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Stainless Steel News and Nickel Prices

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Daily Nickel Market News & Stainless Steel Prices

Nickel Prices and Stainless Steel Market

Tuesday, November 13

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Monday's trading session at $5.16/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.05/lb higher. Stockpiles of nickel stored in LME licensed warehouses slipped by a few tonnes yesterday and started today's session at 216,600 tonnes. Nickel is trading higher today and business media seems tobe crediting reports of back door conversations going on between China and the US over the trade dispute. While there is no evidence an agreement is imminent, no agreement can be reached without talks so.... Nickel closed for a second time below support at $5.24/lb and has yet to make it back up to that point this morning. If you are one of those who take the technical signals seriously, then a second close below support is a bearish signal. If this line holds, then look to $5.03/lb for the next support. Macro economic signals are also adding pressure. The trade dispute is the major thorn in commodities side right now, but the strength of the US Dollar and political problems in Europe are also adding negative pressure. Steel prices in China continue to fall as well. Enjoy a potentially bullish market today, because the news has been downright negative so far this week.
  • Average price of cash nickel so far this month - $5.28/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Copper rebounds amid U.S.-China trade optimism - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • US Trade Tensions Will Not Derail Chinese Economy, Commerce Ministry Says - more
  • The Man Who Brought Down a Commodity Giant Says He Acted Alone - more
  • Stocks Climb on Trade Talk Hopes; Oil Extends Loss: Markets Wrap - more

     Yesterday's market review - Nickel slumps to 11-month low on stainless steel worries - Nickel fell to an 11-month low on Monday on worries about stainless steel, while other base metals were pressured by uncertainty about the global economy. - more

       Sherritt International sees jump in nickel production and profit - Sherritt International, has released its 2018 Q3 report, and the numbers are up, thanks to the success of the company’s Moa joint venture (JV) with the Cuban Government. - more

       Shipment of Steel by U.S. Mills Declined 7.5% - The combined steel shipments by the U.S. mills during initial nine-month period of 2018 totaled 71.469 million net tons. - more

      Courtesy AISI - In the week ending on November 10, 2018, domestic raw steel production was 1,915,000 net tons while the capability utilization rate was 81.7 percent. Production was 1,708,000 net tons in the week ending November 10, 2017 while the capability utilization then was 73.3 percent. The current week production represents a 12.1 percent increase from the same period in the previous year. Production for the week ending November 10, 2018 is down 0.1 percent from the previous week ending November 3, 2018 when production was 1,917,000 net tons and the rate of capability utilization was 81.8 percent. - 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

Monday, November 12

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Friday's trading session at $5.20/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.04/lb lower. Stockpiles of nickel stored in LME licensed warehouse fell on Thursday and Friday and start the week just over the 216,600 tonne level. Nickel fell sharply on Friday as traders fret about world events and market data. Nickel closed below support on Friday and is showing no signs of climbing back to that point today - at least yet. A US Dollar trading at a year high is also adding negative pressure on commodity trading in general. US stock futures are pointing south again today, showing on a more visible scale, the nervousness amongst traders. China steel futures are lower for a second week, and stainless steel prices in that country are continuing a down trend. Oil prices are falling and while that is good news for the consumer at the pump, it is sending markets a negative economic signal. All in all, not a real cheery start to the week on the news front... but it is still early. We hope you enjoy your week.
  • Average price of cash nickel so far this month - $5.30/lb
  • Average price of LME traded nickel in 2017 - $4.73/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb

  Reports

  • Reuters metals morning - Nickel slumps towards 11-month low on stainless steel worries - more
  • Reuters Daily Inside Metals - pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Nickel Asia net income surges 35% to P3.54B - more
  • Xinhua Headlines: 1978-2018: China's import history through the lens - more
  • Peter Peng of CRU Group via Reuters - “Stainless steel prices dropped a lot in the last two weeks because production is too high...Investors are quite bearish about the futures market.".
  • Stocks Slip in Europe; Dollar Strengthens With Oil: Markets Wrap - more

     Friday's market review - Nickel hits near 11-month low as speculators step up pressure - Nickel slumped to its lowest price in nearly 11 months on Friday and other industrial metals slid as speculators unleashed more selling due to worries about higher U.S. interest rates and slowing Chinese economic growth. - more

      New Caledonia fire follows end of mine blockade - Police in New Caledonia have opened an investigation into yet another fire at the nickel mine in Kouaoua - the 14th this year. - more

      Iron ore’s China import boom seen faltering as peak passes - The great Chinese iron ore buying machine may be about to falter. Imports of the raw material that feed the world’s largest steel industry are at risk of shrinking this year for first time since 2010 even as official figures suggest that mills are producing unprecedented amounts of steel. - more

      Glencore's radioactive shock for the cobalt market: Andy Home - Glencore’s Katanga mine in the Democratic Republic of Congo (DRC) was supposed to transform the cobalt market. - more

     On the Iron Range, new hopes and new anxieties - For years, residents of this struggling mining town have clung to the hope that their old way of life would return. - more

      Steel industry co-products – worldsteel position paper - The World Steel Association (worldsteel) has published a position paper on the steel industry’s use of co-products. - 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

November 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.

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