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Nickel Prices and Stainless Steel Market

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Wednesday, April 24

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Tuesday's trading session at $5.62/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and now total just under the 174,900 tonne level. To best describe the nickel market the last few days, one needs only to picture a small boat running into a rock, and now the occupant is bailing water as fast as they can to keep from sinking. For those who believe the importance of technicals, nickel fell thru support last night, and is fighting to get back to that point today. A second close below $5.66/lb would send a technically negative signal. The Euro is offering no help to traders. A drop against the US Dollar on Thursday and another drop on Tuesday is reflected in nickel's fall, and so far today, the Euro is stable. U.S. stainless steel surcharges are published and we follow two of them, with a sample distributor as well. (Surcharges here). Trade talks will resume next week in Beijing, and the owner fo Norilsk Nickel is featured below.
  • Average price of cash nickel so far this month - $5.89/lb (below $13,000/tonne)
  • Average price of LME traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb /

  Reports

  • Reuters metals morning - Shanghai metals fall on fears of easing stimulus in China - more
  • Reuters Daily Inside Metals - pdf here
  • SMM Evening Comments - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Scotiabank Reports - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • U.S., China Officials to Resume Trade Talks April 30 in Beijing - more
  • Worsening Mood in Germany, France Damps Euro-Area Rebound Hopes - more
  • Stocks Struggle as Bonds Gain; Dollar Strengthens: Markets Wrap - more

     Tuesday's market review - Nickel hits two-month low on improving supply and strong dollar - Nickel prices hit a two-month low on Tuesday on signs of rising supply while the wider market also fell on a stronger dollar and uncertainty about the Chinese economy. - more

      Raw material shortages, tariffs and trade wars: Allegheny Technologies faces hurdles in 2019 - A shortage of a raw material used in the production of jet engines and 3D printing contributed to lower-than-expected earnings for Allegheny Technologies Inc. — just one of the challenges thrown at its new CEO.  - more

      Citi Says U.S. and China Will Nail Deal, Aiding Commodities - The outlook for commodities is bullish, according to Citigroup Inc., which expects raw materials to be supported by a confluence of positive factors including the agreement of a trade deal between Washington and Beijing, improved demand from China, and a weaker dollar. - more

      Zimbabwe signs multibillion-dollar mining deal with Chinese company - Zimbabwe on Tuesday signed a multibillion-dollar mining deal with China's Tsingshan that will see the Chinese firm mining chrome, iron ore, nickel and coal in Zimbabwe. - more

      EV battery nickel use climbs - Adamas said this week that 104% more nickel was deployed in new passenger EV batteries in February, up 104% year-on-year. - more

      Tasmania's Avebury mine to stay closed amid claims it owes $1 million in rates - A nickel mining project in Tasmania's west that promised to breathe new life into the Zeehan area and create hundreds of new jobs has stalled indefinitely, with the owners blaming a rates stoush with the local council. - more

      Meet Vladimir Potanin, the richest documented man in Russia, who made his $22 billion fortune in the nickel industry, has owned at least 3 yachts, and plays ice hockey with Vladimir Putin - more

  Morning Nickel Price Statistics & Figures

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

March Archives


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"A Guide To LME Trading"...pdf here (all ton listings are metric tons = 2204.622 pounds ) Updated Monday thru Thursday before 8 am CST - Disclaimer Original content and opinions copyright www.estainlesssteel.com. All prices shown on this page are indications only. Note - For real time and official LME prices, LME requires a user subscribe to an authorized LME vendor.