of the anti-dumping (AD) duty order on stainless steel bars from India, .... - more

    Hansteel first produces thickest and widest hot-rolled stainless steel composite plate - Handan Iron and Steel Group (Hansteel) of HBIS Group received positive feedback for hot-rolled coil stainless steel composite plate with grade 304 and ... - more

    Taiwan’s stainless steel wire rod exports fall for 3 consecutive months - According to Customs statistics, Taiwan’s stainless steel wire rod exports totaled around 7,400 tons in August .... - more

    Base Metals: China Flatters to Deceive - Base metal prices have diverged so far year, as fundamental drivers have started to reassert themselves. - more

    China’s crude steel output loses 4.83% in Aug from July’s high, but Jan-Aug result still 2.6% above last year - In August, China's outputs of pig iron, crude steel and finished steel totaled 74.62 million mt, 86.41 million mt and 116.52 million mt, indicating ... - more

    Headwinds for nickel and stainless steel - For recyclers of nickel and stainless steel, global market fundamentals continue to pose challenges. - more

   Other News

  • Trafigura Wrestles With Future of Metals Unit After Losses  - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Friday, September 15

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $9.20/lb ($20,285/tonne). Indicators at 7:00 am CST today show nickel trading around $.05/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and started today's session just under the 38,950 tonne level. Shanghai nickel tracked LME nickel slightly higher, to 162,800 y/t. Considering the Euro fell hard against the U.S. Dollar yesterday, it was surprising to see nickel pull off a positive close. It is down this morning, but we are seeing no evidence of any sharp moves. LME has announced it will change the way it determines a closing price. This will not change our number, as we are not authorized to publish LME's actual closing numbers, so we publish the trading price where it stands at a particular time every day. That seems to be how U.S. markets operate, so it gives us continuity without any games, beyond those played by the traders. Stay safe out there and enjoy your weekend!
  • Average price of LME traded cash nickel so far this month - $9.16/lb

  Reports

  • Reuters metals morning - Copper climbs after China data but firmer dollar caps upside - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • US Manufacturers Sales - more
  • Producer Price Index by Industry: Truck Transportation - more
  • Producer Price Index by Commodity: Externally Threaded Fasteners - more
  • Producer Price Index by Industry: Corrugated Shipping Containers - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

    Thursday's market review - Copper firms ahead of interest rate decisions  - Copper prices rose on Thursday as China's measures to support economic recovery helped to alleviate price pressure from high inventories while the market awaits interest rate decisions in the euro zone and China. - more

    LME to change the way closing prices are determined - The London Metal Exchange (LME) said on Thursday that it would introduce a phased roll-out of an evolved closing price methodology to its most liquid contracts from January 2024 after a market-wide consultation. - more

    Europe's mining quest faces a hurdle: angry locals - In Portugal's northern Barroso region, Maria Loureiro weeps at the prospect of losing her family's land to a mine that could become one of Europe's biggest producers of lithium, used in electric vehicle batteries and other clean technologies. - more

   Other News

  • Indonesia asks China's Geely to help build homegrown EV by 2026 - more
  • New Indonesian industrial park on Borneo, feted as 'green,' will be powered by coal, report says - more
  • U.S. auto workers target Detroit Three with first simultaneous strike - more

  Economic Stats and Prices (posted in Friday edition)

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • US Fed Singla Family New Housing Starts - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Thursday, September 14

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $9.12/lb ($20,110/tonne). Indicators at 5:45 am CST today show nickel trading around $.14/lb higher. Stockpiles of nickel stored in LME licensed warehouse went unchanged on Wednesday and remain just under the 37,750 tonne level. Shanghai nickel gave up taking the lead and followed LME higher to 162,300 y/t. Extreme flooding has hurt numerous countries this year, only nearly every continent, with a killer flood in Libya still in the headlines. Indonesia is under the gun now, with reports of nickel mines having to temporarily close and damage to their infrastructure. Not sure if this is global warming, El Nino, or just rotten luck, but it seems this has been an incredibly bad year for flooding - everywhere. Shanghai Futures Exchange is looking at offering a challenge to the LME in nickel trading, but in our opinion, they really need to show some initiative and spend more than a couple of days a month leading the directional up and down of trading, and stop merely shadowing what the LME did the prior day. Stay safe out there and have a great Thursday!
  • Average price of LME traded cash nickel so far this month - $9.16/lb

  Reports

  • Reuters metals morning - Copper weighed down by rising stocks, China demand concerns - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • Inside Supply Management Magazine September/October 2023 - more
  • Are Steel Prices Going Up or Down? - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

    Wednesday's market review - Copper up after moderate rise in underlying US inflation - Copper prices reversed earlier losses to trade higher on Wednesday, after a moderate rise in underlying inflation in the United States raised hopes the U.S. Federal Reserve would leave interest rates unchanged next week. - more

    Shanghai exchange exploring potential LME nickel rival - The Shanghai Futures Exchange (ShFE) is looking into the possible launch of nickel futures for international use, a potential challenge to the London Metal Exchange's (LME) contract, five sources with knowledge of the matter told Reuters. - more

    Flash floods hit Indonesia's Weda Bay nickel park - Heavy rains in Indonesia's North Maluku have caused flash floods that hit a major nickel industry area in the province's Weda Bay, a search and rescue official said on Wednesday. - more

   Other News

  • Current US Inflation Rates: 2000-2023 - more
  • EU escalates China tensions with probe to ward off cheap EVs - more
  • No Chinese EV is cheaper in Europe than a cut-rate Renault model - more
  • Why does Norway want to mine the seabed? - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Wednesday, September 13

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday's trading session at $9.04/lb ($19,925/tonne). Indicators at 5:50 am CST today show nickel trading around $.02/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today just under the 38,750 tonne level. Shanghai fell overnight, to 161,600, it's lowest since early July. LME nickel fell to its lowest traded price since mid August yesterday and shows little evidence of a recovery yet today. The two nickel mining companies in Minnesota are having entirely different months. Twin Metals, a subsidiary of the Chilean mining company Antofagasta, saw its proposed nickel-copper mining mine near the Boundary Waters Canoe Area Wilderness in northeastern Minnesota, dealt a serious blow  last week, when courts ruled the Biden administration was within its rights to cancel  their critical mineral rights lease. On the other hand, Talon Metals  received a large contract from the U.S. government yesterday, for nickel to be supplied by its Tamarack mine project in Minnesota. And in potentially bigger news, a federal committee is recommending the government start collecting a royalty on minerals mined within the US border. Stay safe out there and have a great hump day!
  • Average price of LME traded cash nickel so far this month - $9.20/lb

  Reports

  • Reuters metals morning - Copper stuck in tight range ahead of US inflation data - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

    Tuesday's market review - Copper retreats on stronger dollar and rising LME stocks - Copper prices fell in London on Tuesday under pressure from a stronger dollar and rising inventories, though positive signals from top metals consumer China kept losses in check. - more

    U.S. Dept of Defense signs deal to boost domestic nickel production - The U.S. Department of Defense on Tuesday entered into a $20.6 million agreement with a subsidiary of Canada's Talon Metals Corp to increase domestic production of Nickel. - more
  • Defense Department awards $20.6 million to proposed nickel mines in Minnesota and Michigan - more

    More life-changing developments  in Midlands - Midlands has achieved a lot of life-changing socio-economic development under the Second Republic and is poised .... - more

    US committee recommends royalties on minerals for EVs in sweeping reform proposal - A federal committee on Tuesday recommended imposing royalties on U.S. hardrock mining for the first time, a move it said could increase domestic production by providing funds for the agencies in charge of issuing new mining permits. - more

  • Biden plan would overhaul 151-year-old mining law, make companies pay royalties for copper and gold - more

   Other News

  • Canada to recoup investments from EV plants in 20 years -watchdog - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Tuesday, September 12

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Monday's trading session at $9.29/lb ($20,485/tonne). Indicators at 5:50 am CST today show nickel trading around $.17/lb lower. Stockpiles of nickel stored in LME approved warehouses went unchanged on Monday and remain just under the 38,300 tonne level. Shanghai nickel broke with LME overnight, falling to 162,170 y/t. The last time Shanghai was trading nickel this low, mid last month, LME nickel closed well under the $20,000 tonne level. Both the Euro and Yuan have given back some of yesterday's gains, adding negative pressure in both Chinese and London markets. Stay safe out there and have a great Tuesday!
  • Average price of LME traded cash nickel so far this month - $9.23/lb

  Reports

  • Reuters metals morning - London copper falls as dollar rebounds - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • Nickel price chart - more
  • Fastener Distributor Index August - more
  • Recycling Today September 2023 - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

    Monday's market review - Copper climbs with Chinese currency recovery - Copper prices rose on Monday as a stronger Chinese currency, a weaker dollar and buoyant loan data from top consumer China fuelled purchases by traders that use algorithms to generate buy and sell signals. - more

    China's steel industry PPI decreases by 6.6 percent in August - In August this year, China's producer price index (PPI) for its ferrous metal smelting and rolling sector declined by 6.6 percent year on year, while ... - more

    Minister Luhut warns nickel factories to comply with laws and regulations, threatens to revoke permit - Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, was giving a strict warning to nickel smelter facility management companies to operate in accordance with existing regulations, including environmental standards. - more
  • Govt will monitor nickel demand fulfillment: minister - more
  • Stanislav Kondrashov: nickel mining at the bottom of the sea in Indonesia is a revolution in the mining industry - more

    India imposes anti-dumping duty on some Chinese steel for 5 years - India on Monday imposed an anti-dumping duty on some Chinese steel for five years, according to a government notification. - more

    Courtesy AISI - In the week ending on September 9, 2023, domestic raw steel production was 1,721,000 net tons while the capability utilization rate was 75.7 percent. Production was 1,684,000 net tons in the week ending September 9, 2022 while the capability utilization then was 76.4 percent. - more

   Other News

  • Swarm of Chinese Vessels Tries - And Fails - to Block Philippine Convoy - more
  • 7 Questions Every Seller Should Ask - more
  • FDA greenlights fall COVID boosters amid uptick in cases. Here's who is eligible - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Monday, September 11

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $9.09/lb ($20,045/tonne). Indicators at 6:00 am CST today show nickel trading around $.08/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose for a third time this month on Friday and ended last week just under the 38,300 tonne level. Shanghai nickel rose slightly to 166,450 y/t overnight. Nickel fell below the $20,000/tonne level on Friday and this morning, the bulls appear to be trying to keep that from happening again. There was a subscription article on Friday, published by the Jakarta Post, that stated "Indonesia imported 53,863 tonnes of nickel ore in the first half of 2023, up from 22,503 tonnes in 2022" The surge is being blamed on more processing capacity than ore mining can currently supply. Westwin Elements has broken ground for America's only nickel refinery in Oklahoma, which they hope to have processing next year. Here is more on their initial announcement from March (here). Today we remember the victims of the terrorist attacks - on what has become known as simply 9/11. It was a wake up call, and we have not slept since. Stay safe out there and have a great week!
  • Average price of LME traded cash nickel so far this month - $9.25/lb

  Reports

  • Reuters metals morning - London copper rises on signs of China economic stabilisation - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • U.S. Economy in a Snapshot - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

    China schedules more cold-rolled stainless steel production for Sep - In August, the production of 34 cold-rolled stainless steel mills in China totaled around 1.32 million tons, up by 3.83% compared to the previous month and by 20.4% from the same month a year ago. - more

    U.S. imports/exports of Nickel - more // U.S. imports/exports of Stainless steel - more

    Ferronickel and NPI importers to the EU: get ready for the EU Carbon Border Adjustment Mechanism and its data collection and submission requirements - After several years of negotiation between EU institutions, the EU Carbon Border Adjustment Mechanism (CBAM) Regulation was adopted in 2023. - more

    US, Saudi Arabia in talks to secure metals in Africa - The United States and Saudi Arabia are in talks to secure metals in Africa needed to help them with their energy transitions, the Wall Street Journal reported on Sunday, citing people with knowledge of the talks. - more

    UK initiates safeguard extension review for 15 steel product categories - The UK’s Trade Remedies Authority (TRA) has announced that it has initiated an extension review of the safeguard measure on 15 categories of steel products that is due to expire on June 30, 2024. - more

   Other News

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Friday, September 8

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $9.30/lb ($20,500/tonne). Indicators at 6:15 am CST today show nickel trading around $.11/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose by a respectable amount on Thursday and started today's session just under the 38,000 tonne level. That is two larger increases seen this week, after months with little daily change. Shanghai nickel again followed LME lower, to 166,220 y/t overnight. The proposed Twin Metals nickel mine in Minnesota  appears to be destined to fail, after a court denied an appeal by the mine for a license. Stay safe out there and have a great weekend!
  • Average price of LME traded cash nickel so far this month - $9.30/lb

  Reports

  • Reuters metals morning - Copper set for worst week in four on firm dollar and higher stocks - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • ING Industrial Metals Monthly: China’s stimulus in focus - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

    Indonesia proposes critical minerals trade deal with US - Indonesia has asked the United States to begin talks on a trade deal for critical minerals so that exports from the Southeast Asian country can be covered under the U.S. Inflation Reduction Act, an Indonesian ministry said on Thursday. - more

    Federal judge deals another serious blow to proposed copper-nickel mine on edge Minnesota wilderness - A federal judge has dealt another serious setback to the proposed Twin Metals copper-nickel mine near the Boundary Waters Canoe Area Wilderness ...... - more
  • Mining company loses bid to revive Minnesota copper, nickel project - more
    HRC buyers in Europe postpone restocking amid lack of clarity on price trend, slow consumption - Hot-rolled coil buyers in Europe have postponed restocking amid mixed views on the future direction of prices and insufficient end-user demand, sources told Fastmarkets on Tuesday September 5. - more

    Vale Base Metals to invest $10 billion in Indonesia over next decade - Vale Base Metals is committing $10 billion for investment in Indonesia over the next decade to capture demand for metals such as nickel and copper for electric vehicle production, its chief executive said on Thursday. - more

    Russia's Nornickel: cash flow not yet stable enough to resume dividends - Russian metals and mining giant Norilsk Nickel is not yet generating free cash flow on a stable enough basis to resume dividend payments, but does not rule out doing so in future, head of investor relations Mikhail Borovikov told reporters on Thursday. - more

   Other News

  • Chinese duties on U.S. imports 'inconsistent' with WTO obligations: panel - more

  Economic Stats and Prices (posted in Friday edition)

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • US Fed Singla Family New Housing Starts - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Thursday, September 7

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $9.34/lb ($20,580/tonne). Indicators at 5:45 am CST today show nickel trading around $.02/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Wednesday and started today's trading session just under the 37,400 tonne level. Shanghai nickel followed LME lower overnight, down to 167,620 y/t. The Euro continues to slide against the Dollar, which is keeping negative pressure on London traded base metals. After a sharp drop yesterday, and a big dip this morning, nickel is down only slightly at the moment. Stay safe out there and have a great Thursday!
  • Average price of LME traded cash nickel so far this month - $9.34/lb

  Reports

  • Reuters metals morning - Copper hits lowest in over a week on firm dollar, stimulus wait - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

    CISA mills’ daily steel output down 7.65 percent in late August - The China Iron and Steel Association (CISA) has announced that in late August (August 21-31) this year the average aggregate daily crude steel output ... - more

    Indonesia Illegal Nickel Ore Policy - In mid-August 2023, the Indonesian government investigated and dealt with illegal nickel ores and stopped the approval of new quota applications. The news caused the market to pay close attention. - more

    UK Metals Expo Q&A: Outokumpu’s Simon Marsden - Outokumpu’s head of UK sales Simon Marsden said that highlighting the value of low-CO2 stainless steel in a price-driven market will be a key focus at the UK Metals Expo. - more

   Other News

  • Chinese Premier Li Qian takes a test ride on Indonesia's new high-speed railway - more
  • China’s new map has riled the region, with ‘collective concern’ over its claims - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Wednesday, September 6

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday's trading session at $9.56/lb ($21,070/tonne). Indicators at 5:50 am CST today show nickel trading around $.09/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today just over the 37,400 tonne level. Shanghai nickel rose slightly to 171,860 y/t. LME nickel rose by a mere $20/tonne yesterday and is down this morning, thanks in part to a weaker Euro. Another suit claiming nickel fraud and this one does not appear to be related to the earlier suits or involved companies. It's an early Wednesday for Americans who had Monday off. Stay safe out there and have a great hump day!
  • Average price of LME traded cash nickel so far this month - $9.35/lb

  Reports

  • Reuters metals morning - Copper pulls back on weak yuan, concern about global growth - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

    POSCO raises 300 series stainless steel prices & 316L surcharge for Sep - South Korean steelmaker POSCO raised the price of 300 series stainless steel by 100,000 won per ton for September, due to .....  - more

    Philippines says H1 nickel ore output up 40% y/y - The Philippines’ nickel ore output in the first half of the year totalled 16.87 million dry metric tons (dmt), up 40% versus the 12.01 million dmt produced in the same period last year, the Mines and Geosciences Bureau said on Monday. - more

    Metals trader Kataman suing several firms for nickel fraud - U.S. trading house Kataman Metals LLC is suing several companies for allegedly defrauding it out of more than $3 million worth of nickel and for not .... - more

    Stainless Steel CO2 Emissions Report - Like any other major industry, the stainless steels industry consistently endeavours to reduce its operational CO2 emissions year-on-year. - more

    EU lawmakers see recycling as key in search for critical minerals - European Union lawmakers will push for far greater recycling of waste in a new EU law to ensure the bloc has raw materials such as lithium, nickel and cobalt required for its green transition. - more

    Courtesy AISI - In the week ending on September 2, 2023, domestic raw steel production was 1,729,000 net tons while the capability utilization rate was 76.0 percent. Production was 1,709,000 net tons in the week ending September 2, 2022 while the capability utilization then was 77.5 percent. - more

   Other News

  • Can you use expired Covid tests? What to know as cases rise, new variants emerge - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Tuesday, September 5

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Friday's trading session at $9.58/lb ($21,125/tonne) and Monday's session at $9.55/lb ($21,050/tonne). Indicators at 5:45 am CST today show nickel trading unchanged from Monday's close. Stockpiles of nickel stored in LME licensed warehouses fell a grad total of one lot over the last two working days and start today's session just over the 37,150 tonne level. Shanghai nickel rose over their last two sessions, to 170,710 on Monday and 171,800 y/t this morning. Nickel got a bump on Friday to start the new month, but gave back a little yesterday, with U.S. markets closed for Labor Day. This morning, LME traders appear to be waiting to see what mood U.S. traders will return to the market in. If futures are any hint, then U.S. traders are wondering the same. The last third of 2023 has officially begun. Stay safe out there and have a great Tuesday!
  • Average price of LME traded cash nickel so far this month - $9.29/lb

  Reports

  • Reuters metals morning - Copper down on weak China service data, uncertainty over property measures - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more
  • US Economic Indicators: Industrial Production - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

    Metals Drop From Four-Week High as Traders Assess China Policy - Most base metals retreated after racking up a second weekly gain on China’s moves to ease stress in its struggling property market. - more
  • Nickel prices start September 2023 on a positive note - more
    European stainless steel makers move to US amid falling EU profits - As a result of recent events in the markets of Europe and the US, the difference in prices for stainless steel exceeded $1,350 per ton in favor of the US market. - more

    Column: Abaxx offers sulphate solution for broken nickel market -  It's been a year and a half since the London Metal Exchange (LME) nickel contract went into meltdown, forcing the suspension of trading and the controversial decision to cancel trades. - more

    US announces final CVD ruling on India’s stainless steel flanges - According to the final results of the expedited first sunset review of the countervailing duty (CVD) order, the US Department of Commerce (USDOC).... - more

    Government tightens norms for sale of aluminium, copper, and nickel from December - India has restricted the sale of poor-quality aluminium, copper, and nickel from December 2023 onwards.- more

    W. Australia Offers to Make Indonesia’s EV Battery Dream Come True - The state of Western Australia says that it wants to help make Indonesia -- its close neighbor that is also abundant in nickel -- one of the key players in electric vehicle (EV) manufacturing, particularly its components such as batteries. - more

    From ‘Ring of Fire’ to Mincor: Nickel dream drives Wyloo boss - Ask Wyloo Metals boss Luca Giacovazzi, 31, if he’s a bit young to be four years into running a pure-play nickel miner that wrestled control of Canada’s fabled “Ring of Fire” basin from resources giant BHP, and he quips: “Don’t hold it against me.” - more

     China Mulls Tougher Rules on Commodity Trading For Key Firms - China has proposed tougher-than-expected rules on commodities trading by its state-owned giants, as Beijing seek to tackle hidden risks in the world’s biggest raw materials market. - more

   Other News

  • Copper Crime Ring Is Latest Scandal to Rock the Metals World  - more
  • Risks rise in critical minerals boom - more
  • Guinea bans mining companies from exporting more than half of foreign exchange earnings - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
Friday, September 1

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed yesterday's trading session at $9.22/lb ($20,330/tonne). Indicators at 5:30 am CST today show nickel trading around $.12/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and closed out the month of August at 37,170 tonnes. That is 342 tonnes lower than it ended July. Cancelled warrants spent most of the last half of the month in the 2% range, where they remain. China is taking more steps to aid its ailing real estate market, and base metals traders are starting the new month on a positive note. As we start another month of news reporting on estainlesssteel.com, we want to thank P.A. Inc of Houston, Texas, the sponsor who makes it available to site visitors.  If you use corrosion resistant pipe, buttweld fittings, flanges and pressure fittings in critical applications, check out their line sheet here. Supporting them supports us, so please visit their web site (here) and see if they offer a service you can take advantage of. We appreciate their continued support and your visit to the site today. US markets celebrate Labor Day on Monday, so our next update will be on Tuesday, September 5th. Stay safe out there and have a great weekend!
  • Average price of LME traded cash nickel so far this month - $9.30/lb (August average)

  Reports

  • Reuters metals morning - Base metals rally as China ramps up economic support - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Daily Comments - more
  • ING The Commodities Feed - daily here
  • U.S. Stainless Steel Scrap Prices  - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (posted only on Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

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

    Yusco’s price increase in stainless steel accepted by market - Yieh United Steel Corp. (Yusco), Taiwan’s leading stainless steel mill, announced an increase in its stainless steel prices for September delivery, of which domestic price was hiked by NT$1,000-3,500/ton, and export price was increased by US$30-120/ton. - more    

     High carbon FeCr prices tick up in Europe; buyers gradually return - High carbon ferro-chrome prices rose in Europe during the week to Tuesday August 29, amid rising offers from the sell side, while end users have gradually begun to return to the spot market following summer maintenance shutdowns. - more

     US stainless market resilient as EU mill profits slump - In their latest financial results, European listed companies Acerinox, Aperam and Outokumpu, in most cases, reported lower sales and profits for their stainless steel divisions, for the second quarter of 2023, compared with those in the previous three-month period.  - more

     MOC: Average steel prices in China rise slightly during August 21-27 - China's Ministry of Commerce (MOC) has announced that during the August 21-27 period this year the overall average finished steel price in China ... - more

   Other News

  • Super Typhoon Saola: highest warning as storm barrels towards southern China - more
  • Dollar unlikely to lose global dominance soon even as BRICS expand, BNY Mellon says - more
  • It's Getting Harder to Find Mining Engineers a Green World Needs  - more
  • China ramps up economic support as Country Garden vote looms - more

  Economic Stats and Prices (posted in Friday edition)

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

  August Archives


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(all ton listings are metric tons = 2204.622 pounds ) Updated Monday thru Thursday before 7 am CST, Friday version before 8 am CST - Disclaimer Original content and opinions copyright www.estainlesssteel.com. All prices shown on this page are indications only. Please note - for real time and official LME prices, LME requires a user subscribe to an authorized LME vendor.



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