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Stainless Steel News and Nickel Prices



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Wednesday, May 18

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5883
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • B of A Metals, Mining & Steel Conference - BHP Presentation - pdf here
  • B of A Metals, Mining & Steel Conference - Eramet Presentation - pdf here
  • Manufacturers Sales - graph here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Tuesday, May 17

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5875
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • SFSA Casteel Reporter – May 2022 - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Musk Shifts Focus To Indonesia After Indian Ministers Fail To Tempt Him To Make Teslas In India - more
  • Why Higher Wages Alone Won’t Solve the Supply Chain Labor Shortage - more
  • Shanghai hits prized 'zero COVID' status but lockdown lingers - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - 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

LME nickel prices  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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5851
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • IHS Weekly Pricing Pulse - more
  • US Economic Indicators: Durable Goods Orders & Shipments - pdf here
  • U.S. Economy in a Snapshot - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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
  • Nickel tycoon reduces short position - 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

   Other News

  • Reuters The Day Ahead - pdf here
  • Indonesia's Jokowi meets Tesla's Musk after nickel talks - more
  • Elon Musk Is Hoping To Visit Indonesia Later This Year: What That Means For SpaceX, Tesla - more
  • ‘Save the economy’: China data paints bleak picture of Covid-hit activity - more
  • India bans exports of wheat, citing threat to food security - more
  • Worker’s Union calls out Clive in new ad - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Friday, May 13

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5851
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Producer Price Index by Commodity: Steel Wire, Stainless Steel - graph here
  • Producer Price Index by Commodity: Externally Threaded Fasteners - graph here
  • Producer Price Index by Industry: Corrugated Shipping Containers - graph here
  • Producer Price Index by Commodity: Stainless and Other Alloy Steel Scrap - graph here
  • Producer Price Index by Industry: Truck Transportation - graph here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Finland moves toward joining NATO amid Russian threats - more
  • Switzerland seizes Russian oligarch Andrei Klishas’ villa - more
  • Russia seizes more than 500,000 mt of grain from Ukraine: ministry - more
  • Indonesia Morowali Industrial Park (IMIP)  - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Thursday, May 12

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5823
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Why Gas Got So Expensive (not the war) - video here
  • Acerinox 1st Quarter Results - pdf here
  • Consumer Price Index - pdf here
  • Inflation Rate - 8.3% - more
  • Recycling Today - online here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Finland's leaders call for NATO membership 'without delay' - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Wednesday, May 11

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5162
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Boyd Metals Q1 Steel Market Update - more
  • Irepas Short Range Outlook : May 2022 - more
  • ITS The State of Steel May 2022 - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Carriers Blank More Sailings as China’s COVID Lockdowns Continue - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Tuesday, May 10

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5147
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • The Weekly JMP Report - more
  • Fastener Distributor Index (FDI) survey for April, 2022 - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

     US Trade Number Imports and Exports thru March

  • Stainless Steel Items - more
  • Nickel items - more
  • (search anything) Screws, Nuts, Bolts, Washers - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Taiwan Increased Exports of Iron and Steel by 39.3% in January-April - more
  • China’s imports from Russia surge to new high, defying US calls to cut ties over Ukraine war - more
  • Constructsteel – update for the European construction industry – May 2022 - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Monday, May 9

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5114
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • U.S. Productivity Drops Most Since 1947, Driving Up Labor Costs - more
  • United States Imports of Nickel - graph here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Indonesia seizes tanker over palm oil export ban violation - more
  • China and COVID: implications for global base metals markets - more
  • EU steel companies bemoan shortage of spare parts - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Friday, May 6

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5114
  • 304 SS Scrap Prices Local (updated bi-weekly) - more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • The Importance of Company Culture in the Distribution Industry - more
  • Mutsvangwa says Chinese investments will stabilise the Zim dollar - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Thursday, May 5

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5148
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • March 2022 Trade Gap is $109.8 Billion - more
  • U.S. Imports for Consumption of Steel Products March 2022 - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • London Metal Exchange bars Russian lead from its market - more
  • Metals billionaire Usmanov files appeal over EU Russia sanctions - more
  • Glencore investing $200 million in battery recycler Li-Cycle - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Wednesday, May 4

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5148
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Job Openings and Labor Turnover Summary - more
  • Global Economic Indicators: Global Manufacturing PMIs - pdf here
  • US Economic Indicators: Durable Goods Orders & Shipments - pdf here
  • US Economic Update – April 2022 - pdf here
  • China Economic Update – May 2022 - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Fed to Fight Inflation with Fastest Rate Hikes in Decades - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Tuesday, May 3

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5132
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • Global Economic Indicators: Global Manufacturing PMIs - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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

   Other News

  • Reuters The Day Ahead - pdf here
  • Russia's Potanin snaps up third finance deal amid Ukraine turmoil - more
  • Supply Chains Flare Up Again, Endangering Global Recovery - more

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more

Monday, May 2

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • 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)

  Reports

  • Reuters metals morning - closed for holiday
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.5087/lb
  • 304 SS Scrap Prices Local (updated bi-weekly) - more
  • University of Michigan: Consumer Sentiment - more
  • Personal Income and Outlays, March 2022 - more
  • University of Michigan: Consumer Sentiment - more
  • Global Economic Indicators: Global Manufacturing PMIs - pdf here
  • US Economic Indicators: Industrial Production - pdf here

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) - more
  • SHFE Nickel Futures (yuan) - more
  • SHFE Inventory (updated each Friday) - more
  • Shanghai Jinchuan nickel price -  here

  London Metals Market

  • Yesterday's LME official prices here
  • LME nickel chart - here 

    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


   Other News

  Economic Stats and Prices

  • U.S. Steel Import Monitor - here
  • SIMA Melt & Pour Dashboard - here
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Economic Activity - (every Monday) - pdf here
  • US Fed NY Weekly Economic Index - more
  • FX Street Economic Calendar - more
  • Iron Ore Price Graph - 1  2  3 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more
  • What time is it in....? - more
  • Euro/US Dollar chart - here
Why Stainless Steel
  • Alloyed for Lasting Value video - here
  • Self Repairing for Lasting Value video - here
  • 100 Years of Stainless Steel Video - here
  • Stainless steel: The role of nickel - here
  • The Life of Nickel - pdf here
  •   Слава Україні! - more


April Archives


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(all ton listings are metric tons = 2204.622 pounds ) Updated Monday thru Thursday before 7 am CST, Friday version before 8 am CST - Disclaimer Original 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.



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