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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

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Wednesday, January 16

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Tuesday's trading session at $5.30/lb . Indicators at 6:20 am CST today show 3 month nickel trading unchanged, but having recovered from early morning dip. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today's session just under the 201,400 tonne level. We were going to publish daily withdrawal rates thru the first half of the month showing the rate of decrease had risen substantially since December but today's surprise rise kind of put the kibosh to that. Shanghai nickel, which up until today, has not really bought into the nickel rally, finally jumped late in its session. President Trump called back another 50,000 government employees to work without paychecks - that makes upwards of 800,000 now. Apparently the trade negotiations between China and the US have yet to be affected by the shutdown, with the markets apparently beating an agreement will be reached by the March 1st deadline. A New York Times article yesterday reported President Trump threatened to pull the U.S. out of NATO numerous times over the last year. With European leaders already at odds with President Trump over trade issues, the nationalistic stance the US had recently taken in the world arena, is threatening to jeopardize long term political, and business relationships. The Euro is trading lower since this news broke, which is adding negative pressure to commodity trading. Other than that, it is a slow news day for nickel.
  • Average price of cash nickel so far this month - $5.03/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 - London copper rises on weaker dollar, China stimulus hopes - 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
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • (SO) China’s stainless steel output rises by 4.9 percent in Jan-Nov
  • Trump Orders Thousands Back to Work Without Pay to Blunt Shutdown Disruption - more
  • Stocks Gain on Stimulus Hopes; Pound Fluctuates: Markets Wrap - more

     Tuesday's market review - Copper steadies as China points to further stimulus measures - Copper prices steadied on Tuesday as top consumer China signalled further stimulus measures to support economic growth and demand while U.S. President Donald Trump raised hopes of reaching a trade deal with Beijing. - more

      China's trade data weak? Not if you look at commodities: Russell - Anybody reading the commentary on China's December trade figures would be left with the impression of an economy increasingly losing momentum amid a dispute with the United States. - more

      WBMS January to November 2018 Metals Balances - The Nickel market was in deficit during January to November 2018 with apparent demand exceeding production by 6.5 kt. In the whole of 2017 the calculated deficit was 41.3 kt. Reported stocks held in the LME at the end of November 2018 were 154 kt lower than at the end of the previous year. Refined production in January to November 2018 totalled 2079 kt and demand was 2085 kt. - more

      Courtesy AISI - In the week ending on January 12, 2019, domestic raw steel production was 1,891,000 net tons while the capability utilization rate was 79.8 percent. Production was 1,715,000 net tons in the week ending January 12, 2018 while the capability utilization then was 73.6 percent. The current week production represents a 10.3 percent increase from the same period in the previous year. Production for the week ending January 12, 2019 is up 0.8 percent from the previous week ending January 5, 2019 when production was 1,876,000 net tons and the rate of capability utilization was 80.0 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

Tuesday, January 15

  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 6:20 am CST today show 3 month nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and now total just under the 198,000 tonne level. Nickel fell yesterday after China released export and import numbers, which took the market by surprise. Today, markets are again trading higher, on news that President Trump is promising China wants a trade deal, and China is promising more tax cuts to stimulate their economy. Even if President Trump is just trying to keep the market rally going with his comments, and China's tax cuts turn out to be more of a feel good stoke to the rally, the news that China's imports and exports are slowing could signal China will be more willing to come to an agreement. Washington could be realizing last months PMI number is evidence the trade war is affecting US industry as well. Could they be more willing to find an agreement as well? As long as they are both talking, there is hope and there are plans for more face to face later this month. It's the half way point of the first month of 2019 already. And so far this year, nickel had traded mildly bullish.
  • Average price of cash nickel so far this month - $5.01/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 - Copper steadies as China points to further stimulus measures - 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
  • Baltic Dry Index - (chart)
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Trump predicts U.S. will reach trade deal with China - more
  • Indonesia charging ahead with electric vehicle ambitions - more
  • Stocks Battle to Hold Advance; Pound Turns Lower: Markets Wrap - more

     Yesterday's market review - Base metals fall as China's exports slump - Copper prices fell on Monday as unexpectedly soft trade data in top consumer China outweighed record imports of the metal's concentrates last year. - more

      Global metals trading volumes slide on macro uncertainty: Andy Home - Investors have fled the industrial metals markets as previous trading strategies have been overwhelmed by macro uncertainty. - more

     Nickel Outlook 2019: No Boom, but Batteries Loom - Nickel was as hard hit as other base metals in 2018 as investor sentiment bled the markets, leading to lower prices even as demand increased. - more

     Steelmakers Need Reduction In Customs Duty On Key Input Material: Industry Body - Industry body Ficci has recommended a series of steps for the steel-making industry. Among the key changes, suggested by Ficci in its pre-Budget memorandum 2019-20, it has pitched for reduction in customs duty on a variety of materials used as key inputs in the steel-making process.  - more

      Panoramic Resources on track for first shipment from recommissioned nickel-copper-cobalt project - Ramp-up to full underground production is on schedule and concentrate is being trucked to the Wyndham port. - more

      Stauber introduces PolyMet land exchange bill - U.S. Rep. Pete Stauber introduced a long-promised bill Monday that would curb legal challenges to what could become Minnesota’s first copper-nickel mine. - 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

January 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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