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Stainless Steel News and Nickel Prices

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Daily Nickel Market News & Stainless Steel Prices

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Nickel Prices and Stainless Steel Market

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Thursday, May 23

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Wednesday's trading session at $5.43/lb . Indicators at 6:25 am CST today show 3 month nickel trading around  $.05/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Wednesday and started today just over the 165,000 tonne level. Nickel closed back below the $12,000 tonne level yesterday, and so far, is bucking its tendency to see saw back above that level this morning. It still has about $120/tonne before it tests resistance, but traders have been bitten by the bear bug again. Reuters is blaming the trade war, but we tend to feel today's accelerated drop is primarily due to the Euro dropping today. The trade war is definitely a factor, but we feel it is more responsible for the overall bearish trend, and not the day to day dumps or bumps. Speaking of, still no negotiations planned and the two parties have moved from the negotiation table to saber rattling and nationalistic rhetoric in their respective media's. We can't help but wonder where all the free-trade Congressmen have gone. This is our last update for the week and we hope each of you has a safe and enjoyable weekend and invite you back next week. US markets are closed for Memorial Day Monday and LME markets are closed for Spring Bank Holiday. So we will return on Tuesday.
  • Average price of cash nickel so far this month - $5.43/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 slides as prolonged U.S.-China trade tension clouds sentiment - more
  • Reuters Daily Inside Metals - pdf here
  • SMM Evening Comments - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Scotiabank Reports - more
  • Baltic Dry Index - (chart)
  • Stainless steel: The role of nickel - here
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • SMM - China Customs reports China imported 350,000 mt of scrap metal in April. This was up 40% from March, but down 20.4% from April 2018.
  • The trade war is forcing China to 'rethink economic ties' to the US - more
  • Full-Blown Trade War Is Quickly Shifting From Risk to ‘Baseline’ - more
  • Stocks Slump, Dollar Rises as Trade Worries Deepen: Markets Wrap - more

     Wednesday's market review - Trade war worries drag copper to 4-month lows - Copper prices hit a four-month low on Wednesday as an intensifying trade dispute between the United States and China took its toll on industrial metals with investors fearing damage to economic growth and weakened demand. - more

      POSCO's stainless steel production & sales increases in Q1 - It was reported that in the first quarter of 2019, POSCO's stainless steel output was around 500,000 tons, up from 470,000 tons in the previous quarter and 490,000 tons in the same period a year ago. - more

      Mincor drives nickel portfolio through purchase of IGO operation - Independence Group has sold its Long nickel operation in Western Australia’s Kambalda district to Mincor Resources for up to $9.5 million. - 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 22

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Tuesday's trading session at $5.47/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose for a second consecutive day and now total just over the 165,100 tonne level. Nickel closed above the $12,000/tonne level yesterday and has slipped back below that level this morning. The price see-saw around this level continues. BHP is telling anyone that will listen that not only ae they all in to the nickel business again, but are looking for more assets. They want you, or at least their stock holders, to believe that they came up with this idea first, instead of being one of the last to show up to the party. If one questions that, I would invite you to look back at the LME Week meeting last year, as that was topic number one even at that late day. We welcome BHP to the party, but you might want to make a less conspicuous entry, as your stock holders probably have noticed your late. US stainless producers have posted surcharges for June and they are lower (sampling here). As far as trade war news, there is none, We will say, from a personal perspective, it appears that the Chinese media has turned sharply to a more defiant and nationalistic tone in the last week. There has always been some of that, but in the past, it was more defensive rhetoric against the bullying American's, with always a hopeful tone to compromise included. That hopeful tone is gone and the tone is much more defiant. This does not bode well for a quick agreement, in our opinion.  
  • Average price of cash nickel so far this month - $5.43/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 - Trade war drags copper to 4-month lows - more
  • Reuters Daily Inside Metals - pdf here
  • SMM Evening Comments - more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price - more
  • Scotiabank Reports - more
  • Baltic Dry Index - (chart)
  • Stainless steel: The role of nickel - here
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • Stainless steel fasteners for the most demanding marine applications - more
  • Nickel Prices Could "Go Through The Roof"; Watch For Signs - more
  • How To Play The Upcoming Nickel Boom, According To Expert - more
  • Xi Jinping says China is embarking on a 'new Long March,' signaling no end to trade war soon - more
  • Stocks in Holding Pattern as Traders Eye Tech Risk: Markets Wrap - more

     Tuesday's market review - Aluminium and other metals muted as U.S. loosens Huawei restrictions - Aluminium ended barely changed on Tuesday after a day of choppy trade, as a boost from a temporary easing of U.S. trade restrictions on China’s Huawei was offset by expected higher output from Norsk Hydro’s Alunorte refinery. - more

      BHP seeks more nickel sulphides on bright battery demand - Global miner BHP Group said on Wednesday it is seeking to expand in nickel sulphides to feed future demand for electric vehicle batteries, adding to its core commodities of copper and oil. - more

  • BHP puts coal on back burner in return to nickel and focus on renewables future - more

     Market Trend of Import of Ferroalloy as of 15 May 2019 = While many of products show tapering down trend, molybdenum bounces back = The market trend of import of ferroalloy as of 15 May 2019 is as follows. - more

      Nickel market records deficit in January to March 2019 - The nickel market was in deficit during January to March 2019 with apparent demand exceeding production by 23.2 kt. In the whole of 2018 the calculated deficit was 90 kt. WBMS has revised its estimated demand for Indonesia for the last three years which has changed the market balances for the period. - more

      Stainless Steel Creates an Art Deco Masterpiece - With the Delhi Pillar (Delhi, India), improved corrosion resistance was achieved through alloy additions to the iron, but this was the result of luck with the ore used. It was not until the late Victorian era that scientific investigations produced the precursors to the modern corrosion-resistant steels in use today. - 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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