Nickel closed Tuesday's trading
session at $11.98/lb ($26,420/tonne). Indicators at 5:45 am CST today show
nickel trading around $.06/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose
slightly on Tuesday and started today's session just over the 73,000
tonne level. Nickel continues to slip, as traders apparently try to
determine an unmanipulated, if that is possible, true cost to nickel
during a period of economic uncertainty. While down stream users of
nickel will be pleased with the bearish turn in pricing, Tsingshan must
be thrilled, as their bear bet starts to pay off. In the daily battle
of the longs versus the shorts, a battle that nearly tore the LME apart
in March, the short bets are paying off with the market closing close
to $31,000/tonne the first trading day of this month. Monthly
surcharges for June will be interesting when they are published later,
as they have grown far too fond of jumping every 30 days. Stay safe out
there and have a great hump day!
Average price of LME traded cash nickel
so far this month
- $12.90/lb
Reports
Reuters metals morning - Copper prices slip on lingering global slowdown worries - more
Tuesday's market review - Copper gains on China
COVID restrictions easing - Copper prices climbed on Tuesday as easing
coronavirus lockdown restrictions in top metals consumer China stoked
hopes for improving demand, while some bearish investors covered
positions. - more
India's stainless steel finished stainless steel output rises in FY22
y-o-y - According to statistics, India's finished stainless steel
production amounted to 3.5 million tons in the fiscal year 2022, rising
by 29% compared to the previous year. - more
BHP CEO says supply disruptions may last years; may speed up Jansen
project - Supply chain disruptions in the mining sector could take up
to three years to resolve, the chief executive of the world's largest
listed miner BHP Group said on Tuesday. - more
Steel industry emissions to decline 30% by 2050 - EAF to play key role
in steel decarbonisation; its tech share to be almost on par with BOF -
more
Avebury Nickel Mine out of care and maintenance - The Avebury Nickel
Mine in western Tasmania is back in operational mode, with its care and
maintenance status lifted by Tasmanian regulatory bodies (Mineral
Resources Tasmania, Worksafe Tasmania and EPA Tasmania). - more
Humans have high hopes for space mining, but there are many obstacles -
Planetary bodies like the Moon, Mars, asteroids, and comets, like
Earth, have significant quantities of valuable commodities. - more
Nickel closed Monday's trading
session at $12.05/lb ($26,575/tonne). Indicators at 5:50 am CST today show
nickel trading around $.14/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and ended that session just over the 72,900 tonne level.
Stockpile numbers remain a non story. The rush for the exits continues
among nickel traders, with nickel the only LME traded base metal not
pulling off a price gain yesterday. Chinese officials announce they
will begin a phased re-opening of Shanghai beginning June 1st after
hitting zero new cases. A lot of traders are hoping this down time has
helped that country build some pent up demand. Time will tell. Here in
the States cases of covid are sneaking up again. If you haven't
already, you can order additional free home tests from the government (here). Stay safe out there and have a great day!!
Average price of LME traded cash nickel
so far this month
- $13.00/lb
Reports
Reuters metals morning - London copper hits near 1-week high on hopes of demand revival - more
Monday's market review - Hopes for China demand
revival boost base metal prices - Prices of industrial metals rose on
Monday as top consumer China’s plans to ease COVID restrictions raised
expectations of a demand revival, but the damage to growth from the
lockdowns limited gains. - more
China’s crude steel output decreases by 10.3 percent in January-April -
In the January-April period of the current year, China’s outputs of pig
iron, crude steel and finished steel amounted to 280.3 million mt,
336.15 million mt and 426.82 million mt, decreasing by 9.4 percent,
10.3 percent and 5.9 percent, respectively, year on year, as announced
by China's National Bureau of Statistics (NBS). - more
Industrial output of China’s steel sector down 2.9 percent in Jan-Apr - more
Yusco & Tang Eng’s revenue increases in Jan-Apr, driven by higher
nickel & stainless steel prices - Yieh United Steel Corp. (Yusco)
and Tang Eng Iron Works Co., Ltd., two leading stainless steel upstream
suppliers in Taiwan, reported that their revenue grew in April and the
first four months of this year, mainly driven by higher international
nickel prices and stainless steel prices. - more
UK firm develops stainless series to replace 300 - UK-based GENIUS
Materials Technology says it has developed a new series of
high-strength austenitic stainless steels to replace the majority of
existing grades in the 300 Series. - more
Mining is a polluting business. Can new tech make it cleaner? - Mining
will always have environmental impacts, but new approaches could help
reduce them as the world digs up more metals for renewable energy. - more
Courtesy AISI - In the week ending on May 14, 2022, domestic raw steel
production was 1,785,000 net tons while the capability utilization rate
was 81.8 percent. Production was 1,834,000 net tons in the week ending
May 14, 2021 while the capability utilization then was 81.0 percent. - more
Good background piece - Rising nickel prices will not halt the energy transition - more
"Running out of
commodities is a popular fear, but the past couple of hundred years
have seen humans develop ever more efficient ways of finding things we
want under the ground and pulling them out." - Kate Mackenzie of Bloomberg
Monday, May 16
Daily Nickel/Stainless Steel Briefing
Nickel closed Friday's trading
session at $12.36/lb ($27,250/tonne). Indicators at 6:00 am CST today show
nickel trading around $.41/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Friday and started this week just over the 73,100 tonne level. Nickel
continues to fall, down nearly $1000/tonne already this morning. Nickel
stockpile numbers are up over 350 tonnes so far this month, and up just
slightly more than the low point hit on April 1st. Anyone preaching
surplus at the moment is not telling the whole story. Markets,
including commodity, appear to be dominated by a general sense of doom,
or at least caution going forward. Its a new week and the beginning of
the latter half of the month. Stay safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $13.12/lb
Reports
Reuters metals morning - Hopes for China demand revival boost base metal prices - more
Friday's market review - Copper heads for sixth
weekly loss on recession fears - Copper climbed in volatile trade
on Friday, as the dollar lost ground, but prices were still on track
for their sixth consecutive week of losses on mounting fears a global
economic slowdown would dampen demand. - more
LME starts consultation to make OTC metals market more transparent
- The London Metal Exchange (LME) on Friday proposed measures
that it said would improve transparency and stability in the
over-the-counter (OTC) metals market, including more frequent
disclosures of all positions. - more
LME Boss Wants to Unlock Commodity Trading’s Black Box - more
The NPI Supply will be Gradually Surplus and the Pure Nickel Supply was
still Tight - On the supply side, the current overseas pure nickel
maintained a loss state, and the long-term import loss led to the
current shortage of NORNICKEL nickel spot. - more
Stainless Steel Edged Lower This Week (May 9-13) - more
Major transformation of commodity markets underway amid multiple crisis
– report - Global commodity markets are being reshaped in lasting ways
as a result of COVID-19, the war in Ukraine, and the impacts of climate
change - a transformation that is likely to have profound implications
for developing economies over the coming decades, a new World Bank
study has found. - more
Nickel is Dominating the News - Here’s What You Need to Know - Nickel
is one of the hottest commodities in the resource space as the
popularity and demand for electric vehicles (EVS) surge. - more
So much for the electric vehicle revolution. You cannot make the
machines without the metals that power them - Any successful politician
is adept at finding the one bit of good news floating in the ocean of
despair, then gushing about it to try to drown our worries. - more
Nickel closed Thursday's trading
session at $12.65/lb ($27,890/tonne). Indicators at 7:00 am CST today show
nickel trading around $.18/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today just over the 72,700 tonne level. Nickel
ended basically flat yesterday, but has resumed its bearish run this
morning. Nickel started trading this year in the $20-21,000/tonne
range, and was well into a bullish run then, so there is still plenty
of room to fall. LME stockpile numbers have been up and down this
month, but as of today, they are down less than 100 tonnes. Fears of a
global slowdown appear to have base metals, with many stocks, in
traders cross hairs. There seems to be a lot of pessimism out there and
at least for today, we blame it on Friday the 13th. Stay safe and have
a relaxing weekend!
Average price of LME traded cash nickel
so far this month
- $13.21/lb
Reports
Reuters metals morning - Copper under pressure from recession fears - more
Thursday's market review - Copper tumbles to 7-month
low as slowdown fears rock markets - Copper prices tumbled below $9,000
a tonne on Thursday for the first time since October and most other
industrial metals fell as traders worried that a slowing global economy
would require less metal. - more
EC to propose potential steel import safeguard changes late May,
following review - The European Commission is set to propose an updated
European Union steel import safeguards regime later this month, with a
view to effecting any changes in July, the EC said May 11. - more
Mining production down 9.3% y/y in March - South Africa's mining
production decreased by 9.3% year-on-year in March, with the largest
negative contributors being gold, iron-ore, manganese ore and platinum
group metals (PGMs). - more
Nornickel is first Russian firm to get OK to keep listing abroad -
Metals giant Nornickel has become the first Russian company to be
granted permission by a government commission to keep its listing
abroad - for one year for now. - more
Column: China lifts metals exports as Western supply chains buckle -
China exported 45,260 tonnes of primary aluminium in March, the highest
monthly total since April 2010, with almost half of it to the
Netherlands. - more
Nickel closed Wednesday's trading
session at $12.63/lb ($27,855/tonne). Indicators at 6:00 am CST today show
nickel trading around $.07/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Wednesday and started today just over the 72,900 tonne level. If you
are one of those who likes to stay informed
with historical perspectives, and less the political rhetoric of the
times, there is an
interesting 21 minute video posted under reports, explaining why gas
prices are so high these days. Interesting because there is are more
and more articles about investment, and the lack thereof, in the mining
industry. Investment in commodities, of all types, has its risks and
rewards. There will be periods of oversupply and under supply. Money is
to be had when its the latter, and not so much when the former. Nickel
is no different. When there is more nickel available than demand, the
price is low. It's not as cut and dry as it used to be, but overall,
the gauge is still a pretty good guide. At the moment, nickel stockpile
numbers are growing ever so slightly. And with the market convinced
that we could potentially run out of nickel this year, these new
figures are troubling some bulls. And there is the Big Bear' bet
and his insider information. What if he is right? In the mean time,
nickel continues to correct and stainless steel prices should start
coming down. Stay safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $13.31/lb
Reports
Reuters metals morning - Copper drops to 7-month low on demand concerns, rising stocks - more
Wednesday's market review - Copper gains as China
COVID cases ease, demand still at risk - Copper prices gained on
Wednesday as slowing COVID-19 infections in top metals consumer China
eased near-term demand concerns, even as enduring pandemic-related
lockdowns weighed on sentiment. - more
China's iron and steel producer price index up 5.6% in April - China's
overall producer price index (PPI) rose 8.0% year-on-year in April,
while it rose 0.6% month-on-month. - more
Nickel has been whacked, but is poised to bounce back faster than other
battery metals - Nickel failed to dodge this week’s sector-wide mining
sell-off, but with the battery metals and electric vehicle (EV)
business model intact it could be the first commodity to recover. - more
Jindal Stainless to supply stainless steel to Alstom for development of
rapid train system in India - India’s Jindal Stainless Limited (JSL)
will supply 2,000 mt of stainless steel to the local arm of Alstom,
France, for development of train sets for India’s first regional rapid
transit system (RRTS), a company statement said on Thursday, May 12. - more
Pentagon asks Congress to fund mining projects in Australia, U.K. - The
U.S. Department of Defense has asked Congress to let it fund facilities
in the United Kingdom and Australia that process strategic minerals
used to make electric vehicles and weapons, calling the proposal
crucial to national defense. - more
POSCO investing $20 billion in its quest to be world’s top EV materials
player and topple Chinese rivals - POSCO, a South Korean steelmaking
giant, is investing $20 billion or around ₩25 trillion in an effort to
become the no. 1 EV materials company in the world by the year 2030. - more
Investors must be persuaded to put money into mining - Mining is
probably the most vital sector for the global energy transition and the
success of the much-vaunted net-zero carbon emissions by 2050 targets,
but it is the laggard in the process. - more
EPA says PolyMet permit threatens waters with mercury pollution - The
federal Environmental Protection Agency this week informed the U.S.
Army Corps of Engineers that the EPA can’t support a key permit for the
proposed PolyMet copper-nickel mine. - more
Democrats from the West push update of 150-year-old federal mining law
- Democrats in Congress are hoping to overhaul the nation’s
150-year-old system for mining the elements needed for battery
manufacturing, as high gas prices and Russia’s war in Ukraine underline
the need to transition from oil and gas to renewable energy sources. - more
Nickel closed Tuesday's trading
session at $12.86/lb ($28,350/tonne). Indicators at 6:00 am CST today show
nickel trading around $.24/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and ended that session just over the 72,800 tonne level.
Apparently yesterday's price increase on the LME was a head fake, with
nickel down sharply again this morning. This is after Shanghai nickel
played 'follow the leader' to the tune of a 3% gain overnight. Elon
Musk said in a conference yesterday, that he was not adverse to buying
a mine. Then he said he would let Trump back on Twitter so the media
attention was diverted to 'the important' news of the day. Musk is already
invested in a nickel mine - the old Goro mine in New Caledonia. His
share is small, but its allowing his people to see how a nickel mine
operates. The nickel industry went crazy when Musk said he would give
out mining contracts for 'clean' nickel - it will be interesting to see
who suddenly goes on the market. BHP has also expressed its interest in
buying nickel operations, with others likely contenders as well. Few
industry reports by players, not analysts, worth a look below. Stay safe out
there and enjoy your hump day!
Average price of LME traded cash nickel
so far this month
- $13.43/lb
Reports
Reuters metals morning - Copper gains after half of Shanghai achieves 'zero-COVID' status - more
Tuesday's market review - Demand headwinds push
aluminum to five-month low - Aluminum fell to its lowest in nearly five
months on Tuesday as funds betting on lower prices due to slowing
demand sold, but worries about output cuts in Europe because of high
power costs are expected to provide some support. - more
Shanghai stainless steel prices rise against nickel price trend - The
current low level of both domestic and abroad stainless steel social
inventory has strongly supported stainless steel prices, while the flat
supply and demand have been hard to push up nickel prices. - more
Ferrochrome and Chrome Ore Transactions were Thin with Deadlock in the Market - more
Molybdenum Prices may Fall further as the Bid of Molybdenum Oxide in Henan Yesterday was Slack - more
India's stainless steel output up 29% in FY22; may rise further this
fiscal - Stainless steel production recovers in FY22 Production rises
on increasing consumption - more
European Steel Association Warns of New Recession in Steel Market - The
level of high uncertainty is set to last at least until the end of the
current year, said EUROFER. - more
Elon Musk says Tesla open to buying a mining company - Tesla Inc is
open to buying a mining company if producing its own supply of electric
vehicle (EV) metals would speed up worldwide adoption of clean energy
technologies, Chief Executive Officer Elon Musk said on Tuesday. - more
A nickel mine Elon Musk and Joe Biden may both need - more
Global scramble for metals thrusts Africa into mining spotlight - The
need to secure new sources of metals for the energy transition amid
sanctions on top producer Russia has increased the Africa risk appetite
for major miners who have few alternatives to the resource-rich
continent - more
New Caledonia's green nickel plan to stand out in global market - New
Caledonia is looking to turn to more environmentally-friendly nickel
production as countries such as Indonesia and the Philippines are able
to manufacture the metal at much lower costs. - more
Column:
Mining is key to the energy transition, but it's still unloved -
Mining is probably the most vital sector to the global energy
transition and the success of the much-vaunted net-zero carbon
emissions by 2050 targets, but it's currently the laggard in the
process. - more
Nickel closed Monday's trading
session at $12.75/lb ($28,110/tonne). Indicators at 6:00 am CST today show
nickel trading around $.14/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and ended that session just over the 73,100 tonne level. Nickel
continues its bearish run, with the market spending little time in the
$28 and $29,000 tonne levels. Distributors are in a pickle. For months
they have been fighting to get their inventory built to safe limits
after the shortages began in 2020, and now, just when it seems like
lead times are starting to become realistic, the inventory you buy
today is over priced tomorrow. This is why that relationship with the
customer is so important. If they trust you are not gouging them when
prices are rising, they are less likely to insist you give them the
best price now. Most of them understand how this works, at least those
who have been around awhile do. So last month it paid to have
inventory, this month that inventory comes with extra liability. Fun times Stay
safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $13.59/lb
Reports
Reuters metals morning - Demand headwinds push aluminium to five-month low - more
Monday's market review - Industrial metals tumble as
China's COVID woes fuel demand fears - Copper prices sagged to their
lowest since mid-December and other industrial metals fell sharply as
tightening COVID-19 restrictions in top consumer China and fears of
weaker global economic growth dampened the outlook for demand. - more
China iron ore futures tumble 6% as COVID curbs fan demand woes - more
JPMorgan bank says bull run in commodities has legs as inflation, China lockdowns whipsaw stock investors - more
Nickel is back where it started before March’s two days of chaos - more
[market changes] stainless steel limit skyrocketing 5% of these factors
may be the inducement! - Today's morning trading, the metal market is
generally red, in which stainless steel performance, opening up until
the limit, currently at 14725 yuan / ton, an increase of 5%, a high of
more than 2 months, the position increased to 117000 hands, the highest
since the listing. - more
Indonesian president plans to meet Elon Musk over nickel - Indonesian
President Joko Widodo is planning to meet Elon Musk during an upcoming
U.S. visit, a minister said on Monday, as the Southeast Asian country
seeks to accelerate development of its nickel industry to supply
batteries for electric vehicles. - more
Courtesy AISI - In the week ending on May 7, 2022, domestic raw steel
production was 1,777,000 net tons while the capability utilization rate
was 81.4 percent. Production was 1,834,000 net tons in the week ending
May 7, 2021 while the capability utilization then was 81.0 percent. - more
Is It Time to Decouple Your Supply Chain from China? - The economic,
business and moral costs of sourcing from China continue to accelerate,
as integrating the nation into the global economic order hasn’t
improved its human rights record or advanced the cause of democracy. - more
Why Personal Touch Still Matters in Distribution Sales - more
Nickel closed Friday's trading
session at $13.62/lb ($30,020/tonne). Indicators at 6:00 am CST today show
nickel trading around $.39/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and started this week just over the 73,300 tonne level. After
spending a few days fighting to hold on to the $30,000 tonne level,
nickel bulls have surrendered that level today. Nickel closed at
$33,955/tonne on the 21st of last month and then turned bearish. We
started the year trading in the $21,000/tonne level, so the bear has
plenty of room to roam. Another interesting article below about
Tsingshan Holdings and 'devil nickel'. Server switch took a few days to
work out but we should be online worldwide. Covid-19 has become the
third leading cause of deaths in the U.S., according to the CDC, and we
lost our millionth 'official' victim last week. So stay safe out there
and have a great week!
Average price of LME traded cash nickel
so far this month
- $13.77/lb
Reports
Reuters metals morning -Industrial metals fall as China's COVID woes dent demand outlook - more
Friday's market review - Demand concerns push
aluminium to four-month low - Aluminium prices fell to four-month lows
on Friday as concerns about demand created by a slowdown in
manufacturing activity, particularly in China, the world’s top
consumer, were reinforced by a strong dollar. - more
Who is Tsingshan Holdings?Can Qingshan still be there? - In recent
days, "demon nickel" has become a high-frequency word in China's
capital market. Whether it is in the stock circle or the futures
circle, "nickel" is a topic of "after dinner". - more
CME explores nickel contract after LME trade chaos - CME Group is
talking to market participants about the idea of a cash-settled nickel
contract for companies to hedge costs of the electric vehicle battery
raw material, two sources with knowledge of the matter said. - more
Brazil's Vale signs long-term deal to supply Tesla with nickel -
Brazilian miner Vale SA said on Friday it has signed a long-term deal
with Tesla Inc to supply the U.S.-based electric vehicle maker
with nickel from its Canadian operations. - more
Tesla Confirms Vale Nickel Deal, Lists Battery Material Suppliers - more
Ford recommits to $1-billion road to the Ring of Fire on campaign trail
- Progressive Conservative Leader Doug Ford doubled down on his promise
to build a $1-billion road to the Ring of Fire during a campaign stop
in Sault Ste. Marie, Ont., on Saturday. - more
Nickel closed Thursday's trading
session at $13.64/lb ($30,070/tonne). Indicators at 6:20 am CST today show
nickel trading around $.03/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and ended that session just under the 73,500 tonne level.
Nickel fell sharply yesterday and is fighting to hold on to the $30,000
tonne level this morning. Zhejiang Jiuli Hi-Tech Metals Co. Ltd lost an
appeal yesterday that they had filed against an EU anti dumping tariff
on Chinese stainless steel pipe (judgment here). And after nearly twenty years using the same server host company, they
sold a few years back, and the new company has decided to inflate their server space to unreasonable
limits. Therefore beginning later today, we will be switching server companies.
While this should go unnoticed, there is always the chance it will not
go as smoothly as we hope. If there is a problem, the site might not
appear updated Monday as usual. If you are seeing this Friday entry Monday afternoon,
please clean your internet cache, close your browser and try again. If
it still not working, we are working on it. If you are still unable to
see an updated page on Tuesday, please contact us at
estainlesssteel at yahoo dot com. We have been working on this for the
last few weeks, so hopefully, this notice is unnecessary and all will
be normal on Monday. So stay safe, have a great weekend, and we hope to
see you on Monday.
Average price of LME traded cash nickel
so far this month
- $13.83/lb
Reports
Reuters metals morning - London copper set for fifth weekly fall on firmer dollar, growth woes - more
Thursday's market review - Copper falls as dollar
climbs to near 20-year high - Copper prices fell on Thursday as the
dollar surged to its highest level since 2002 after disappointing
industrial data from Germany, the latest in a slew of weak economic
readings from major nations. - more
China returns to stainless steel net exporter in Mar - According to
statistics, China’s stainless steel exports totaled 379,700 tons in
March this year, up by 34.8% compared to the previous month and also
increasing by 23.07% from the same month a year ago. - more
BHP says bid for Canadian nickel miner 'tip of the iceberg' for growth
ambitions - BHP Group’s unsuccessful attempt to buy a junior Canadian
nickel miner last year should be seen as “almost the tip of the
iceberg” for its ambitions in the resource-rich country, says one of
the company’s top executives. - more
EU steel consumption could fall by almost 2% in 2022 - Eurofer - Steel
consumption in Europe rose sharply in 2021 by 15.2% after a deep 10.7%
decline in 2020 caused by the pandemic. - more
High uncertainty slashes growth prospects for 2022, risk of new recession looms - more
US steel market sentiment turns more neutral on prices: survey -
Bullish sentiment for finished steel prices cools in the US ahead of
May, as concerns around the sourcing of raw materials have started to
dissipate and scrap prices have fallen under pressure, according to the
latest S&P Global Commodity Insights US steel market participant
survey. - more
Nickel closed Wednesday's trading
session at $13.93/lb ($30,705/tonne). Indicators at 6:00 am CST today show
nickel trading around $.17/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose by
over 1000 tonnes on Wednesday and started today's session, just over
the 73,600 tonne level. Nickel traders remain bearish, even in the face
of a slightly stronger Euro, a typically positive sign. The rest of
economic news is less positive however, and with stockpiles slowly
trending higher, the market is starting to wonder if the reasoning
behind the Big Bear's big bet might finally be coming true. Stay safe
out there and enjoy your Thursday!
Average price of LME traded cash nickel
so far this month
- $13.90/lb
Reports
Reuters metals morning - Industrial metals gain as less hawkish Fed lifts sentiment - more
Wednesday's market review - Copper steadies near
4-1/2 month lows but demand worries linger - Copper prices steadied on
Wednesday near 4-1/2 month lows as traders weighed the risks of rising
interest rates, COVID outbreaks in China and slowing factory activity
impacting demand. - more
March 2022 Shipment Levels Were At Their Highest Since March 2021, in
the U.S. and Canada - U.S. service center steel shipments in March,
2022 decreased by 5.0% from March, 2021. Shipments of aluminum products
increased by 0.1% from the same month in 2021. - more
US steel market sentiment turns more neutral on prices: survey - more
Stainless steel prices in Asia reach multi-year highs - The MEPS Asia
average prices for grade 304 hot and cold rolled coil, in April, stand
at their highest levels since August 2008. - more
Reasons for higher 316 stainless steel surcharges in Taiwan - Taiwan’s
upstream stainless steel mills announced their new prices for May, of
which the surcharge of 316L was up by NT$3,000/ton. - more
Outlook for Stainless Steel PMI in May under the Pressure of the
Pandemic and the Tight Supply of Raw Materials - At present, the
pandemic weakens the consumption, and orders of stainless steel
continue to be weak and stable. - more
Vale confirms glycol leak at Voisey's Bay mine site - Company says leak
was contained to surface areas with no impact on employees or bodies of
water - more
How to calculate GHG emissions from nickel production - The Nickel
Institute has published specific guidance for nickel producers to help
them calculate their greenhouse gas emissions. - more
Russia's Potanin dodges politics and sanctions to flourish - So far, at
least, "Nickel King" Vladimir Potanin is Russia's ultimate survivor. - more
Metinvest to mothball Europe's largest coking plant due to shelling -
The Avdiivka Coke Plant has been shelled for several weeks in a row and
will now be completely shut down. - more
Helping employees avoid the daily grind in the metal shop - It could
have been any precision sheet metal shop in North America. The shop had
a new laser cutting machine and parts were flying off of it, creating
plenty of work-in-process for downstream operations. - more
Nickel closed Tuesday's trading
session at $13.97/lb ($30,795/tonne). Indicators at 6:00 am CST today show
nickel trading around $.08/lb
lower. Stockpiles of nickel stored in LME license warehouses fell on
Tuesday and ended that session just under the 72,400 tonne level.
Wasn't it early last week that we said traders appeared to be
comfortable trading in the $32,000/tonne range? Pretty safe comment
considering nickel had traded in that range for nearly a month. But
since then, nickel has hit the skids and kind of missed the whole
$31,000/tonne range. An economic slowdown is becoming more likely and
commodities, which have soared this year, are starting to take a
breather. Nickel users would tell you nickel has a lot of hot air to release. Stay safe out there and enjoy your hump day!
Average price of LME traded cash nickel
so far this month
- $14.02/lb
Reports
Reuters metals morning - Copper rebounds on bargain-hunting; demand worries linger - more
Tuesday's market review - Industrial metals sag as
global manufacturing slows - Prices of copper and aluminum fell sharply
on Tuesday as weak manufacturing data, COVID-19 outbreaks in China and
rising interest rates stoked fears that demand for metals will soften.
- more
Uncertainty to impact stainless raw materials: Eramet - Geopolitical
and Covid-19 pandemic-related uncertainty may impact demand for carbon
and stainless steel raw materials such as manganese and nickel in the
second half of the year, says French miner Eramet. - more
China's steel consumption falls in Q1 - China's steel consumption fell
5 percent year on year during the first quarter of the year (Q1) partly
due to waning demand as the resurgence of domestic COVID-19 cases
slowed down the construction of many projects. - more
Why Investors Shouldn't Worry About EV Battery Prices -- Yet -
Commodity prices are starting to affect electric vehicle prices, but
the demand hasn't slowed. - more
EPA recommends Army Corps not reissue PolyMet permit - The U.S.
Environmental Protection Agency recommended the U.S. Army Corps of
Engineers not reissue a key permit for the proposed PolyMet
copper-nickel mine over concerns that it could violate Fond du Lac
Reservation’s water quality standards. - more
EV Prices Are Poised To Skyrocket in the Face of Raw Materials Price
Increases - The world’s largest battery maker CATL has announced that
it renegotiated prices with its customers to address pressure from the
supply chain. - more
Supply Chain and Economic Concerns Endure After Russia’s Invasion of
Ukraine - Companies already grappling with lingering coronavirus
pandemic issues like component shortages, longer than normal lead times
and logistics challenges continue to be plagued by supply chain
disruptions due to the Russia-Ukraine conflict. - more
Nickel closed Friday's trading
session at $14.54/lb
($32,060/tonne). Indicators at 6:00 am CST today show
nickel trading around $.39/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and started the week just under the 72,800 tonne level. For the
first time in a very long time, stockpile numbers actually grew in
April, albeit by a paltry 378 tonnes. Before we uncork the champagne,
there is a lot going on which makes it difficult to determine if this
is a legitimate shift, or the result of a global slowdown and
transportation gridlocks. Trading in China is suspended as that country
remains on holiday thru Wednesday. Your average prices for April,
compared to March are
as follows - Nickel - $15.10/lb from $14.45/lb; Chromium - $8.75/lb
from $9.50/lb; Molybdenum - $19.59/lb from $19.45/lb; Iron - $1.10/lb
from $1.04/lb. Stay safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
-
Reports
Reuters metals morning - LME copper drops to 3-month low on China lockdown, Fed rate hike worries - more
Friday's market review - Copper climbs on China
support but COVID clouds demand outlook - Copper prices rebounded on
Friday after top metals consumer China pledged more support for its
ailing economy and the dollar fell from 20-year highs, but the metal
was still set for its biggest monthly fall since September. - more
The perfect storm increasing the cost of a crucial metal - In the next
few years, millions of people will buy electric vehicles (EVs). All
those cars and trucks will run on batteries containing metals such as
cobalt, lithium and nickel. - more
Enough nickel, lithium for 14 mln EVs in 2023 - European climate group
- Data shows there is enough nickel and lithium to produce up to 14
million electric vehicles (EVs) globally in 2023, so Europe should
secure more raw materials to shift away from oil faster, campaign group
Transport and Environment (T&E) said on Tuesday. - more
Steelmaker SDI says to halt Russian pig iron imports after May cargo -
A cargo of Russian pig iron sailing to Mobile, Alabama, and destined
for Steel Dynamics Inc. is the last in a supply contract since
nullified by SDI in a declaration of force majeure, the steelmaker has
told S&P Global Commodity Insights. - more
Courtesy AISI - In the week ending on April 30, 2022, domestic raw
steel production was 1,775,000 net tons while the capability
utilization rate was 81.3 percent. Production was 1,834,000 net tons in
the week ending April 30, 2021 while the capability utilization then
was 80.8 percent. - more
Biden Administration Begins $3 Billion Plan for Electric Car Batteries - The
Biden administration is planning a major shift to electric vehicles,
but experts say it requires a secure, resilient supply of critical
minerals. - more
Tesla supplier CATL says it has to split the battery materials price increase with EV makers now - more
Tesla's LFP battery switch proves wise as Russian nickel cut adds US$1580 to EV production costs - more
Tesla and Musk May Have a Way Around a Big EV-Industry Problem - more
Nickel closed Friday's trading
session at $14.54/lb
($32,060/tonne). Indicators at 5:50 am CST today show
nickel not trading as LME is closed for Early May Bank Holiday. Many
other European countries taking the day off just call it May Day.
Whatever you call it, much of Europe and Asia are closed today for
holiday. Couple of interesting articles below about market rumors,
although we caution you to consider the reliability. We prefer to post
articles with sources listed, but these were pretty interesting either
way. It's a new month, with new opportunities and new challenges. Daily
deaths from covid, still higher than most leading causes of death, is
less than 10% of what it was just a few months ago. Optimism over the
freedom without worry that offers, is tempered by out of control
inflation and the worries that brings. The world remains a mess as
well. But in every cow pasture, blanketed with manure, one can find
small flowers. Hope among despair. Then a cow comes along and feasts on
it. Okay, analogy wasn't that good but hopefully, we gave you a smile
to start the month. Stay safe out there and have a wonderful week.
Average price of LME traded cash nickel
so far this month
- $15.10/lb (April average)
Friday's market review - Copper climbs on China
support but COVID clouds demand outlook - Copper prices rebounded on
Friday after top metals consumer China pledged more support for its
ailing economy and the dollar fell from 20-year highs, but the metal
was still set for its biggest monthly fall since September. - more
China's "nickel king" Tsingshan Group suspected of being squeezed by
Glencore and countermeasures - "Demon Nickel" stirred up a muddy water.
According to market rumors, Chinese stainless steel giant Tsingshan
Group Group Co., Ltd. is
experiencing the biggest crisis since the company was established. - more
The nickel futures market has returned to the
volatility seen earlier this year when the London Metal Exchange had to
intervene because of rapid price spikes. - more
South Korea: POSCO's stainless steel production rises over 7%, y-o-y,
in Q1CY'22 - In the first quarter of 2022, POSCO's stainless steel
production reached 523,000 t, an increase of 1.6% month-on-month and a
year-on-year increase of 7.2%. - more
EU stainless buyers shun the mills’ “base plus” pricing, as alloy
surcharges hit record highs - European alloy surcharges for austenitic
stainless steel increased significantly, in April. - more
POSCO freezes stainless steel prices for May, expected to raise prices
for Jun - South Korea’s steelmaker POSCO froze its price of stainless
steel products for May as the real economy hasn’t recovered. - more
Walsin Lihwa raises stainless steel wire rod prices for May - more
China Weekly Inventory Summary and Data Wrap (Apr 29) - (excerpt) As of
April 29, the nickel ore inventory at Chinese ports increased 213,000
wmt from last week to 5.877 million wmt. - more
Europe urgently needs an accelerator in critical metals race: Andy Home
- Europe is running out of time to secure the metals it needs to power
the energy transition. - more
(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 
($26,420/tonne). Indicators at 5:45 am CST today show
nickel trading around $.06/lb 
Reports
Shanghai Metals Market
London Metals Market
India's stainless steel finished stainless steel output rises in FY22
y-o-y - According to statistics, India's finished stainless steel
production amounted to 3.5 million tons in the fiscal year 2022, rising
by 29% compared to the previous year. - 
BHP CEO says supply disruptions may last years; may speed up Jansen
project - Supply chain disruptions in the mining sector could take up
to three years to resolve, the chief executive of the world's largest
listed miner BHP Group said on Tuesday. - 
Steel industry emissions to decline 30% by 2050 - EAF to play key role
in steel decarbonisation; its tech share to be almost on par with BOF -
Слава Україні! - 
Yusco & Tang Eng’s revenue increases in Jan-Apr, driven by higher
nickel & stainless steel prices - Yieh United Steel Corp. (Yusco)
and Tang Eng Iron Works Co., Ltd., two leading stainless steel upstream
suppliers in Taiwan, reported that their revenue grew in April and the
first four months of this year, mainly driven by higher international
nickel prices and stainless steel prices. - 
Courtesy AISI - In the week ending on May 14, 2022, domestic raw steel
production was 1,785,000 net tons while the capability utilization rate
was 81.8 percent. Production was 1,834,000 net tons in the week ending
May 14, 2021 while the capability utilization then was 81.0 percent. - 
So much for the electric vehicle revolution. You cannot make the
machines without the metals that power them - Any successful politician
is adept at finding the one bit of good news floating in the ocean of
despair, then gushing about it to try to drown our worries. - 
Mining production down 9.3% y/y in March - South Africa's mining
production decreased by 9.3% year-on-year in March, with the largest
negative contributors being gold, iron-ore, manganese ore and platinum
group metals (PGMs). - 
Nornickel is first Russian firm to get OK to keep listing abroad -
Metals giant Nornickel has become the first Russian company to be
granted permission by a government commission to keep its listing
abroad - for one year for now. - 
Nickel has been whacked, but is poised to bounce back faster than other
battery metals - Nickel failed to dodge this week’s sector-wide mining
sell-off, but with the battery metals and electric vehicle (EV)
business model intact it could be the first commodity to recover. - 
POSCO investing $20 billion in its quest to be world’s top EV materials
player and topple Chinese rivals - POSCO, a South Korean steelmaking
giant, is investing $20 billion or around ₩25 trillion in an effort to
become the no. 1 EV materials company in the world by the year 2030. - 
Is It Time to Decouple Your Supply Chain from China? - The economic,
business and moral costs of sourcing from China continue to accelerate,
as integrating the nation into the global economic order hasn’t
improved its human rights record or advanced the cause of democracy. - 
Brazil's Vale signs long-term deal to supply Tesla with nickel -
Brazilian miner Vale SA said on Friday it has signed a long-term deal
with Tesla Inc to supply the U.S.-based electric vehicle maker
with nickel from its Canadian operations. - 
Ford recommits to $1-billion road to the Ring of Fire on campaign trail
- Progressive Conservative Leader Doug Ford doubled down on his promise
to build a $1-billion road to the Ring of Fire during a campaign stop
in Sault Ste. Marie, Ont., on Saturday. - 
Stainless steel prices in Asia reach multi-year highs - The MEPS Asia
average prices for grade 304 hot and cold rolled coil, in April, stand
at their highest levels since August 2008. - 
How to calculate GHG emissions from nickel production - The Nickel
Institute has published specific guidance for nickel producers to help
them calculate their greenhouse gas emissions. - 
