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Nickel Prices and Stainless Steel Market

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Monday, June 17

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Nickel closed Friday's trading session at $5.38/lb . Indicators at 6:20 am CST today show nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and started the week just over the 167,100  tonne level. Nickel stockpiles are now back to where they were this time last month, and thus the mid month daily deficit report we post, is kaput this month. We started the month just over the 158,600 tonne level, so we have seen a rather large daily increase for the first half of this month. This, with a stronger US Dollar, is hurting any attempted bull run by traders. The $12,000 tonne level continues to put up resistance, and this morning's attempt has pushed nickel back to $5.37/lb. The news of flooding and landslides in Indonesia has helped add some stability to the market, but not much more than that. Nickel's closing for the last three days of last week were $5.37/lb, $5.37/lb, and $5.38/lb. And its currently trading around ..... $5.37/lb. So while we call last weeks run bullish, in fact, it was more of a stability move, and any attempt by the bulls to take the price of nickel over the $12,000/tonne level, and they have tried daily since last Tuesday, have failed. Technical indicators, thus, remain negative. Besides Indonesia, news remains on the light side, typical for the summer season. Even in Indonesia this is the typical peak of the dry season, so the timing of the floods there is not the norm. We hope your week, if eventful, is a prosperous one, and if not, a healthy one.
  • Average price of cash nickel so far this month - $5.34/lb
  • 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 - Nickel rises on supply fears but strong dollar caps gains - more
  • Reuters Daily Inside Metals - pdf here
  • SMM Evening Comments - more
  • U.S. Exports of Stainless Steel Mill Products - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Scotiabank Reports - more
  • Baltic Dry Index - (chart)
  • Stainless steel: The role of nickel - here
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • U.S. May Order Funds to Dump Chinese Stocks, Activist Webb Says - more
  • Stocks Trade Mixed as Focus Turns to Central Banks: Markets Wrap - more

     Friday's market review - Copper slides as China data dents demand prospects - Copper prices fell on Friday after weak manufacturing and investment data from top consumer China reinforced expectations of damage to growth and demand prospects from the protracted U.S.-China trade war. - more

      Landslides cut off access to cities, nickel mine in northern Sulawesi - Massive landslides have cut off the main road connecting Palu, Gorontalo and Manado in the northern part of Sulawesi just as thousands of Idul Fitri travelers were making their way home. - more

      Afarak’s South Africa woes show risks of mining geared to China - South African miners that are geared to Chinese demand are walking a tightrope between high domestic electricity costs and the prospects of economic slowdown in China. - more

      London Metal Exchange slaps alcohol ban on open outcry traders - The London Metal Exchange has banned open outcry traders from consuming alcohol during the day, it said on Friday, joining other London firms in halting a culture of boozy lunches. - more

      Taiwanese stainless steel scrap exports to Indonesia surge in Apr - According to the statistic from the Taiwanese customs, Taiwanese stainless steel exports had shown a dramatically increase in April. - more

      EPA inspector general will audit PolyMet permit - Further scrutiny after documents were released detailing the EPA's concerns on a draft permit for Minnesota's first copper-nickle mine - more

     What is BHP Nickel West searching for under the Nullarbor? - On several occasions in the past five years, BHP has tried to sell its WA-based nickel division, Nickel West. - 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

June 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.