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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, March 21

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Wednesday's trading session at $5.99/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.05/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell Wednesday and started today's session just over the 187,100 tonne level. After yesterday's bullish run collapsed after our morning update, traders are trying it again today. We don't see yesterday's halt at $6.03/lb as technically significant, but more of a general sentiment turn in commodities as a whole. And while precious metals are up this morning and base are trading generally lower, nickel is bucking the trend ....for now. While the announcement came too late to really affect London trading, the US Fed stating that the market should see no more interest rate increases for 2019, was greeted with mixed reactions. Generally good for stocks, the question was immediately asked 'Why?". If interest rates continue to be a reflection of the economy, then an unchanged interest rate would reflect a slowdown in the economic recovery, right? Port Hedland in Australia is shutting down as Tropical Cyclone Veronica approaches. Hedland is more of an iron ore port than nickel, so we should see no affect on nickel prices from the closure. For those who want nickel to stay over the $13,000 tonne price level, we don't think the market is out of those woods yet. Right now the market is basically copying what it did a few weeks ago, and that bullish spurt turned out to be little more than a dead cat bounce. This is our last update for the week, and we wish our readers a safe and enjoyable weekend - it's finally spring here in the colonies - and w hope to see you again next week.
  • Average price of cash nickel so far this month - $5.95/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 hits 3-week high on dollar weakness, tight supply - 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
  • Port Hedland Forecast - (note Sunday) - more
  • Bonds Gain, Stocks Wobble as Fed Spurs Caution: Markets Wrap - more

     Wednesday's market review - Zinc climbs as stocks diminish - Zinc prices rose on Wednesday as inventories in London Metal Exchange warehouses hit fresh lows, but other industrial metals dipped on uncertainty over global demand. - more

      Yama warns Ramu nickel mine - Ramu nickel mine will close if no proper agreement is negotiated to benefit the people of Madang, says Governor Peter Yama. - more

      Philippine nickel producer DMCI sees tough year with mine shut, inventory declining - Philippine nickel producer DMCI Mining Corp, a unit of conglomerate DMCI Holdings Inc, on Thursday said it expected 2019 to be a tough year, with one of its two mines still suspended and its inventory almost depleted. - more

      Better times ahead for the Steel sector? - The revival of Eastern Steel Sdn Bhd’s steel slab plant in Kemaman, Terengganu, last year could be an indication that the local iron and steel industry — which had been hit by an influx of cheap imports from China in recent years — may be seeing the light at the end of the tunnel. - more

      R&D centers eyed for higher nickel production - The establishment of regional inclusive innovation centers (RIICs) in Caraga and Mimaropa regions is being considered to develop and boost nickel ore production of the country. - more

      Peterborough’s Innovation Cluster exemplifies ties that bind Canada, Brazil - Canada has a complicated history with Brazil. Much of our shared experience is written in the language of commerce and has been controversial to the point of bitterness. - 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, March 20

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)
  • Three month nickel closed Tuesday's trading session at $5.98/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started the day just under the 188,400 tonne level. Yesterday, we saw LME nickel stockpiles fall by more than 2,000 tonne for the first time since October of last year. The International Stainless Steel Forum, another of those European agencies that have yet to learn that titles in all caps means yelling, announced worldwide stainless steel production increased by 5.5% last year. China continues to lead world production, producing over half of the world's total. Except for tin, base metals are trading higher this morning, while precious metals are all lower. Chinese steel futures remain flat, trading up and down and going no where. Stainless steel prices are over 1.6% lower than last week, but 1.3% higher than last month and nearly 1.8% lower than this time last year. The Euro's gain against the US Dollar appears to be faltering around Monday's highs. Bulls are making another run for the border, but the bears remain alert.
  • Average price of cash nickel so far this month - $5.96/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 - Base metals ease ahead of Fed meeting outcome - 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
  • European Steel Price Rises Thwarted by Lacklustre Demand - more
  • U.S. Sees China Trade Pushback as Trump Touts Progress - more
  • It’s China Slowdown — Not the Trade War — Investors See as the Bigger Risk - more
  • Stocks Trade Mixed Before Fed; Treasuries Steady: Markets Wrap - more

     Tuesday's market review - Aluminium hits three-month high after Hydro cyber attack - Aluminium touched a three-month peak on Tuesday after major producer Norsk Hydro was hit by a cyber attack, causing its giant smelters to switch to manual operation and some extrusion plants to be shut. - more

      Stainless Steel Production Reached 50.7 Million Metric Tons in 2018 - The International Stainless Steel Forum (ISSF) has released figures for the full year 2018 showing that stainless steel melt shop production increased by 5.5% year–on–year to 50.7 million metric tons. - more

      ITSS and POSCO Competing Across Asia Over SST CR Steel - With the future direction of the LMI nickel (Ni) price---whether it will recover to $6 per pound or stay at $5--- remaining unclear, the prospect of the price of Ni-base, cold-rolled (CR) stainless steel (SST) also remains unforeseeable. Under such circumstances, competitions between South Korea's POSCO and PT Indonesia Tsingshan Stainless Steel (ITSS) over the product are reportedly being intensified. - more

      Sumitomo says Ambatovy nickel plant shut for 2 weeks in February - Japanese trading house Sumitomo Corp said on Wednesday its Ambatovy nickel plant in Madagascar was forced to shut for about two weeks in early February due to trouble at its hydrogen plant, and may miss its revised annual production target. - more

      China's Foreign Trade Result of Molybdenum in January 2019 = When compared with year-earlier month, export is up by 18% but import is down by 60% = According to the calculation to figure out volumes in pure Mo equivalent based on China's customs statistics, the export volume in January 2019 was 1.4884 million lbs (up by 17.7% from the year-earlier month) and the import volume was 1.5962 million lbs (down by 60.3% ditto). - more

      Speaker calls for more domestic ore processing - Speaker Gloria Macapagal-Arroyo said the mining industry needs to set up its own processing facilities to allow value-addition to take place domestically, though some miners expressed skepticism due to the current freeze on granting new mining permits. - more

  • DENR told to act as ‘promoter’ of mining industry - 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

March Archives


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