Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.73/lb ($17,035/tonne). Indicators at 5:35 am CST today show nickel trading around $.11/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and ended the week just shy of the 103,950 tonne level. Shanghai nickel jumped to 132,900 y/t overnight.  China stocks had their biggest day since 2008 overnight and this enthusiasm spread into commodity trading with Shanghai nickel having a big day. LME nickel closed above the $17,000 tonne level for the first time this month on Friday and instead of turning bearish like it did last month after it reached this level, the market appears to remain bullish today. LME Week starts today and for the next few days the market will likely be driven more by technicals than anything else. Once the meetings are over on Wednesday, we might get an idea of how bullish or bearish the trader talk was about nickel by the direction the market takes. If it remains bullish but with a lack of enthusiasm and little fundamental support, that would tell us that traders are riding the bullish wave but would bail in a heartbeat if prices began to fall. Today we say goodbye to September and the third quarter of 2024. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $7.29/lb
  

    Friday's market review - Aluminium at 16-week high, driven by China’s stimulus measures - Aluminium prices in London touched a 16-week high on Friday due to a fund buying triggered by the fresh economic ... - more

    China's duplex stainless steel industry growing - It was reported that China’s duplex stainless steel industry has been developing rapidly in recent years, with significant growing production and improved product ... - more

    ZimAlloys Resumes Production Years After It Shut Down - One of Zimbabwe’s largest ferrochrome producers, ZimAlloys, located in Gweru, has resumed production after years of inactivity. - more

     Indonesia To Improve Supervision of Commodities Sector, Official Says - Jakarta plans to review the U.S. Department of Labor’s claim of forced labor by Chinese majority-owned nickel mining and processing firms. - more

    India, US likely to sign pact on critical minerals, sources say -  India and the United States are likely to sign an initial pact for cooperation on critical minerals this week, two government sources said, as the two ... - more

   Australia revises down commodity revenue forecasts as prices trend lower - Australia slightly revised down its forecasts for resource and energy export earnings on Monday as lower prices across a broad range ... - more

   Other News

• Decision on US Steel takeover delayed until 2025 - more
• Trump threatens Deere with 200% tariffs if it shifts manufacturing to Mexico - more
• Hurricane Helene: FedEx, UPS and US Postal Service report disruptions - more
• Ports brace for a potential ILA strike - more
• Lithium Battery Fire Halts Work at Los Angeles, Long Beach Port Terminals - more
• Why global businesses must consider climate change risks to their supply chains - more
• China stocks surge in biggest single-day rally since 2008 on stimulus cheer - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.60/lb ($16,765/tonne). Indicators at 5:45 am CST today show nickel trading around $.08/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and started today reading just over the 130,300 tonne level. We are switching from following the October contract in Shanghai to the November contract. The October contract rose to 128,950 y/t overnight, while the November contract read 129,360 y/t. We follow the most active contract and last evening the activity on the October contract stalled, while the November contract saw activity soar. It's another week here on planet Earth and that means another nuclear threat from Russia. For those who feel Russia is our new buddy and China is the real enemy of the U.S., when exactly was the last time China threatened the West with nuclear weapons?  This is a nearly weekly event from Russia, who has proven in their war on Ukraine, that their nuclear arsenal is the only thing keeping a small country like Kazakhstan from marching thru their country. Join the 21st century Putin. Everyone knows you have the bomb, but constantly threatening to use them, makes the largest country in the world, a very small nation. Another week in the bag, and Monday sees the month end. Let's take the opportunity to thank our 2024 site sponsor for their continued support. PA Inc is a leading supplier of high nickel content pipe and pipe fittings. If you need a corrosion resistant solution to your piping requirements, call these guys and let them assist you. We thank PA for their support and without that support, our daily updates would not exist. Metals related sites come and go, but thanks to PA, we continue to provide news on the nickel and stainless steel industries daily.  Stay safe out there and enjoy your weekend!
  
• Average price of LME traded cash nickel so far this month - $5.46/lb
  

    Thursday's market review - Copper strides to 11-week peak after China unveils fiscal stimulus - Copper prices rose to their strongest in 11 weeks on Thursday, propelled by hopes of firmer metals demand ... - more

    INSG: World primary nickel output to reach 3.65 mln t in 2025 - The International Nickel Study Group (INSG), an intergovernmental organization based in Lisbon, Portugal, predicts that world primary nickel ... - more

    China’s stainless steel imports drop in Aug on weak demand, exports hit new high - China’s stainless steel imports totaled 99,500 tons in August, falling by 16.8% compared to the previous month and by 43% ... - more

    Taiwan's stainless steel downstream manufacturers believe prices to be flat for Oct - Encouraged by China's bullish financial policies, Shanghai Nickel price and stainless steel futures prices have performed ... - more

    Zimra loses Zimasco royalty, penalty battle - In its ruling on the dispute between the parties, the High Court found that Zimasco was not liable to pay mining royalties on chrome ore concentrates and ferrochrome... - more

    Deep in the nation’s only nickel mine, industry fights to green its image - Biden officials point to the Eagle mine as proof that mining critical minerals in the U.S. can gain public support while avoiding pollution ... - more

    Indonesia says forced labour claims to spur improved commodity sector supervision -  Indonesia will improve supervision of its commodities sector after the U.S. Department of Labor said there was forced labour... - more

   Other News

• 6 days until 45,000 East and Gulf Coast dockworkers could go on strike - more
• U.S. Sanctions Four Shipping Companies for Supporting Hezbollah - more
• Putin draws a nuclear red line for the West - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.62/lb  ($16,800/tonne). Indicators at 5:50 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Wednesday and now reads just under the 130,100 tonne level. Shanghai nickel rose to 128,540 y/t overnight. In a story below, Indonesia's head guy on mineral resources says it is only fair that now that Indonesia supplies more nickel to the world than any other country, that Indonesia and not the market, should decide the price of nickel. That's a comforting thought, eh? If this guy loses his job in the upcoming regime change, he should consider coming to America and running for Congress. We used to send our mentally challenged people to special named homes, but now we let them wander the streets or, if they promise to wear clothes, put them in Congress so we can keep an eye on them. The LME announced its plan to suspend Nornickel's Finnish produced nickel briquettes is cancelled. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $7.26/lb
  

    Wednesday's market review - Copper steadies after hitting 10-week high - Copper prices steadied after hitting a 10-week high on Wednesday as the dollar rose, weakening support from the latest economic ... - more

    Indonesia Should Dictate Global Prices of Nickel, Coal: Minister Bahlil - Indonesian Minister of Energy and Mineral Resources Bahlil Lahadalia has asserted that Indonesia should rightfully dictate the global ... - more

    China’s stainless steel exports up 18.02 percent in January-August - In August this year, China's stainless steel imports amounted to 99,500 mt, down 16.81 percent month on month, while down 43 percent ... - more

• China's stainless steel scrap imports plummet in Aug y-o-y - more

    (old story) LME plans to suspend nickel brand of Nornickel’s Finnish plant from Oct 3 - (more) note - this plan to suspend was cancelled by the LME on 9/24 (more)

    EU HRC prices: when there is no market, there is no bottom - Domestic prices for European hot-rolled coil fell Sept. 24 amid declining demand and muted activity, even as mills kept furnaces running in order to... - more

   The Importance of Nickel in the Stainless-Steel Industry - Stainless steel has been used in a variety of industries for over a century. What distinguishes stainless steel from ordinary steel is its ability to resist corrosion. - more

   Other News

• US Steel says arbitration board rules in favor of Nippon Steel’s $14.9 billion buyout deal - more
• Russian Destroyer Fires Warning Shot to Scare Off Norwegian Longliner - more
• Stellantis CEO follows Chinese route to avoid EV tariff 'trap' - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.58/lb ($16,710/tonne). Indicators at 5:40 am CST today show nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today just over the 124,400 tonne level. Shanghai nickel rose to 127,460 y/t overnight. Commodities are trading mostly lower this morning, and nickel is no exception. The U.S. southeast is bracing for Tropical Storm Helene to turn into a hurricane and strike an area already damaged by Hurricane Debby early last month and Hurricane Idalia in August 2023. World steel production tanked in August, mostly due to a big decrease in China. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $7.25/lb
  

    Tuesday's market review - Copper hits two-month high on US rate cut momentum, improving China demand - Copper prices rose on Tuesday on continued momentum of the U.S. interest rate cut last week ... - more

      August 2024 crude steel production - World crude steel production for the 71 countries reporting to the World Steel Association (worldsteel) was 144.8 million tonnes (Mt) in August 2024, a 6.5% decrease ... - more

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

    Stainless Steel CO2 Emissions Report - The world stainless association has released a report outlining the stainless steel industry emissions and data related to these emissions. - more

    Indian stainless steel producers seek surtax on imports from China - The Indian Stainless Steel Development Association (ISSDA), the representative body of domestic stainless steel producers, has turned  ... - more

    Canada Nickel looks to raise $1B for planned nickel processing plant - Canada Nickel said Thursday it will seek to raise $1B to fund construction of a nickel processing plant, as it tries to position itself as an ... - more

    ZimAlloys to build 180MW  wind power plant - Chromium alloy producer Zimbabwe Alloys Limited (ZimAlloys) is in discussions with an unnamed Dutch-based renewable energy firm to install a 180 megawatt ... - more

   Other News

• Port of New York-New Jersey details strike operations plan - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.51/lb ($16,550/tonne). Indicators at 5:45 am CST today show nickel trading around $.09/lb higher. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Monday and remains just below the 124,150 tonne level. Shanghai nickel rose to 126,690 y/t overnight. China announced some stimulus measures overnight and commodity traders are bullish in response. Seen by many as the most aggressive stimulus measures taken since early in the pandemic, equity markets around the world are also trading higher. It will take months to see if these steps can boost China out of its economic funk, but for the time, traders are looking positive on the effort. Interesting articles below about the United States trying to "get all  up in Indonesia's business". On one hand the US wants to solidify Indonesia as a political friend and commodity supplier, but the country's close relationship with its neighbor China, is causing some in Washington to start the old "our way or the highway game". We have touched on this in the past, about the difference in how the US and China approach foreign relations. China tends to approach their diplomacy with a "you mind your own business and we will mind ours" approach that has helped them make many new friends this century. Stay safe out there and have a great Tuesday! 
  
• Average price of LME traded cash nickel so far this month - $7.24/lb
  

    Monday's market review - Aluminium steadies after touching 10-day low - Aluminium prices steadied after hitting 10-day lows on Monday on technical weakness after rallies largely driven by last week's U.S. ... - more

    China’s stainless steel exports hit new high in Aug, driven by surged coil exports - According to statistics from the General Administration of Customs of China, China's stainless steel exports totaled around ... - more

    Indonesia’s ‘bloody nickel’ under fire as US flags forced labour concerns - Reports of worker exploitation and accidents threaten a critical minerals deal with the US, driving calls for reform and more oversight - more

•  US Forced Labor Ruling on Indonesian Nickel Could Backfire - more
  

   Thailand receives request to launch AD investigation on Vietnam’s cold-rolled stainless steel - According to Vietnam’s Trade Remedies Authority, under the Ministry of Industry and Trade, it got the information... - more

   Russia's Nornickel opens EV battery R&D centre - Russia's Nornickel opened an R&D centre in St. Petersburg on Monday to study the use of nickel-containing cathode active materials in electric batteries, .... - more

   Courtesy AISI - In the week ending on September 21, 2024, domestic raw steel production was 1,707,000 net tons while the capability utilization rate was 76.9 percent. Production was 1,691,000 net tons in the week ending September 21, 2023, while the capability utilization then was 74.4 percent. - more

   Other News

• Amazon Boosts Average Pay for Transportation and Fulfillment Workers to $29 per Hour - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.51/lb ($16,550/tonne). Indicators at 5:45 am CST today show nickel trading around $.09/lb higher. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Monday and remains just below the 124,150 tonne level. Shanghai nickel rose to 126,690 y/t overnight. China announced some stimulus measures overnight and commodity traders are bullish in response. Seen by many as the most aggressive stimulus measures taken since early in the pandemic, equity markets around the world are also trading higher. It will take months to see if these steps can boost China out of its economic funk, but for the time, traders are looking positive on the effort. Interesting articles below about the United States trying to "get all  up in Indonesia's business". On one hand the US wants to solidify Indonesia as a political friend and commodity supplier, but the country's close relationship with its neighbor China, is causing some in Washington to start the old "our way or the highway" game. We have touched on this in the past, about the difference in how the US and China approach foreign relations. China tends to approach their diplomacy with a "you mind your own business and we will mind ours" approach that has helped them make many new friends this century. Stay safe out there and have a great Tuesday! 
  
• Average price of LME traded cash nickel so far this month - $7.24/lb
  

    Monday's market review - Aluminium steadies after touching 10-day low - Aluminium prices steadied after hitting 10-day lows on Monday on technical weakness after rallies largely driven by last week's U.S. ... - more

    China’s stainless steel exports hit new high in Aug, driven by surged coil exports - According to statistics from the General Administration of Customs of China, China's stainless steel exports totaled around ... - more

    Indonesia’s ‘bloody nickel’ under fire as US flags forced labour concerns - Reports of worker exploitation and accidents threaten a critical minerals deal with the US, driving calls for reform and more oversight - more

•  US Forced Labor Ruling on Indonesian Nickel Could Backfire - more
  

   Thailand receives request to launch AD investigation on Vietnam’s cold-rolled stainless steel - According to Vietnam’s Trade Remedies Authority, under the Ministry of Industry and Trade, it got the information... - more

   Russia's Nornickel opens EV battery R&D centre - Russia's Nornickel opened an R&D centre in St. Petersburg on Monday to study the use of nickel-containing cathode active materials in electric batteries, .... - more

   Courtesy AISI - In the week ending on September 21, 2024, domestic raw steel production was 1,707,000 net tons while the capability utilization rate was 76.9 percent. Production was 1,691,000 net tons in the week ending September 21, 2023, while the capability utilization then was 74.4 percent. - more

   Other News

• Amazon Boosts Average Pay for Transportation and Fulfillment Workers to $29 per Hour - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.46/lb ($16,455/tonne). Indicators at 5:40 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose by 1 lot of 6 tonnes on Friday and ended the week reading just under the 124,150 tonne level. Shanghai nickel fell to 124,830 y/t overnight. The Euro is down sharply this morning after some pessimistic EU reports caused speculation of more European easing. While up at the moment, nickel's traded price is showing some stress. Nickel ore stockpiles at Chinese ports increased to 9.412 wmt last week. This is low content ore from the Philippines, and is equivalent to approximately 73,900 tonnes of nickel. Refined nickel stockpile numbers came in at 29,895 tonnes. These numbers courtesy SMM. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $7.23/lb
  

    Friday's market review - Copper pulls back from two-month peak on firm dollar - Copper edged lower on Friday after touching its highest level in two months as a firm dollar and producer selling offset optimism .... - more

    EU stainless steel industry relies heavily on imports - According to the European Commission’s Joint Research Centre, the EU's production of stainless steel is relatively limited compared to other categories and... - more

    Taiwan’s Chien Shing Stainless Steel to reduce capital to make up for losses  - Chien Shing Stainless Steel Co., Ltd. (CSSSC), a stainless steel company in Taiwan, decided to reduce capital by NT$1.085 billion ... - more

   Chinese steel outflows, output vexes global industry - China’s steel industry was among the main concerns in the global steel market amid growing steel exports. - more

   Trafigura's New Boss Is Ex-Soldier Who Says Profit Comes First - A couple of months ago, the man in line to be Trafigura’s next chief executive officer, Richard Holtum, gathered the commodity trader’s .... - more

   Other News

• New Caledonia pro-independence leaders claim 'barbaric', 'colonial' acts - prosecutor disagrees - more
• China stimulus hopes rise as PBOC cuts rate, plans briefing - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.42/lb ($16,355/tonne). Indicators at 6:00 am CST today show nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and started today's session just under the 124,150 tonne level. Shanghai nickel slipped to 125,350 y/t overnight. Nickel continues to climb, with rumors of potential stimulus being pumped into the Chinese economy making a stronger Euro look even better. Stay safe out there and enjoy your weekend!!
  
• Average price of LME traded cash nickel so far this month - $7.22/lb
  

    Thursday's market review - Copper hits two-month high after Fed’s bold rate cut - Copper prices hit their highest in two months and aluminium the highest in three on Thursday after the long-awaited US Federal ... - more

    Asian trader spars with broker over nixed London nickel trades - An Asian-based trader Foreland is tussling with IG Group Holdings Plc to return profits arising from the short squeeze in nickel in 2022, claiming ... - more

    Recent nickel pig iron trade flows to Europe unlikely to last: Anglo American - Recent trade flows of nickel pig iron (NPI) to European stainless steel mills are unlikely to be sustainable going forward, Lucy Parker, ... - more

    Chrome ore concentrates are not minerals, rules Zimbabwe High Court - High Court Justice Siyabona Paul Musithu has issued a landmark ruling that could significantly affect the financial landscape for chrome ... - more

   Nickel's Potential: Opportunities, Challenges And What Investors Should Know - Nickel was first discovered in 1751 by Axel Fredrik Cronstedt. Since its discovery, this metal has shone brightly across numerous ... - more

    Indonesia’s rational choice in the nickel ore export ban policy - Indonesia banned nickel ore exports to assert sovereignty over natural resources, boost nickel product value, and boost the economy. - more

    Steel prices avoid a fall spike - Some believed that sheet prices would go shooting up this fall on a raft of maintenance outages at steel mills. - more

    ‘One day is too long’: Businesses fret over potential port shutdown - Executives are sounding the alarm that disruption at East Coast and Gulf Coast ports could have severe ripple effects. - more

   Other News

• US to award $3 billion to 25 projects for battery manufacturing sector - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.37/lb ($16,245/tonne). Indicators at 5:40 am CST today show nickel trading around $.07/lb  higher. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today totaling just over the 123,900 tonne level. Shanghai nickel rose to 125,920 y/t overnight. The Fed took the markets by surprise yesterday and cut rates by 1/2% instead of the 1/4% expected. At first the bulls were giddy with the news, but then the market started to wonder if the Fed knew something they did not about the US economy. Later Fed chairman spent much of this news conference reassuring world markets that all was well with the economy and they cut rates more than expected because ...... After the news conference and Powell's reassurance, equity markets are approaching today with some trepidation. The cut helped boost the Euro against the U.S. Dollar, and base metal traders are bullish this morning on that fact alone. Nickel is trading this morning at their highest in two weeks, so trepidation is how we observe from the sidelines. Stay safe out there and have a great Thursday! 
• Average price of LME traded cash nickel so far this month - $7.21/lb
  

    Wednesday's market review - Copper claws higher ahead of expected Fed rate cut - Three-month copper on the London Metal Exchange was up 0.6% at $9,426 per metric ton by 0945 GMT after slipping on ... - more

    BHP's Australian nickel stoppages spoil plans for LME alternative - Plans for two new nickel trading platforms to challenge the London Metal Exchange (LME) have been blown off course by BHP's planned ... - more

    CBAM in current form has no benefit for European stainless steel industry: CEOs - The European carbon border adjustment mechanism (CBAM) in its current form will not benefit the European stainless steel ... - more

    Subdued LME copper prices set to affect future moly oxide supply: Climax Molybdenum  - Subdued copper prices are expected to weigh on molybdenum supply in the coming years, Kevin Pritchett, Climax ... - more

    Indonesia's Kadin Chairman: 'Feasible' to reduce Chinese ownership of nickel projects in the country - more

    Firm says there are risks but also opportunities with new Zambian mining laws - With Zambia in the process of amending its Mines and Minerals Development Act of 2015 through a Minerals Bill, law firm ... - more

   Other News

• Indonesia, Britain sign collaboration agreement on critical minerals - more
• U.S. Government Plans to Restrict Low-Value Imports Under De Minimis Exemption - more
• US decision on Nippon bid for US Steel pushed back to after Nov election, sources say - more
• Two men killed in police operation in New Caledonia - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.33/lb ($16,160/tonne). Indicators at 5:45 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Tuesday and remains just over the 123,700 tonne level. Shanghai returned to trading overnight and nickel rose slightly to 124,370 y/t. The U.S. Fed is expected to announce a rate cut today, but how much and when it will take affect remains to be seen. Market has already priced in a quarter point drop so if the market jumps, it is likely the Fed announced a bigger cut. Metals traders are interested in its affect on the economy and U.S> Dollar, but most eyes are turned back toward China to see if they can crank back up their economy. Stay safe out there and have a great hump day! 
  
• Average price of LME traded cash nickel so far this month - $7.21/lb
  

    Tuesday's market review - Copper falls from two-month high as strong US data boosts dollar - Copper prices retreated from two-month highs on Tuesday as expectations for a big interest-rate cut by the ... - more

    Nickel market no longer afraid of losing Russian supply - Russian president Vladimir Putin's suggestion that Moscow should consider capping exports of nickel in retaliation for Western sanctions has been ... - more

    Global Materials Perspective 2024 - As the energy transition continues apace, the global materials supply is adapting. Our Global Materials Perspective 2024 presents a data-driven view of the road ahead. - more

    EV Batteries With Nickel Get Boost in China After Prices Retreat - China’s electric-vehicle market is offering a tentative challenge to the shift toward batteries with no nickel or cobalt.- more

   Marcegaglia Stainless to invest in construction of new EAF at Sheffield - Marcegaglia Stainless, a subsidiary of Italian steelmaker Marcegaglia Group, will invest £50 million for the construction of a new electric arc ... - more

    New French PM spells bad news for pro-independence NCAL groups - A Kanak independence advocate says the appointment of a right-wing Prime Minister in France could potentially fan violence in New Caledonia. - more

   Other News

• Hezbollah exploding pager trail runs from Taiwan to Hungary - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.37/lb  ($16,250/tonne). Indicators at 5:40 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today's session just over the 123,700 tonne level. Shanghai markets remained closed overnight but should return to work tonight. Nickel is quiet this morning with a stronger Euro helping keep the bears in check. The U.S. Fed meets today with the market betting an interest rate cut will be announced tomorrow. The current rate of 5.5% is the highest its been in over two decades and has been in place since July of last year. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $7.21/lb
  

   SunSirs: Stainless Steel Prices Were Mainly Weaker This week (September 9-13) - According to the price monitoring of SunSirs, the price of stainless steel has slightly decreased this week. As of September 13th... - more

• Festival & monetary policy expected to boost China's stainless steel market even though current challenges - more
  

   New Caledonian local consortium makes offer for moth-balled Koniambo nickel plant - A local consortium in New Caledonia is reported to have made an eleventh-hour offer to take over and restart activity for ... - more

• SA company Sibaneye-Stillwater eyes New Caledonia nickel mining plant - more

   Deep in the nation’s only nickel mine, industry fights to green its image - Biden officials point to the Eagle mine as proof that mining critical minerals in the U.S. can gain public support while avoiding pollution ... - more

   Courtesy AISI - In the week ending on September 14, 2024, domestic raw steel production was 1,749,000 net tons while the capability utilization rate was 78.8 percent. Production was 1,691,000 net tons in the week ending September 14, 2023, while the capability utilization then was 74.4 percent. - more

   Other News

• Employers: Still time for East Coast port deal - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.25/lb ($15,985/tonne). Indicators at 5:40 am CST today show nickel trading around $.07/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and ended last week reading just over the 123,800 tonne level. Shanghai did not report overnight trading as China is closed until Wednesday for a national holiday. Nickel is back on the plus side of the $16,000 tonne level this morning, thanks in part to a stronger Euro. Second half of the final month of the third quarter of 2024 begins today. We could see some volatility over the next few weeks, as traders begin to close out this quarter and make their portfolio's look better. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $7.21/lb
  

    Friday's market review - Copper, aluminium, zinc hit two-week high on weak dollar - Copper prices hit a two-week high on Friday and were on track for their strongest week since July on support from a weaker ... - more

   Metals-rich Kazakhstan seeks niche in battery supply chain -  Kazakhstan aims to boost output of metals needed for electric vehicle (EV) batteries and is issuing hundreds of new exploration licences to ... - more

   Philippines Says China Firms Keen to Invest Despite Tensions - Chinese companies are still interested to invest in the Philippines despite the nations’ dispute in the South China Sea, a top Manila trade official ... - more.

   Indonesia breaks ground on first renewable energy-powered EV battery factory - Indonesia has inaugurated its first electric vehicle (EV) battery factory, which will operate entirely on renewable energy at the ... - more

   Putin’s commodities ban threat puzzles Russian firms and officials - Russian officials and managers are perplexed by President Vladimir Putin’s surprise threat to limit exports of strategic commodities in ... - more

   Other News

• China vows ‘necessary’ measures against US’ finalized tariff hikes on Chinese products - more
• The South China Sea Arbitration (The Republic of Philippines v. The People's Republic of China) - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.29/lb ($16,075/tonne). Indicators at 5:45 am CST today show nickel trading around $.07/lb  lower. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and started today just over the 123,350 tonne level. Shanghai nickel slipped to 124,100 y/t overnight. Speaking of Shanghai, Chinese markets are closed next Monday and Tuesday for their Mid Autumn Festival, also known as the Moon or Mooncake Festival. The struggle over the $16,000 tonne level continues with the sentiment leaning to the negative side. Another week is in the bag. Stay safe out there... it is Friday the 13th after all, and have a great weekend!  
• Average price of LME traded cash nickel so far this month - $7.22/lb
  

    Thursday's market review - Copper jumps nearly 2% on signs of firmer Chinese demand - Copper prices jumped to their highest in nearly two weeks on Thursday on signs of firmer demand in top metals consumer ... - more

    [SMM Analysis] Will Nickel Prices Continue to Fluctuate? Multi-Dimensional Analysis of Nickel Price Trends - SHFE nickel prices are expected to fluctuate within a range this week. To comprehensively analyze ... - more

    Nickel Flowing to Europe Shows Indonesia’s Grip on Global Supply - European makers of stainless steel are turning to Indonesia for nickel as the country’s booming output forces plants in other countries to shutter. - more

    India's Vedanta plans to expand nickel sulphate production, to tap overseas demand - Indian metals-to-oil conglomerate Vedanta plans to step up nickel and nickel sulphate production and tap rising demand ... - more

• US makes final AD determination on India’s stainless steel bars - more
  

   Vitol Hires Glencore, Trafigura Iron Ore Traders in Metals Push - Vitol Group is poaching iron ore traders from rivals Glencore Plc and Trafigura Group, as the world’s biggest oil trader ramps up its efforts to ... - more

   Kremlin says no concrete measures yet after Putin's metals exports ban proposal - President Vladimir Putin's proposal to restrict exports of Russian metals is an invitation for officials to think about it and there ... - more

   Other News

• Exploratory Testing of Stress Corrosion Cracking in Stainless Steels at Low Temperature - pdf here
• De minimis: Helping or hurting U.S. manufacturers? - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.32/lb ($16,135/tonne). Indicators at 5:50 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 123,150 tonne level. Shanghai nickel rose to 124,300 y/t overnight. Nickel rose yesterday on speculation Russia's treat to restrict exports of nickel might actually matter. Russian President Putin is either trying to have it both ways or he is trying to take Indonesia's nickel strategy to the next level. Yesterday he proclaimed that Russia should consider limiting its exports of uranium. Isn't this the same guy threatening to export uranium filled nuclear weapons by firing them nearly every week? Which is it Vlady? Sharing your uranium or not? There you have it America! New strategy. No nickel leaves this country unless its part of a refrigerator door - or milk tank - or Starship or ..... ok you get the picture. And if you think we are kidding about weekly threats, here is 'today's' threat (here). Russia doesn't realize Americans are far more worried about who our next President will be, rather than worry about the noise theirs is making. Stay safe out there and have a great day!
• Average price of LME traded cash nickel so far this month - $7.22/lb
  

    Wednesday's market review - Nickel prices surge on Russia's proposed export ban - Nickel prices surged on Wednesday as major producer Russia proposed an export ban on the battery metal in retaliation ... - more

    Stainless steel plate price index - Stainless steel price August 2024 and outlook (see chart below) - more

    Primary Nickel Production Surges 35%: Which Companies Are Nailing It? - The second quarter of 2024 brought contrasting trends to the nickel industry. While primary nickel producers increased output ... - more

   Putin says Russia should consider limiting exports of uranium, titanium and nickel - Russian President Vladimir Putin said on Wednesday that Moscow should consider limiting exports of uranium, titanium and nickel... - more

• Putin Asks Government to Consider a Cap on Nickel, Uranium Exports - more

   Vedanta urges India to negotiate end to nickel sulphate duties with Japan and South Korea -  India's metals-to-oil conglomerate Vedanta has urged the government to press Japan and South Korea to change ... - more

• India to impose up to 30 per cent tariffs on some steel imports from China, Vietnam - more
• US issues final results of AD review on stainless steel bar from India - more

   Other News

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.14/lb ($15,750/tonne). Indicators at 5:40 am CST today show nickel trading around $.12/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and ended that session just under the 122,750/tonne level. Shanghai nickel rose to 123,030 overnight. The battle for the $16,000 tonne level continues. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $7.23/lb
  

    Europe flat stainless steel prices approach floor; Acerinox resumes operations - Prices for stainless steel flat products in Europe continued to show signs of weakness in August and there were even signs ... - more

    China Harnesses a Technology That Vexed the West, Unlocking a Treasure Chest - Chinese companies achieve dominance by accessing a new source of minerals the world needs for EV batteries - more

    London Metal Exchange looks to plug the liquidity drain -  It says much about the London Metal Exchange that the focal point of its trading liquidity revolves around shipping times set in the late 19th century. - more

    Shaping the Future: Unveiling the Rise in Demand for Sustainable Stainless Steel and Its Commercial Potential - Earlier this year, at the Green Steel Tech fair in Essen, Germany, Dr. Max Menzel, Head of ... - pdf here

    Another church burns in New Caledonia, spate of attacks continues - Another church has been set alight in New Caledonia, confirming a trend of arson which has already destroyed five Catholic churches and ... - more

    Courtesy AISI - In the week ending on September 7, 2024, domestic raw steel production was 1,772,000 net tons while the capability utilization rate was 79.8 percent. Production was 1,691,000 net tons in the week ending September 7, 2023 while the capability utilization then was 74.4 percent. - more

   Other News

• Program Outline For The INSG Meetings 23-24 September 2024, Lisbon - pdf here
• China Nickel Tycoon Seeks Growth in US Energy-Storage Market - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.24/lb ($15,965/tonne). Indicators at 5:50 am CST today show nickel trading around $.06/lb lower. Stockpiles of nickel stored in LME approved warehouses rose on Monday and started today's trading just over the 122,200 tonne level. Shanghai nickel slipped to 121,610 y/t overnight. The $16,000 tonne level continues to be the battleground for nickel bulls and bears to fight over. A second close below that level might send a technical signal of further declines but we see technical signals as little more than rear view mirror indicators. The Wall Street Journal carried a story yesterday "China Harnesses a Technology That Vexed the West, Unlocking a Treasure Chest" about China's success in mining Indonesia nickel. If it becomes available for non subscribers, we will link to it. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $7.26/lb
  

    Monday's market review - Copper bounces as market looks ahead to US inflation data - Copper prices bounced on Monday as hopes for stimulus in top consumer China and sliding stocks in Shanghai triggered ... - more

    Nickel & stainless: global risks bear down - Challenging factors include excess primary nickel production, China’s property slump, sluggish manufacturing output and the on-going conflicts in Ukraine and the ... - more

    US may block Indonesia nickel on forced labor issues - US Department of Labor report says China-invested industry riddled with abuse, potentially puncturing Indonesia’s EV battery aspirations - more

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

    Jokowi asks Vale Indonesia to expedite completion of Pomalaa nickel smelter - President Joko “Jokowi” Widodo has asked PT Vale Indonesia (INCO) to accelerate the completion of its high-pressure acid leach ... - more

    Anglo American hired advisers to sell two nickel mines in Brazil, says country head - Anglo American, opens new tab hired financial advisers to sell two nickel mines in Brazil, the miner's country head, ... - more

    EUROFER: European steel industry and manufacturing at existential risk - The latest developments in the steel sector and across critical value chains are worrying signs of a steady deterioration, endangering ... - more

   Other News

• Yet another Canadian miner looks to exit the country, amidst curbs on Chinese investments - more
• U.S. East, Gulf Coast Dockworkers Inch Closer to October Strike - more
• How a Japanese suitor misread politics with U.S. Steel bid - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.21/lb  ($15,900/tonne). Indicators at 5:45 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and ended the week just over the 121,650 tonne level. Shanghai nickel slipped to 122,800 y/t overnight, its lowest close this year. LME nickel continues to trade just below the $16,000 tonne level, with the small bursts of energy taking nickel above that level, being beat back quickly by the bears. A stronger US Dollar is also hitting London traded commodities with negative pressure. Second work week of September begins today and ends on Friday the 13th. Wednesday is the 9/11 attack anniversary and Tuesday is the Presidential candidate debate. Fastener Index continues to slide, showing manufacturing in the U.S. continues to slow. Stay safe out there and have a great day, and week! 
  
• Average price of LME traded cash nickel so far this month - $7.29/lb
  

    Friday's market review - Copper heads for second weekly fall on global growth concerns - Copper prices were on track for a second consecutive weekly fall on Friday as concerns about global economic growth... - more

    Some nickel matte production lines have been switched to NPI driven by profits, and new projects have partially offset the decrease in production - In August 2024, Indonesia's high-grade nickel matte production ... - more

    Environment solution: New metals refinery for nickel and cobalt opens in Ohio - In a step forward for efforts to acquire the metals crucial to addressing climate change, on Monday a new plant that can extract nickel... - more

   Shutdown of ‘symbolic’ nickel plant compounds New Caledonia’s economic woes - For the past 13 years, engineer Didier Bule has maintained the machinery at the heart of New Caledonia’s Koniambo nickel plant... - more

   Other News

• Government steps up disaster-relief efforts after Typhoon Yagi pounds Hainan, Guangdong - more
• Typhoon Yagi leaves dozens dead in Vietnam, pounds infrastructure - more
• France injects 130 million euros to keep New Caledonia's economy afloat - more
• Biden decision to kill Nippon Steel deal could spark legal challenge - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.29/lb ($16,070/tonne). Indicators at 6:05 am CST today show nickel trading around $.04/lb lower. Stockpiles of nickel stored in LME licensed warehouses took a small step back on Thursday and started today's session just over the 121,700 tonne level. Shanghai nickel rose to 123,920 y/t overnight. The battle line has been set at the $16,000 tonne level, with the bulls trying hard to stop the week long slide in prices. And that is it for the first week of September 2024. Stay safe out there and have a restful - or exciting - weekend!
  
• Average price of LME traded cash nickel so far this month - $7.32/lb
  

    Thursday's market review - Most base metals fall - Prices of most industrial metals fell on Thursday, pressured by a dim demand outlook following the recent weak economic data globally, including in top consumer ... - more

    Nickel illustrates China conundrum on critical minerals - Nickel offers a case study of the complex challenges the world faces in ramping up the use of minerals needed to drive the global clean energy transition.  - more

   NAB revises commodity forecasts - With iron ore prices falling to near two-year lows on Thursday, the National Australia Bank has updated its forecasts for commodity prices for the next year and beyond. - more

    India's stainless steel industry set for 8-9% annual growth: Jindal Stainless CEO - Abhyuday Jindal, Managing Director of Jindal Stainless, India's largest stainless steel producer, expects the country's stainless ... - more

    Large molybdenum deposit discovered in north China - A large deposit with estimated reserves of 100 million tonnes of molybdenum ores has been found in north China's Inner Mongolia Autonomous Region - more

• CISA: Steel market may improve in Sept-Oct, but outputs need to be limited - more

    Indonesia's president urges developed nations to invest in green economy -  Indonesia President Joko Widodo on Thursday urged developed nations to invest in energy transition and climate solutions in the ... - more

• Why Indonesia’s Antam Wants to Acquire a Chinese Nickel Smelter - more

   Other News

• Immigrant talent in the US labor force - more
• Building a modern mining company: Interview with Neal Froneman - more
• USW Files Petitions Seeking Duties on Corrosion-Resistant Steel Imports - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.32/lb ($16,140/tonne). Indicators at 5:40 am CST today show nickel trading around $.07/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and registered just over the 121,750 tonne level by days end. Shanghai nickel slumped to 123,450 y/t overnight. And just like that, nickel is trading below the $16,000 tonne level, having closed at the $17,000 tonne level last Thursday. If one were new to the nickel industry, they might refer to this as a spectacular fall, but the veterans have seen worse. We tend to refer to this as market volatility. Makes one wonder if the whole bullish run to end the month of August was merely to 'cook the books' among trading firms, who wanted to make nickel look a little more attractive as an investment than it has turned out to be this year. Regardless, we have not seen the market close in the $15,000's since one week in late July. At the moment, nickel is trading just a few hundred dollars per tonne over the 2024 low, so we expect the bulls to wake up soon. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $7.37/lb
  

    Wednesday's market review - Copper steadies after hitting three-week low on global growth worries - Three-month copper on the London Metal Exchange was up 0.3% at $8,979 per metric ton by 1415 GMT ... - more

    China's stainless steel futures experience modest trend last week, predicting volatility in short term - China's stainless steel futures market experienced a modest uptick last week, with the main contract climbing ... - more

• MEPS podcast: Chinese steel prices lowest since 2017 -  more

   Manufacturing production hits 4-year low: August PMI - Increasing inventories and cratering demand are creating “one of the most worrying signals witnessed since the global financial crisis,” according to S&P. - more

   Other News

• Trafigura extends notice period in traders contracts to 6-month minimum, sources say - more
• Steel plays a capital role in Indonesia’s new city, Nusantara - more
• EU Responders Say it's Unsafe to Tow Burning Oil Tanker in Red Sea - more
• U.S. Steel warns Nippon deal failure could put thousands of jobs at risk - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.48/lb ($16,500/tonne). Indicators at 5:40 am CST today show nickel trading around $.07/lb  lower. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Tuesday and started today reading just over the 121,200 tonne level. Shanghai nickel fell to 125,500 y/t overnight. Nickel continues to slide this morning with a stronger Euro not offering much assistance yet. Worldwide Purchasing Manufacturing Indexes (PMI) did little to ease global slowdown concerns. While China's fell further, the U.S. reading rose, although it too stayed well below the growth point of 50+ (posted here). POSCO is suspending plans to build a battery materials factory in Korea because of the slowdown in the EV industry. Stay safe out there and have a great hump day! 
• Average price of LME traded cash nickel so far this month - $7.42/lb
  

    Tuesday's market review - Copper stumbles to two-week low on Chinese demand fears - Three-month copper on the London Metal Exchange slid 2.3% to $8,975 a metric ton in official open-outcry trading ... - more

    China's stainless steel market might still face uncertainty as peak season approaches - Last week, China's nickel and stainless steel futures showed a slight upward trend amid volatility, with the spot market ... - more

    The commodity supercycle revisited - A “commodity supercycle” is a period of consistent price increases lasting more than five years, and in some cases, decades. The Bank of Canada defines it as an “extended ... - more

    Chinese metallurgists expect an increase in demand for steel in the last quarter of this year - The largest metallurgical company in China believes that the market situation in the third quarter of this year is not ... - more

• China’s steel sector PMI down to 40.4 percent in August - more

   Other News

• Border crackdown: Canada turning away more foreigners - more
• New Caledonia’s pro-independence movement split in two after controversial Congress - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.61/lb ($16,770/tonne) and Monday's at $7.56/lb   ($16,675/tonne). Indicators at 5:40 am CST today show nickel trading around $.08/lb  lower. Stockpiles of nickel stored in LME licensed warehouses rose on Friday to just over the 119,300 tonne level and on Monday, they backtracked to just under that same level. Shanghai nickel fell to 127,760 y/t on Monday and recovered partially to 128,810 y/t  overnight. If bullish traders hoped to get a jump on the typically bullish September, they have given back much of their August gains already and the second trading day isn't even over yet. Will be curious to see how the market reacts when North American traders enter the fray. It's a new month and we are now in meteorological fall. Astronomical fall won't begin until the 23rd this year. Stay safe out there and have a great month! 
• Average price of LME traded cash nickel so far this month - $7.37/lb (avg August)
  

    Friday's market review - Copper claws higher on China hopes, set for monthly gain - Copper prices gained on Friday on optimism about more government support for the economy of top metals consumer China... - more

• Monday's market review - Aluminium hits 2-week low on weak Chinese data, momentum signals reverse - more

    US stainless coil prices near bottom of cycle - Hot and cold rolled stainless steel coil prices in the United States will continue to move down with the mills’ published alloy surcharges in September. - more

    India's finished stainless steel products exports fall in H1 2024 - According to statistics, India's exports of finished stainless steel products totaled around 355,000 tons in the first half of 2024, falling by 6% ... - more

   SunSirs: The Nickel Market Fluctuated in August - According to the monitoring of nickel prices by SunSirs, as of the end of the month, spot nickel was quoted at 131,666 RMB/ton, a monthly decrease of ... - more

    Walsin Lihwa raises stainless steel export price for Sep - Walsin Lihwa, a stainless steel wire rod and cable manufacturer in Taiwan, maintained the price of 200 series, 300 series, and 400 series products ... - more

    In New Caledonia, the iconic KNS nickel factory closes its doors - It was the flagship project for the development of northern New Caledonia. But due to a lack of buyers, Koniambo Nickel SAS ceased its activity... - more

    Zambia to launch state investment firm for critical minerals - The proposed special purpose vehicle (SPV) is expected to be instrumental in Zambia's investment in critical minerals. - more

   Other News

• Roch Wamytan replaced - Major shift at New Caledonia’s Congress - more
• Russia Warns Kremlin Changing Nuclear War Policy in Response to West - more
• US dollar crisis coming soon, to crash economy and send consumer prices soaring, says Peter Schiff - more

  Economic Stats and Prices (posted in Friday edition)