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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 Bolts

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Monday, October 16

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Friday's trading session at $5.30/lb . Indicators at 5:45 am CST today show 3 month nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME approved warehouses fell slightly on Thursday and gained most of the drop back on Friday, so our numbers are just under the 385,800 tonne level to start the week. Nickel is once again trading above its 10, 30 and 100 day moving averages, and trading at its highest since September 12th. The bull run last peaked out at $5.56/lb, so we could be trading at a new two year high this week. Another nickel ore ship has gone down. The Euro and Yuan are quiet so far, so they are neither assisting or hurting commodity traders. Copper is trading at its highest in 3 years, and this is helping other base metal trading. As a reminder, nickel is being boosted by multiple things. China steel production is up, while their so called pig nickel supply is being tampered by an attempt to cut pollution. This has been attempted on numerous occasions prior but the country seems to be taking the effort a lot more seriously this round. We also have the speculation that a worldwide shift to battery operated automobiles could seriously increase demand and push suppliers to keep up. It is hard for those of us in America to understand the potential for this market, but anyone who travels to Europe or Asia, understands that the potential for a real boom exists. Nickel, like nearly all commodities, operates on a cyclical boom and bust period. It has been five years since nickel traded at $20,000/tonne ($9.07/lb) and while there is no reason to speculate we could be trading there again anytime soon, an announcement later this week from China that they want to shift all personal vehicles to battery power within 10 years, could see nickel getting some serious attention. When was the last time you heard of anybody planning, building, or opening what we like to call a mega mine? This is what typically happens during a bust period. Hard to convince investors on the risk of building a new mine when prices have been low for so long. Yes there are current mines that could re-open and expand, but a true boom period eats up this extra supply and wants more. So no, we are not calling for a boom period on the near horizon. But one will come some day. For today, nickel stockpiles continue to run ahead of where they started the year, so much of what we are seeing in the market, is more speculation than based on any sudden tip n the supply.demand equation shifting. Earlier than usual update again today.
  • Average price of cash nickel so far this month - $4.90/lb
  • Average price of LME traded nickel in 2017(1st half) - $4.43/lb / 2016 - $4.36/lb / 2015 - $5.37/lb / 2014 - $7.65/lb / 2013 - $6.80/lb /
  • (USGS) Metal Prices in the United States Through 2010 - pdf here
  • Baltic Dry Index - (current) (chart)
  • Dollar trading graph - (chart of dollar index)
  • Reuters metals morning - London copper hits 3-year high, breaking $7,000/T, on rosier China economy - more

  Reports

  • Damstahl Stainless Steel Report - October 2017 - pdf here
  • Reuters Daily Inside Metals - pdf here
  • KBC Commodity Report - here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Yieh Daily Asian Stainless Steel News - more
  • Gerdau Steel Market Update - more
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • China Iron Ore Demand Robust In September - more
  • Iron Ore Rallies as China Imports Bust 100 Million Ton Level - more
  • Metal supplies and the demand for electric vehicle batteries - more
  • Philippines' Duterte lifts suspension on gold miner Lepanto - more
  • worldsteel Short Range Outlook 2017/2018 - more
  • Stocks Rise as Oil and Copper Surge; Euro Weakens: Markets Wrap - more

     Nickel hits one-month high on bets of looming Chinese output cuts - Nickel prices hit a one-month high on Friday on concerns China might order further output cuts as it ramps up efforts to clean its skies, while aluminium gave back gains after rising on news a Chinese city had ordered capacity reductions. - more

     Bulker Carrying Nickel Ore Sinks Off Philippines - In the early hours of Friday morning, the 33,000 dwt bulker Emerald Star capsized and sank at a position about 325 nm south of Ishigaki Island, Japan. - more

     China's Import and Export Results of Nickel in August 2017 - According to the foreign trade statistics of China, the import and export results of nickel-containing products in August 2017 are as per the table below. - more

     Philippines Nickel Ore – 14 mining firms still operating despite suspension order - Further to our previous web alert, the club’s correspondents in the Philippines (Claims Services P&I Management Co Inc) have issued the attached circular advising that 14 mining firms are still operating despite the suspension order earlier this year by the Philippines Department of Environment and Natural Resources (DENR). - more

  • Jaipur man missing in capsize off Philippines - more

     Write-down risks loom for Sumitomo's nickel, tire ops - Stock market watchers are starting to worry about impairment risks facing Sumitomo Corp. on its nickel-mining and tire businesses, which may upset the Japanese trading house's forecast for profit growth this fiscal year. - more

     Tourist site near an open mining pit - Just a hundred meters from the shoreline of Hinatuan beach in Surigao del Sur lies a future tourist attraction being built by an unexpected group — a coastal resource management team working for Nickel Asia Corp. (NAC), the largest nickel producer in the country. - more

     Environmentalist's comments about miners in New York Times Magazine story cause uproar on Iron Range -  A story in this Sunday’s New York Times Magazine has exploded already simmering tensions between environmentalists and mining advocates on the Iron Range. - more

  • DFL candidates forced to walk a fine line on mining issues - more
  • DFL’s mining split sets up new election hurdles - more
  • Our Views: Returning the copper-nickel debate to a respectful place - more

     Clive Palmer loses appeal to stop legal battle with Queensland Nickel liquidators - Embattled businessman Clive Palmer has lost an appeal to halt his legal battle with Queensland Nickel liquidators who are attempting to freeze more than $200m of his personal assets. - 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

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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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