Nickel closed
Tuesday's trading
session at $7.49/lb
($16,510/tonne). Indicators at 5:30 am CST today show
nickel trading around $.05/lb
lower. Stockpiles of nickel stored in LME approved warehouses jumped
again on Tuesday and started today just over the 71,350 tonne level.
Shanghai nickel fell to 126,990 y/t overnight. Nickel continues to
slowly sag as another nickel mine is put on care and maintenance. It's
been a rough month for Australian nickel mines, with the pain is likely
to continue and spread. New Caledonia's Goro mine could be in trouble
after one of its major investors refused to contribute to a bail out.
Today is the last day of January and we end the first month of the
still new year with nickel prices hovering around where they started
the year.
Next month we have the annual Chinese New Year celebration, which can
come in either January of February and thus, skews annual comparisons.
Typically you have to wait till March to get a good 'this time last
year'
economic comparison. Their monthly PMI came in a tad higher
than last
month, but remains on the negative growth side. As did Japan and
Europe, but Europe came in stronger than expected. We want to thank our
sponsor, PA Inc, for their continued support. Since we have had the
same banner on this page for over two years, regular visitors may begin
to take it for granted. Without the support of our sponsor, this site
would go the way of many metals sites. When we started this site, we
built a page over the years, of links to sites we reviewed, on a
regular basis, for this news page. We let the computer do much of this
work for us now, but that old page of links still exists and over 90%
of the links no longer work. So we thank PA Inc for its continued
support, and we thank you for your visit. Stay safe out there today,
enjoy your hump day, and we hope to see you again next month.
Average price of LME
traded cash nickel
so far this month
- $7.30/lb
Reports
Reuters metals
morning - Copper prices dip as soft China data, Fed caution weigh - more
Tuesday's market review - Copper claws higher on
hopes for more Chinese support measures - Copper prices rose on
Tuesday, lifted by hopes that top metals consumer China would roll out
more measures... - more
Impact on Commodities Due to Chaos in
the Red Sea -
Data from S&P Global showed the Suez Canal route accounts for
14.8%
of all Europe and Middle East and North Africa imports. In response...
- more
Vale’s
production and sales in 4Q23 and 2023 - (excerpt)
Average nickel realized price was US$ 18,420/t, down 13.3% q/q, mainly
due to 15.2% lower LME reference prices q/q. - pdf here
Trafigura-Backed Nickel Mine Seeks New Partner for Bailout - A
major nickel operation backed by Trafigura Group will need support from
a new investor after the trading giant declined to contribute ... - more
Spot Prices
Indicate Strong Demand for High-Nickel
Battery Materials - Recent market analyses have revealed a strong
demand for nickel-rich battery materials, as reflected in the spot
prices for... - more
Slow EV sales are
proving problematic for Australia’s lithium miners - more
Battery minerals
pressure causes cracks Down Under - more
What is the
Impact of Frequent Shutdowns in Australian Nickel
Mines? - Since January, overseas nickel mining companies have
frequently faced production shutdowns, with information showing that
the ... - more
Indonesian nickel boom
claims another WA mine, and hundreds of jobs - more
Other News
HKEX-owned London Metal
Exchange targets Hong Kong as option for warehouse expansion, sources
say - more
US Consumer Confidence
Increased in January - more
Judge voids Elon Musk's
'unfathomable' $56 billion Tesla pay package - more
Economic
Stats and Prices (posted
in Friday edition)
Nickel closed Monday's
trading
session at$7.48/lb ($16,480/tonne). Indicators
at 5:25 am CST today show
nickel trading around $.07/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Monday and ended that session, just over the 70,050 tonne level. The
last time we saw over 70,000 tonnes in LME warehouses, was June of
2022. Shanghai nickel slid to 127,190 y/t overnight. Nickel prices
continue to slip, like a slowly deflating tire after being pumped up
with air recently. Geopolitical concerns continue to grab the headlines
so we leave you with what business related news we could find. Stay
safe out there and enjoy your Tuesday!
Average price of LME
traded cash nickel
so far this month
- $7.30/lb
Reports
Reuters metals
morning - Most base metals fall ahead of Fed rate decision - more
Monday's market
review - Copper slides, focus on China's property sector troubles -
Copper prices retreated on Monday as doubts about demand prospects in
top consumer China were reinforced by ... - more
EcoPro Crosses 100,000 Tons in High Nickel Cathode Materials
Exports - EcoPro announced that it exported approximately 107,000 tons
of high nickel cathode materials in 2023, up 24.4 percent from
- more
China’s estimated
crude stainless steel production rises
in 2023 - According to statistics from the Stainless Steel Branch of
China Special Steel Enterprises Association, China’s crude stainless
steel ... - more
Indonesian
nickel miner boosts returns as mines fight to survive -
Indonesian producer Nickel Industries has rewarded investors with an
increased dividend and share buyback, underscoring the returns ... - more
Russia's Nornickel forecasts further nickel, palladium output
drop this year - Russian metals producer Nornickel on Monday said it
expected a further decline in nickel and palladium output this year ...
- more
Russia’s stainless
steel imports up 30.8
percent in 2023 - more
Port of Maputo continues to flex its muscle - The strategy
adopted by the Maputo Port Development Company and DP World
Maputo to focus on developing corridors to support investment in the
... - more
Walsin
Lihwa invests in acquiring stainless steel
recycler Inox - Taiwan’s Walsin Lihwa said its board of directors
acquired 65% equity in Italy’s Com.Steel Inox S.p.A. (Inox), a metal
recycler that spun off ... - more
Courtesy
AISI - In the week ending on January 27, 2024,
domestic raw steel production was 1,680,000 net tons while the
capability utilization rate was 75.6 percent. Production was 1,697,000
net tons in the week ending January 27, 2023 while the capability
utilization then was 75.9 percent. - more
Other News
Supply chain and
procurement leaders are flocking to generative AI: Gartner - more
U.S. Economy Grew at
Surprisingly Strong Pace Last Quarter - more
Nickel closed Friday's
trading
session at $7.53/lb($16,600/tonne). Indicators
at 5:45 am CST today show
nickel trading around $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and ended the week just under the 69,250 tonne level. Shanghai
nickel fell to 129,280 y/t overnight. With only three days remaining in
January, the first of the three is starting quietly. India's Jindal
says the conflict in the Red Sea will hamper demand for exports, while
three U.S. soldier deaths in Jordan is threatening to turn the Israel -
Gaza conflict into a U.S - Iran situation. Stay safe out there and
enjoy your Monday!
Average price of LME
traded cash nickel
so far this month
- $7.29/lb
Reports
Reuters metals
morning - Copper slides on dollar strength, caution over China demand -
more
Friday's market review - Copper slips on doubts over
China's stimulus measures - Copper prices dipped on Friday as many
investors questioned whether attempts by top metals consumer China ...
- more
US
Stainless-Steel CR Coil Prices remain plunge amid weak
downstream Market purchases - In the first half of January 2024, the
Stainless-Steel CR Coil experienced a severely declining trend in the
US ... - more
BHP Sees Nickel Demand Rising Fourfold by 2050 on
EV Boom
- Global demand for nickel will grow as much as fourfold over the next
30 years as electric vehicles almost entirely replace traditional cars,
... - more
Stainless steel
demand to maintain growth in 2024 - At the
meeting on January 23, the executive chairman of the Stainless Steel
Branch of China Iron and Steel Association said that China's
stainless ... - more
India's Jindal
Stainless cuts export forecast on Red Sea
crisis, weaker EU, US demand - India's Jindal Stainless Ltd
has
cut its exports forecast for the fiscal year ending March due to
freight disruptions ... - more
Top 8 Countries with Largest Nickel Reserves in
the World
- Nickel has been a hot topic in Indonesia following last
week's
election debate during which vice presidential candidate number 2, ....
- more
Other News
Brazil's mining chief
says Lula never tried to weigh in on Vale succession - more
Trafigura assesses Red
Sea risks after tanker attacked by Houthis - more
Warehouse employment
keeps falling — and more layoffs loom - more
Golden Gate Bridge -
suicide deterrent net - pdf here
Brazil orders Vale and
BHP to pay $9.7bn for dam disaster - more
Economic
Stats and Prices (posted
in Friday edition)
Nickel closed
Thursday's trading
session at$7.61/lb($16,770/tonne). Indicators
at 5:20 am CST today show
nickel trading
unchanged. Stockpiles of nickel stored in LME licensed warehouses rose
on Thursday and started today's session just shy of the 69,300 tonne
level. Shanghai nickel rose to 130,400 overnight. There is an
presidential election in Indonesia in a few weeks, so expect a lot of
media attention on that country and their new found monopoly on nickel
production. Nickel prices have been sneaking up all week, but it
appears it has hit a stone wall today - so far anyway. Stay safe out
there and have a great weekend!
Average price of LME
traded cash nickel
so far this month
- $7.28/lb
Reports
Reuters metals
morning - Most base metals poised for weekly gains on China demand
hopes - more
Thursday's market
review - Copper firms, on track
for biggest weekly gain in two months - Copper prices edged up on
Thursday to a fresh three-week high and were on track for their biggest
weekly gain in two .... - more
Metals: Nickel Faces Pressure as Supply Concerns
Mount -
Nickel continues to trade under pressure this year after slumping more
than 40% in 2023 as increased supplies from Indonesia have raised ... -
more
Indonesian Minister Luhut Says High Nickel Prices
Could
Harm Economy - Indonesia Coordinating Minister for Maritime Affairs and
Investment,
Luhut Binsar Pandjaitan, expressed concern over the nickel prices. - more
Luhut Disagrees with
Tom Lembong about Tesla
Stopping Nickel Use - more
Nickel watcher warns
that Indonesia will go on flooding market - video here
December 2023
crude steel production and 2023 global
crude steel production totals - World crude steel production for the 71
countries reporting to the World Steel Association (worldsteel) was
135.7 .... - more
EEC extends AD
duty on seamless stainless pipes from China
and Malaysia for five years - The Eurasian Economic Commission (EEC),
the executive body of the Eurasian Economic Union which includes ... - more
Taiwan's
stainless steel mills to announce new prices for
Feb next week - Taiwan's leading stainless steel mills will announce
the new prices for February next week. LME nickel futures and spot
prices remained ... - more
Other News
China braces for Spring
Festival travel rush
with record 9 billion passenger trips expected - more
FedEx, UPS discounts
expected to soften blow of
2024 rate hikes - more
Nickel closed
Wednesday's trading
session at $7.53/lb ($16,590/tonne). Indicators
at 5:40 am CST today show
nickel trading around $.06/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Wednesday and ended that session just over the 69,300 tonne
level. Shanghai nickel fell slightly, to 129,720 y/t overnight. Not a
lot of news out there so we leave you with what we found. Stay safe out
there and have a great day!
Average price of LME
traded cash nickel
so far this month
- $7.27/lb
Reports
Reuters metals
morning - Copper dips from 3-week high on caution after China policy
support - more
Nickel price
is stabilising but a rebound might not happen soon -
Nickel prices are hovering near their lowest level since 2021 as
investors focus on the ongoing demand and supply mismatch. - more
South Korea
removes AD duties on stainless steel bars
from Japan, India & Spain - South Korea will terminate nearly
20
years of anti-dumping duties on imports of stainless steel bars from
India, Japan, and Spain. - more
Nickel miners
explore for taxpayer dime to ease industry pain -
WA’s troubled nickel sector has pleaded for government help to
withstand a price slump caused by booming production from Indonesia. - more
Don’t stake
it all on nickel The fact is, the government has been
trying to put all its EV development eggs in one basket, that of
nickel, but flexibility, innovation and adaptability are key to
building an industry .... - more
Bahlil Denies Nickel
Being Less Popular Than LFP Batteries - more
Other News
Unwanted Plants
Threaten Crops in North-Central US - more
US Navy intercepts
missiles in Red Sea while escorting Maersk ships - Maersk - more
Maersk Line Ltd. Quits
Red Sea After Attack on U.S.-Flag Ships - more
Economic
Stats and Prices (posted
in Friday edition)
Nickel closed
Tuesday's trading
session at $7.39/lb ($16,295/tonne). Indicators
at 5:50 am CST today show
nickel trading around $.05/lb
higher. Stockpiles of nickel stored in LME licenses warehouses fell on
Tuesday and started today's session just under the 69,350 tonne level.
Shanghai nickel switched contracts and rose to 129,780 y/t, as compared
to the old contract at 129,480 y/t. New Caledonia's three mining
companies are hoping for some financial help from France as nickel
prices have made their future viability questionable. Only Eramet is
owned by a French company, so not sure why the other two should be
holding out for help. Stay safe out there and have a great hump day!
Average price of LME
traded cash nickel
so far this month
- $7.27/lb
Reports
Reuters metals
morning - Aluminium edges higher as sanction jitters fuel supply woes -
more
Nickel's Nosedive: 40% Yearly Drop Puts Miners In
A Tight Spot - Nickel prices on the London Metal Exchange (LME) have
continued their downward spiral, marking a more than 40% decline over
the past year. - more
Taiwan ranks 6th largest stainless steel export country of
China - Per China customs data, the total stainless steel export volume
for 2023 was about 2.69 million tons, 65% of the export was to 10
countries ... - more
Taiwan’s AD measure on
cold-rolled stainless
steel from China, South Korea to expire in Aug - more
Australian government to meet battery metal
producers as prices slump - Nickel and lithium producers in Australia
are halting or slowing operations amid a persistent price slump, with
the government ... - more
New
Caledonia's Prony Resources faces cash crunch on nickel slump -
New Caledonian nickel producer Prony Resources is facing an "alarming"
situation amid a slump in metal prices as it waits for the
possibility... - more
Courtesy AISI - In the week ending on January 20, 2024, domestic raw
steel production was 1,682,000 net tons while the capability
utilization rate was 75.7 percent. Production was 1,697,000 net tons in
the week ending January 20, 2023 while the capability utilization then
was 75.9 percent. - more
Other News
EU imported 203,000
tons of Russian iron and
steel products in November - more
Nickel closed Monday's
trading
session at $7.26/lb ($15,995/tonne). Indicators
at 5:50 am CST today show
nickel trading around $.11/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and started today's session just under the 69,450 tonne level.
Shanghai nickel rose to 129,650 y/t overnight. While the Euro
is
slightly lower this morning, nickel is trading higher on rumors that
China is making plans to pump money in to their market to stabilize
their stock market. Stay safe out there and have a great Tuesday!
Average price of LME
traded cash nickel
so far this month
- $7.27/lb
Reports
Reuters metals
morning - Most base metals rise as China eyes support for equities - more
Global
nickel market sees 35,300 metric ton surplus in
November - INSG - The global nickel market had a surplus of 35,300
metric tons in November, up from a surplus of 7,800 tons a year
earlier... - more
Nickel Prices
Keep Slumping Even as Mines Close - Nickel futures
continued to edge lower on the London Metal Exchange, despite a slew of
announcements by companies cutting production .... - more
Indonesian Nickel
Miners Face Plummeting Prices and Oversupply Concerns - more
Eramet's New Caledonia nickel plant runs reduced
output
after power incident - SLN, the New Caledonia nickel producer
controlled by mining group Eramet, said on Monday it was running at
reduced capacity ... - more
China’s
stainless steel exports decline on sluggish
demand - According to statistics from the General Administration of
Customs of China, China’s monthly stainless steel exports, excluding
February, .... - more
Italian
stainless flats market continues to drag - Stagnation
is persisting in the Italian stainless flat steel market in the first
month of the year. Service centres and re-rollers are seeing a
prolonged negative .... - more
Request
government for protectionist measures in Budget; remove
duty on raw materials .- Jindal Stainless Ltd (JSL) MD Abhyuday Jindal
has urged the government to remove import duty on raw materials in the
.... - more
Other News
Tensile
properties and microstructural evolution of 17-4 PH stainless steel
fabricated by laser hybrid additive manufacturing technology - more
Economic
Stats and Prices (posted
in Friday edition)
Nickel closed Friday's
trading
session at $7.28/lb ($16,050/tonne). Indicators
at 5:30 am CST today show
nickel trading around $.05/lb
lower, and trading under $16,000/tonne. Stockpiles of nickel stored in
LME licensed warehouses fell on Friday and started this weeks trading
just under the 69,500 tonne level. Shanghai nickel fell to 125,940 y/t
overnight. More nickel mine closures announced, and at the current
pace, Australia may soon not be mining nickel. While this is typical in
the feast/famine, deficit/surplus, on again, off again cycle of mining
nickel, this activity would soon force the market from surplus back
into a more even supply/demand situation. Thus, as supply became more
important, prices would rise and cause more mines to re-open. That is,
as we said, what would typically happen. But this year we have
Indonesia playing the wild card. As long as Indonesia is producing
nickel, any flattening in the current surplus situation will take much
longer to unfold. And this means, we could potentially see nickel
selling in the cellar for some time. Lot of news out there to start the
week. Stay safe and have a great week!
Average price of LME
traded cash nickel
so far this month
- $7.27/lb
Reports
Reuters metals
morning - Copper rises as softer dollar lends support - more
Friday's market review - Copper rebounds on
technical signals and lower LME stocks - Copper prices rose in London
on Friday as technical factors and lower available stocks supported
recovery ... - more
Taiwan’s stainless steel prices supported by production
costs - Taiwan’s stainless steel mills will announce their new prices
for February at the end of this month. - more
Another fire at nickel smelter in Indonesia's
Sulawesi,
no injuries - A fire broke out at a nickel smelter in eastern
Indonesia, an official said on Saturday, less than a month after a fire
at the same industrial park ... - more
Morowali Nickel Smelter
Fire Recurs; Showing Govt Weak Governance in the Industry, DPR Says - more
Indonesian
Mining Firm Shuts Smelter Furnace After Slag
Overflow - An Indonesian mining company shut down a nickel
smelter furnace after an overflow of hot slag on Friday, the latest in
a series of incidents.... - more
Australian Tycoon
Forrest Shuts Nickel Mines After Prices Crash - more
Australian
Tycoon Forrest Shuts Nickel Mines After Prices Crash -
Wyloo Metals Pty Ltd., the private nickel producer owned by billionaire
Andrew Forrest, is shutting down its Western Australian mines ... - more
South32’s
Colombia nickel mine faces strategic review amid market
turbulence - The Cerro Matoso mine, in Colombia, a major ferronickel
producer, is undergoing a strategic review in response to ongoing ... -
more
LME CEO aims to
have first contracts with Shanghai
futures exchange in 2024 - The London Metal Exchange aims to
have
pilot contracts using prices from the Shanghai Futures
Exchange this year,.... - more
London Metal
Exchange bounces back from nickel debacle:
Andy Home - Average daily volumes reached 710,000 lots in December, up
54% year-on-year and the strongest monthly trading activity since March
2020 - more
Are Steel Prices
Headed Lower in 2024? - Could the U.S.
steel market, characterized by elevated prices and diminished
production levels recently, stand at the precipice of change? - more
Manufacturing Outlook for 2024—Overall Growth Continues,
Albeit at a Slower Pace - A late-2023 Forbes report projected a growth
in the U.S. economy of 2.4% in 2023 (up from 1.9% in 2022), ... - more
Red Sea crisis leaves
some retailers more exposed than others - more
More than 10.5 million
new passenger cars were sold in the EU in 2023 - more
Ford Cutting Back F-150
Lighting Production Due to Lower EV Demand - more
Red Sea Crisis is
Disrupting the Electric-Car Industry - more
Are
you old enough to remember when the first President to use the term
"Make America Great Again", also uttered the words "Mr Gorbachev, tear
down this wall"? Now apparently Washington cannot decide who are the
good
Communists - and the bad Communists. MAGA wants us to believe military
aggressive Russia is now our friend, while President Biden
negotiated with Communists in Vietnam last year to provide them some
F-16's, just to annoy their neighbor, and our newest apparent enemy,
China.
Economic
Stats and Prices (posted
in Friday edition)
Nickel closed
Thursday's trading
session at $7.34/lb ($16,175/tonne). Indicators
at 5:20 am CST today show
nickel trading around $.02/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Thursday and ended yesterday just under the 69,600 tonne level.
Shanghai nickel fell to 127,950 y/t overnight. Nickel appears to be
trading around the strength, or the lack thereof, of the Euro this
morning. Both are doing little so far, but trading of both is choppy.
Stay safe out there and enjoy your weekend!
Average price of LME
traded cash nickel
so far this month
- $7.28/lb
Asian stainless steel prices to stabilize
- The LME nickel price recently has dropped to the
US$16,200/ton
level. After that, the nickel price remained stable and had no big
influence. - more
Taiwan's upstream stainless steel mills receive
orders
smoothly - Taiwan's upstream stainless steel mills adopt individual
price negotiations for January offers. Recently, Indonesia Tsingshan
has raised prices... - more
Outokumpu completed the change negotiations
related to
the restriction of the ferrochrome production - Outokumpu has completed
its change negotiations related to the company's plans to temporarily
restrict ... - more
Solway
Investment Group’s Guatemalan Mining Subsidiaries
Removed from U.S. Treasury Sanctions List - The Guatemalan subsidiaries
of Solway Investment Group, a Swiss-based global mining concern, were
... - more
Pipe and
Pipe Fittings in Nickel 200, Alloy 400 (Monel®),
Alloy 600, Alloy 601, Alloy 625 (Inconel®), Alloy 800H/HT, Alloy 825
(Incoloy®), Alloy 803, Alloy 20, Alloy C276 (Hastelloy®), and Titanium
Gr 2 & 7 - available here
Other News
Turkey exhausts some of
its EU steel import quotas - more
Nickel closed
Wednesday's trading
session at $7.29/lb ($16,075/tonne). Indicators
at 6:00 am CST today show
nickel trading around $.03/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today's session just under the 69,450 tonne
level. Shanghai nickel rose to 128,260 y/t overnight. Nickel is trading
slightly higher this morning, as is the Euro against the U.S. Dollar.
Lot of news out there so we leave you with. Stay safe out there and
enjoy your day!
Average price of LME
traded cash nickel
so far this month
- $7.29/lb
Reports
Reuters metals
morning - Copper rebounds in London as dollar dips - more
Surging
exchange stocks pile the pressure on nickel -
Nickel was the worst performer among the London Metal Exchange's (LME)
base metals last year by some margin as the market priced in a wave of
new... - more
Metal Prices to Ease with Softening Demand - This
blog
post is part of a special series based on the 2023 Commodity Market
Outlook, a flagship report published by the World Bank. - more
South Korea terminates AD measure on Japan’s stainless
steel plates - The Korea Trade Commission (KTC) announced its final
determination of the third anti-dumping (AD) sunset review on stainless
steel .... -
more
Samsung SDI
buys stake in Canadian nickel miner for
battery expansion - Samsung SDI, a leading South Korean lithium-ion
battery manufacturer, has acquired a stake in Toronto-based Canada
Nickel .... - more
BHP
Reviewing Nickel Assets to Mitigate Drastic Price Slump - BHP
Group Ltd. is considering options for its Australian nickel operation
to mitigate the impact of a sharp fall in prices and warned it could be
forced ... - more
Foreign-backed nickel hub in Indonesia causing mass deforestation
-report - Mining activity at a nickel industrial park linked
to mainly
Chinese companies has contributed to mass deforestation in Indonesia,
... - more
Other News
Britain sets out plan
to strengthen critical supply chains - more
First Quantum offers
voluntary retirement to over 1,500 Panama mine staff - more
Top-Three 2024 Supply
Chain Challenges and Opportunities - more
More CEOs Fear their
Companies Won't Survive Amid AI, Climate Challenges - more
Pakistan strikes inside
Iran against militant targets, stokes regional tension - more
U.S. relists Houthis as
terrorists, rebels hit another US-operated ship - more
Economic
Stats and Prices (posted
in Friday edition)
Nickel closed
Tuesday's trading
session at $7.34/lb ($16,175/tonne). Indicators
at 6:00 am CST today show
nickel trading around $.06/lb
lower. Stockpiles of nickel stored in LME licensed warehouses jumped on
Tuesday and started today's session just over the 69,500 tonne level.
Shanghai nickel rose to 127,030 y/t overnight. The Euro got beat up
yesterday against the Dollar, and this added negative pressure to
commodity trading, pushing cash nickel below the $16,000 tonne level
for a time. Closing above yesterday, it is threatening to fall below
that level again today. Norway makes the news for a second day, having
announced plans to allow sea mining earlier and now, to allow mine
waste to be dumped in the sea. China steel exports soared in 2023,
while nickel mines had a rough year, and 2024 looks
rougher. Stay safe
out there and have a great hump day!
Average price of LME
traded cash nickel
so far this month
- $7.30/lb
Reports
Reuters metals
morning - Copper slides to one-month low on sluggish Chinese economy - more
Taiwan’s
stainless steel scrap imports surge in 2023 -
According to statistics, Taiwan’s stainless steel scrap imports totaled
around 269,000 tons in 2023, growing by 86% compared to the previous
year. - more
Factbox -
Australia's nickel producers reel from supply glut - A
sharp slide in nickel prices over the past year, driven by a jump in
Indonesian supply, has hit Australian nickel producers, leading to... -
more
BHP faces nickel choice
this year as high-cost Australian miners suffer - more
China exported 90.3 million tons of steel
products in
2023 - In 2023, Chinese steel companies increased their exports of
steel products by 36.2% compared to 2022, to 90.3 million tons. Export
shipments have ... - more
Indonesia
says ‘strong indication’ of safety violation
led to fire at Chinese-owned nickel plant that killed 21 people -
Indonesia’s Manpower ministry said there was a strong indication of
procedure violations and ... - more
Norway set to
allow mining waste to be dumped in fjords - Norway
joins just two other countries globally that still approve new licences
for marine waste disposal. - more
Courtesy
AISI - In the week ending on January 13, 2024, domestic
raw steel production was 1,699,000 net tons while the capability
utilization rate was 76.5 percent. Production was 1,697,000 net tons in
the week ending January 13, 2023 while the capability utilization then
was 75.9 percent. - more
Other News
London Metal Exchange’s
growing Russian aluminium problem - more
Xi calls for
strengthening patriotic united forces as security authority warns
secessionists - more
Ocean freight rates
surge further as Red Sea crisis develops - more
As Red Sea Crisis Drags
On, Shippers Eye Alternatives - more
Taiwan or South China
Sea: which is the riskier flashpoint for US-China ties? - more
Economic
Stats and Prices (posted
in Friday edition)
Nickel closed Monday's
trading
session at $7.35/lb($16,200/tonne). Indicators
at 5:40 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licensed warehouses went
unchanged on Monday and remain just over the 69,000 tonne level.
Shanghai nickel fell to 126,850 y/t overnight. Considering the Euro has
spent the morning tanking against the U.S. Dollar, nickel has shown
some resilience - at least so far. It remains weakened by the over
supply gripping the world, and every expectation that this situation
will continue thru the year. These lower prices are also starting to
cause mines to shut down. First Quantum of Canada announced yesterday
it was shutting down one of the mines that make up its Ravensthorpe
project in Australia. And the country mostly responsible for the global
oversupply, reported yesterday that it missed its production targets
for 2023. Donald Trump won the Iowa political caucus yesterday, proving
that when you give farmers three times more in annual farm subsidies
than any previous president had, farmers remember. Government financial
subsidies are called Socialism, except for the ones pointed in ones own
direction. Stay safe out there and have a great day!
Average price of LME
traded cash nickel
so far this month
- $7.31/lb
Reports
Reuters metals
morning - Most non-ferrous metals under pressure as dollar strengthens
- more
Oversupply sets the tone for China's nickel market. 2024
preview - In 2023, the emergence of converting Class-2 materials into
Class-1 materials, especially nickel sulphate in nickel cathode, will
drive some .... - more
Indonesia produces 535,200 metric T of nickel in ferronickel in
2023, misses target - Indonesia produced 535,200 metric tons of nickel
in ferronickel and 71,400 tons of nickel matte in 2023, both below
target, ... - more
First Quantum to halt Ravensthorpe nickel mine -
Canadian
miner First Quantum Minerals, which is reeling from the
forced closure of its giant copper mine in Panama, will halt mining at
its Ravensthorpe .... - more
SunSirs: Stainless Steel Prices Remain Stable This Week (January
8-12) - According to the price monitoring of SunSirs, stainless steel
prices remained stable this week. As of January 12th, the daily average
.... - more
ArcelorMittal
reportedly planning offer for Zimbabwe
alloys - ArcelorMittal is considering an offer for Zimbabwe Alloys
Chrome, an insolvent ferrochrome producer seeking investors, Bloomberg
reports. - more
Chrome smelter to
establish 300MW power plant - more
Indonesia says
'strong indication' of safety procedure violation in
nickel fire - Indonesian government said on Tuesday there was a strong
indication of a safety procedure violation that led to a fire at a
nickel smelter ...- more
Other News
U.S.-Owned Cargo Ship
Near Yemen Hit by Missile - more
Chinese government
bought Nvidia chips despite US ban, Reuters reports - more
Economic
Stats and Prices (posted
in Friday edition)
Nickel closed Friday's
trading
session at $7.41/lb ($16,335/tonne). Indicators
at 5:30 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and started this week reading just over 69,000 tonnes. Shanghai
nickel fell overnight, to 127,200 y/t. Today is a Federal holiday in
the U.S., but other than government related offices, most business'
remain open. Lot of interesting articles linked below and numerous PPI
numbers posted that might be of interest to our readers. Stay safe out
there and have a great week!
Average price of LME
traded cash nickel
so far this month
- $7.30/lb
Reports
Reuters metals
morning - London copper prices steady as US dollar weakens - more
Friday's market
review - Copper gains restrained by
Chinese loan data - Copper prices climbed on Friday on
expected
monetary easing in China, though gains were capped by loan data from
the world’s..... - more
Merafe Resources’ ferrochrome output falls in 2023 amid unfavorable
market conditions - South Africa-based ferrochrome producer Merafe
Resources has announced its production results for the fourth quarter
...- more
China's finished steel exports slightly above 90
million
mt in 2023, highest since 2016 - China's finished steel exports
amounted to 90.264 million mt in 2023, increasing by 36.2 percent year
on year, according .... - more
Global
steelmaking capacity will increase by 57
million tons in 2023 – OECD - Global steel overcapacity is growing
again and is expected to be as high as in 2014, at the start of the
previous steel crisis. - more
Norway Just
Raised the Stakes Over Deep Sea Mining - The Nordic
nation is the first to authorize seabed mining activities in its
waters, exacerbating global tensions over strip-mining ocean
ecosystems. - more
Stainless Steel and Contamination Prevention in
Food and
Beverage Equipment - Food and beverage design engineers are under
constant scrutiny to deliver machines that are both good for the bottom
..... - more
Other News
Tesla Pausing German
Factory Operations Citing
Red Sea Disruptions - more
Taiwan voters dismiss
China warnings and hand
ruling party a historic third consecutive presidential win - more
Fed reports record loss
for 2023 amid surge in
interest expenses - more
Monetary Tightening,
Commercial Real Estate Distress, and US Bank Fragility - pdf here
7 Tips for
Differentiating in the Selling
Process - more
Nickel closed
Thursday's trading
session at $7.46/lb ($16,445/tonne). Indicators
at 6:50 am CST today show
nickel trading around $.04/lb
lower. Stockpiles of nickel stored in LME approved warehouses rose on
Thursday and started today's session just over the 69,100 tonne level.
Shanghai nickel rose to 129,420 y/t overnight. Another metals analyst
lowers their forecast for 2024 nickel. The LME saw an increase in
volume last year, which isn't surprising considering what they lost the
prior year. These and more stories linked below. Your author has
finally caught the bug of the 21st century, the highly politicized and
conspiracy wrapped COVID-19. After some dental work a few weeks ago, I
kept applying Orajel to a sore area, and this meant my finger was in my
mouth far too often. Picked it up in town Saturday, and started with a
sore throat on Monday, Then congestion on Tuesday, fevers constantly,
and constant, sometimes gut wrenching, coughing. Other than that I feel
fine, just not a real fun person to be around. Oh and my wife caught it
from me Tuesday and now she has tested positive as well. So my
partner
in life is giving me the stink eye every time she coughs or sniffs. We
are both vaccinated and boosted, so not worried - just miserable. With
that, we sign off as we have since before COVID ever became a news
item. Stay safe out there and have a great weekend!
Average price of LME
traded cash nickel
so far this month
- $7.31/lb
Higher
investment risk appetite boosts activity at LME by
11% in 2023 - Average daily volumes at the London Metal Exchange (LME),
the world's largest and oldest metals forum, gained 11% to 593,537
lots... - more
BMI lowers outlook for nickel price - Research
firm BMI
has revised downward its nickel price forecast for this year to $20
000/t from $20 600/t as the market remains in a supply glut. - more
Australia is
‘no longer competitive’ in nickel: producer
- The biggest nickel producer on the ASX says Australia is no longer
competitive in the sector and its miners will never attract a so-called
green .... - more
U.S. imports / exports of Nickel thru November - more //
U.S. imports / exports of Stainless steel thru
November - more // use search bar on top of
each page to check your item of interest
Taiwan's
stainless steel manufacturers strive to stabilize
market - Although the futures price of stainless steel in the Chinese
market fell, the spot price was temporarily stable due to the increase
in ferronickel .... - more
Russia’s
stainless steel production increases in Nov 2023
m-o-m, y-o-y - According to statistics from the Russian Federal State
Statistics Service (Rosstat), Russia’s stainless steel production
totaled around ... - more
European
steelmakers restart blast furnaces after
shutdowns as coil prices rise - The first quarter of 2024 is kicking
off with European steelmakers slowly resuming production, suspended
since mid-2023.... - more
Other News
Investigation of
tensile and fatigue properties of an austenitic stainless steel part
fabricated by WAAM - more
Chinese scientists join
global debate on human embryo research restrictions - more
China set to lose crown
as top U.S. exporter after 17 years - more
Economic
Stats and Prices (posted
in Friday edition)
Nickel closed
Wednesday's trading
session at $7.43/lb($16,370/tonne). Indicators
at 6:00 am CST today show
nickel trading around $.01/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Wednesday and started today just over the 68,600 tonne level. Shanghai
nickel rose to 138,970 y/t overnight. Stay safe out there and have a
great Thursday!
Average price of LME
traded cash nickel
so far this month
- $7.30/lb
Reports
Reuters metals
morning - Base metals climb on soft US dollar, yuan support - more
FACOR orders new
ferrochrome plant - Metso
has received an order from FACOR (part of Vedanta) for a new 300ktpy
ferrochrome plant in India to be commissioned in 2025. - more
SMM Exclusive:
China Metals Output In December And Forecast For
January - SMM data showed that in December, China's copper cathode
output was 999,400 mt, an increase of 38,600 mt ... - more
Indonesia’s
NPI production jumped 20% in 2023, but may drop in
January 2024 - Indonesia's December 2023 NPI production reached 128,700
mt in nickel content, up 1.06% MoM and 24.3% YoY. - more
‘Nickel needs
to be incentivised more positively’: Minister King -
Federal Resources Minister Madeleine King has told The Australian
Financial Review (AFR) that she supports a green price premium for ...
- more
Vale BM says decision to merge Canada nickel ops
with
Glencore a priority - Vale Base Metals (VBM) is prioritising a decision
on whether to combine its nickel operations in Canada's Sudbury basin
with those ... -
more
BYD Indonesia expected
to launch new cars soon: Report - more
Finland’s
Outokumpu increases stake in Rajakiiri wind
farm - Finland-based stainless steel producer Outokumpu has announced
that it has decided to invest in a further stake in the Rajakiiri wind
farm in Tornio,.... - more
Other News
China emphasizes Taiwan
question, South China Sea issue in resumed defense policy coordination
talks with US - more
UPS to cut sorting
shift at Indianapolis facility amid soft demand - more
Saudi Arabia signs
mining deals with four nations - more
More than a quarter of
workers say they’re ready to leave their current job - more
Economic
Stats and Prices (posted
in Friday edition)
Nickel closed
Tuesday's trading
session at $7.36/lb ($16,230/tonne). Indicators
at 6:00 am CST today show
nickel trading
unchanged. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Monday and started today just over the 63,300 tonne level.
Shanghai nickel fell to 124,920 y/t overnight. The death toll of the
Christmas Eve nickel smelter explosion has risen to 21 according to
Indonesia press. Citi lowers its nickel forecast for the first quarter
of 2024, while the IMF is less bearish. Stay safe out there and have a
great hump day!
Average price of LME
traded cash nickel
so far this month
- $7.30/lb
Reports
Reuters metals
morning - Copper ticks higher on weaker dollar, investor pause - more
Citi Turns
Neutral-To-Bearish On Nickel In Near-Term -
REVISES DOWN 0-3 MTH PT PRICE NICKEL FORECAST TO $15.5K/T (FROM $18K/T)
AND Q1 2024 AVERAGE PRICE FORECAST TO - more
IMF
Sees Further Upside Room for Prices of Nickel, Cobalt, Lithium, Copper
and Other Metals Necessary for Electric Vehicle Batteries, Echoing
Forecasts by the IEA - more
Battery Metal Price
Plunge Is Closing Mines and Stalling Deal - more
Yusco carrying
out stainless steel production line
transformation - I-Shou Lin, the chairman of Yieh United Steel Corp.
(Yusco) and the founder of E United Group, said that Yusco is now
actively .... - more
US makes final AD
determination on Taiwan’s stainless steel sheet and strip in coils - more
10 World's
Largest Nickel-Producing Countries; Indonesia Tops the
List - Nickel is a metallic element with a silvery-white,
lustrous
appearance. It is widely used in numerous industries but is most
popular ... - more Iron ore
price at one-week low on faltering demand, steel
margins - Iron ore futures declined for a third consecutive session on
Monday to hit their lowest level in a week, as some investors unwound
long positions... - more
Why nickel in
your batteries? - Nickel can be found in
many forms from nanowires to stainless steel alloys. But what are the
properties of nickel that make it an essential element in batteries? - more
Outside sales are
exempt employees if they meet the minimum "on the orad" requirement.
Inside Sales are non exempt employees - more(we have covered this before but
some refuse to accept) Here is another little known FLSA
fact - "Non
exempt employees must also be paid time and one-half their regular
rates of pay for all hours worked over 40 per workweek, regardless of
whether paid an hourly rate, salary, piece rate, commission or other
basis. Each workweek stands alone and there can be no averaging of
hours over two or more workweeks."
Economic
Stats and Prices (posted
in Friday edition)
Nickel closed Monday's
trading
session at $7.38/lb($16,260/tonne). Indicators
at 5:20 am CST today show
nickel trading around $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouses jumped on
Monday and started today's session just over the 68,450 tonne level.
Shanghai nickel rose to 125,750 y/t overnight. Industry news picked up
and we have linked to it below. Stay safe out there and have a great
Tuesday!
Average price of LME
traded cash nickel
so far this month
- $7.30/lb
Reports
Reuters metals
morning - Copper rises as softer dollar lifts appeal - more
Monday's market review - LME copper cash to three
month discount hits highest since 1992 - The discount for the cash
copper contract against the benchmark three-month contract on the
London Metal .... - more
Stainless steel melt shop production increased by 2.5%
year–on–year to 42.6 million metric tons in the first 9 months of 2023
- The world stainless association has released figures for the first
nine months of 2023 .... - more
Nickel investments in Indonesia may slow on
falling
prices, geopolitical risk | 2024 preview - The pace of Chinese
companies' heavy investments in Indonesian nickel may slow in the new
year ... - more
This billionaire used Indonesia’s nickel to squeeze out Australia -
Indonesia’s
ban on unrefined ore exports is loathed by competing producers and in
breach of trade rules, but it is popular at home where... - more
ISSDA: India’s
stainless steel MSMEs impacted by dumping
imports from China - Rajamani Krishnamurti, the president of the Indian
Stainless Steel Development Association (ISSDA), said that nearly... - more
Administrators suspend Savannah nickel operations, 140 redundancies
- The administrators of Panoramic Resources has announced the
suspension of operations at the Savannah nickel project, ... -
more
89 FR 902 -
Stainless Steel Sheet and Strip in Coils From
Taiwan: Final Results of Antidumping Duty Administrative Review and
Final Determination - more
Courtesy AISI - In
the week ending on January 6, 2024,
domestic raw steel production was 1,707,000 net tons while the
capability utilization rate was 76.9 percent. Production was 1,680,000
net tons in the week ending January 6, 2023 while the capability
utilization then was 75.2 percent. - more
Mining
firms in Homonhon Island pay P182.6-M excise tax - The
national government has earned PHP182.6 million in excise tax in 2023
from the mining operations of two firms in Homonhon Island .... - more
Leaks on the rise at China's mining waste dumps -
China
has seen a "marked increase" in environmental emergencies involving
tailings ponds, according to the country's top environmental
watchdog,..... - more
Other News
U.S. Steel Acquisition
Proposal Tests Biden’s Industrial Policy - more
The Biden
Administration Unveils the Long-Waited Guidance on “Foreign Entity of
Concern” - more
German fabricators
bemoan doubling of grid fees - more
Economic
Stats and Prices (posted
in Friday edition)
Nickel closed Friday's
trading
session at $7.42/lb ($16,350/tonne). Indicators
at 6:00 am CST today show
nickel trading around $.09/lb
lower. Stockpiles of nickel stored n LME licensed warehouses rose on
Friday and started this week just under the 64,900 tonne level.
Shanghai nickel rose to 124,450 y/t overnight. All of the news stories
we found were subscription based so we can't provide a link, but
Panoramic Resources’ announced this morning that they were shutting
down the Savannah nickel mine due to lower nickel prices. This will
cost about 400 Australians their jobs and take some of the nickel
surplus off the books. U.S. Congressional leaders, out of the spotlight
and the constant need for media sound bites, were able to agree on a
budget deal over the weekend that should allow the government to avoid
a shutdown. Markets, including commodity, should react positively to
the news, although they may wait to see how the House disruptor's will
react. First full work week of 2024 for most, although weather concerns
greet many workers. Stay safe out there and have a great Monday!
Average price of LME
traded cash nickel
so far this month
- $7.32/lb
Reports
Reuters metals
morning - Copper dips on steady dollar ahead of US inflation data - more
EU's stainless
steel growth expected to recover in H2
2024 - In 2023, the European stainless steel market was under a weak
situation in the past ten years because low orders made the output
significantly cut. - more
Disruption
Challenges Procurement Leaders to Steady
Supply Chains - While chaos has become the norm, procurement
professionals must find ways to ensure sourcing remains stable - more
US to continue AD orders on stainless steel bar
from
India - The US Department of Commerce (DOC) has announced the final
results of the sunset reviews of the antidumping duty (AD) orders on
stainless ... - more
EU import quotas
for Chinese HDG, HRC and wire rod ‘other
country’ quotas filled swiftly - Steel import quotas into the European
Union for Chinese hot-dipped galvanized coil as well as quotas in the
other... - more
Electricity spot prices set to fall on Sunday -
After
record high prices on Friday, the spot price of electricity is coming
back down to lower prices this weekend. - more
Other News
Iron Ore Hits $145 A
Ton In Surprise Trade War Aftershock - more
Maersk warns of major
disruption as it diverts ships away from Red Sea - more
Red Sea attacks: Ocean
shipping rates jump more than 50% in key lanes - more
69% of Employees Said
They Experienced Burnout in 2023 - more
Nickel closed
Thursday's trading
session at $7.30/lb ($16,100/tonne). Indicators
at 5:30 am CST today show
nickel trading around $.03/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose
slightly on Thursday and started today just over the 64,500 tonne
level. Shanghai nickel fell to 123,540 y/t overnight. LME nickel has
already traded below the $16,000 tonne level this morning, but is
struggling to keep its head above that level at the
moment. Here
are your average prices for December 2023, compared to November. Nickel
- $7.43/lb compared to $7.70/lb, Chrome - $5.04/lb compared to
$5.00/lb, Molybdenum - $19.38/lb compared to $18.36/lb. Been a quiet
week for nickel and stainless steel news, but with the year ending with
an explosion that killed 19 workers at an Indonesia nickel
plant, maybe
a quiet week isn't a bad thing. Stay safe out there and have a great
weekend.
Average price of LME
traded cash nickel
so far this month
- $7.38/lb
Reports
Reuters metals
morning - Copper edges up as supply headwind counters Fed rate cut
outlook - more
Thursday's market review - Aluminium slides on
easing supply fears and revised rate expectations - Aluminium prices
slumped on Thursday as raw material supply concerns eased and investor
... - more
China
decreases stainless imports & exports in
Jan-Nov 2023 - According to statistics from the China Iron and Steel
Association (CISA), China's stainless steel imports totaled around
133,000 tons .... - more
Colombia keeps AD orders on China’s stainless
steel
dishwashers - On December 20, 2023, the Colombian Ministry of Commerce,
Industry and Tourism (MCIT) made its final determination of the first
... - more
Indian government
cancels privatization of Salem Steel Plant - The
Indian government has scrapped the privatization process for Salem
Steel Plant (SSP), a wholly-owned subsidiary of Steel Authority of
India ... more
Manufacturing ended the year in a lull, but
optimism up
for 2024: PMI - The manufacturing industry ended 2023 in contraction,
as companies dealt with higher input prices and low demand. - more
Other News
FedEx Express sees
‘significant headwind’ from reduced US Postal Service volume - more
UPS plans reduced
sorting operations, layoffs at Louisville hub - more
Commercial Suez Canal
Traffic Down Almost 60% Since Houthi Attacks Began - more
U.S.-Led Military
Coalition Issues Final Warning to Houthis - more
Is Russia’s economy
holding up well against Ukraine-war induced sanctions? China is
watching and keen to know how - more
Economic
Stats and Prices (posted
in Friday edition)
Nickel closed
Wednesday's trading
session at $7.45/lb($16,420/tonne). Indicators
at 5:50 am CST today show
nickel trading around $.06/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose
slightly on Wednesday and started today's trading session just under
the 64,500 tonne level. Shaghai nickel fell to 125,400 y/t overnight.
Still very quiet on the news front. Stay safe out there and have a
great Thursday!
Average price of LME
traded cash nickel
so far this month
- $7.44/lb
Reports
Reuters metals
morning - Most base metals fall on firmer dollar - more
Nickel Price 2023 Year-End Review - Nickel trended down in
2023
as lower demand and higher supply created price pressure. Here's a look
at the main trends that impacted the market over the course of the
year. - more
Metso
to build ferrochrome plant for FACOR in India - Metso Corp.
(Espoo, Finland) and Ferro Alloys Corp. Ltd. (FACOR), part of Vedanta,
have agreed on the design and delivery of a ferrochrome plant ... - more
AMT LME COTR analysis 3 Jan.24 - The most recent COTR data on LME
speculative positions (for the week ending 29th December 2023) were
released this afternoon. - more
Divisional
Court emphasises contractual context in dismissing
judicial review challenge to London Metal Exchange - In R (Elliott
Associates, Elliott International and Jane Street Global Trading) v The
London Metal ... - more
Other News
Missouri Bans Foreign
Adversaries from Buying Land Near Military Bases - more
US overtakes China as
South Korea’s top export market - more
Economic
Stats and Prices (posted
in Friday
edition)
Nickel closed
Tuesday's trading
session at $7.55/lb ($16,640/tonne). Indicators
at 5:50 am CST today show
nickel trading around $.10/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose
slightly on Tuesday and ended the first trading session of 2024 just
over the 64,400 tonne level. Shanghai nickel rose to 128,090 y/t
overnight. On this day last year, Shanghai nickel read 229,420 and LME
nickel read $31,005/tonne. For nickel miners, 2023 was brutal as the
market saw a world surplus supply of nickel intensify after the rush to
turn Indonesia into a world class supplier turned them into the world's
largest supplier nearly overnight. Not a lot of news out there yet, as
the world recovers from the holiday break. Stay safe out there and have
a great hump day!
Average price of LME
traded cash nickel
so far this month
- $7.53/lb
Reports
Reuters metals
morning - Copper eases under dollar pressure, soft demand - more
Tuesday's market review - Copper under pressure from
climbing dollar - Copper prices slipped on Monday due to a higher
dollar, while losses were capped by improving factory activity data ...
- more
Northeastern Ontario nickel miners not threatened by flood of the
metal from Indonesia - Low nickel prices partly attributed to a flood
of the metal coming onto the market from Indonesia aren't deterring ...
- more
Courtesy AISI - In the week ending on December
30, 2023, domestic
raw steel production was 1,680,000 net tons while the capability
utilization rate was 73.1 percent. Production was 1,576,000 net tons in
the week ending December 30, 2022 while the capability utilization then
was 70.6 percent. - more
IDDMIB: Turkey must revoke antidumping duty on
stainless
steel - Fikret Kaya, member of the supervisory board of the Istanbul
Ferrous and Non-Ferrous Metals Exporters\u2019 Association (IDDMIB),
... - more.
Nickel closed Friday's
trading
session at $7.54/lb ($16,615/tonne). Indicators
at 6:00 am CST today show
nickel trading around $.04/lb
higher. Stockpiles of nickel stored in LME licensed warehouse rose
slightly on Wednesday and ended 2023 just over the 64,150 tonne level.
This compared to starting 2023 at 55,380 tonnes. Cancelled warrants are
running just below the 10% level. Shanghai nickel rose to 125,510
overnight. It's a new year with new goals and hopefully, a new plan or
at least, some new ideas to meet those goals. Opening a new account can
be as simple as losing weight. Neither is necessarily "simple" but to
do either, you have to identify the need, make a plan, and stick to it.
Each of us lose weight differently, each of us 'sell" differently.
Failure can be followed by success with commitment and consistency. How
will 2024 treat you? That is entirely up to you. Stay safe out there,
and have a great day, week, month and year. And we and our 2024
sponsor, PAI, invite you to join us for the challenging year ahead.
Average price of LME
traded cash nickel
so far this month
- $7.43/lb (average Dec)
Reports
Reuters metals
morning - Copper edges higher on China data, stimulus hope - more
Friday's market review - Copper dips, but heads for
yearly rise on healthy Chinese demand - Copper prices dipped on Friday,
pressured by a firmer dollar, but were on track to achieve a modest
gain .... - more
Walsin
Lihwa raises 300 series stainless steel wire rod
price for Jan 2024 - Walsin Lihwa, a stainless steel wire rod and cable
manufacturer in Taiwan, raised the price of 300 series stainless steel
wire rods ... - more
Outokumpu Oyj : plans to temporarily restrict its
ferrochrome production due to weak ferrochrome market conditions
- Due to weak ferrochrome market conditions, stainless steel
producer Outokumpu plans ... - more
Once-Hot Battery Metals Set to Slide, Leading
China Group
Warns - Battery-metals prices are set to retreat from highs this year
as surging supplies trigger gluts, a leading Chinese industry group
warned .... - more
Indonesian
President calls for thorough smelting firm
audit post Morowali nickel plant blast - Following a tragic incident at
the PT Indonesia Morowali Industrial Park (IMIP) smelter, President
Joko Widodo .... - more
Biden extends EU tariff exemption on steel and
aluminum
for 2 years - The Biden administration wants to continue negotiations
on measures to address excess capacity and low-carbon production. - more
Other News
Indonesia's Aneka
Tambang sells shares of subsidiaries to world's biggest EV battery
company - more
China's manufacturing
faces third consecutive contraction in Dec, calls for policy support
intensify - more
Maersk pauses sailings
through Red Sea again after new attack - more
Economic
Stats and Prices (posted
in Friday edition)
(all
ton listings are metric tons = 2204.622 pounds ) Updated Monday thru
Thursday before 7 am CST, Friday version before 8 am CST - DisclaimerOriginal content and
opinions copyright
www.estainlesssteel.com. All
prices shown on
this page are indications only. Please note - for real time and
official LME
prices, LME requires a user subscribe to an authorized LME vendor.
Daily Nickel/Stainless Steel Briefing 
($16,510/tonne). Indicators at 5:30 am CST today show
nickel trading around $.05/lb 
lower. Stockpiles of nickel stored in LME approved warehouses jumped
again on Tuesday and started today just over the 71,350 tonne level.
Shanghai nickel fell to 126,990 y/t overnight. Nickel continues to
slowly sag as another nickel mine is put on care and maintenance. It's
been a rough month for Australian nickel mines, with the pain is likely
to continue and spread. New Caledonia's Goro mine could be in trouble
after one of its major investors refused to contribute to a bail out.
Today is the last day of January and we end the first month of the
still new year with nickel prices hovering around where they started
the year.
Next month we have the annual Chinese New Year celebration, which can
come in either January of February and thus, skews annual comparisons.
Typically you have to wait till March to get a good 'this time last
year'
economic comparison. Their monthly PMI came in a tad higher
than last
month, but remains on the negative growth side. As did Japan and
Europe, but Europe came in stronger than expected. We want to thank our
sponsor, PA Inc, for their continued support. Since we have had the
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enjoy your hump day, and we hope to see you again next month. 
Reports
Shanghai Metals Market
London
Metals Market
Impact on Commodities Due to Chaos in
the Red Sea -
Data from S&P Global showed the Suez Canal route accounts for
14.8%
of all Europe and Middle East and North Africa imports. In response...
- 
Vale’s
production and sales in 4Q23 and 2023 - (excerpt)
Average nickel realized price was US$ 18,420/t, down 13.3% q/q, mainly
due to 15.2% lower LME reference prices q/q. - 
What is the
Impact of Frequent Shutdowns in Australian Nickel
Mines? - Since January, overseas nickel mining companies have
frequently faced production shutdowns, with information showing that
the ... - 
Слава Україні! - 
EcoPro Crosses 100,000 Tons in High Nickel Cathode Materials
Exports - EcoPro announced that it exported approximately 107,000 tons
of high nickel cathode materials in 2023, up 24.4 percent from
- 
Indonesian
nickel miner boosts returns as mines fight to survive -
Indonesian producer Nickel Industries has rewarded investors with an
increased dividend and share buyback, underscoring the returns ... -
Russia's Nornickel forecasts further nickel, palladium output
drop this year - Russian metals producer Nornickel on Monday said it
expected a further decline in nickel and palladium output this year ...
-
BHP Sees Nickel Demand Rising Fourfold by 2050 on
EV Boom
- Global demand for nickel will grow as much as fourfold over the next
30 years as electric vehicles almost entirely replace traditional cars,
... - 
India's Jindal
Stainless cuts export forecast on Red Sea
crisis, weaker EU, US demand - India's Jindal Stainless Ltd
has
cut its exports forecast for the fiscal year ending March due to
freight disruptions ... - 
unchanged. Stockpiles of nickel stored in LME licensed warehouses rose
on Thursday and started today's session just shy of the 69,300 tonne
level. Shanghai nickel rose to 130,400 overnight. There is an
presidential election in Indonesia in a few weeks, so expect a lot of
media attention on that country and their new found monopoly on nickel
production. Nickel prices have been sneaking up all week, but it
appears it has hit a stone wall today - so far anyway. Stay safe out
there and have a great weekend!
December 2023
crude steel production and 2023 global
crude steel production totals - World crude steel production for the 71
countries reporting to the World Steel Association (worldsteel) was
135.7 .... - 
EEC extends AD
duty on seamless stainless pipes from China
and Malaysia for five years - The Eurasian Economic Commission (EEC),
the executive body of the Eurasian Economic Union which includes ... - 
Global
nickel market sees 35,300 metric ton surplus in
November - INSG - The global nickel market had a surplus of 35,300
metric tons in November, up from a surplus of 7,800 tons a year
earlier... - 
Italian
stainless flats market continues to drag - Stagnation
is persisting in the Italian stainless flat steel market in the first
month of the year. Service centres and re-rollers are seeing a
prolonged negative .... - 
South32’s
Colombia nickel mine faces strategic review amid market
turbulence - The Cerro Matoso mine, in Colombia, a major ferronickel
producer, is undergoing a strategic review in response to ongoing ... -
Outokumpu completed the change negotiations
related to
the restriction of the ferrochrome production - Outokumpu has completed
its change negotiations related to the company's plans to temporarily
restrict ... - 
Solway
Investment Group’s Guatemalan Mining Subsidiaries
Removed from U.S. Treasury Sanctions List - The Guatemalan subsidiaries
of Solway Investment Group, a Swiss-based global mining concern, were
... - 
Norway set to
allow mining waste to be dumped in fjords - Norway
joins just two other countries globally that still approve new licences
for marine waste disposal. - 
Oversupply sets the tone for China's nickel market. 2024
preview - In 2023, the emergence of converting Class-2 materials into
Class-1 materials, especially nickel sulphate in nickel cathode, will
drive some .... - 
ArcelorMittal
reportedly planning offer for Zimbabwe
alloys - ArcelorMittal is considering an offer for Zimbabwe Alloys
Chrome, an insolvent ferrochrome producer seeking investors, Bloomberg
reports. - 
European
steelmakers restart blast furnaces after
shutdowns as coil prices rise - The first quarter of 2024 is kicking
off with European steelmakers slowly resuming production, suspended
since mid-2023.... - 
Vale BM says decision to merge Canada nickel ops
with
Glencore a priority - Vale Base Metals (VBM) is prioritising a decision
on whether to combine its nickel operations in Canada's Sudbury basin
with those 
Mining
firms in Homonhon Island pay P182.6-M excise tax - The
national government has earned PHP182.6 million in excise tax in 2023
from the mining operations of two firms in Homonhon Island .... - 
IDDMIB: Turkey must revoke antidumping duty on
stainless
steel - Fikret Kaya, member of the supervisory board of the Istanbul
Ferrous and Non-Ferrous Metals Exporters\u2019 Association (IDDMIB),
... - 
