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Daily Nickel Market News & Stainless Steel Prices

Nickel Prices and Stainless Steel Bolts

Thursday, May 24

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)

  US markets are closed Monday for Memorial Day, and LME markets are closed Monday for Spring Bank Holiday. Our next update will be Tuesday, May 29th. Have a safe and relaxing weekend!

  • Three month nickel closed Wednesday's trading session at $6.65/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today just under the 296,900 tonne level. Much like last fall's LME Week festivities, the LME Asia meetings and the ongoing battery demand for nickel caused the metal's trading value to turn bullish during the meeting, only to sputter afterwards. Unlike the post conference price collapse last year, the market appears to be fighting to hold on to its gains this time around. Stockpiles have fallen nearly 20% this year. To give you an idea of why this is worth watching, last July 1st, stockpiles stood at 371,460 tonnes. Six months later, they ended the year at 366,612 tonnes - a barely noticeable difference. Today, just under 5 months later, they have dropped under the 300,000 tonne level. That is a huge increase in demand, and while there maybe big trading houses playing games with hidden stockpiles making demand appear to be greater that it really is, in this case, we believe that is not the case. We haven't passed the 6 month mark yet to see where it stands, and we have not yet entered the typical slower demand summer months, but  we are seeing stockpile numbers, still huge, looking far less secure as they were just last year. If the rate of decline were to continue at its current pace, we could be under 250,000 tonnes by the end of this year. Way too early to make that anymore than a wild speculation, but based on stockpiles ... we don't see the long term trend of nickel turning bearish anytime soon.
  • Average price of cash nickel so far this month - $6.44/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 - Lead hits highest since late February, copper steadies - more
  • Reuters Daily Inside Metals - pdf here
  • Nickel , Zinc , Aluminium , Lead , Natural gas Commodity Report By Enrich Commodities  - 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
  • China’s commodity exchanges - more
  • Rusal resumes shipments of aluminium to some customers - more
  • India takes U.S. steel tariffs complaint to the WTO - more
  • Study Shows Robust Economic Impact of American Iron and Steel Industry - more
  • Stocks Mixed as Trade Worries Linger; Euro Gains: Markets Wrap - more

     Wednesday's market review - Copper slides as optimism over U.S.-China trade talks fades - Copper posted its biggest one-day drop in nearly a month on Wednesday as fading optimism that a China-U.S. trade stand-off was at an end knocked appetite for cyclical assets, helping pull the metal from the previous day’s high. - more

      Botswana court reverses ruling to end Tati Nickel's liquidation - A Botswana court has overturned last month’s High Court decision to take Tati Nickel Mine out of provisional liquidation because the earlier ruling did not consider the impact on creditors. - more

     Chalice targets new growth front in battery metals following acquisition of two highly prospective vanadium-nickel projects - Chalice secures two well-located and prospective vanadium-nickel exploration projects in Australia, providing an ideal entry point to the battery metals exploration space - more

      Clive Palmer Has Written A Book And Parliament Is Not Impressed - Well, as glossy as all 1,200 pages of Clive Palmer's new book are, they won't be read by many members of parliament any time soon. - more

      LME Asia Week 2018: Steel and ferrous contract activity rising - Trading contracts introduced in late 2015 by the London Metal Exchange (LME) for ferrous scrap and steel rebar (commonly made from scrap) have seen increasing amounts of activity, according to Matthew Chamberlain, the LME’s chief executive. - more

      ISSF announces winners of Safety and Sustainability Awards - The International Stainless Steel Forum (ISSF) has announced the winners of the Gold, Silver and Bronze Awards in the categories Sustainability and Safety during their 22nd conference (ISSF-22) which was held in Shanghai.- 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

Wednesday, May 23

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Tuesday's trading session at $6.70/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.13/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell below the 300,000 tonne level for the first time in nearly four years, and started the day just under the 297,700 tonne level. The news today, would typically be giving nickel a bullish boost, but other economic news is dragging the entire base metals complex lower. The Euro is slumping again this morning as markets their slump on economic concerns. After bouncing on news of a truce being called between China and the US over the weekend, US equity markets futures are lower this morning on geopolitical concerns after Trump told reporters that he was not happy with the way the talks were progressing. Not typical truce talk, but if this President has proven anything, he is not typical. News that a cobalt trader has invested in a nickel mine is positive news, and confirmation that the talk about future battery demand is more than talk. FocusEconomics gives nickel forecasts for the remainder of 2018 in the article "Nickel prices expected to settle..." below. They forecast the price to average around $5.75/lb by the final quarter of the year, as Russian nickel sanction fears wear off.
  • Average price of cash nickel so far this month - $6.43/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 slides as optimism fades over U.S.-China trade talks - 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
  • Commerzbank - "LME nickel’s bounce off the 55-day moving average at $13,853.50 has further to go with the minor $15,000 mark remaining in focus."
  • Stocks Fall, Bonds Gain as Risks Mount; Euro Drops: Markets Wrap - more

     Tuesday's market review - Lead hits 2-1/2 month peak on tightness, zinc ratio activity - Lead prices touched their highest in 2-1/2 months on Tuesday, supported by concern over potential shortages and as investors sold zinc and bought lead. - more

      Nickel prices expected to settle after Russia sanctions fade - Nickel was last traded at $14,735 per tonne, up 20.2% on a year-to-date basis emerging as the strongest performing base metal so far this year. - more

     Why higher nickel prices are here to stay - Nickel has ruled the non-agri commodity space so far in 2018, with gains of 16 per cent on the LME and 27 per cent on the MCX -- almost equivalent to its upside for the whole of 2017. - more

      Highlands Pacific receives multimillion dollar backing from Canadian battery metals company Cobalt 27 - Metals developer Highlands Pacific has received a significant overnight boost with news coming out of Canada that battery metals company Cobalt 27 will be spending US$113 million to capture its cobalt and nickel production from the Ramu Nickel project in Papua New Guinea. - more

      Rox targets improving nickel market - Rox Resources has been busy since winning Explorer of the Year at the 2015 Australian Mining Prospect Awards. - 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

May 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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