Stainless Steel News and Nickel Prices



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stainless steel daily news
Thursday, December 1

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Wednesday's trading session at $12.24/lb ($26,980/tonne). Indicators at 6:00 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Wednesday and started the new month just over the 53,100 tonne level. Nickel is trading just a smidgen over the $27,000/tonne level, and at least for the moment, it appears the bulls are grazing. While we showed Yieh announcing a price drop for December, fellow Taiwan company Walsin Lihwa has announced a price increase for December stainless steel wire. Norilsk forecast a 109,000 tonne nickel surplus for this year, and about the same for next. We started the year with LME stockpile numbers at the 100,000 tonne level, and we are just over 53,000 today. If there is a surplus, it is because LME numbers have become highly insignificant to gaging real world supply and demand parameters. We thought it was the game playing with inventory that clouded these numbers, but that fairly well ceased in March, when the market imploded. So we will continue to monitor and report LME numbers daily, but keep in mind they mean little in comparison to what they used to. Stay safe and have a great day ..... and month.
  • Average price of LME traded cash nickel so far this month - $11.46/lb (average November)

  Reports

  • Reuters metals morning - Copper rises as dollar slides, China loosens COVID curbs - more
  • Refinitiv Inside Commodities - pdf here
  • SMM Evening Comments - more
  • ING The Commodities Feed - daily here
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • ING Nickel surplus to build - pdf here
  • China NBS Manufacturing PMI - more
  • Global Manufacturing PMIs - pdf here
  • WTO raw material ruling - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    Wednesday's market review - Copper hits near two-week high on weaker dollar - Copper prices climbed to their highest in nearly two weeks on Wednesday, boosted by a weaker dollar amid hopes that inflation is peaking and the pace of central bank rate hikes will slow. - more

  • Surge in nickel prices threatened to blow $2.6bn hole in key LME entity - more

     Walsin Lihwa moderately hikes stainless steel wire rod prices for Dec - Walsin Lihwa, a leading stainless steel wire rod manufacturer in Taiwan, announced to hike its new prices for stainless steel wire rods for December. - more

     Russia's Nornickel sees global nickel surplus at 109,000 T in 2022 - Russia's Nornickel said on Wednesday it sees the global surplus in the nickel market coming in at 109,000 tonnes in 2022, and 110,000 tonnes next year. - more

     WTO backs EU in dispute with Indonesia over nickel ore ban - The World Trade Organization recommended on Wednesday that Indonesia change measures including a ban on nickel ore exports in a dispute with the European Union. - more

     BHP's CEO expects Chinese economic growth to continue - BHP Group Ltd Chief Executive Mike Henry told the Reuters NEXT conference on Wednesday that "all fundamentals are in place" in China for continued economic growth over the next 20 years. - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Did the pandemic really kill just-in-time? Experts weigh in - more
  • China set to loosen COVID curbs after week of historic protests - more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more


November Archives


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(all ton listings are metric tons = 2204.622 pounds ) Updated Monday thru Thursday before 7 am CST, Friday version before 8 am CST - Disclaimer Original content and opinions copyright www.estainlesssteel.com. All prices shown on this page are indications only. Please note - for real time and official LME prices, LME requires a user subscribe to an authorized LME vendor.




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