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Daily Nickel Market News & Stainless Steel Prices

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Nickel Prices

Wednesday, November 30

  Daily Nickel/Stainless Steel Wrap-up
  • Sucden's day old nickel chart - (here).
  • Baltic Dry Index - plus 18 to 1,846. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) China’s Stocks Fall Most in 4 Months After Xia Sees Tight Policies in 2012 // China Says Rift on Kyoto Risks Destroying UN Climate Talks // China Lifts Electricity Prices, Caps Coal Costs Amid Power Profit Squeeze // Korea’s Output Slips as Indian Growth Cools to Slowest Since ’09: Economy // Fed, Five Central Banks Lower Interest Rate on Dollar Swaps // Euro Ministers Bid for Bigger IMF Role as Fund Falls Short // Stocks Rise as China Cuts Bank Reserve Ratio // German 1-Year Government Note Yield Falls Below Zero, First Time on Record // European Stocks Rally After Central Banks Ease Dollar Funding // Announced U.S. Job Cuts Drop 13% From Year Ago to 42,474, Challenger Says // Chicago Purchasing Index Rises to 62.6 // Stocks Extend Biggest 3-Day Gain Since ’09
  • The Euro is trading nearly 1% higher against the US Dollar, and off earlier highs. NYMEX crude is up 1.1% and trading at $100.89/barrel. Gold is up nearly 1.9% and silver is up 3%. Base metals ended their session higher as well. Indicator charts show nickel trading lower thru a quiet midday session, until the central banks announced their rate cut, and then nickel was off to the races, before giving back some gains late. After trading as low as around $7.55/lb and as high as nearly $8.15/lb, Dow Jones reports three month nickel closed the last day of the month at $7.94/lb . Stockpiles of nickel stored in LME approved warehouses rose for the eighth time in the last nine sessions and now total just under 90,400 tonnes. This is the first time the warehouses have recorded over 90,000 tonnes since October 18th. Metals trading was a tale of two halves today. The first half of LME's trading session, was one of continued uncertainty and for nickel, lower prices on a lower Euro. Then China lower interest rates which was followed by news that global central banks were lowering dollar swap rates in an effort to provide more liquidity to banks. Whether the move works or not remains to be seen, but investors jumped on the news, and the Euro leapt against the US Dollar and the second half of the LME trading session caught fire. Traders are apparently too busy trying to get their piece of this pie to worry about 'why' the central banks took such an extreme measure, or 'why' China is forced to cut their interest rate. Then again, the 21st century has proven to be far different than the 20th, and what would have seemed outrageous just a few years ago, is now deemed typical. The rates country's are paying to borrow money in Europe is deemed merely concerning today, where just a few months ago, they were simply unimaginable and laughable. At the moment, the Dow is up 400 points.

  Commodity/Economic Articles and Comments

  • Metal money used for centuries - more
  • The Top 0.1% Of The Nation Earn Half Of All Capital Gains - more
  • Jump in Confidence Suggests Consumers Tuning Out Washington - more
  • Banks find extra money to hire lobbyists - more
  • Counting the Underwater Homeowners - more
  • Vital Signs: New Home Sales Stuck at Low Level - more

  Nickel falls to lowest level in nearly two years - Nickel prices fell to their lowest level in nearly two years on Wednesday, tracking a slide in base metals, as concerns about the euro zone debt crisis and the outlook for economic growth weighed on the demand outlook for metals. - more

  Deripaska files suit against Potanin in Swiss court - Oleg Deripaska, the head of Russian aluminum giant RusAl and a core shareholder in Norilsk Nickel, has filed suit in a Swiss court against another Norilsk shareholder, Vladimir Potanin, concerning possible money laundering during Norilsk's buyback program, Deripaska told Swiss ECO magazine late on Tuesday. - more

  The Horrible Reputation of Canada’s Mining Sector – by Stan Sudol - The future of mining has never been brighter, yet its image among the general population seems to have plunged lower than the famous Kidd Creek mine in Timmins, Ontario – the world’s deepest base metal operation. - more

  Mining in the UP, what does the state get in return? - Drilling continues in Michigan's Upper Peninsula for potentially valuable ore deposits after a judge turned down a request from environmental groups to stop the mine's development. - more

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:05 am CST show 3 month nickel trading around $.05/lb lower but climbing, with other London traded base metals mixed. The Euro is trading over 1/10 of 1% lower against the US Dollar this morning. NYMEX crude futures are flat and at $99.79/barrel. Gold is up 1-1/4% and silver is higher by 1.6%. In overnight trading, Asian markets ended lower, with China off 3-1/3%. European markets are trading higher this morning on news that China’s central bank said it would lower banks’ reserve-requirement ratio in an attempt to boost the economy. US markets welcomed the news as well and futures point higher. Nickel inventories grew for a seventh consecutive session on Tuesday.
  • Bloomberg morning - Copper Falls for Second Day as S&P Cuts Banks’ Credit Ratings - more
  • LME Morning - China cuts reserve ratios but eurozone worries cap base metal prices - more
  • Reuters - Copper pares losses after China cuts reserve ratio - more

  Reports

  Commodity/Economic Comments

  • Ed Meir is back with his daily report and now representing FC Stone - Markets rallied sharply on Monday, with copper leading the surge in metals as prices closed the session with a whopping $265/ton gain, its best daily gain in a month. Sharp advances were also noted in energy and precious metals, while in the equity markets, the Dow finished with almost a 300 point gain on reports of record Thanksgiving Day sales. The infamous “Black Friday” weekend contained more than its fair share of shopping horror stories as well, such as the one of a Los Angeles woman getting arrested for pepper-spraying customers as she attempted to get her hands on a discounted X-box at her local Walmart. (For what it is worth, the woman is not being charged, as she apparently was acting in self defense, but we wonder if the unsuspecting Chinese worker assembling her particular unit will ever be told that that people in aisle 7 were actually fighting over the fruits of his labor). Thanksgiving Day sales aside, we have to admit that we were baffled by yesterday’s advance, as we felt it was based more on wishful thinking (or perhaps too much turkey stuffing) as opposed to anything concrete coming out of Europe. The firmer tone was evident early in the day on reports that the IMF would make a massive E600 billion loan to Italy, but the Fund quickly shot that story down. In fact, one astute economist pointed out that the IMF does not even have 600 billion Euros to lend. ...Right now, metals are mostly mixed, recouping earlier losses, but trading remains very quiet. Energy prices are up by some $.60/barrel, with the Euro at $1.3380, basically where we were at this time yesterday. US stocks are expected to open up as well, with the Dow pointing to a 90 point opening advance. .... Nickel is at $17,136, down $44; our charts suggest that we are on track to hit the September low of $16,800 (red line).
  • (MBN) Posco keeps December stainless price unchanged
  • (PR) JSL Stainless Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on November 30, 2011, inter alia, have transacted the following: 1. Appointment of Mr. Ramesh R. Nair as Director of the Company. 2. Appointment and remuneration of Mr. Ramesh R. Nair as President & Executive Director of the Company for a period of five years w.e.f. November 03, 2011.
  • Little known about deep sea mining impact, says International Seabed Authority - more
  • (SSY) Preliminary October data from the American Iron and Steel Institute show that US steel imports fell for a fifth consecutive month, down 3% month-on-month to 1.9 Mt, the lowest monthly level since February. However, this is still 16% higher than the year-ago level.
  • (Interfax) About half of China's iron ore miners have suspended production in the face of dwindling profit margins due to the low price of imported ore, an analyst told Interfax Nov. 30.

  Australia's Western Areas in short-term nickel pact with Jinchuan - Western Areas, Australia's third-largest nickel miner, will sell China's Jinchuan Group up to 15,000 tonnes of nickel in concentrate over a one-year period starting next March, Western Areas said on Wednesday. - more

  Service Center Shipments Show Double-Digit Increase in October - October service center shipments of steel and aluminum returned to double-digit rates of increase in the United States, according to the latest data from the Metals Service Center Institute, Rolling Meadows, Ill. Canadian shipments grew at a slightly slower rate. - more

  Operations back to normal at Xstrata Nickel - The safety pauses implemented at Xstrata Nickel's Fraser and Nickel Rim mines last week are over and all shifts of employees have reported back to work, say both the company and the union. - more

  Liberty Mines gets approval to fix tailings pond; plans to restart production - Nickel producer Liberty Mines Inc. has received approval from Ontario Ministry of Natural Resources to repair its tailings pond facility near Timmins, Ont. - more

  Morning Nickel Inventory and Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Tuesday, November 29

  Daily Nickel/Stainless Steel Wrap-up
  • Sucden's day old nickel chart - (here).
  • Baltic Dry Index - plus 19 to 1,828. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) Goldman Ends Bet on China Stocks as Growth Estimates Cut by UBS, Citigroup // Speculators Reduce Bullish Holdings to Lowest Since July 2009: Commodities // China’s Stocks Rise Most in Two Weeks on Government Support Speculation // Rate Cuts Beckon From Thailand to Philippines as Europe Crimps Asia Growth // Asia Stocks Pare Monthly Loss on Valuations, Euro Crisis Meeting // ECB Fails to Fully Offset Bonds Purchased Under Program to Finance EU Debt // Italy Pays More Than 7% at Bond Auction // World Headed for 10th Warmest Year on Record, UN Agency Says // King Says U.K. Must Have Contingency Plan as Euro Risks Rise // European Stocks Rise as Ministers Debate Insuring Bond Issuance // American Airlines Parent AMR Corp. Files for Bankruptcy // Pimco’s Gross Says Europe Won’t Escape Its Debt ‘Straitjacket’ for Years // U.S. Consumer Confidence Rises Most Since ’03 // Stocks in U.S., Commodities Advance as Treasuries Drop on Confidence Data
  • The Euro is now trading less than 1/10 of 1% higher against the US Dollar. NYMEX crude is up nearly 1-3/4% and trading at $99.91/barrel. Gold is up 1/4 of 1% while silver is over 4/10 of 1% lower. Base metals ended the session mostly lower. Indicator charts show nickel fell early, recouped its losses quickly, then began a slow downward trend, before going sideways the last few hours. For the day, Dow Jones reports three month nickel ended the session at $7.73/lb . Stockpiles of nickel stored in LME approved warehouses rose on Monday and now total just under 89,800 tonnes. US equity markets are higher on a stunning report that consumer confidence jumped much higher than expected in November. European equity and credit markets sending mixed symbols.

  Reports

  • Commodities Daily - pdf here
  • Chloride stress corrosion cracking in austenitic stainless steel - Assessing susceptibility and structural integrity - more

  Commodity/Economic Articles and Comments

  • (Dow Jones) -Finnish utility Fortum Oyj is demanding compensation from Finland-based Talvivaara Mining Co. PLC, claiming the nickel mining company's use of water from Oulu River, in northern Finland, is causing hydropower losses of several hundred thousand euros a year, public broadcaster YLE reports on its website Tuesday.
  • How to Create Middle-Class Jobs in 435 Steps - more
  • U.S. Shoppers Seek Sales, European Leaders Seek Solutions - more
  • Vital Signs: Savings Tick Up, Remain Low - more
  • The Failure to Forecast the Great Recession  - more
  • The Con Man’s Lament: Equity vs Commodity Firms - more

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:00 am CST show 3 month nickel trading around $.05/lb lower, with other London traded base metals lower as well. The Euro is trading nearly 2/10 of 1% higher against the US Dollar. NYMEX crude futures are up 1/4 of 1% and trading at $98.47/barrel. Gold is up slightly, while silver is down over 1%. In overnight trading, Asian markets ended higher, with China up 1-1/3%. European markets are trading higher this morning and futures show Wall Street could open higher as well. Nickel stockpiles grew for a sixth consecutive session.
  • LME Morning - Metals erratic as covering rally hits buffers, wider market doubts prevail - more
  • Reuters - Copper steadies as traders eye euro zone meet - more

  Reports

  Commodity/Economic Comments

  • Leeb on Commodity Markets, Copper, Rare Earths - more
  • (Yieh) China Steel Corp. (CSC), the largest steelmaker in Taiwan released the list prices for next January and February on November 24th. The company decided to cut the list prices of hot rolled (HR) and cold rolled (CR) steel by NT$1,800~NT$1,900/ton average.
  • (Interfax) Difficulties are set to continue next year for China's steel pipe industry, with worsening overcapacity keeping profit margins under pressure, an analyst told Interfax Nov. 29.
  • Vale Plans to Invest $21.4 Billion in 2012 Amid 'Hurdles' - more
  • China's crude steel output up 9.7% in Oct  - more
  • Sherritt announces new CEO, president - more
  • Outlook: Recent U.S. Performance Stronger, But Not a 'Significant Improvement' - more

  Global Stainless Steel Market Upturn Likely in Early 2012 - All the leading stainless steel producers in the United States have announced increases to basis values - or reduced discounts - for flat products, effective for January deliveries. - more

  China Cr Ore Imports Slightly Up; October 2011 = 874,619 tons, up 1.4% from September; constant and steady from South Africa and Oman = According to China's customs statistics, imports of chrome ore to China during January - October 2011 as well as in the single month of October were as per the table attached hereto. - more

  Courtesy AISI - In the week ending November 26, 2011, domestic raw steel production was 1,815,000 net tons while the capability utilization rate was 73.3 percent. Production was 1,651,000 tons in the week ending November 26, 2010, while the capability utilization then was 68.3 percent. The current week production represents a 9.9 percent increase from the same period in the previous year. Production for the week ending November 26, 2011 is down 3.1 percent from the previous week ending November 19, 2011 when production was 1,873,000 tons and the rate of capability utilization was 75.6 percent.

  Morning Nickel Inventory and Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Monday, November 28

  Daily Nickel/Stainless Steel Wrap-up
  • Sucden's day old nickel chart - (here).
  • Baltic Dry Index - plus 2 to 1,809. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) China Profit Growth Slow on Property Curbs // EU Demand for Climate Pledge From Japan, Russia Raises Hurdle at UN Talks // China’s Benchmark Stock Index Climbs on Fiscal Outlook, U.S. Retail Sales // Real-Estate Risks Overshadow China’s Economic Prospects, OECD Report Shows // Raw Materials Topping Equities With Economic Expansion Intact: Commodities // Merkel Favors Fast-Track EU Treaty Change // OECD Cuts Growth Forecasts, Blames Euro Crisis // Belgian 10-Year Bonds Extend Advance as Nation Auctions $2.68 Billion Debt // Banks Step Up Warnings on Euro Breakup // European Stocks Rise as Euro-Area Leaders Boost Efforts to Contain Crisis // Thanksgiving Weekend Sales Set Record // Secret Fed Loans Gave Banks Undisclosed $13B // Household Debt Falls by 0.6% in Third Quarter // Fewer New Homes Purchased Than Forecast // Stocks Advance on Europe Outlook
  • The Euro continues to trade higher against the US Dollar, but now less than 6/10 of 1% as early morning enthusiasm for a debt crisis resolution wanes. NYMEX crude is up 9/10 of 1% and trading at $97.675/barrel, well off earlier highs. Gold is up over 1.7% and silver is higher by nearly 3-1/2%. Base metals ended the session higher. INdicator charts show nickel jumped early, fell back, spent much of the day trading within a trend, before giving up some gains late. For the day, Dow Jones reports three month nickel closed at $7.79/lb , up 10 cents a pound from Friday's 2011 record low close. Stockpiles of nickel stored in LME licensed warehouses rose for a fifth consecutive session and now total just shy of the 89,100 tonne level. After forecasting for months that nickel stockpiles should be growing, the analysts may be finally right. In the last seven sessions, we have witnessed nickel stockpiles held in LME warehouses grow by 5,874 tonnes, or around 6-1/2%. US futures were up over 250 points this morning on rumors the IMF was preparing a bailout for Italy. And while the IMF denied the report, Barry Ritholtz of the Big Picture blog noted "But that small detail is of no consequence to traders hungry for some green on the screen after November saw $4.7 trillion wiped out from global equity values." After a summer that went nowhere fast, October was a big month for investors and so far, November has turned out to be a bust. After watching the bears win last week, traders are hoping the bull takes the market charging into December. The Dow is up nearly 300 points at the moment, and shows no sign of giving the gains back.

  Reports

  Commodity/Economic Articles and Comments

  • Reuters - Indonesia's Aneka Tambang Tbk sees ferronickel output at 18,000 tonnes  this year and next, unchanged from last year, though expects benchmark nickel prices to pick up to average $20,000 a tonne in 2012 on an economic recovery.
  • DJ Norilsk: To Spend $2.1B On Modernizing Power Stations Until 2025 - more
  • OECD Growth Outlook, Country by Country - more
  • Number of the Week: Germany, France Not Immune to Debt Problems - more
  • No, Black Friday Sales Were Not Up 16% (not even 6%) - more

  Munali Nickel could re-open ‘soon’ - Jinchuan majority-owned Munali Nickel Mine in Zambia could resume operations by mid-January 2012. - more

  Vale's 2012 iron ore target slows on Q3 rate, capex cut - Brazil's Vale said Monday it expects iron ore output of 312 million mt next year, slowing from the 319.9 million mt rate it had in the previous 12 months to end-September, while it reduced its budget for capital expenditure to more closely meet actual spending. - more

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:10 am CST show 3 month nickel trading around $.14/lb higher, with all London traded base metals higher this morning. The Euro is currently trading over 9/10 of 1% higher against the US Dollar. NYMEX crude futures are up over 3% and at $99.76/barrel. Gold is up nearly 2% while silver is higher by 3.2%. In overnight trading Asian markets ended higher, with China up slightly. European markets are trading higher this morning and US futures show Wall Street will open much higher. Nickel inventories grew on Friday.
  • Bloomberg morning - Copper Advances the Most in Two Weeks on Record-High Holiday Sales in U.S. - more
  • LME Morning - Copper jumps 3 pct, mood boosted by eurozone resolution hopes - more
  • Reuters - Copper up on EU hopes but rebound seen as fragile - more

  Reports

  Commodity/Economic Comments

  • SMR Monthly Stainless Steel Briefing - more
  • (WSJ) BHP Billiton today said that it has appointed Graham Kerr, recently head of its diamonds unit, to succeed Alex Vanselow as chief financial officer when the latter retires at the end of February.
  • (Interfax) Privately-owned Zhejiang Zhenlian Non-Ferrous Metals Co. Ltd. (Zhenlian) announced Nov. 25 that it signed a long-term strategic cooperation agreement with a Filipino miner under which it will provide exploration technology and expertise in return for at least two million tons of nickel ore per year at reduced prices
  • (AM) Technology giant Samsung Group is in talks with emerging miner Metals X to invest in a $2.2 billion nickel project near the meeting of the WA, NT, and SA borders.
  • (Reuters) Indonesia's Antam sees nickel price recovery in 2012
  • (Yieh) Mr. Marius Kloppers, the Chief Executive of BHP Billiton said on Monday that China’s steel production would remain at low level in the short term and the decreasing iron ore prices have reflected the country’s declining steel output.
  • China's economy to grow 8.5% in '12 - more

  China Nickel Pig Iron Producers Cut Output; Outlook Bearish - Chinese nickel pig iron producers are reducing output tracking thinner demand from stainless steel makers due to lower refined nickel prices amid persistent worries over the euro-zone debt crisis. - more

  Posco Stainless Steel Production to Reach Record on Emerging Market Demand - Posco , the world’s biggest maker of stainless steel, will report record production this year, saying it expects to maintain that pace in 2012 supported by demand from emerging markets. - more

  Japan SUS Scrap Exports To China; Difficulties Looming = Stainless steel production curtailment in China and improved profitability of NPI smelters = Exports of SUS scraps from Japan this year have so far been steadily increasing. During the first nine months, 13,683 tons were exported, up by about 30% compared to the same period in 2010. - more

  Japan Crude SUS Production By Mill; September 2011 = Year-on-year comparison during the first nine months shows increase by 3.4% = Crude stainless steel production in September 2011 by Japanese stainless steel mills was 290,687 tons, down 8.0% from 316,062 recorded in August 2011. - more

  Brazil's Vale board appoints Tito Martins as CFO - Brazilian iron ore miner Vale appointed its long-serving executive Tito Martins to the post of chief financial officer (CFO) on Thursday, according to the minutes of its board meeting. - more

  Morning Nickel Inventory and Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Wednesday, November 23

  US markets will be closed on Thursday for Thanksgiving holiday. Our next update will be posted Monday November 28th. Thank you and have a safe and relaxing (holiday for many of you) weekend.

  Daily Nickel/Stainless Steel Wrap-up

  • Sucden's day old nickel chart - (here).
  • Baltic Dry Index - minus 24 to 1,830. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) China Sees Manufacturing Slowdown as Rupee Stokes India Inflation: Economy // China Shunning Biggest Ore Ships Shows $2.3 Billion Vale Mistake: Freight // China’s Stocks Drop for Sixth Day, Index’s Longest Losing Streak Since May // German Bond Auction Falls Short of Target as Euro Crisis Deters Investors // Greece Faces Last Opportunity to Remain in Euro Region, Central Bank Says // Euro Tumbles to Lowest in Six Weeks Versus Dollar on Stagnation Prospects // German Auction ‘Disaster’ Stirs Crisis Contagion Concern; Bonds, Euro Fall // European Stocks Retreat for Fifth Day as German Bond Auction Misses Target // Fed Seeks to Bolster Confidence in 31 Largest U.S. Banks With Stress Tests // Consumer Spending Slows as Holidays Begin // Stocks, Commodities Slump as European Bond Risk Climbs to Record on Crisis
  • The Euro is trading over 1% lower against the US Dollar at the moment. NYMEX crude is down 1-1/2% and trading at $96.56/barrel. Gold is down nearly 1/10 of 1% and silver is off 2.2%. Base metals ended their session lower as well. Indicator charts show nickel spent about 3/4 of the day in a freefall, and tamed somewhat in the last quarter. For the day, Dow Jones reports three month nickel closed at $7.72/lb , its lowest close since February 2010. Stockpiles of nickel stored in LME warehouses rose for a second consecutive session and 6th time this month and now total just under 86,300 tonnes. We started the month at 86,676 tonnes. There wasn't much positive economic news to cheer about - from any quarter of the globe. HSBC’s preliminary China manufacturing survey dropped to a 32-month low in November, a German debt auction was poorly received, and jobless claims in the US rose. Nickel got beat up harder than many of its LME traded counterparts, but all lost at least 1% of their value as the Euro was hit hard, and PMI news from China sparked demand fears.

  Reports

  Commodity/Economic Articles and Comments

  • EuroZone Industrial Orders for September fell the most in 3 years ( -6.4% vs estimates of -2.7% ).
  • Unemployment Rates Drop in Most States - more
  • Economists React: What Do GDP Revisions Mean for Future? - more
  • Banks Pressing for Foreclosure Settlement Before Investigation - more

  Cliffs wants to ship to China - A plan to sell chromite concentrate from the Ring of Fire area to Asian refineries has raised concerns in Northern Ontario. - more

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:00 am CST show 3 month nickel trading around $.19/lb lower, with all London traded base metals lower as well. The Euro is down over 9/10 of 1% against the US Dollar. NYMEX crude futures are off 1.8% and trading at $96.25/barrel. Gold is up 1-1/3% and silver is higher by more than 3-1/2%. In overnight trading, Asian markets ended lower, with China off nearly 1%. European markets are trading lower this morning and US futures signal a lower opening for Wall Street as well. Nickel stockpiles grew for a second session on Tuesday.
  • LME Morning - Base metals hit fresh lows on mixed data, eurozone bond dispute - more
  • Reuters - Copper hits one-month low on slowdown woes - more

  Reports

  Commodity/Economic Comments

  • (SSY) Japanese iron ore imports fell for a second consecutive month in October, down 0.9 Mt or 8% on September to 10.6 Mt, compared with 11.2 Mt from the year-ago level, according to trade statistics from the country's Ministry of Finance.
  • (Australia) The government has admitted slower wages growth from measures imposed alongside the mining tax  - more
  • (ATA) The American Trucking Associations' advance seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 0.5% in October after rising a revised 1.5% in September 2011. September's increase was slightly less than the 1.6% gain ATA reported on October 25, 2011. The latest gain put the SA index at 116.3 (2000=100) in October, up from the September level of 115.8.
  • China set to top online market - more
  • La Niña steady in the Pacific - more

  Barcap dominant in LME nickel, shorts cover -traders - Barclays Capital is holding a dominant long position in the London nickel market, contributing to higher nearby prices on the back of unseasonal Chinese demand, and this is forcing shorts into expensive covering, trading sources said. - more

  European stainless steel surcharges down for December - European stainless steel surcharges for December will be lower, producers said Wednesday, as prices for raw materials remain weak and concerns over the European sovereign debt crisis have continued to trouble global markets. - more

  Xstrata Nickel sends workers home for 'safety pause' - Hundreds of employees at Xstrata Nickel's Fraser and Nickel Rim South mines were sent home from the job Monday for what the company is calling a "short safety pause" after an increase in safety incidents at the two operations. - more

  Munali Nickel of Zambia to Resume Output in January, Times Says - Zambia’s Munali nickel mine, operated by Albidon Ltd. (ALB), will resume production in mid-January after operations were halted earlier this month, the Times of Zambia reported, citing the Mineworkers Union of Zambia. - more

  Morning Nickel Inventory and Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Tuesday, November 22

  Daily Nickel/Stainless Steel Wrap-up
  • Sucden's day old nickel chart - (here).
  • Baltic Dry Index - minus 20 to 1854. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) China’s Car Demand May Rise as Much as 10% Next Year, Manufacturers Say // China’s Stocks Drop for Fifth Day on Property Investment Slowdown Concerns // World Bank Sees Soft Landing for China as Asia Withstands Europe: Economy // Rupee Plunges to Record as India RBI Weighs Options to Stem Currency Drop // Asia Stocks Rise, Snapping 5-Day Loss Streak, on U.S. Ratings, Weaker Yen // Germany Has No Alternative to Current Debt-Crisis Policy, Merkel Ally Says // Spain’s Borrowing Costs Surge in First Treasury-Bill Sale Since Election // U.K. Budget Deficit Narrows as Osborne Trims Government Spending: Economy // Germans Rescue Europe’s Christmas With Biggest Spending Increase: Retail // European Stocks Drop as Euro Area Borrowing Costs Rise; Commerzbank Slumps // Wall Street Unoccupied With 200,000 Job Cuts // Supercommittee Failure Poses Threat to U.S. Recovery // Economy in U.S. Expands Less Than Estimated as Companies Cut Inventories // Payrolls Gained in 39 U.S. States in October, Led by Illinois, California // U.S. Stocks Pare Losses; IMF Revamps Program
  • The Euro is now trading 2/10 of 1% higher against the US Dollar. NYMEX crude is up more than 1-1/2% and trading at $98.41/barrel. Gold is up nearly 1-1/2% and silver is up 3.9%. Base metals ended the session mostly higher. Indicator charts show nickel traded choppy today, with three mountain peaks, and ending with a large sell off and valley. For the day, Dow Jones reports three month nickel closed at $7.96/lb . Traders are trying very hard to keep above the $8/lb level. Stockpiles of nickel store in LME approved warehouses took a huge jump on Monday and now total just under the 86,000 tonne level. About an hour before the opening of US markets, the U.S. Commerce Department reported that the third quarter GDP did not grow quite as fast as they had earlier forecast. Their revised reading dropped from 2-1/2 to 2%. The Dow just recently went positive, after witnessing a steep drop mid-morning. Little news. but traders nerves appear to be seriously frayed.

  Reports

  Commodity/Economic Articles and Comments

  • Consumers May Be Spending More, but They’re Not Happy About It - more
  • U.S. Could Be Facing Another Year of Uncertainty - more
  • Uptick in Household Income: Trend or Hiccup? - more
  • Buffett-Ducking Billionaires Avoid Reporting Cash Gains to IRS - more
  • Michele Bachmann says Bush, GOP embraced 'bailout socialism' - more

  Nickel Dominant Position Will Support Prices, Agricole Says - Nickel, the worst performer on the London Metal Exchange this year, may find support from the so- called dominant position of 80 percent to 89 percent, according to Credit Agricole SA. - more

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:00 am CST show 3 month nickel trading around $.03/lb higher in choppy trading, with other London traded base metals higher as well. The Euro is currently trading 4/10 of 1% higher against the US Dollar. NYMEX crude futures are up 1-1/4% and trading at $98.14/barrel. Gold is up nearly 9/10 of 1% and silver is up only slightly. In overnight trading, Asian markets ended slightly higher, with China unchanged. European markets are trading slightly higher this morning, and US futures give no signal on which way Wall Street may move this morning. Nickel inventories took a big leap on Monday.
  • LME Morning - Metals steadier but pull back from highs with financials - more
  • Reuters - Copper bounces after 3-day fall, physical demand supports - more

  Reports

  • Reuters Inside Metals - pdf here
  • Daily Market Report - pdf here
  • Commodities Report - pdf here
  • Commodities Daily - pdf here
  • Metals Insight - pdf here
  • US Imports of All Steel Products - graph here
  • ThyssenKrupp Nirosta December Stainless Steel Surcharge - more
  • Allegheny Ludlum December Stainless Steel Surcharge - more
  • AK Steel December Stainless Steel Surcharge - pdf here

  Commodity/Economic Comments

  • (Yieh) According to statistics released by China’s customs, China exported 100,029 tons of stainless steel flat products in October, down by almost one-third in comparison of 149,190 tons in September.
  • (Interfax) China accounted for 44.1 percent of global crude steel output in October, according to monthly production figures released by the World Steel Association (WSA) Nov. 21.
  • China's economy may cool, hard landing ruled out - more
  • (Reuters) Global and Chinese crude steel production slowed in October to their lowest levels in 10 months, as a gloomier economic outlook forced many steelmakers to cut production to tackle weakening demand and falling steel prices, data showed on Monday.
  • (SM) According to the American Forest & Paper Association's October 2011 Printing-Writing Paper Report, total printing-writing paper shipments decreased 4% in October compared to October 2010.
  • (MBN) China's nickel ore imports retreat from record high

  Outokumpu CEO sees European stainless sector cuts - The European stainless steel industry needs consolidation and capacity cuts to cope with a dearth of big orders, lower prices and imports from Asia, the chief executive of Finland's Outokumpu Oyj said. - more

  Nickel Asia, China's Baosteel sign nickel supply deal - The Philippines’ largest nickel producer, Nickel Asia Corp., on Tuesday said it had signed a deal to supply close to 2 million wet metric tons (WMT) of lateritic nickel ore to China's Baosteel Resources Co. Ltd. next year. - more

  RAMU NiCo releases sustainability report for possible mine in PNG - The Chinese owned nickel producer RAMU NiCo has released a second sustainability report on its yet-to-be-commissioned mine at Kurumbukari in Papua New Guinea. - more

  Iron Ore Set for ‘Another Belting’ as Demand Slows in World’s Biggest User - Iron ore, which has surged 24 percent this month, may resume a decline as steelmakers in China, the world’s biggest consumer, restrict output due to falling demand, according to Peter Arden, an analyst at Ord Minnett Ltd. - more

  Vale CEO Proposes Management Changes, Tito Martins May Be Finance Officer - Vale SA Chief Executive Officer Murilo Ferreira will propose appointing Tito Martins as chief financial officer in a management reshuffle that replaces three executive directors at the world’s biggest iron ore exporter. ale SA Chief Executive Officer Murilo Ferreira will propose appointing Tito Martins as chief financial officer in a management reshuffle that replaces three executive directors at the world’s biggest iron ore exporter. - more

  Courtesy AISI - In the week ending November 19, 2011, domestic raw steel production was 1,873,000 net tons while the capability utilization rate was 75.6 percent. Production was 1,651,000 tons in the week ending November 19, 2010, while the capability utilization then was 68.3 percent. The current week production represents a 13.4 percent increase from the same period in the previous year. Production for the week ending November 19, 2011 is up 2.0 percent from the previous week ending November 12, 2011 when production was 1,836,000 tons and the rate of capability utilization was 74.1 percent.

  Morning Nickel Inventory and Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Monday, November 21

  Daily Nickel/Stainless Steel Wrap-up
  • Sucden's day old nickel chart - (here).
  • Baltic Dry Index - minus 21 to 1,874. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) China Plays Down Sea Disputes to Woo Asian Nations from U.S. ‘Siren Song’ // China’s Stocks Drop, Extending Biggest Weekly Loss in Month; Green Retreats // Japanese Exports Decline as China Sees Prolonged Global Slowdown: Economy // Thailand Says GDP May Shrink 3.7% on Floods, Adding to Case for Rate Cut // No Profit Recession for Europe as Analysts Estimate 10% Jump in 2012 Net // Hedge Funds Cut Bullish Bets by Most in Seven Weeks on Europe: Commodities // European Stocks Tumble Amid U.S. Budget Concern; Banks Retreat // U.S. Debt Supercommittee Ready to Announce Failure // Low U.S. Birth Rate May Prolong Housing Slump // AT&T Tells Customers of ‘Systematic’ Hack Attempt // Existing Homes Sales Unexpectedly Rise 1.4% // MF Global Shortfall May Exceed $1.2B: Trustee // Stocks Fall, Treasuries Rise on Outlook for Deficit Talks; Euro Pares Loss
  • The Euro is now trading a little over 1/10 of 1% lower against the US Dollar. NYMEX crude is off nearly 1.8% and trading at $95.93/barrel. Gold is down nearly 2.9% and silver is off over 4.3%. Base metals ended the session mostly lower. Indicator chart s show nickel traded choppy today, and ended about where trading opened. For the day, Dow Jones reports three month nickel closed at $8.06/lb , making it the LME's only gainer for the day. Stockpiles of nickel stored in LME approved warehouses fell on Friday and now total just under 83,950 tonnes. World markets are, for the most part, much lower today as traders send a strong signal of disapproval to world governments on fiscal irresponsibility. Over the weekend, it became increasingly clear that the US House and Senate Super Committee could not agree on a plan to cut the deficit and debt. With European debt problems dragging that region into a second recession, traders do not want to see anymore potential drags being put on a staggering, but recovering, US economy. We are not exactly sure why the market is reacting the way it is. If anyone really thought six Republicans and six Democrats could agree on something this monumental in such a short period of time, especially in today's nasty political environment, they need to wake up.

  Reports

  • Commodities Daily - pdf here
  • Robry Monday Morning Economic Assessment - more

  Commodity/Economic Articles and Comments

  • Nickel miner posts P157-M income - more
  • Beijing wary of prospects for global slowdown - more
  • What Happens in D.C. Doesn’t Stay in D.C. - more
  • Belief in American Exceptionalism Waning, Poll Finds - more
  • Examining the big lie: How the facts of the economic crisis stack up - more
  • Why doing nothing yields $7.1 trillion in deficit cuts - more

  October 2011 Crude Steel Production - World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 124 million metric tons (mmt) in October 2011. This is 6.2% higher than October 2010. - more

  All Steel Product Prices Fall As European Economic Turmoil Persists - Global economic uncertainty is causing steel consumption to slow in Europe. Moreover, buyers are reluctant to place forward orders on the mills, given the current financial climate. - more

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:05am CST show 3 month nickel trading around $.03/lb higher, with most other London traded base metals lower. The Euro is trading nearly 1/2 of 1% lower against the US Dollar at the moment. NYMEX crude futures are down nearly 1/2% and trading at $96.52/barrel. Gold is down more than 1% and silver is off nearly 3.3%. In overnight trading, Asian markets ended lower, with China up slightly. European markets are trading much lower this morning, and US futures imply a triple digit lower opening for Wall Street as the 'super committee' is set to announce it can not find a budget compromise. Nickel stockpiles fell on Friday.
  • LME Morning - Metals crumble as global economic fundamentals deteriorate, copper hits one-month low - more
  • Reuters - Copper hits near month low as debt woes spiral - more

  Reports

  Commodity/Economic Comments

  • (MBN) Jinchuan cuts nickel price to two-year low as market weakens
  • China Imports and Exports of Base Metals in October 2011 - more
  • North American Stainless Price Announcement - more

  Ramu NiCo: Mine nearing operations - Ramu NiCo’s second sustainability report has been released. The report presented a world-class nickel project in Kurumbukari (mine) with its pipeline and the processing plant on the coast at Basamuk Bay in Madang province. The mine is moving towards full commissioning. - more

  Norilsk looking at Cuba for expansion - Russian mining giant OAO Norilsk Nickel told investors it is looking at Cuba and other countries for expansion, as part of a plan to invest $300 million by 2025 to explore for nickel in areas it hasn’t been active yet. - more

  Japan Imported Ferroalloys Market Report; November 15, 2011 = Excessively high inventories in China has been surfaced by steel output cut = Market outlook in Japan of the imported ferroalloys as of November 15, 2011 is as follows: - more

  US anti-dumping order of stainless steel may be lifted - The United States International Commission on Trade (USITC) is considering lifting a current anti-dumping duty order against certain stainless steel imports from the Philippines, Malaysia, and Italy ahead of the measure’s expiration next month, the agency said in federal register notice dated Nov. 1. - more

  Morning Nickel Inventory and Price Statistics & Figures

  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Friday, November 18

  Daily Nickel/Stainless Steel Wrap-up
  • Sucden's day old nickel chart - (here).
  • Baltic Dry Index - minus 3 to 1,895. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) China Home Prices Fall Most This Year as Curbs Drag Down Shanghai, Wenzhou // China Trade Surplus May Be Gone in Two Years, Central Bank Adviser Li Says // Draghi Urges Action on Debt-Crisis Agreements While ECB Focuses on Prices // Portugal Heading for ‘Shock’ Year // Gross Says Europe Is Top Risk to the U.S. Economy // Euro Rescue Plan Falling Short Renews Franco-German Spat Over Role of ECB // Stocks in Europe Decline as France, Germany Differ on ECB’s Role in Crisis // U.S. Economy Growing at Fastest Pace of ‘11 // Leading Economic Indicators in U.S. Climb
  • The Euro is still trading higher against the US Dollar, but only by less than 1/2 of 1% at the moment. NYMEX crude is trading 1-1/25 lower and at $97.32/barrel. Gold is off 2/10 of 1% while silver is up 1-1/4%. Base metals ended the session mixed, with copper and nickel backtracking. Indicator charts show nickel make an early morning run, but spent most of the day in a decline. For the day and week, Dow Jones reports three month nickel closed at $8.01/lb . Stockpiles of nickel stored in LME approved warehouses took a big jump on Thursday and now total over 84,700 tonnes. No good answers coming from Europe has the market still nervous, while the economic news from the US is better than it has been in awhile. While one Federal Reserve office puts the odds of a early 2012 recession at greater than 50%, another says we have escaped another recession. Europe adds a big question mark, with the US Congress adding another. The only thing we can report for sure is that the business week if over for much of the world, so we hope you all have a nice weekend!

  Reports

  Commodity/Economic Articles and Comments

  • (WSJ) Fed’s Bullard: U.S. Recession Scare Has Passed; Europe Remains A Worry
  • Vital Signs: Fewer People Applying for Unemployment - more
  • Prime-Mortgage Standards Tighter Than Pre-Boom Levels - more
  • Food Stamp Use Rose in 2010 - more
  • How the GOP Became the Party of the Rich - more
  • Negative Equity: How Many Loans are Underwater in Your State? - more
  • Does America Promote Mobility As Well As Other Nations? - pdf here
  • Insight: Why Wall Street still doesn't get it - more

  Resource wars: mining vs. the environment - more

  North European Steel Prices Under Pressure From All Sides - Demand for steel products typically drops away during the fourth quarter as end-users and stockists attempt to minimize their inventories for the year-end. - more

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:00 am CST show 3 month nickel trading around $.03/lb higher, with other London traded base metals trading higher. The Euro is up nearly 1% against the US Dollar, after the ECB intervened this morning by buying the sovereign debt of so-called “periphery countries” in the EU. NYMEX crude futures are up over 1.1% and at $99.93/barrel. Gold is up 3/4 of 1% and silver is up 1-1/4%. In overnight trading, Asian markets ended lower, with China down 2.1%. European markets are trading slightly higher this morning and futures point to a much higher opening for US markets. Nickel stockpiles grew on Thursday.
  • LME Morning - Bargain-hunting lifts prices, short-covering expected this PM - more
  • Reuters - Copper steadies on weak dollar, debt fears weigh - more

  Reports

  Commodity/Economic Comments

  • (SBB) Chinese FeCr buyers shun import market, see more price drops
  • Welfare for Millionaires - more

   The $200,000-a-Year Mine Worker - One of the fastest-growing costs in the global mining industry are workers like James Dinnison: the 25-year-old high-school dropout from Western Australia makes $200,000 a year running drills in underground mines to extract gold and other minerals. - more

  Metal output cuts back on the menu - Sharp falls in industrial metals prices from August have sparked talk of production cutbacks, particularly in aluminium, nickel and zinc, and although markets have since steadied, some high-cost producers are still feeling the pain. - more

  Australia's Spotted Quoll nickel mine begins underground operations - Australian nickel producer Western Areas said Friday it has produced the first parcel of high grade nickel ore from its Spotted Quoll stage-one underground mine, two months ahead of an original December schedule. - more

  Norilsk to Pursue RusAl - Norilsk Nickel may resume its efforts to buy back a 25 percent stake owned by United Company RusAl, UBS said. - more

  Morning Nickel Inventory and Price Statistics & Figures

  • London Metal Exchange inventory figures/changes - (for today's figures see MF Global report above)
  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Thursday, November 17

  Daily Nickel/Stainless Steel Wrap-up
  • Baltic Dry Index - plus 14 to 1,898. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) China Vows to Open Economy More 10 Years After Joining WTO, Official Says // China’s Home Price Slide Has Analysts Betting on Government Policy Change // China Indicator Shows Economy Maintaining Momentum, Conference Board Says // China’s Stocks Decline to 3-Week Low on Central Bank Monetary Report, IPOs // Most Asia Stocks Fall as China Says Can’t Ease, Fitch Warns on Contagion // Spain’s Salgado Cuts GDP Forecast, Says Too Early to Know Regions’ Deficit // U.K. Retail Sales Unexpectedly Rise 0.6% as Stores Offer Bigger Discounts // IMF Europe Chief Antonio Borges Quits One Year Into Job Amid Debt Crisis // King’s Alarm Stokes BOE Stimulus Suspense as Europe’s Debt Turmoil Rages // Greece to Start Debt-Swap Talks Tomorrow // European Stocks Drop as Lower Spanish Bond Demand Fuels Concern // General Maritime Files for Bankruptcy Protection With $1.4 Billion in Debt // Initial U.S. Jobless Claims Fall to 7-Month Low // U.S. Stocks Decline on Europe Concern
  • The Euro is trading only slightly higher against the US Dollar at the moment. NYMEX crude is down 3% and trading at $99.56/barrel. Gold is down 2-3/4% and silver is down a whooping 7-1/3%. Base metals also ended lower, but not hit nearly as hard as precious metals. Indicator charts show opened lower and despite an early afternoon charge, was unable to break even. For the day, Dow Jones reports three month nickel ended lower at $8.21/lb . Stockpiles of nickel stored in LME warehouses fell again on Wednesday and now total just over 83,200 tonnes. Sucden's day old nickel chart is back (here). Reports of lower jobless claims helped the Dow go higher this morning, but European pressure is presently proving to be too much and the Dow is down over 150 points and below 11,800, a range it has spent a very long time trading around. AK Steel joined Allegheny and ThyssenKrupp in raising stainless steel prices. It is nice to know that someone in the industry has figured out a way to make money, while the rest of us scramble to unload over priced inventory. Someone is doing the Percy Dance!! 

  Reports

  Commodity/Economic Articles and Comments

  • The US is Now a Corporate Monarchy - more
  • Vital Signs: Factories Boost Output - more
  • Retailers See a Split in Behavior of Shoppers - more
  • Inflation Looks Even Less Threatening in October - more
  • Rice containing radioactive caesium found in Japan - more
  • Games of Chicken - more
  • A nation of suckers  - more

  What Moly Oxide and Ferrochrome Prices Tell Us About the Current Stainless Steel Outlook - If Italy’s role in the European debt crisis is to have any tangible effect on the metals markets, it has already appeared on the European stainless steel front. - more

  AK Steel Announces Stainless Steel Price Increase - AK Steel said today that it will increase base prices for all 200, 300 and 400 series flat rolled stainless steel products, effective with shipments on January 1, 2012. - more

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:10 am CST show 3 month nickel trading around  $.14/lb lower, with other London traded base metals lower as well. The Euro is presently trading a little over 1/10 of 1% higher against the US Dollar. NYMEX crude is down over 1-1/2% and trading at $101.04/barrel. Gold is down 6/10 of 1% and silver is down over 1.4%. In overnight trading, Asian markets ended lower, with China off 3/10 of 1%. European markets are trading lower this morning, on news French and Spanish borrowing costs are rising. And US futures show Wall Street, which fell like a rock late yesterday on a Fitch European warning, is lower at the moment. Nickel inventories fell on Wednesday, but never fear, the WBMS reports the nickel market has been in a surplus the first nine months of 2011. That 53,292 tonnes that have disappeared from LME warehouses since the first of the year - merely an allusion. And Allegheny and ThyssenKrupp have chosen to raise base stainless steel prices as the cost of nickel continues to slide.
  • LME Morning - Metals extend declines, gloomy mood prevails - more
  • Reuters -  Copper falls on firm dollar, euro crisis - more

  Reports

  Commodity/Economic Comments

  • (Dow Jones) The global nickel market was in surplus by 8,000 metric tons in the first nine months of the year, the World Bureau of Metal Statistics said Wednesday.
  • (Yieh) According to data, Japan produced 251,782 tons of hot rolled (HR) stainless steel in September, up by 0.3% from August. Among them, 120,276 tons were chrome based stainless steel, down by 3.5%; 131,506 tons were nickel based stainless steel, surged by 4.1%; others were 8,789 tons, increased by 42.3%, all compared to that in a month earlier.
  • (SM) The American Forest & Paper Association released its October 2011 U. S. Containerboard Statistics Report today. Containerboard production was flat decreasing just 0.1% when compared to September 2011, however, the month over month average daily production, was down 3.3%.
  • Industrial Production Expands 0.7% in October - more

  ATI Allegheny Ludlum Releases Sheet Price Announcement - Effective with shipments Monday, January 2, 2012, ATI Allegheny Ludlum is increasing base prices by approximately 10%-16% for stainless cold-rolled and hot-rolled sheet and strip, tubular-quality sheet and strip, continuous-mill-plate products, and emission-control alloys. - pdf here

  ThyssenKrupp Stainless North America - Effective with shipments January 2nd, 2012 the ThyssenKrupp Stainless North America companies will increase prices on all 200, 300, and 400 series cold rolled stainless steel products. Prices for all 200, 300 and 400 series cold rolled products will be increased by reducing discounts by four points.

  Outlook Of Ferrochrome Market In 2012 By Xstrata = Focus on export restriction of chrome ore by South Africa = Mr. Jeff McLaughlan, Marketing Director of Xstrata Alloys and Mr. Stuart Cutler from Glencore (a Swiss company), the sales agent for Xstrata were visiting Japan, and had an interview with our pressman (Mr. Saito) on the 8th of November at the Imperial Hotel, Tokyo. - more

  Talvivaara sees 2012 nickel production up 56-87 pct - Finnish miner Talvivaara plans to increase its production of nickel in 2012 to 25,000-30,000 tonnes from the 16,000 tonnes forecast for this year, the company said on Thursday. - more

  October Shipments Resume Double Digit Growth in the U.S. - October service center shipments returned to double digit rates of increase in the U.S. Canadian shipments grew at a slightly slower rate than last month. - more

  Morning Nickel Inventory and Price Statistics & Figures

  • London Metal Exchange inventory figures/changes - (for today's figures see MF Global report above)
  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Wednesday, November 16

  Daily Nickel/Stainless Steel Wrap-up
  • Baltic Dry Index - plus 38 to 1,884. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) China Mobile Targets 10 Million ‘Wireless City’ Data Plan Users This Year // U.S. Marines to Be Deployed in Australia // China Development Bank Said to Delay $500 Million Loan as Fund Costs Rise // Euro Reaches Five-Week Low as EU’s Barroso Says Debt Crisis Is ‘Systemic’ // U.K. Youth Unemployment Climbs Above 1 Million for First Time Since 1992 // Papademos Seeks Vote of Confidence in Greek Parliament to Save Euro Status // Australia, New Zealand Dollars Drop for Third Day on European Debt Concern // King Says U.K. Growth Is Stalling as Bank of England Signals More Stimulus // European Stocks Are Unchanged as Monti Takes Office to Fight Italian Debt // Target Profit Tops Analysts’ Estimates as Credit Card Unit Gains // Citigroup May Cut 3,000 Jobs as Pandit Trims Costs // Industrial Production Rises More Than Forecast // Stocks, Euro Decline on Debt-Contagion Concern as Crude Oil Exceeds $100
  • The Euro is now trading just over 1/10 of 1% lower against the US Dollar. NYMEX crude is up over 2% and trading over $100 at $101.44/barrel. Gold is down 2/3 of 1% and silver is off 2%. Base metals ended their session higher, but for the most part, subdued. Indicator charts show nickel bounced hard off yesterday's 2011 record close and after a slow start, jumped higher as the Euro made a comeback. For the day, Dow jones reports three month nickel ended at $8.23/lb . The only other close below the $8/lb threshold this year, saw a much bigger bounce the day after. Stockpiles of nickel stored in LME warehouses fell slightly on Tuesday and now total just under 83,600 tonnes. Sucden's day old chart attempts to show nickel trading thru yesterday (chart here). Now you know why we quit linking to it. The International Nickel Study Group advised in its monthly report today that it estimated the refined market in a 6.5 Kt deficit for 2011. Yet even INSG puts third quarter figures on the surplus side. If true, the daily LME stock figures are becoming about as meaningless as other fundamental barometers have become.    

  Reports

  Commodity/Economic Articles and Comments

  • (PF) European Nickel has closed on the $40 million sale of its Caldag project in Turkey to Oremine Madencilik.
  • Producer Prices Ease - more
  • Shoppers May Surprise Cautious Retailers - more
  • Amid ‘Rational Exuberance,’ Lean Holiday Shopping Season - more
  • Chance of 2012 U.S. recession tops 50 percent: Fed paper - more

  ‘Nickel mine production climbs 25% to 172.4Kt y/y’ - LME prices were broadly lower across the complex on Tuesday, as concerns over the Euro debt crisis were driven higher by a broad sell-off across the region’s bond markets. - more

  Cliffs outlines plans for processing plant - Sudbury wants a ferrochrome facility. This was made clear to Mayor Marianne Matichuk at the Cliffs Natural Resources open house in Capreol on Tuesday. - more

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:05 am CST show 3 month nickel trading around $.06/lb higher, with other London traded base metals mixed and mostly quiet. The Euro is down 1/3 of 1% against the US Dollar. NYMEX crude futures are down over 1/10 of 1% and trading at $99.23/barrel. Gold is down 4/10 of 1% while silver is lower by 7/10 of 1%. In overnight trading, Asian markets ended lower, with China down nearly 2-3/4%. European markets are trading lower this morning, and US futures are lower at the moment. Nickel stockpiles fell slightly on Tuesday.
  • Reuters Morning - Euro zone debt concerns weigh on copper - more

  Reports

  Commodity/Economic Comments

  • (Reuters) Nickel market in 6,300 T deficit Jan-Sept'11-INSG
  • (Yieh) Nippon Steel & Sumikin Stainless Corp., the largest stainless steel manufacture in Japan announced to cut the domestic prices of 300 series stainless steel products by ?10,000/ton for December deliveries, reaching the lowest level since August, 2011.
  • (Interfax) China's crude steel output slipped 3.58 percent month-on-month in October to 54.67 million tons on soft home demand and factory maintenance, reflecting slower growth in the world's second largest economy, according to figures released by Shanghai-based Mysteel Information on Oct. 10.
  • (MBN) Taigang cuts stainless export prices on sluggish demand

  Talvivaara Says Nickel Mine to Stay Open as Cuts Pollution - Talvivaara Mining Co. said its mine in Finland already has approval to keep operating from regional authorities after Environment Minister Ville Niinistoe told a state broadcaster today the site must “quickly” cut pollution. - more

  Fox up on $30m Chinese offtake deal - Shares in nickel play Fox Resources jumped after the company flagged a $30 million funding and offtake deal with the Chinese to restart its Radio Hill and Sholl nickel/copper bacterial heap leaching project in the Pilbara. - more

  Norilsk Declines to 13-Month Low as Nickel Drops as EU Woes - OAO GMK Norilsk Nickel, the world’s largest producer of the metal, fell to its lowest level in 13 months in New York as concern that the European debt crisis will cut demand for commodities pushed down nickel prices. - more

  Business Backslides - In their recent third-quarter conference calls with analysts and investors, most steel and aluminum suppliers reported declines in sales and earnings compared with the second quarter. - more

  China's Steel Export And Import In October = Export showed 3,820,000 tons, down 9.3% from the previous month - According to an information obtained by a source, China's steel export in October was 3,820 thousand tons (except ingots and semi-finished products), down 9.3% from the previous month, and up 33.6% from the same month last year. - more

  • China's Steel Production In October = It showed 73,070,000 tons, down 4.3% from the previous month - According to an information obtained by a source, China's production quantity of steel products in October was 73,070 thousand tons, down 4.3% from the previous month for 2 months in a row. - more

  Morning Nickel Inventory and Price Statistics & Figures

  • London Metal Exchange inventory figures/changes - (for today's figures see MF Global report above)
  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Tuesday, November 15

  Daily Nickel/Stainless Steel Wrap-up
  • Baltic Dry Index - plus 28 to 1,846. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) Speculators Lift Bullish Raw-Material Bets to Seven-Week High: Commodities // China’s Central Bank Sells One-Year Bills at Lower Rate for Second Week // Euro Weakens as Spanish Yields Climb at Auction; European Stocks Decline // European Growth Fails to Accelerate in Third Quarter as Debt Slows Demand // German Growth Accelerates on Stronger Consumer Spending as France Rebounds // German Investor Confidence Falls to Three-Year Low on Recession Concerns // European Stocks Drop as Monti Struggles to Win Backing in Italy // Home Depot Raises Profit Forecast as Third-Quarter Earnings Beat Estimates // Wal-Mart Falls After Profit Trails Estimates // New York Police Evict Occupy Wall Street Protesters // Fisher: Regulators Should Split ‘Behemoth’ Banks // U.S. Stocks Advance; Technology Rallies
  • The Euro continues to trade lower against the US Dollar, now by 7/10 of 1%. NYMEX crude is up nearly 1% and trading at $99.09/barrel. Gold is up slightly while silver is up 1%. Base metals ended the session lower. Indicator charts show nickel fell early, then jumped on positive economic news from the US, but then collapsed late. Dow Jones reports three month nickel closed at a new 2011 low, $7.96/lb . Stockpiles of nickel stored in LME warehouses fell on Monday and now total just under 83,700 tonnes. Markets appeared to be heading for a free fall early as Italian and Spanish borrowing costs soared. Even the San Francisco Federal Reserve Bank added fuel to the fire with a forecast that put the odds of an early 2012 recession at better than 50%. But before markets could open in the US, retail sales figures came out much better than expected for the month of October, and at the moment, traders are shrugging off the San Fran Fed and driving the market higher. Nickel made a bounce when the retail sales figures were released but the European pressure was too strong and nickel fell to close at a new 2011 record low. Nickel has only spent one other day closing below $8/lb this year, so we could potentially see a  bounce tomorrow. We put the odds of that happening at a little over 50%. Sheesh - we should work for the Fed!

  Reports

  Commodity/Economic Articles and Comments

  • (WSJ) Output from euro-zone factories fell in September at its fastest rate in two and a half years, underscoring the threat of recession in the 17-nation currency bloc. Industrial output fell 2.0% in September from August, more than reversing the prior month’s gain of 1.4% and marking the biggest drop since February 2009.
  • A State-by-State Look at Long Road to Jobs Recovery - more
  • Which States Would Be Hit Hardest by EU Recession? - more
  • San Francisco Fed Warns of High Recession Risk for U.S. - more
  • Staring into the abyss - more
  • Debt by Degrees - more

  Europe stainless steel industry faces big cuts-SMR - Europe's stainless steel industry will see major curtailment of production between this year and next as private equity and other new investors get involved, the managing director of steel consultancy SMR told Reuters. - more

  ‘High costs, low prices hit ferrochrome producers’ - South African ferrochrome makers are being squeezed by rising production costs and some are already selling at a loss, the CEO of Hernic Ferrochrome, a unit of Japan's Mitsubishi Corporation told Reuters on Tuesday. - more

  Nisshin Steel and Nippon Metal to Merge - Nisshin Steel and Nippon Metal Industry on Tuesday announced plans to merge in a deal that would create the second-largest maker of stainless steel in Japan. - more

  Russia's Norilsk to borrow up to 70 bln rbls from Sberbank - Russia's Norilsk Nickel plans to borrow up to 70 billion roubles ($2.3 billion) in loans from the country's top lender Sberbank , the miner said on Tuesday. - more

  Albidon Battles to Resuscitate Ops - Albidon-owned Munali Nickel Mine, which has suspended operations in Mazabuka, says it will use available resources to restructure and make the firm more efficient. - more

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:10 am CST show 3 month nickel trading around $.09/lb lower, with other LME traded base metals also mostly lower. The Euro is trading nearly 6/10 of 1% lower against the US Dollar. NYMEX crude futures are trading 1/4 of 1% lower and at $97.90.barrel. Gold is down 1/2 of 1% and silver is up slightly at the moment. In overnight trading, Asian markets ended lower with China down 2/10 of 1%. European markets are trading lower this morning as Italian and Spanish bonds rise. US futures show Wall Street could open triple digit lower. Nickel inventories fell on Monday. So far it's been a slow news day in metals.
  • LME Morning - Base metals track lower, rally runs out of steam on growing economic concerns - more

  Reports

  • Monthly Stainless Steel briefing - more
  • U.S. Exports of Stainless Steel Mill Products - more
  • Reuters Inside Metals - pdf here
  • Daily Market Report - pdf here
  • Commodities Report - pdf here
  • Commodities Daily - pdf here
  • Metals Insight - pdf here

  Commodity/Economic Comments

  • IMF: China's financial system stable - more

  Finnish minister urges Talvivaara to clean waste waters - The Finnish environment minister urged miner Talvivaara to improve waste water purification swiftly or its production could be halted. - more

  China Mo Trade Balance September 2011; Import Surplus = Exports 1.46 million lbs, imports 1.77 million lbs = China's trade balance of molybdenum in September, 2011 was import surplus, i.e., on molybdenum metal content basis, exports: 1.46 million pounds, imports: 1.77 million pounds - more

  Courtesy AISI - In the week ending November 12, 2011, domestic raw steel production was 1,836,000 net tons while the capability utilization rate was 74.1 percent. Production was 1,651,000 tons in the week ending November 12, 2010, while the capability utilization then was 68.3 percent. The current week production represents an 11.2 percent increase from the same period in the previous year. Production for the week ending November 12, 2011 is up 2.6 percent from the previous week ending November 5, 2011 when production was 1,789,000 tons and the rate of capability utilization was 72.2 percent.

  Morning Nickel Inventory and Price Statistics & Figures

  • London Metal Exchange inventory figures/changes - (for today's figures see MF Global report above)
  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Monday, November 14

  Daily Nickel/Stainless Steel Wrap-up
  • Baltic Dry Index - minus 18 to 1,818. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) China ‘Ready’ to Allow Foreign Firms to Sell Stock, Exchange Official Says // ‘Enough’s Enough’ on Undervalued Yuan: Obama // Bank of America to Sell About 10.4 Billion China Construction Bank Shares // Japan Economy Expands at 6% Pace as Exports Drive Post-Earthquake Recovery // Merkel Urges EU Overhaul With Closer Political Ties // Italy’s Five-Year Borrowing Costs Rise to 6.29% at 3 Billion-Euro Auction // Russian Growth Accelerated in Third Quarter for First Time Since Last Year // Germany Widens Probe Into Neo-Nazi Cell Linked to ‘New Form’ of Terrorism // European Stocks Decline as Borrowing Costs Rise; Banks Retreat // Fewer Treasury Bills Means 0% Rates to Persist // Lowe’s Profit Beats Analysts’ Estimates // Home Prices in U.S. May Drop 8%, Pimco’s Simon Says: Tom Keene // Wheat Shippers Battle for Sales as Global Grain Glut Expands: Commodities // Stocks Decline on Europe Contagion Concern
  • The Euro is now trading nearly 1% lower against the US Dollar. NYMEX crude is down over 1.1% and trading at $97.87/barrel. Gold is down 2/3 of 1% while silver is off 1.8%. Base metals ended the session mixed and mostly higher. Indicator charts for nickel and most looked like the back half of a ski resort - a long downhill slide. The difference between a gainer - or a loser - was how high it opened initially. Dow Jones reports three month nickel did not open with the enthusiasm of some of the others and saw a close of  $8.06/lb . That is the second lowest close for nickel since February 2011. Stockpiles of nickel stored in LME approved warehouses fell on Friday, after two days of gains, and now total just under 83,900 tonnes. World markets turned sour on higher borrowing costs for Italy and economic data from Europe hinting another recession may be in store for the EU. German chancellor Angela Merkel told members of a party convention today that the EU debt crisis "maybe Europe’s most difficult hours since World War II."

  Reports

  • Commodities Daily - pdf here
  • Robry Monday Morning Economic Assessment - more

  Commodity/Economic Articles and Comments

  • (Reuters) Nisshin Steel, a stainless steelmaker, said on Monday there is no truth in a Nikkei business daily report that it and Nippon Metal Industry Co are in talks to merge operations. The paper said on Monday the two firms are in talks to merge their operations to become Japan's No.2 stainless steel maker after Nippon Steel Corp.
  • Congress: Trading stock on inside information? - more
  • Number of the Week: What If Rest of World Had as Many Cars as U.S.? - more
  • Supercommittee Failure Could Throttle Holiday Spending - more
  • Nearly Quarter of Workers Are Depressed - more
  • Generation Jobless: By the Numbers - more
  • Consumer Sentiment Improves - more
  • Occupy Wall Street vs Tea Party - more

  Xstrata says alloys strikes have not yet hit clients - Diversified miner Xstrata said on Monday that customer deliveries have not been hit by three weeks of strikes at ferrochrome operations in South Africa's North West Province. - more

  Russia's Norilsk says wins court case over buyback - Norilsk Nickel, the world's largest nickel and palladium producer, said on Monday that it has successfully defeated all claims made by UC RUSAL against it in a court in the Caribbean's St. Christopher & Nevis. - more

  Finnish police probe Talvivaara waste water problems - Finnish police are probing whether miner Talvivaara committed a crime when discharging waste water with high levels of sodium, sulphate and manganese into lakes near its nickel mine in eastern Finland. - more

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:10 am CST show 3 month nickel trading around $.03/lb higher, with other London traded base metals mixed. The Euro is currently trading 3/4 of 1% lower against the US Dollar. NYMEX crude futures are lower by nearly 8/10 of 1% and trading at $98.22/barrel. Gold is down 2/3 of 1% and silver is lower by more than 1.1%. In overnight trading, Asian markets ended higher, with China up 2%. European markets are trading lower this morning, while US futures show Wall Street is unsure which direction it will trade today. Nickel stockpiles fell on Friday.
  • LME Morning - Relief rally continues on brighter market optimism, higher risk appetite - more
  • Reuters - Copper rallies as euro zone hopes dominate - more

  Reports

  • SMM Nickel Price Forecast (Nov. 14-18) - more
  • Weekly Scoreboard - pdf here
  • Reuters Inside Metals - pdf here
  • Daily Market Report - pdf here
  • Commodities Report - pdf here
  • Commodities Daily - pdf here
  • Metals Insight - pdf here
  • BHP Presentation at Deutsche Bank BRICS Metals & Mining Conference - more

  Commodity/Economic Comments

  • (Yieh) Reportedly, South Korea’s top steelmaker Posco has made a decision to sell stainless steel products from stock to end users and designated steel service centers.
  • (Interfax) China's refined copper output inched down 2.1 percent month-on-month in October to 469,000 tons on weak domestic demand, according to figures released by the National Bureau of Statistics (NBS) Nov. 9.

  Nickel Surplus May Jump to Most in 4 Years as Demand Slows, Sumitomo Says - A global nickel surplus may soar in 2012 to the highest in four years as Europe’s debt crisis and a sluggish U.S. economy cuts demand, said Japan’s top producer. - more

  Fire hits New Caledonia Koniambo nickel project; no delays - The development timetable for the giant Koniambo nickel project under construction in New Caledonia was unaffected by a weekend fire that destroyed its administrative offices, joint venture partner Xstrata and a project safety official said on Monday. - more

  FACTBOX-Metal output cuts back on the menu? - The sharp fall in industrial metals prices since August has sparked talk of production cutbacks, particularly in aluminium, nickel and zinc, where some high-cost producers are already feeling the pain. - more

  Japanese Mills Holding Out For Price Of Ni-system Cold Stainless Sheets = They are holding out at the $3,000 C&F level - The export price of nickel-system cold-rolled stainless steel sheets in the Asian area dipped below the $3,000 C&F mark to the level of $2,900 C&F which dropped by $200 or so from one month before. - more

  Mn/Cr Ores Quayside Stocks In China; A Sign Of Further Increase = Mn ore 3.76 million tons and Cr ore 3.22 million tons as of end-October = China's local media have reported that the total quantity of stocks of manganese and chrome ores at quayside in China were, as of October 31, 2011, 3.76 million tons of manganese ores and 3.22 million tons of chrome ores, showing a sign of further increase. Details of the stocks by port are as per the tables 1 and 2 attached hereto. - more

  Morning Nickel Inventory and Price Statistics & Figures

  • London Metal Exchange inventory figures/changes - (for today's figures see MF Global report above)
  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Friday, November 11

  On this 11-11-11 U.S Veteran's Day, the author of this website would like to thank those readers who have served, and who might still be serving, in the US Armed Forces. We also acknowledge, and express our deepest appreciation to veteran's of other countries who have served alongside our troops. Whether you saw combat or not, while in uniform, we thank you for your service!!

  Daily Nickel/Stainless Steel Wrap-up

  • Baltic Dry Index - minus 5 to 1,835. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) U.S. Should Learn From China, Not Fear Its Rise: Jonathan Alter // Rats Feeding on Trash Increase Threat of Disease in Flood-Stricken Bangkok // Europe Rebuked Over Crisis by Asia-Pacific Nations Seeing Expansion Weaken // China’s Stocks Post Weekly Decline on Economic Growth Concern, IPO Outlook // ECB as Last-Resort Lender Will End Crisis: Silva // Merkel’s Greek Strategy Risks Backfiring as Euro’s Exit Routes Are Mapped // U.K. Top Fund Manager Sees Europe Recession // Italy Senate Passes Budget Measures, Makes Way for Berlusconi Exit // European Stocks Advance, Erasing Weekly Loss, After Italian Senate Vote // No Sign of U.S. Slump as Machine Makers Outperform // Disney Earnings Beat Estimates on Parks, Cable // US Stocks Gain as Europe Acts on Debt Crisis
  • The Euro is up 1.1% against the US Dollar at the moment. NYMEX crude is up 8/10 of 1% and trading at $98.55/barrel. Gold is up 1-2/3% and silver higher by more than 2.1%. Base metals ended the day mostly higher. Indicator charts show nickel trading was very volatile today, opening higher, falling into negative territory, then seeing a huge gain as US markets opened higher, but then collapsing late. For the day, Dow jones reports three month nickel ended the day at $8.20/lb . Stockpiles of nickel stored in LME approved warehouses rose for a second straight day and now total just under 84,200 tonnes. Cancelled warrants, that spent most of summer and fall well above the 5% range, have now registered a second day below the 3% threshold. traders apparently believe we backed way off from the 'brink' today, with the US Dow up nearly 2-1/2% and the German DAX ending over 3% higher. Thomson Reuters/University of Michigan’s preliminary index of consumer sentiment jumped to 64.2 in November from 60.9 in October, its best reading since June. It has been another week on Wall Street where investors saw wild swings, while nickel saw early week gains, disappear by weeks end. Other base metals held onto their gains today, so don't count nickel out yet.
  • Have a safe and relaxing weekend.

  Reports

  Commodity/Economic Articles and Comments

  • Greenspan: Europe’s Debt Crisis Comes Down to North vs. South - more
  • Vital Signs: Trade Deficit Narrows - more
  • Bernanke Takes Fed’s Message to Texas - more

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:00 am CST show 3 month nickel trading around $.05/lb higher, with most London traded base metals trading higher this morning. The Euro is trading 3/10 of 1% higher against the US Dollar. NYMEX crude is up over 1/10 of 1% and trading at $97.89/barrel. Gold is up 3/4 of 1% and silver is down more than 1/10 of 1%. In overnight trading, Asian markets ended lower, with China down nearly 2/10 of 1%. European markets are trading higher this morning and US futures show Wall Street may be looking at a second bullish day. Nickel stockpiles took a big jump on Thursday.
  • LME Morning - Metals stable, see less volume but more volatility anticipated ahead of weekend - more
  • Reuters - Copper steady, Europe debt crisis fears remain - more

  Reports

  Commodity/Economic Comments

  • MF Global Morning Comments -  11/11 I am not sure how much longer this email will be in effect, but before it is pulled, I wanted to thank the many readers who have been reading my daily reports over the past eight years. Your kind remarks and appreciation for my work over this time made my job only easier. I hope to resurface shortly, but in the meantime, I can be reached at edwmeir(at)aol.com. I wish you all the best in the year ahead. Best Regards, Edward Meir
  • (Yieh) According to statistics released by the Specialty Steel Industry of North America (SSINA), the US imported 68,582 tons of stainless steel in August, surged by 10.4% in comparison of 62,118 tons in the same period of last year.
  • (Interfax) Ningxia Hengshun Smelter Group plans to set up a $7 billion nickel smelter in Indonesia, continuing a trend for Chinese producers establishing processing facilities in the nickel-rich country to avoid upcoming export restrictions on low-grade ore.
  • (Interfax) Baoshan Iron & Steel Co. Ltd. (Baosteel), the Shanghai Stock Exchange-listed subsidiary of leading Chinese steelmaker Baosteel Group, will cut ex-works prices for major steel products in December, the firm announced Nov. 11.

  Albidon suspends operations at Munali nickel indefinitely - Base metals miner Albidon’s difficulties deepened on Friday, as the miner temporarily suspended operations at its Munali nickel mine, in Zambia. - more

  Palmer refinery threatens carbon tax legal stoush - A north Queensland nickel refinery, owned by billionaire mining magnate Clive Palmer, says it may be forced to take the Federal Government to court over the new carbon tax. - more

  Miners' warm glow from China marred by Europe - Far away from the anguish of Europe's debt contagion, the Chinese economy has been chugging along nicely - much to the relief of the resource sector, which has its fortunes tied to the ''hungry dragon''. - more

  Korea's Exports/Imports Of Ferroalloys; September 2011 = Imports: 72,858 tons, Exports: 25,447 tons; both largely decreased = According to Korea's trade statistics, exports and imports of ferroalloys during January - September, 2011 as well as in the single month of September were as per the tables attached hereto. - more

  Morning Nickel Inventory and Price Statistics & Figures

  • London Metal Exchange inventory figures/changes - (for today's figures see MF Global report above)
  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Thursday, November 10

  Daily Nickel/Stainless Steel Wrap-up
  • Baltic Dry Index - plus 38 to 1,840. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) Solar Glut to Worsen After Prices Plunge 93% on Rising Supply: Commodities // China’s Exports Rise at Slowest Pace in Two Years as Europe Crisis Deepens // China’s Stocks Fall Most in Three Weeks on Slowing Exports, Europe Crisis // Indonesia Unexpectedly Cuts Rate Half a Percentage Point to Shield Growth // EU Bailout Fund Stumbles Amid Bond Losses Clash // Italy Sells Bills at Highest Rate in 14-Years // EU Lowers Euro-Region Growth Forecasts // European Stocks Decline as French Bond Yields Surge; Banks Retreat // Alabama’s Jefferson County in Biggest Municipal Bankruptcy // Trade Deficit in U.S. Narrowed 4% to $43.1B // Jobless Claims Fall to Lowest in Seven Months // Stocks, Euro Advance as Greece Names Premier
  • The Euro is trading over 1/2 of 1% higher against the US Dollar. NYMEX crude is up 2.2% and trading at $97.86/barrel. Gold is down nearly 3/4 of 1% and silver is lower by 1/4 of 1%. Base metals ended the session mostly lower. Indicator charts show nickel opened lower, climbed quickly and then, except for a French scare, that turned out to be a S & P technical glitch, nickel held onto most of its early gains. For the day, Dow Jones reports three month nickel closed at $8.23/lb . Stockpiles of nickel stored in LME authorized warehouses rose for only the second time this month and now total just under 83,300 tonnes. The world apparently has pulled back from the 'brink' once again, and except for a brief hitch in the system, when France's rating came into question, US markets are reacting positively. European markets did not fair as well, after the European Commission said it could not rule out the possibility that the EU was heading into a "deep, prolonged" recession. China' foreign trade in October dropped 8.3% from September, while US exports set a record in September. Weekly jobless claims in the US are down, while monthly foreclosure activity rose 7% in October. Yields on Italy’s 10-year note fell below the 7% 'brink' level, and Greece chose a new leader.

  Reports

  • Commodities Daily - pdf here
  • Ceridian-UCLA Pulse of Commerce Index - pdf here
  • Reuters - Copper falls, awaits clarity on euro zone crisis - more

  Commodity/Economic Articles and Comments

  • (Dow Jones) U.S. nickel imports rose 5.3% in September from last month, and was up 20.5% from the previous year, the Commerce Department reported Thursday.
  • Drilling Down on Bernanke’s Inflation Record - more
  • Eurozone Crisis: Here Are the Options, Now Choose - more
  • Sweden’s Tough Love of Banks is World Model - more
  • Big Banks Plead with Customers Not to Move Their Money - more
  • Meritocracy vs. Plutocracy - more

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:00 am CST show 3 month nickel trading around $.08/lb lower, with other base metals trading mixed. The Euro is trading up 2/3 of 1% against the US Dollar. NYMEX crude is up nearly 1.9% and trading at $97.51/barrel. Gold is up 1/10 of 1% while silver is down 4/10 of 1%. In overnight trading, Asian markets ended lower, with China off 1.9%. European markets are trading higher this morning, and US futures show Wall Street could start re-capturing some of yesterday's losses. Nickel inventories rose for only the second time this month on Wednesday.
  • Bloomberg morning - Copper Drops to Two-Week Low as EU Cuts Forecast for Growth in Euro Area - more
  • LME Morning - Weak euro, Italian debt woes keep most metals near lows - more
  • Reuters - Copper falls as euro zone tensions rise - more

  Reports

  Commodity/Economic Comments

  • MF Global Morning Comments -  Oct 31st appears to have been the last report as MF Global filed for bankruptcy earlier that morning, and lost its ability to trade on the London Metal Exchange on November 1st.
  • (Interfax) China's iron ore imports declined 17.55 percent on a monthly basis in October to 49.94 million tons, according to preliminary data released by the General Administration of Customs (GAC) Nov. 10.
  • First Quantum Sees December Kevitsa Nickel Mine Pre-commissioning - more
  • (CBN) China's electrolytic nickel output in Oct jumps 67.2% on-year
  • (China) China's Oct foreign trade drops 8.3% from Sept - more
  • China may live with power shortages this winter - more

  Natura stands in the way of Anglo American and its nickel dreams - “Nature conservationists are vigilantly monitoring the exploration of ore body in northern Finland. - more

  Carbon tax ruling angers Qld Nickel - Australian-owned metals manufacturer Queensland Nickel is angry that the federal government turned down its application for carbon tax compensation while it approved multi-million dollar payouts to international giants. - more

  Japan Nickel-Alloyed SUS Scrap Price Falls Further By Yen5,000/Ton = Purchase price of major stainless steel mills at 130,000 - 135,000/ton = Purchase price of major stainless steel mills for nickel-alloyed stainless steel scraps (new clippings) in November 2011 was lowered by Yen5,000/ton to Yen135,000/ton delivered. - more

  Morning Nickel Inventory and Price Statistics & Figures

  • London Metal Exchange inventory figures/changes - (for today's figures see MF Global report above)
  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Wednesday, November 9

  Daily Nickel/Stainless Steel Wrap-up
  • Baltic Dry Index - plus 43 to 1,802. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) Ackman to Lose ‘a Lot of Money’ on Hong Kong Currency-Peg Bet, Tsang Says // Slowing China Inflation Gives Scope for Stimulus as Industry Output Cools // China Passenger-Vehicle Sales Slow After Deliveries of Minivans Fall 18% // Italian Yields Top 7% as LCH Raises Margin, Berlusconi Offers to Resign // HSBC Raises U.S. Bad Loan Provisions // Italy’s Political Woes Spell ‘Nightmare’ for BNP, Agricole // European Stocks Slide as Italy Bond Yields Climb to Record; HSBC Retreats // Schaeuble Said to Tell Lawmakers Italy Should Seek Aid From EFSF If Needed // Goldman Sachs Traders Lost Money 21 Days in Third Quarter, Most Since ’08 // Lagarde Warns of ‘Lost Decade’ for Global Economy // Home Prices Decline in Almost Three-Fourths of U.S. Cities on Slow Economy // U.S. Wholesale Inventories Fall as Sales RiseStocks, Euro Decline as Italian Bond Yields Reach Record on Margin Calls
  • The Euro is now trading 1-2/3% lower against the US Dollar. NYMEX crude is up 1/2 of 1% and trading at $97.29/barrel. Gold is up more than 1/4 of 1% and silver is down 1.1%. Base metals ended the session lower, with a nose diving Euro hard to battle. Indicator charts show fell hard early, then spent much of the afternoon drifting. For the day, Dow Jones reports three month nickel ended the session at $8.19/lb . Stockpiles of nickel stored in LME warehouses fell for the sixth consecutive session and now total just over 83,150 tonnes. Italy is back in the forefront of traders minds today as the cost for Italy to borrow money jumps above the 7% level. Markets welcomed news that Italy's prime minister Silvio Berlusconi would resign after the 2012 budget was passed, but the certainty of a resignation leaves the uncertainty of who will come next. Markets may have disliked Berlusconi, but after holding the office three times, for a total of 11 years, they had a fair idea how he would react to a situation. This constant barrage of the term 'the brink' is also starting to wear on the markets. Everyone keeps talking about how close we are to the brink. No one seems to know exactly where the brink is and exactly what happens if we cross it. According to the media, and some analysts, we keep coming close, like today, but as we back away for a few days, the market sighs relief and inches higher. Yesterday, we had the perception of backing away, and today, we see that was only a mirage. Tomorrow, all will be well, or once again, we will be 'near the brink'.

  Reports

  Commodity/Economic Articles and Comments

  • Bonds, Antam Bonds: Gold Miner Eyes Rp 1.5t in Debt - more
  • Small Business: A Good Worker Is Hard to Find - more
  • Vital Signs: Four Unemployed for Each Job Opening - more
  • Fed’s Plosser: Wrong to Allow Inflation to Rise to Cut Unemployment - more

  Court shortens list of documents Norilsk Nickel to submit to Rusal - An appeals court has partially held for an appeal filed by MMC Norilsk Nickel and shortened the list of documents that the company must submit to its minority shareholder Rusal, the court told the Russian Legal Information Agency (RAPSI). - more

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:00 am CST show 3 month nickel trading around $.05/lb lower, with other base metals trading lower as well. The Euro is trading 1.4% lower against the US Dollar this morning. NYMEX crude is down 1-1/2% and trading at $95.35/barrel. Gold is up over 1/2 of 1% and silver is lower by nearly 2/10 of 1%. In overnight trading, Asian markets ended higher, with China up nearly 9/10 of 1%. European markets are trading lower this morning, and US futures are much lower at teh moment. Nickel stockpiles fell on Tuesday. Markets are lower after LCH.Clearnet raised its margin requirements for Italy’s government debt.
  • LME Morning - Metals retreat to minus column, equities and euro soften - more
  • Reuters - Copper drops on Italian debt worries - more

  Reports

  Commodity/Economic Comments

  • MF Global Morning Comments -  Oct 31st appears to have been the last report as MF Global filed for bankruptcy earlier that morning, and lost its ability to trade on the London Metal Exchange on November 1st.
  • (Dow Jones) Russia Jan-Sep Nickel Exports Down 33.1% On Year At 116,300 Tons
  • (MBNA) Jinchuan nickel prices plunge to lowest in nearly two years
  • Baoshan Iron & Steel Co., Ltd. : Outstanding growth on sales of Nickel-based thermal resistant alloy products... - more
  • China inflation eases to 5.5%, policy change caution urged - more

  Japan SUS Products Exports Rally; September 2011 = Up by 11% from August to more than 100,000 tons, increases to China, Taiwan, while decrease to Korea = Japan Iron and Steel Federation compiled the Trade Statistics released from the Treasury Department into the table as attached hereto with regard to Japan's exports of stainless steel products during September 2011. - more

  Talvivaara revises nickel production target for year - In response to the volatile and uncertain market environment and decline in nickel prices, Talvivaara Mining Company's short term focus has shifted from maximising production volume to optimising profitability. - more

  Success of Nickel Chrome Molten Iron in Shaft Furnace - TISCO trial production for metallurgy de-dust ash recycling project has got a major breakthrough. On October 6th, the first heat of nickel chrome molten iron was successfully smelted; via examining all the indexes reach the project goals. - more

  Chinese Company Considering $7 Billion Nickel Smelter in Indonesia - Chinese diversified business group Ning Xia Hengshun Group is considering building a $7 billion nickel smelter in Indonesia, according to a report. - more

  Australia's Poseidon proposes restart of Mt Windarra nickel mine - Poseidon Nickel is proposing to restart operations at the existing Mount Windarra nickel mine in Western Australia at a production rate of 500,000 mt/year of ore over an initial mine life of six years. - more

  • 15 years on, Twiggy Forrest returns to nickel - A company chaired by Australian iron ore magnate Andrew "Twiggy" Forrest wants to reopen a nickel mine in Western Australia shut more than 15 years ago. - more

  Morning Nickel Inventory and Price Statistics & Figures

  • London Metal Exchange inventory figures/changes - (for today's figures see MF Global report above)
  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Tuesday, November 8

  Daily Nickel/Stainless Steel Wrap-up
  • Baltic Dry Index - minus 7 to 1,759. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) Hong Kong Entered Recession in Last Quarter, Most Accurate Forecaster Says // China Home Prices to Fall by 10%-30% Next Year, Impact GDP, Barclays Says // China’s Stocks Drop for Second Day, Led by Developers, Railway Companies // Drought-Damaged U.S. Corn Crop Pressuring Global Food Supply: Commodities // Asia-Pacific Office Rents Increase at Double the Global Pace // Toyota Scraps Estimates After Thai Floods //
  • European Banks Selling Sovereign Bond Holdings Threatens to Worsen Crisis // Italian Government Bonds Advance, Bunds Drop, Before Berlusconi Vote Test // European Stocks Rebound From Two-Day Slide as Vodafone Rallies // Citi, JPMorgan May Face Highest Basel Surcharges // Job Openings in U.S. Rise to Three-Year High // Most Solar Makers Will Disappear by 2015: Trina CEO // Berlusconi Lacks Majority in Budget Vote // U.S. Stocks Erase Drop as Technology, Financial Shares Advance
  • The Euro is currently trading over 1/3 of 1% higher against the US Dollar. NYMEX crude is up nearly 1% and trading at $96.44/barrel. Gold is up nearly 1/4 of 1% and silver is up over 3/4 of 1%. Base metals ended the session mostly quiet and mixed. Indicator charts show nickel opened higher, but spent the entire session in a gradual stair step decline. For the day, Dow Jones reports three month nickel closed at $8.32/lb . Stockpiles of nickel stored in LME licensed warehouses fell hard on Monday and now show a total just under 83,650 tonnes. This has been a rough year for leaders of countries bordering the Mediterranean Sea. First came the Arab Spring, now the Club Med Fall. Greece's Papandreou is out, and now Italy's Berlusconi could be under threat. Markets were fairly certain this morning that Italian Prime Minister Silvio Berlusconi  would not be around much longer, but as the morning progressed, traders began to consider the odds that this leader, who has already survived 52 no confidence votes, might just survive another. Today's nickel close is its lowest since late September, and inventory levels haven't been this low since February 2009. And the highly forecast and anticipated 'surplus' of nickel continues to evade the market.  

  Reports

  Commodity/Economic Articles and Comments

  • Italy is bust; it’s just a question of when - more
  • World Faces Subpar Growth for Next 14 Years - more
  • Your Parents Were Richer Than You Are - more
  • Vital Signs: More 25-34 Year Olds Living With Parents - more
  • Euro Zone Recession Signals Grow - more
  • Three Lessons From the Collapse  - more
  • FSB: Understanding Financial Linkages - pdf here
  • Consumer borrowing grows in September, but credit card use falls - more

  Chemicals from mine contaminate lake - The fog clears on Salminen, a wilderness lake near the Talvivaara nickel mine in the eastern community of Sotkamo. The picturesque landscape could be straight out of a nature book, but the smell on the shore suggests that the lake is not in good shape. - more

  Inflation busting steel costs plague China's construction industry - Steel costs for the Chinese construction sector will increase at three times the rate of inflation this year. - more

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:05 am CST show 3 month nickel trading around $.05/lb lower, with other London traded base metals mixed and mostly higher. The Euro is trading over 1/10 of 1% higher against the US Dollar at the moment. NYMEX crude futures are up 9/10 of 1% and trading at $96.37/barrel. Gold is down 3/10 of 1% and silver is off 1/2 of 1%. In overnight trading, Asian markets ended lower, with China down 3/10 of 1%. European markets are trading higher this morning as traders bet Italian Prime Minister Silvio Berlusconi could be on his way out. US futures are higher as well. Nickel stockpiles took a big hit on Monday.
  • LME Morning - Metals tentative, risk appetite limited ahead of Italian budget vote - more
  • Reuters - Copper steadies ahead of crucial vote in Italy - more

  Reports

  Commodity/Economic Comments

  • MF Global Morning Comments -  Oct 31st appears to have been the last report as MF Global filed for bankruptcy earlier that morning, and lost its ability to trade on the London Metal Exchange on November 1st.
  • (Interfax) China's Ministry of Industry and Information on Nov. 8 released the 12th Five-Year Plan (2011-2015) for the country's iron and steel industry, which focuses on improving industry structure and locking down raw material supplies.
  • China to increase domestic supply of iron ore - more
  • Karnataka auctions: Steel mills irked at high ore prices - more
  • Cass October Freight Index Shows Volumes Down, Expenditures Up - more
  • Small-Business Confidence Ticks Upward: Still Weighed Down by Dominant Negative Forecast - more

  October LME Nickel Average Declines To US$8.6/lb = The lowest during the month was US$8.2/lb; inventory continued to decline to below 87,000 tons = The average prices of LME nickel in October have been given, i.e. US$18,886.43/ton for cash seller's settlement (US$8.567/lb) and US$18,925.95/ton (US$8.585/lb) for 3 months seller's. - more

  Carbon tax inevitable for SA's polluters - "In this environment, the government’s carbon tax scheme is another impost that will undermine business confidence and competitiveness…" - more

  Courtesy AISI - In the week ending November 5, 2011, domestic raw steel production was 1,789,000 net tons while the capability utilization rate was 72.2 percent. Production was 1,644,000 tons in the week ending November 5, 2010, while the capability utilization then was 68.0 percent. The current week production represents a 8.8 percent increase from the same period in the previous year. Production for the week ending November 5, 2011 is down 0.4 percent from the previous week ending October 29, 2011 when production was 1,796,000 tons and the rate of capability utilization was 72.5 percent.

  Morning Nickel Inventory and Price Statistics & Figures

  • London Metal Exchange inventory figures/changes - (for today's figures see MF Global report above)
  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Monday, November 7

  Daily Nickel/Stainless Steel Wrap-up
  • Baltic Dry Index - minus 18 to 1,766. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) World Dodges Recession With China-U.S. Buoy // China Frauds May Fit Panics, Crashes Model, Societe Generale’s Grice Says // China Stocks Drop Most in Two Weeks on Slumping Auto Sales, Property Curbs // Greece Will Form National Unity Government to Secure EU Emergency Payment // Italy Leads Surge in Europe Sovereign Default Risk Amid Berlusconi Concern // European Stocks Decline for Second Straight Day; Carrefour, PostNL Retreat // Unloved Treasury Notes Become New Favorite // U.S. Stocks Fall as Investors Weigh Political Changes in European Nations
  • The Euro is now trading over 1/3 of 1% lower against the US Dollar. NYMEX crude is up over 8/10 of 1% and trading at $95.02/barrel. Gold is up 1.8% and silver is higher by a little more than that. Except for zinc, London traded base metals closed lower. Indicator charts show nickel fell early and traded choppy within a $250 tonne range most of the rest of the session. For the day, Dow Jones reports three month nickel ended its session at $8.48/lb . Stockpiles of nickel stored in LME warehouses fell on Friday and now total just over the 85,050 level. Bears shifted their nervous attention to Italy today, as traders began to wonder if the European bleeding would ever end. US lawmakers have to welcome all this attention on Europe as it continues to divert attention from their own incompetent inability to make a dent in US deficit spending, or kickstart the economy out of low gear. Safe haven buying sent gold and silver higher today which is good for gold investors and owners, but sends a negative message about how some see the overall world economy.

  Reports

  • Commodities Daily - pdf here
  • Commodities Daily - pdf here
  • Robry Monday Morning Economic Assessment - more

  Commodity/Economic Articles and Comments

  • Barclays Capital metals analyst Gayle Berry - "With the European political quagmire seemingly worsening over the weekend and Italian bond yields rising, concerns over the potential for the global economy to slip into recession are building again."
  • Number of the Week: Vacant Homes and New Households - more
  • Economists Forecast Longer, Deeper Euro Zone Recession - more
  • Economists React: ‘Mixed’ Economic Soup After Jobs Report - more
  • Is the US Still on the Verge of Recession? - more
  • What caused the financial crisis? The Big Lie goes viral - more

  Russia Nickel Export Tax to Be $2,117.80 a Ton, Government Says - Russia’s tax on nickel exports will be $2,117.80 a metric ton starting from Dec. 5, the government said on its website. - more

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:00 am CST show 3 month nickel trading around $.06/lb lower, with most London traded base metals trading quietly lower. The Euro is trading nearly 2/10 of 1% lower against the US Dollar. NYMEX crude futures are up 3/10 of 1% and at $94.53/barrel. Gold is up 1.3% and silver is higher by just over 1%. In overnight trading, Asian markets ended their trading session lower, with China down 1%. European trading is lower, and US futures imply a potentially lower opening for Wall Street. Nickel stockpiles fell on Friday and Dow Jones reports three month nickel ended Friday's session at $8.57/lb .
  • LME Morning - Base metals remain bearish on slew of poor news, data - more

  Reports

  Commodity/Economic Comments

  • MF Global Morning Comments -  Oct 31st appears to have been the last report as MF Global filed for bankruptcy earlier that morning, and lost its ability to trade on the London Metal Exchange on November 1st.
  • MNP - With little fanfare or fuss, Canadian nickel miner First Quantum Resources has already capped off the first month of production from its Ravensthorpe plant in Western Australia’s Great Southern region, a little more than 18 months after buying it from BHP Billiton.
  • (Yieh) Because of the decreasing demand for stainless steel, the leading ferrochrome plants in South Africa decided to cut the output in the third quarter of this year.
  • (Interfax) Steel mills in China have started selling off inventories as end-users buy up the metal in anticipation of prices rising through to the end of the year, an analyst told Interfax Nov. 7.
  • (Dow Jones) Russia's Nickel Export Duty $2,117.8/Ton As Of Dec 5
  • Rare plants spark mine plan worries - more
  • Palmer conflict of interest claim dismissed - more

  Mirabela Deal Seen With Minmetals Chasing South American Nickel: Real M&A - Minmetals Resources Ltd., backed by China’s biggest metals trader, is transforming companies from Mirabela Nickel Ltd. (MBN) to Alumina Ltd. into takeover targets as it eyes $7 billion of nickel, bauxite and alumina deals. - more

  japan: Imported Ferroalloys Market Report October 31, 2011 = Reflecting historically the highest yen, and fears for slowdown of Chinese steel demand = Market outlook in Japan of the imported ferroalloys as of October 31, 2011 is as follows: - more

  MF Global fallout slows London Metal Exchange trade - Trading on the London Metal Exchange (LME) was slow on Monday partly because positions of the British unit of MF Global had not been transferred to new brokers a week after the U.S. firm filed for bankruptcy protection, traders said. - more

  Morning Nickel Inventory and Price Statistics & Figures

  • London Metal Exchange inventory figures/changes - (for today's figures see MF Global report above)
  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Friday, November 4

  Morning Briefing (8:00 AM CST is 1PM in London)
  • Indicators at 7:00 am CST show 3 month nickel trading around $.15/lb higher, with all London traded base metals presently higher. The Euro is trading over 1/10 of 1% higher against the US Dollar. NYMEX crude futures are up 2/3 of 1% and trading at $94.70/barrel. Gold is down 1/3 of 1% and silver is off more than 1/2 of 1%. In overnight trading, Asian markets ended the day higher, with China up 7/10 of 1%. European markets are trading slightly higher and US futures have yet to decide a direction. Nickel stockpiles fell on Thursday and now total just under the 85,500 tonne level. US markets are awaiting October payroll results to be released today, and the world is waiting nervously for the next shoe to drop in Europe.
  • We are traveling today so no afternoon update. Have a safe and relaxing weekend.
  • LME Morning - Base metals increase but remain at the mercy of the eurozone - more

  Reports

  Commodity/Economic Comments

  • MF Global Morning Comments -  Oct 31st appears to have been the last report as MF Global filed for bankruptcy earlier that morning, and lost its ability to trade on the London Metal Exchange on November 1st.
  • (Yieh) According to statistics released by the Japan Iron and Steel Federation (JISF), Japan exported 107,297 tons of stainless steel products in September, soared by 10.7% from 96,895 tons in August and increased by 7.7% year on year.
  • (SBB) Small-scale and privately-owned stainless steel producers in China are said to have started restraining production due to poor demand ...
  • Push on for ramped-up mine site review - more
  • (Interfax) Two leading state-owned steelmakers plan to consolidate iron ore resources in north China's Hebei Province, creating Asia's largest production base for the steelmaking ingredient and providing a model for further industry consolidation.
  • (China) Foreign trade tops $3t, bumpy road ahead - more

  Huge nickel deposit discovered in Lapland - The discovery north of Sodankylä may be the largest in Europe. A challenge is however that the deposit is located in a nature conservation area. - more

   Aperam Posts Third-Quarter Loss as Stainless-Steel Demand Wanes - Aperam, the stainless-steel producer spun off by ArcelorMittal, posted a third-quarter loss after it sold less metal and prices fell. - more

  Morning Nickel Inventory and Price Statistics & Figures

  • London Metal Exchange inventory figures/changes - (for today's figures see MF Global report above)
  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Thursday, November 3

  Daily Nickel/Stainless Steel Wrap-up
  • Baltic Dry Index - minus 42 to 1,817. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) China Non-Manufacturing Industries Expand at Slower Pace as Property Cools // China Record Corn Crop Still Failing to Meet Demand for Feed: Commodities // China’s Stocks Rise as Signs of Economic Slowdown Spur Easing Speculation // India Food Inflation Quickens to Nine-Month High on Vegetables, Milk Costs // Euro’s Leaders Question Greek Membership // Draghi May Resist Stimulus Call Amid Greek Crisis // Draghi Says Europe Is Heading Toward a ‘Mild Recession’ as Economies Slow // ECB Unexpectedly Lowers Rate to 1.25% as Draghi Signals No Debt Backstops // European Stocks Advance on ECB Interest Rate Cut and Optimism Over Greece // No U.S. Recession Signaled in Dividend Swaps // Recession Drives Americans to Poor Neighborhoods // ISM Services Index Falls Slightly // Bernanke Gives Push to Further Stimulus as Officials Lower Growth Outlook // Stocks, Commodities Rise on ECB Rate Cut
  • The Euro is presently trading 1/4 of 1% higher against the US Dollar, after a volatile morning of trading. NYMEX crude is up nearly 2% and trading at $94.30/barrel. Gold is up nearly 1-1/2% and silver is up nearly 1/2 of 1%. Base metals ended the session mostly higher, except for nickel. Indicator charts show nickel was trading higher and trending higher when it suddenly took a dive and never recovered. For the day, Dow Jones reports three month nickel closed at $8.35/lb . Stockpiles of nickel stored in LME warehouses fell yesterday and now total just under 86,000 tonnes. Nickel appeared to be affected by multiple variables today, nearly all negative. The Euro started out positive against the US Dollar, then fell, and later recovered. The new President at the European Central Bank, Mario Draghi, took the market by surprise announcing an internet rate cut and warned of a mild recession coming for Europe. First time jobless claims were down in the US but the Institute for Supply Management’s index of non-manufacturing businesses unexpectedly fell in October. Then Prime Minister George A. Papandreou of Greece suddenly called off his plans for a public referendum, and a dizzy market rose. Then First Quantum announced it would produce enough nickel in 2012 to be a top 10 producer. That kind of talk does not bode well for those who have been watching inventory numbers fall, while at the same time discarding the analysts who keep predicting a surplus in the near future. That 'near future' for many analysts was the fourth quarter of 2011 which is close to being half over and any surplus developing is so far, being disguised.   

  Reports

  Commodity/Economic Articles and Comments

  • Consumers Remain Pessimistic - more
  • Fed to Savers: No Help Coming - more
  • Recap: Ben Bernanke’s November Press Conference - more
  • FOMC Statement – Changes Versus Last Month - more
  • Consumer Bankruptcies Decline - more
  • Obama Wrote 5% Fewer Rules Than Bush While Costing Business - more

  First Quantum to be among world's top 10 nickel producers by mid 2012 - First Quantum Minerals Ltd. expects to be among the world's top 10 nickel producers by mid 2012 after its projects in Australia and Finland begin commercial operation. - more

  Outotec signs ferrochrome plant delivery agreement with TISCO joint venture in China - Outotec has agreed with Shanxi Taigang Wanbang Furnace Charge Co. Ltd., a joint venture between Shanxi Jinzhong Industrial Trading Co. Ltd. and the world's largest stainless steel producer, Taiyuan Iron and Steel Co. Ltd. (referred to as TISCO), on the design and delivery of a new ferrochrome plant based on Outotec's proprietary technology to Jinzhong, China. - more

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:10 am CST show 3 month nickel trading around $.08/lb higher, with other London traded base metals mostly higher, but quiet. The Euro is up over 4/10 of 1% against the US Dollar, and giving commodity trading a boost this morning. NYMEX crude futures are up over 1/2 of 1% and trading at $93.00/barrel. Gold is up 1% and silver up over 1.1%. In overnight trading, Asian markets ended lower, with China up slightly. European markets are trading higher, with Wall Street futures implying a higher opening as well. Nickel stockpiles fell on Wednesday. Dollar is weaker this morning as the Wall Street Journal suggests "The dollar weakened broadly, as the suggestion of more monetary stimulus by the Federal Reserve counterbalanced worries that Europe's debt crisis may spin out of control."
  • LME Morning - Metals mostly lower, trading volatile as eurozone instability continues - more
  • Reuters Metals - Copper down on Greek default worries - more

  Reports

  Commodity/Economic Comments

  • MF Global Morning Comments -  Oct 31st appears to have been the last report as MF Global filed for bankruptcy earlier that morning, and lost its ability to trade on the London Metal Exchange on November 1st.
  • (Interfax) China's demand for scrap steel is set to grow strongly over the next five years, and the country's reliance on imports will last another 15 years, executives said at a conference in Shanghai Nov. 2.
  • (SN) Steel import permit applications totaled 2,192,000 net tons for the month of October, a 3% decrease from the 2,269,000 permit tons recorded in September according to the latest report from AISI.
  • (SBB) Chinese nickel pig iron demand wanes, prices dip
  • HudBay Minerals sees Q3 loss widen to $41.1M; revenue soars to $212M - more
  • Royal Nickel moves ahead with Dumont project after prefeasibility study - more
  • SKRIN - Russia boosts stainless sheet output 3.6%, Production of stainless rolled products in Russia increased by 3.6%
  • Euro Steadies as Greek Government Dissent Grows - more

  Stainless Steel & Special Alloys Committee: Stainless production falls short of expectations - The scale of China’s stainless steel scrap usage will remain dependent on the LME nickel price, according to the guest speaker at the BIR Stainless Steel & Special Alloys Round-Table in Munich. - more

  Opt for safe haven gold over crude, nickel: Experts - News of the Greek referendum has reversed flows in financial markets world over. Therefore, the general sentiment in the market is to short commodities, except for the safe haven gold. - more

  Aperam Posts Third-Quarter Loss as Stainless-Steel Demand Wanes - Aperam, the stainless-steel producer spun off by ArcelorMittal, posted a third-quarter loss after it sold less metal and prices fell. - more

  Courtesy AISI - In the week ending October 29, 2011, domestic raw steel production was 1,796,000 net tons while the capability utilization rate was 72.5 percent. Production was 1,629,000 tons in the week ending October 29, 2010, while the capability utilization then was 67.3 percent. The current week production represents a 10.3 percent increase from the same period in the previous year. Production for the week ending October 29, 2011 is up 0.8 percent from the previous week ending October 22, 2011 when production was 1,782,000 tons and the rate of capability utilization was 71.9 percent.

  Morning Nickel Inventory and Price Statistics & Figures

  • London Metal Exchange inventory figures/changes - (for today's figures see MF Global report above)
  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Wednesday, November 2

  Daily Nickel/Stainless Steel Wrap-up
  • Baltic Dry Index - minus 53 to 1,859. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) Tepco Detects Nuclear Fission at Fukushima Station // Greek Referendum on Bailout Will Hinder IMF-EU Aid Payment, De Jager Says // EU Leaders Will Tell Papandreou No Alternative to Cuts // Euro-Area Manufacturing Production Contracts // German Unemployment Unexpectedly Rises First Time in More Than Two Years // European Stocks Rise Before Fed Meeting; Randgold, Next Shares Lead Gains // Fed Sees ‘Downside Risks’; Leaves Policy Unchanged // Top Gold Forecasters See Bullion Rallying to Record by March: Commodities // Michigan Surpassing 48 States Shows Autos Drive U.S. Manufacturing Rebound // U.S. Stocks Rise Amid Jobs Data
  • The Euro is now trading over 1/10 of 1% higher against the US Dollar. NYMEX crude is now up 2/3 of 1% and trading at $92.81/barrel. Gold is up nearly 1% and silver is up 2.1%. Base metals ended the session higher, but mostly off earlier highs. Indicator charts show nickel opened higher early, and spent the day slowly giving up gains. For the day, Dow Jones reports three month nickel ended the session at  $8.43/lb . Stockpiles of nickel stored in LME warehouses around the world fell on Tuesday and now total just over 86,500 tonnes. Markets are bouncing back after two down days and only time will tel if it is anymore than a relief rally.

  Reports

  Commodity/Economic Articles and Comments

  • Cronimet signs pact with JSL Stainless to supply ferro chrome - more
  • Some 15% of U.S. Uses Food Stamps - more
  • Greece’s Surprise Referendum Adds to Chaos - more
  • Europe Shouldn’t Count on a Chinese Bailout - more

  Thyssen sounds out pvt equity on stainless -sources - Germany's biggest steelmaker ThyssenKrupp AG invited private equity buyers to a roadshow about a sale of its stainless business, two sources familiar with the matter said on Wednesday. - more

  Record High Levels of Stainless Steel Predicted for 2011 and 2012 - Total world crude stainless steel production for 2011 is predicted to be 32.5 million tonnes. This would be an all-time high tonnage, 4.5 percent greater than the previous record, set last year. - more

  Scrap yard owner, 3 others charged in metal theft scheme  - A Lawrenceville scrap yard owner and three others were charged after state police said they successfully schemed to steal thousands of pounds of nickel from Allegheny Ludlum and sell it to companies across the country. - more

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:00 am CST show 3 month nickel trading around $.11/lb higher, and off earlier highs, with all London traded base metals trading higher this morning. The Euro is trading over 1/2 of 1% higher against the US Dollar this morning. NYMEX crude futures are up nearly 9/10 of 1% and trading at $93.00/barrel. Gold is up 2/3 of 1% and silver is up more than 1.1%. In overnight trading, Asian markets ended higher, with China up 1-2/3%. European markets are trading higher this morning, and US futures imply Wall Street may open higher as well. Nickel stockpiles fell yesterday.
  • LME Morning - Metals consolidate snap rebound, mood remains nervous - more
  • Reuters - Copper extends slide as global growth woes mount - more

  Reports

  Commodity/Economic Comments

  • MF Global Morning Comments -  Oct 31st may have been the last report as MF Global filed for bankruptcy earlier that morning, and lost its ability to trade on the London Metal Exchange on November 1st.
  • (Interfax) China has reduced export quotas on tungsten, antimony, molybdenum, tin and silver for 2012, the Ministry of Commerce (MOFCOM) said Oct. 31.
  • (MSS) Production of stainless rolled products in Russia increased by 3.6%
  • Challenger, Gray & Christmas - Job cuts plummet in October to 42,759. Is this trend likely to continue?

  China's stainless steel output up 12.8 percent in Jan-Sept - China's stainless steel production for the first nine months of 2011 amounted to 9.37 million mt, increasing by 12.8 percent compared to the same period of 2010, according to the data released by the Stainless Steel Council of the China Special Steel Enterprise Association (CSSC) on October 27. - more

  Finnish union threatens to expand strike to Nokia - A Finnish white collar workers' union said on Wednesday it may expand an ongoing strike next week to include maker Nokia , a move that could slow operations at the Finnish mobile phone company. - more

  Norilsk: May Launch Nickel JV With BHP Billiton In Australia - Russian mining giant OAO Norilsk Nickel may create a nickel-focused joint venture with BHP Billiton Ltd. (BHP.AU) in Australia, a Norilsk executive said Wednesday. - more

  Dispute between major Russian metal producers to be heard on Nov. 8 - An arbitration court of appeal in Siberia shelved the hearing of an appeal filed by MMC Norilsk Nickel against a lower-court's order to submit business documents to MMC's minority shareholder Rusal, the court told the Russian Legal Information Agency on Wednesday. - more

  Lawrenceville scrap yard owner charged with buying stolen nickel - A Lawrenceville scrap yard owner was accused on Tuesday of buying nickel that three men allegedly stole last week from the ATI/Allegheny Ludlum steel mill in Harrison. - more

  Morning Nickel Inventory and Price Statistics & Figures

  • London Metal Exchange inventory figures/changes - (for today's figures see MF Global report above)
  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

Tuesday, November 1

  Daily Nickel/Stainless Steel Wrap-up
  • Baltic Dry Index - plus 168 to 86,676. (chart)
  • Dollar graph in lower right corner of this page - (chart of dollar index) (live java chart)
  • Headlines & leaders - (Bloomberg) China PMI Drops to Lowest in Almost 3 Years // Most China Stocks Drop on Manufacturing Slowdown; Anhui Conch, Poly Slump // ‘Mob Rule’ Threatens Bangkok’s Business Areas With Floods, Governor Says // Nomura Posts First Loss in Two Years // Asian Stocks Decline on Slower China Manufacturing, European Debt Concerns // Papandreou Asks Greeks to Back EU Debt Accord in Vote // Credit Suisse Plans 1,500 More Job Cuts After Loss at Securities Division // U.K. Third Quarter Growth Rebounds Before Crisis // European Stocks Sink as Greece’s Government Calls Referendum; Banks Tumble // Citigroup No. 1 in Picking Financial Stocks // Default Risk in Europe Rises for U.S. Banks as Swaps Soar to $518 Billion // ISM Index of U.S. Manufacturing Falls // Bernanke: Housing Hinges on Refinancing // Stocks, Euro Decline on Greek Referendum
  • The Euro is trading just over 1-1/4% lower against the US Dollar at the moment. NYMEX crude is down 3% and trading at $90.38/barrel. Gold is off more than 1/3 of 1% while silver is lower by more than 3.8%. Base metals fell today, unable to handle the second day of large drops in the Euro. Indicator charts show nickel opened lower, slid hard for the first half of the session, and slid much softer for the latter half. For the day, Dow Joes reports three month nickel ended the session at $8.44/lb . Stockpiles of nickel stored in LME approved warehouses grew on Monday and now total just over 86,650 tonnes. An announcement by Prime Minister George Papandreou of Greece to hold a public referendum on the Greece bailout took world markets completely by surprise. The entire sovereign debt crisis bailout plan is now under threat of having its legs cut off before it even starts the race. Markets were starting to have their doubts about the whole rescue plan yesterday and today's announcement, seemed to justify the earlier concerns. German and French stock markets were hit especially hard, down 5% and 5.7% respectively. The Dow has been trading over 200 points lower most of the morning. Meanwhile metals got whacked on future economic uncertainty, slowdown's in both Chinese and US manufacturing in October, and very volatile Euro.

  Reports

  Commodity/Economic Articles and Comments

  • 3 big questions for MF Global fiasco - more
  • Euro-zone Unemployment Ticks Up - more
  • Rising Misery Indexes Worsen Income-Gap Effect: Chart of the Day - more
  • Keeping Ahead of the Joneses: The Economics of Staying out of Last Place - more
  • The Recession and Retirement - pdf here
  • America's Other 87 Deficits - more
  • World Economy: China Must Slow Growth - more

  High Prices Cut Chinese Imports of Stainless Steel - The high price of Nickel on the London Metal Exchange (LME) has led to decline in Chinese stainless steel scrap imports, and the exponential growth of its own nickel pig iron production, according to Sven Tollin, Chief Statistician at the Portugal-based International Nickel Study Group (INSG). - more

  Panama Approves First Specialized Vessel for Carriage of Nickel Ore - A new vessel being built at Japanese shipyard Naikai Zosen Corporation for shipowner Nissho Shipping Co., Ltd. became the first vessel to receive approval from the Panama Maritime Authority - more

  Steel Prices Decline In All Regions Of The World During October - In the US, flat products transaction prices fell in October despite the fact that the domestic mills had proposed further rises for the fourth quarter, on top of those noted last month. - more 

  Morning Briefing (8:00 AM CST is 1PM in London)

  • Indicators at 7:00 am CST show 3 month nickel trading around $.34/lb lower, with all London traded base metals lower. The Euro is trading 1-1/3% lower against the US Dollar. NYMEX crude futures are down 2-2/3% and trading at $90.72/barrel. Gold is down nearly 1.3% and silver is lower by 3.7%. In overnight trading, Asian markets ended lower, with China up slightly. European markets are trading much lower this morning, while US futures imply a triple digit lower opening for Wall Street. Nickel inventories rose on Monday. Markets are reacting negatively to a lower China PMI reading and a surprise move Greek Prime Minister George Papandreou to call a public referendum on its bailout package.
  • LME Morning - Negative Chinese data, Greek referendum weigh on base metals - more

  Reports

  • ISSF - New data stainless steel demand index and stock cycle review available - more
  • Daily Market Report - pdf here
  • Commodities Report - pdf here
  • Commodities Daily - pdf here
  • Metals Insight - pdf here

  Commodity/Economic Comments

  • MF Global Morning Comments -  Oct 31st may have been the last report as MF Global filed for bankruptcy earlier that morning, and lost its ability to trade on the London Metal Exchange on November 1st.
  • (Macquarie) Having fallen steadily for most of this year, the LME nickel price stabilised over the past month and at one stage rose more than 10% above the recent low. The relationship between prices and the “fundamentals” appears at odds this year, with prices falling despite ongoing falls in LME stocks this year (by over 50kt YTD). The recent price rally, which appears to reflect short covering, came at a time when we are hearing of a deteriorating demand outlook from the stainless steel industry. In addition, preliminary numbers suggest a sharp rise in nickel production in 3Q11 to an estimated 418kt, up 17% YoY and 12% QoQ. The production rise took place despite ongoing delays in the big Greenfield nickel projects and an apparent stalling of Chinese nickel pig iron production growth. The near-term outlook appears bleak.
  • (Interfax) China's largest steelmaker, Baoshan Iron & Steel Co. Ltd. (Baosteel), is in talks with Brazilian iron ore giant Vale SA over a new pricing system for the fourth quarter (Q4) based on average spot prices instead of quarterly contracts, a source with Baosteel confirmed to Interfax Nov. 1.
  • 3 Men Arrested In Nickel Theft At Local Steel Plant - more
  • Survey: Uncertainty Continues to Dominate U.S. Outlook - more
  • China's PMI drops to 50.4% in Oct - more

  MF Global Suspended From LME Trading, CME Clearing After Bankruptcy Filing - MF Global Holdings Ltd. (MF), the holding company that filed for bankruptcy protection, was suspended from trading on the London Metal Exchange. - more

  Another Australian nickel mine on block as metal price slips - Australian miner Kagara Ltd said on Tuesday it was talking to potential buyers for its nickel mine, the latest in a series of sales which could lead to further consolidation in the local sector as global prices for the metal falter. - more

  Chinese commodity demand nears short-term peak - Chinese demand for commodities may be approaching a short-term peak, according to analysts at RBC Capital Markets. - more

  Russia Norilsk plans $35 bln in investments to 2025 - The board of Russian miner Norilsk Nickel has approved a strategy that envisages investing $35 billion in 2011-2025 to expand its resource base and raise output, Norilsk said on Thursday. - more

  China Iron Ore Imports at Cheapest Compared With Local Supplies in 3 Years - Iron ore imports into China fell to the cheapest compared with the local price of the steel-making ingredient in at least three years. - more

  Morning Nickel Inventory and Price Statistics & Figures

  • London Metal Exchange inventory figures/changes - (for today's figures see MF Global report above)
  • Today's almost official prices here  /  Yesterday's actual LME official prices here or here
  • Shanghai Jinchuan nickel price - available here  
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber's only. We encourage our readers to use the services of those companies who supply reports and information free of charge. Contact us

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All prices shown on this page are indications only. "A Guide To LME Trading"...pdf here "The ABCs of a Metals Exchange" ...pdf here (Molybdenum prices are for molybdenum oxide, an ingredient and major price factor in 316 stainless) (all ton listings are metric tons = 2204.622 pounds ) Updated daily before 8 am CST and before 1 pm CST weekdays - Disclaimer Candlestick Pattern Dictionary here / Intro to Candlesticks here Original content and opinions copyright www.estainlesssteel.com. Note - For real time and official LME prices, LME requires a user subscribe to be an authorized LME vendor.

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