Nickel closed Friday's trading
session at $12.80/lb ($28,220/tonne) and Monday's session at $13.28/lb ($29,275/tonne). Indicators at 6:00 am CST today show
nickel trading around $.28/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and Monday and start the week at a new 2022 low of just over the
71,700 tonne level. While we show nickel is trading lower this
morning, it remains above where it closed last Friday when most
Americans began their Memorial Day holiday. Nickel jumped sharply
yesterday, and while Reuters is quoting some traders as blaming a lack
of liquidity, we tend to think it might have been LME traders playing
follow the leader. For the last week, Shanghai Metal traders have not
shadowed LME traders as they typically do, but on Monday morning, they
decided to catch back up and nickel there rose sharply. LME traders,
noting a sudden jump in China pricing, and already in a bullish mood,
saw nickel spike higher when it opened Monday and for a time, traded
over the $30,000 tonne level for the first time since the early part of
the month. For the month nickel traded in a $26,000 to $31,000 tonne
range. Volatility remains a near constant, with incredible daily moves
recorded. It's the last day of the month and the end of the second
month of the second quarter. Stay safe out there and have a great
Tuesday!
Average price of LME traded cash nickel
so far this month
- $12.66/lb
Reports
Reuters metals morning - Copper nears four-week peak on China lockdown easing - more
Monday's market review - Low inventories fuel zinc's
climb to three-week high - Zinc prices rose to their highest in more
than three weeks on Monday, boosted by stronger demand expectations as
COVID lockdowns ease in top consumer China, low inventories and a
sliding dollar. - more
China weakness dragging down entire base metals complex - Fitch -
Analysts at Fitch expect slowing Chinese economic growth to weigh on
prices of industrial metals in the near term before anticipating some
revival in this year's H2, Mining.com reported on Friday. - more
Ferrochrome Transactions were Modest and the Prices Remain Stable - more
Wood Mackenzie: Alloy & stainless steel demand to surge on energy
transition - Wood Mackenzie recently predicted in a report that due to
the increased demand for batteries and energy storage equipment after
the transition to green energy, the demand for alloys in the industrial
sector will surge. - more
Chinese steel enterprises’ profits down 55.7 percent in Jan-Apr - In
the January-April period this year, of the 41 industrial sectors in
China, 19 witnessed year-on-year increases in gross profit, while 20
saw decreases in gross profit, one saw a profit after its previous
loss, and one saw a stable gross profit, as announced by China's
National Bureau of Statistics (NBS). - more
SunSirs: Stainless Steel Edged Lower This Week (May 23-27) - more
630 Steelworkers Are on Strike At Glencore’s Raglan Mine - The 630
unionized workers at the Glencore-owned Raglan Mine in Nunavik, members
of the Syndicat des Métallos/United Steelworkers union, went on strike
late Friday night, May 27. - more
Bhopal: No relief to MSMEs as prices of raw materials skyrocket - The
Micro, Small and Medium Enterprises in Madhya Pradesh are facing
shortage of raw materials owing to global inflation. - more
We will not be posting on Monday for Memorial Day, as our country takes
a moment to remember its fallen veterans. Our next update will be
posted on Tuesday, May 31st.
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $12.25/lb ($27,010/tonne). Indicators at 7:00 am CST today show
nickel trading around $.34/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today just over the 72,200 tonne level. The roller
coaster ride is not over yet, and while nickel is way up this morning,
it was trading over the $29,000 tonne level earlier in the morning, so
we are in a freefall at the moment. On the cover, this would appear to
be little more than the longs forcing the shorts to cover earlier
bets. The Euro's slow recovery is helping the bulls, but it has a long
road of recovery yet to travel to get back to where it was before the
Russian invasion of Ukraine. The ISSF, which is now the WSF, but
apparently forgot to tell their media department, is expecting
stainless steel use to rise 3.6% this year. SMM is not real encouraging
in their short term forecast for the Chinese stainless steel market.
And now Monkeypox is spreading, with the U.S. now confirming 9 cases,
and nations around the globe confirming cases. CDC Director Rochelle
Walensky reportedly said that all of the U.S. cases "are within gay,
bisexual men and other men who have sex with men.". Read that again,
then ask yourself, who are the "other" men who don't fall into the
first two categories. Aliens? Centaurs? Priests? Inquirying minds want
- scratch that - don't want to know. Hey it's the start of a long
weekend in their U.S. and for many, the unofficial start to summer. So
have a great weekend, enjoy yourself, and let's stay safe out there.
Average price of LME traded cash nickel
so far this month
- $12.61/lb
Reports
Reuters metals morning - Copper breaks three days of losses on China hopes, weak dollar - more
Thursday's market review - Copper falls again as
China struggles to lift COVID-hit economy - Copper prices slumped on
Thursday for a third consecutive session on persistent worries about
COVID-19 lockdowns hitting economic growth in top metals consumer China
and the impact of global inflation. - more
SMM Outlook for the Stainless Steel Market - The pandemic
situation suppresses the stainless steel terminals demand. From April
to May, steel mills have taken measures to reduce production to
different degrees, and the downstream companies still purchase on their
rigid demand. - more
China crude steel production drops 5.2% on April, 2021 to 92.8Mt - more
China’s iron and steel industry steadily marches toward medium-high end of global value chain - more
Global stainless steel use expected to rise 3.6% in 2022, 3.2% in 2023
- Global stainless consumption is expected to increase by 3.6 percent
in 2022 and by 3.2 percent in 2023, both year on year, according to the
report released by the International Stainless Steel Forum (ISSF). - more
Yieh Hsing & Walsin Lihwa’s profits benefit from high export volume
& prices of stainless steel wire rod - Taiwan’s stainless steel
wire rod price hit a record high over the past ten years in April due
to the increasing nickel prices. - more
Tesla team visited nickel plants in Indonesia, negotiations still
ongoing - Indonesia’s Minister for maritime and investment affairs,
Luhut Pandjaitan, tempered claims that Tesla agreed to build a factory
in the country. - more
Energy giant Glencore pleads guilty to bribing NNPC officials $52
million; agrees to pay $1.1 billion fine to U.S. Govt - The Swiss
commodities multinational also admitted sharp practices to gain
business advantage in Cameroon, Equatorial Guinea, Côte d’Ivoire, among
other countries. - more
Tesla battery researchers reveal a battery that lasts five times more -
According to the research paper published, it could last a 100 years - more
Nickel closed Wednesday's trading
session at $12.08/lb ($26,640/tonne). Indicators at 6:00 am CST today show
nickel trading around $.09/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and ended that session near the 72,300 tonne level. You could
be forgiven if you have felt a little sea
sick this week, watching the up and down of nickel trading the past
week.
The bulls have apparently decided that they will not allow nickel to
fall below the $26,000.tonne level. In the past week, nickel has
fallen within $200/tonne of this level three times,. only to see the
market
bounce, a few times dramatically. This morning saw this most recent
bounce appear to 'potentially' end, peaking near the $27,250/tonne
level. The Twin Metals proposed mine in Minnesota is being debated in a
U.S. House subcommittee this week, and as has become normal in the
country's capitol, free thinking congressman have fallen into line with
whatever their party has told them to think, and the panel is divided
along party lines. Congressmen and women who cross the line these days
are called Traitors or worse - in our opinion they are doing what they
were elected to do - represent their people, not their party. This
applies to elected officials on both sides of the ever widening aisle.
Stay safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $12.62/lb
Reports
Reuters metals morning - Copper extends losses on fears of a global recession - more
Wednesday's market review - Growth worries push
copper prices lower - Prices of copper and most other industrial metals
fell on Wednesday on concerns that slowing global growth and COVID-19
lockdowns in top consumer China would depress demand. - more
Commodities in 'Perfect Storm' Says ERG, as Crisis Starts Super Cycle -
Years of under-investment in mining of metals essential to energy
transition, supply shocks and high energy prices will continue to drive
commodity prices higher, Eurasian Resources Group (ERG) Chief Executive
Benedikt Sobotka said on Wednesday. - more
Indonesia considers export tax on low content nickel products -
minister - Indonesia is considering imposing an export tax on low
content nickel products to encourage downstream investments, the
country's investment minister said on Wednesday in an online press
conference. - more
Indonesia's exports of nickel products plunge by 37% in Apr - more
Australian owner of major Ring of Fire deposits brings big promises,
controversial reputation - The Australian owner of the company that now
holds the largest mining stake in the Ring of Fire in northwestern
Ontario has a controversial reputation stemming from business dealings
with Indigenous people in his homeland. - more
Proposal to ban mining near Minnesota’s Boundary Waters sets off battle
in Congress - A U.S. House panel broke along party lines Tuesday as its
members debated mining near the most popular wilderness area in the
country, following President Joe Biden’s decision earlier this year to
block federal approval of a new mine. - more
Nickel closed Tuesday's trading
session at $12.02/lb ($26,500/tonne). Indicators at 6:00 am CST today show
nickel trading around $.08/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Tuesday and started today's session at the 72,600 tonne level. World
Steel Association reports that crude steel production for April was 5.1
lower than the same month last year. Indonesia is reportedly banning
all nickel exports below 60% content. And nickel is trading about where
it was last Wednesday, with last Thursday's bullish bounce, all but
fizzed out. Stay safe out there and enjoy your hump day!!
Average price of LME traded cash nickel
so far this month
- $12.65/lb
Reports
Reuters metals morning - Industrial metals fall as global growth concerns weigh - more
Tuesday's market review - Copper falls as investors
fear global economic slowdown - Copper prices fell on Tuesday,
pressured by fears of slowing global economic growth that also pulled
down equities, though a weakening dollar helped to limit losses. - more
April
2022 crude steel production - World crude steel production for the 64
countries reporting to the World Steel Association (worldsteel) was
162.7 million tonnes (Mt) in April 2022, a 5.1% decrease compared to
April 2021. - more
BIR: European Commission's decision on scrap metal will be the most
tragic event in the last 40 years - Export controls currently being
proposed by the EU would mean less waste and less accessible technology
in the region, according to BIR's International Recycling Bureau. - more
Stainless steel nickel intake to exceed 2 million mt in 2022: Nornickel
- The world’s stainless steel production, forecast at 60 million mt in
2022, will require 2.14 million mt of primary nickel, excluding scrap,
Nornickel told S&P Global Commodity Insights May 24. - more
New duty regime in India - The Indian government has waived import
duties on some key steel-making raw materials like coal and imposed the
export duties on iron ore and steel products. - more
Domestic steel industry hit by moving train: ICRA on govt's duty-related measures - more
ISM World 2022: No Recession Red Lights in Semiannual Forecast - Those
who survey the U.S. economic landscape have been on the lookout for a
blinking recession red light, but there’s no consensus on when — or if
— that “on” switch will be flipped. - more
Supply Chain Managers Are Quitting in Unprecedented Numbers - Supply
chain managers quit their jobs last year at the highest rate since at
least 2016 due to a mix of burnout and a desire for fatter paychecks. -
more
Port of Long Beach and Amazon to Collaborate on New Real-Time Cargo Tracking Platform - more
Nickel closed Monday's trading
session at $12.56/lb ($27,700/tonne). Indicators at 6:00 am CST today show
nickel trading around $.59/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Monday and start the day just over the 72,100 tonne level. Norilsk is
sticking with its earlier forecast of a 40,000 tonne surplus for nickel
worldwide this year. With LME stockpile numbers down around 30,000
tonnes year to date, they are obviously planning on a huge increase in
supply for the latter half of 2022. Tsingshan is planning on the same
thing, based on their huge shorts in the market. US stainless surcharge
numbers are out, and as expected, lower. But not back to April numbers
yet. And, the ISSF is becoming the WSA. It's Tuesday and the U.S. is
averaging 50,000 new Covid cases a day. Hospitalizations are also on
the rise. SO stay safe and have a great day!
Average price of LME traded cash nickel
so far this month
- $12.70/lb
Reports
Reuters metals morning - Copper falls as investors fear global economic slowdown - more
Monday's market review - Falling inventories and
weaker dollar lift copper - Copper prices climbed to their highest in
more than two weeks on Monday, buoyed by declining inventories and a
weaker dollar, though gains were capped by the damage to demand from
coronavirus lockdowns in top consumer China. - more
Nornickel expects nickel market surplus of 40,000 tonnes in 2022,
rising to 100,000 tonnes in 2023 - Nornickel expects a nickel market
surplus of around 40,000 tonnes in 2022, the Russian metals giant said
in a market review it drafted in conjunction with ICBC Standard Bank. -
more
Nornickel says no material impact on palladium, nickel sales via sanctions - more
Steel Association writes to Sitharaman, seeks withdrawal of export duty
- The Indian Steel Association (ISA) representing major companies has
written to Finance Minister Nirmala Sitharaman, seeking withdrawal of
export duty on iron and steel intermediates. - more
Meet the world stainless association - After 26 years, the
International Stainless Steel Forum (ISSF) will become the world
stainless association. - more
Dneprospetsstal restarted stainless steel production in Zaporozhye -
Dneprospetsstal is gradually launching production, and stable volumes
of stainless steel supplies to Ukrainian consumers are expected in the
near future. - more
Fitch Revises Nickel Mines Outlook to Negative, Affirms Rating at 'B+' - (excerpt) The
Outlook revision is due to increasing liquidity risks from contagion
related to the problems faced by NIC's sole off-taker, Tsingshan
Holding Group Co., which made a loss on its short nickel position in
early March 2022. - more
US and China vying to mint billions by mining moon’s minerals -
“There’s going to be a new world order out there, and we’ve got to lead
it,” US President Joe Biden said after Russia’s war in Ukraine upended
global geopolitics. - more
Courtesy AISI - In the week ending on May 21, 2022, domestic raw steel
production was 1,789,000 net tons while the capability utilization rate
was 82.0 percent. Production was 1,834,000 net tons in the week ending
May 21, 2021 while the capability utilization then was 81.0 percent. - more
In-depth: Inside Europe’s hunt for more sustainable batteries - Amid
supply and sustainability concerns for key raw materials for batteries,
industry figures have warned that Europe could be sleeping on greener
and cheaper alternative chemistries. - more
Nickel closed Friday's trading
session at $12.73/lb ($28,070/tonne). Indicators at 6:00 am CST today show
nickel trading around $.78/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose by a
few lots on Friday and started the last full week of May, just over the
71,900 tonne level. The bears are back in charge this morning, with
nickel down over $,/tonne at the moment and around $300/tonne from the
level it initially bounced from last week. We tend to wonder how much
of this is due to a sudden lack of confidence in the London Metal
Exchange, and less on the slowdown warnings. Small traders always get
burned playing with the big boys and no one really seems to worry about
their losses. But when the big boys get burned, or the rules are
changed on them in mid inning, some of them may have decided they
aren't interested in playing the game anymore. Or at least until the
rule writers decide on new rules. Markets come with risk and reward and
the bulls appear to be furious that market trading was halted, and
their profits negated, to apparently save a big bear. They have a case
of complaint in our opinion, and users of nickel paid stupid prices for
nickel for a month, instead of a few days. It's a new week. Stay safe
out there and have a great week!
Average price of LME traded cash nickel
so far this month
- $12.74/lb
Reports
Reuters metals morning - Falling inventories and weaker dollar lift copper - more
Friday's market review - Copper edges up on China
mortgage rate cut and lockdown easing - Copper extended its recovery on
Friday on optimism about a revival in demand in top metals consumer
China, as a mortgage rate cut and progress in easing COVID lockdowns
lifted sentiment. - more
INSG: Global nickel demand to grow by 8.6% in 2022, driven by resumed
stainless steel production & battery demand - According to the
International Nickel Study Group (INSG), global nickel demand was
expected to continue growing in 2022, up by 8.6% year on year to more
than 3 million tons for the first time, driven by the resumed stainless
steel production and the strong demand for electric vehicle batteries.
- more
SunSirs: Stainless Steel Edged Lower This Week (May 16-20) - According
to the price monitoring of SunSirs, stainless steel fell slightly this
week. As of May 20, the daily average price of spot 304/2B stainless
steel flat 1.0*1219*2438 (tolerance 0.91) was 17,823.33 RMB/ton,
compared with the price of 18,713.33 RMB/ton at the beginning of the
week, fell 1.93% and it was up 15.8% year-on-year. - more
Nifty Metal bleeds 7% after govt hikes export duty on steel products -
Shares of steel companies were reeling under pressure, falling up to 14
per cent on the BSE in Monday’s trade, after the government levied
export duty on 11 iron and steel intermediates and key steel products.
- more
Govt waives import duty on some raw materials for steel industry, export duty on iron ore hiked up to 50% - more
European steel prices falter as demand eases - The rapid escalation of
European steel prices, caused by Russia’s invasion of Ukraine, faltered
during late April and early May. - more
Assessment on the allegations toward our supplier in Guatemala has been
completed – purchasing remains suspended - Assessment on the
allegations toward our supplier in Guatemala has been completed –
purchasing remains suspended - more
Regarding the results of the assessment by Solway’s buyer Outokumpu - more
Tesla agrees to build battery and EV factory in Indonesia, official
says - Tesla has reportedly agreed to build a battery and electric
vehicle factory in Indonesia, according to the country’s head of
investments. - more
What Might Tesla's Nickel-Mining Deals Suggest About Future Strategy? - more
Nickel closed Thursday's trading
session at$12.92/lb ($28,490/tonne). Indicators at 7:00 am CST today show
nickel trading around $.29/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today's session just under the 71,900 tonne level.
We said yesterday, that although the market was lower, reflected in
yesterday's official prices, the bulls appeared to be making a stand.
And what a stand it turned out to be. Nickel was way up at closing,
although it appears much of the rise can be credited to over zealous
short sellers, merely buying nickel to cover their bets. Now that the
short selling is over, nickel dropped early today, and at least for the
moment, appears to have lost any bullish momentum it had. LME
stockpile numbers are at their lowest this year, with cancelled
warrants still running in the 13% range. Will be interesting to see if
Shanghai reopening helps demand for LME nickel as much as it is for
Shanghai Futures Exchange physical nickel inventory, down approximately
15% this week. Stainless demand, at least from distributors, is drying
up, as no one wants to put stainless steel in inventory that will loose
part of its value before it is even delivered. Worldwide, things remain
murky, with the 'what-if' worriers being allowed to run the show. Stay
safe out there and have a relaxing weekend!
Average price of LME traded cash nickel
so far this month
- $12.74/lb
Reports
Reuters metals morning - Copper perks up on Chinese mortgage rate cut, easing of lockdown - more
Thursday's market review - Copper bounces on hopes
of China lifting COVID controls - Copper prices rebounded on Thursday
as the prospect of lockdowns being lifted in top metals consumer China
buoyed sentiment despite worries about weaker global growth. - more
European stainless market reaches deadlock - The wind has changed in
the European stainless flat steel market as prices are declining due to
extremely sluggish demand, Kallanish hears from market sources. - more
Taiwan imports big proportion of 300 series stainless steel HRC from
Indonesia in Jan-Apr - According to statistics, Taiwan’s 300 series
stainless steel hot-rolled coil imports amounted to around 181,400 tons
in the first four months of this year, dropping by 25.6% compared to
the same period a year ago. - more
Analysis of Iron Ore Market under Output Reduction of Crude Steel
- The National Development and Reform Commission said on April 19
that they will continue to carry out the nationwide production
reduction of crude steel so as to guide steel enterprises to abandon
the extensive development method of winning by quantity, and promote
the high-quality development of the steel industry. - more
Steel prices are back on a downward trend - I wrote last month that
steel prices had stalled and that a bevy of indicators were suggesting
that a fall might be around the corner. - more
Ferro-nickel World Statistics - the free information contained on this page is interesting - more
Nickel closed Wednesday's trading
session at $11.87/lb ($26,160/tonne). Indicators at 6:00 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell
sharply yesterday, and ended that session just over the 72,200 tonne
level. Today's LME inventory reading is its lowest this year. After
closing in the $27,000/tonne range for three consecutive days, nickel
has closed the last three days in the $26,000/tonne range, consistently
falling. The bulls have shown up this morning, and while still lower,
they appear to be trying to keep the market in the latter range for a
fourth day. Uncertainty is the word for the day, week, and month. Lots
of economic variables out there, many of which are being controlled by
forces out of anyone's control. There is the invasion of Ukraine by Russia,
and the return of covid in zero tolerance China, either of which are
uncontrollable. Recession talk is getting louder and no one likes to
forecast what that might bring. Cheery huh? Stay safe out there and
enjoy your Thursday!
Average price of LME traded cash nickel
so far this month
- $12.81/lb
Reports
Reuters metals morning - Copper lifted by hopes over China lifting COVID controls - more
Wednesday's market review - Copper prices fall on
U.S. Fed pledge for high rates - Copper prices retreated on Wednesday
under pressure from a stronger dollar after the Federal Reserve
reaffirmed its hawkish outlook. - more
Column: Nickel demand boomed in 2021; this year it will be supply -
Global nickel usage surged by an extraordinary 16.2% last year on the
back of booming demand from both the dominant stainless steel and
fast-growing battery end-use sectors. - more
January to March 2022 Metals Balances - (excerpt) The nickel market was
in deficit during January to March 2022 with apparent demand exceeding
production by 46.1 kt. In the whole of 2021, the calculated deficit was
146.9 kt. - more
EU launches AD investigation on China’s stainless steel refillable kegs
- On May 13, 2022, the European Commission gave a notice that it has
initiated an anti-dumping (AD) investigation on stainless steel
refillable kegs originating in China, following a request submitted by
the European Kegs Committee on March 31, 2022. - more
China CNGR expands nickel investments in Indonesia to meet EV demand -
China’s CNGR Advanced Material Co Ltd will invest in three new projects
in Indonesia to produce nickel matte, aiming to increase annual
capacity by 120,000 tonnes to meet increasing demand for the product
used in making electric car batteries. - more
With nickel in great demand, Nornickel expands Kola mine - World’s
leading nickel producer Nornickel intends to dig 300 meters deeper into
the far northern Severny Globoky mine, the company informs. - more
Service Centers Spending Big - Record profits and robust demand from
customers have service centers keeping equipment makers extremely busy
in the early days of 2022. - more
High uncertainty slashes growth prospects for 2022, risk of new
recession looms - The positive trend in steel demand and apparent steel
consumption observed in the first three quarters of 2021 persisted in
the fourth quarter, although at a slower pace. - more
Production of Stainless Steel Utensils (in small India manufacturer) - video here
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
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