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Daily Nickel Market News & Stainless Steel Prices

Nickel Prices and Stainless Steel Market

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Thursday, December 13

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Wednesday's trading session at $4.90/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $04/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started todays session pretty close to where the did on Tuesday and just over the 210,300 tonne level. Nickel stockpiles monitored by the LME don't seem to be doing much this month, but so far, they are falling at an average of 358 tonnes per day, much higher than the 240 tonnes they averaged in November. Nickel came within less than $.01/lb yesterday of testing support, but it bounced sharply and no test was allowed. Nickel is higher today, but showing little enthusiasm, and like the rest of the market, one tweet away from losing any positive feeling traders might have today. The Chinese steel index bounced last night, and if it bounces again on Monday, we will see it break out of its downward trend channel. That means little as it doesn't yet signal an end to the downward trend, but it looks positive on an otherwise depressing chart. Euro is trading higher than yesterday, but back to where it was trading on Tuesday. Worldwide sales estimates of EV vehicles came in at the 208,800, which compares to over 148,900 last November. Nickel trading continues to be guided by external factors, primarily the China-US trade tariff's, and a fear it may get worse before it gets better. Since nickel traded at $7.60/ln on June 5th, it has trended lower, with LME stockpiles falling by nearly 71,000 tonnes or put another way having lost 25% of its inventory during that same period. This is our last update for the week. We hope you have a safe and enjoyable break and invite you back next week.  
  • Average price of cash nickel so far this month - $4.95/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 - London copper hits 1-week high on signs of trade row easing - more
  • Reuters Daily Inside Metals - pdf here
  • US Economic Briefing: High Frequency Indicators - Yardini Research - 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
  • Arrests Multiply as Huawei Fallout Spreads - more
  • Chinese state tightens grip 40 years after Deng's reforms - more
  • China's industrial sector maintains stable operation: survey - more
  • Chinese Steel Demand Forecast to Drop by 2.4% in 2019 - more
  • Two Chinese cities order steel mills to cut output on concerns of missed pollution targets - more
  • China’s updated ‘Guide’ reiterates quality over quantity as key steel industry focus - more
  • Business Forward: Tariffs are Destroying Demand for Products Manufactured in U.S. - more
  • Global Stocks Mixed Amid Hints of Trade Progress: Markets Wrap - more

     Yesterday's market review - Copper dips on frustration over U.S.-China trade dispute - Copper slipped on Wednesday as investors shrugged off upbeat comments from U.S. President Donald Trump about a potential trade deal with China, while the dollar hovered near a one-month peak against its peers. - more

       Greece seeks to avert nickel producer Larco shutdown - Greece is trying to avert the possible closure of Europe’s biggest nickel producer Larco and is looking at ways to ensure there are no interruptions to its electricity supply, the country’s energy ministry said on Wednesday. - more

      Goldman Says Commodities Won't Repeat 2015 Crash as China Slows - China’s embattled commodities sector will escape a 2015-style price collapse, according to Goldman Sachs Group Inc., which says producers in the world’s top supplier are in better shape to cope with demand that’s ebbing on all fronts. - more

      Press Release December 2018 - The Nickel market was in deficit during January to October 2018 with apparent demand exceeding production by 10 kt. In the whole of 2017 the calculated deficit was 41.3 kt. - more

      PNG government rethinking China mining deal after opposition - Papua New Guinea's mining minister says the government is looking at changing parts of a controversial mining deal struck with China. - more

      The Battery Cycle – Setting the Record Straight - The much-touted electric vehicle revolution is upon us and battery storage development is taking off. Look no further than recent EV sales. - 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, December 12

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Tuesday's trading session at $4.89/lb . Indicators at 6:20 am CST today show 3 month nickel trading unchanged . Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started todays session just over the 211,100 tonne level. Nickel traders did not experience the love the other base metals did yesterday, and except for tin, the rest of base metals are doing little more than nickel is this morning. Nearly 24 hours ago, the U.S. President teased his Twitter followers with "Very productive conversations going on with China! Watch for some important announcements!" This encouraged the markets initially until the President got on camera with Democrats from the House and Senate and  ..... well it could be said that the riots in France were slightly less dignified. Upon news that the President would be 'proud' to shut down the government to get the money to build a border wall that he promised voters Mexico would pay for, the market lost their early enthusiasm. President Trump told Reuters overnight he would 'intervene in the arrest of Huawei’s chief financial officer Meng Wanzhou if it would help ensure a trade deal with China'. Equity markets are higher on this news, with commodities talking a more wait and see attitude, with a lower Euro today not helping things.We are dangerously close to trading at new 2018 lows, set just a few weeks ago.
  • Average price of cash nickel so far this month - $4.97/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 - Base metals gain slightly amid U.S.-China trade hopes - 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
  • Tariffs Did Not Hurt the Economy, Finds Study - more
  • Daimler plans to purchase battery cells worth 20 bln euros - more
  • Commentary: U.S. tariffs fail to dent Chinese aluminium export surge - more
  • Stocks Rise on Renewed Trade Hopes; Pound Climbs: Markets Wrap - more

     Tuesday's market review - U.S.-China trade talks lift copper prices - Copper and most other base metals edged higher on Tuesday as investor appetite for riskier assets returned following a sell-off in the previous session. - more

      Production cuts lower #300 stainless steel output in Nov - Production cuts at a stainless steel mill in south China is likely to lower output of #300 stainless steel by 3.12% from October, to 1.17 million mt in November, an SMM survey found. - more

      Horizonte details economics of Araguaia expansion - An assessment of a second stage expansion of the planned Araguaia nickel project, in Brazil, has delivered compelling economic results, with a base case net present value of $741-million and an internal rate of return of 31.8%, Aim- and TSX-listed Horizonte Minerals reported on Wednesday. - more

      Misuse of Free Trade Agreement by China - With the US and EU’s constant trade deal sanctions imposed on Beijing, China risks of being in market isolation. - more

      Anglo ending 2018 on high note, predicts higher output, lower costs - Global miner Anglo American is ending 2018 on a high note, the company reported Tuesday. Anglo expects total production for the year to be 2% above of previous guidance, with costs decreasing by 5%. - 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

December 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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