Stainless Steel News and Nickel Prices



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stainless steel daily news
Wednesday, November 24

      We will not be posting Thursday (25th) and Friday (26th), but will return to daily updates on Monday. Happy Thanksgiving to all of our readers.

LME nickel prices  Daily Nickel/Stainless Steel Briefing!

  • Nickel closed Tuesday's trading session at $9.22/lb ($20,330/tonne). Indicators at 6:05 am CST today show nickel trading around $.25/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today just over the 117,300 tonne level. Nickel ended higher on Tuesday, albeit by only $20/tonne. This is the third consecutive close above the $20,000/tonne level and technically, sends a bullish trading signal. Other technical signals are mixed, but lean toward sell as overbought. Traders apparently are not watching technicals but jumping on for the bullish ride and seeing where it takes them. Reuters is reporting iron ore futures surged yesterday on speculation steelmakers in China are preparing to resume full production (story). This news is bullish for nickel, as is the continued dwindling of LME stockpiles, and a weakening Euro. The WSA numbers from yesterday reflect the difference Chinese steel shut downs meant to world steel production in October. In 'Other News' one of the Chinese provinces has banned the sale of gas and diesel powered cars starting next March. EV anyone? This is a week we Americans reflect on the blessings life has bestowed upon us and offer our Thanksgiving. We wanted to take a moment and thank our sponsors for their support, and in many cases, their continued support of this page. Without this support, the site would no longer exist. Our first sponsor from years ago, Duraloy, is our sponsor this month. We want to thank Duraloy and also wish the company a Happy 100th Birthday. You can watch a short corporate video introducing their company here. Stay safe out there, and enjoy your holiday and weekend. We hope to see you again next Monday.
  • Average price of LME traded cash nickel so far this month - $8.97/lb
  • LME nickel chart - here   /   Euro/US Dollar chart - here

  Reports

  • Reuters metals morning - Copper prices rise on easing woes over China demand, low stocks - more
  • Refinitiv Inside Commodities - pdf here
  • ING The Commodities Feed - daily here
  • Barchart 304 Stainless Steel Scrap Index (lb) - $.4305/lb
  • SHFE Stainless Steel  Futures (yuan) - 12,215

Stainless steel 21st century metal   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

     Tuesday's market review - Copper prices fall as Powell's nomination boosts dollar - Copper prices eased under pressure from a stronger dollar on Tuesday after U.S. Federal Reserve Chair Jerome Powell was nominated for a second term, reinforcing investor expectations for higher interest rates in 2022. - more

      SunSirs: Stainless Steel Prices Fell Weakly on November 22 - According to the price monitoring of SunSirs, the price of stainless steel fell slightly on the 22nd, with a price of 19,133.33 RMB/ton, down 0.52% from the previous trading day and up 32.41% from the beginning of the year. - more

       October 2021 crude steel production - World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 145.7 million tonnes (Mt) in October 2021, a 10.6% decrease compared to October 2020. - more

      State of emergency for Guatemalan town battling nickel mine - Guatemala has decreed a state of emergency in El Estor, an eastern town of mainly indigenous people in conflict with a Swiss-owned nickel mine they accuse of polluting their lake. - more

      PH metals output down, but value up at P121.16 B - The Philippines’ production of metallic minerals were mostly down during the first nine months of the year, but value was higher at P121.16 billion due to continuing increase in prices in the world market.  - more

      Metal fabrication ready to take off in 2022 - Every month Chris Kuehl, economic analyst for the Fabricators & Manufacturers Association Intl. and president of Lawrence, Kan.-based Armada Corporate Intelligence, publishes the Armada Strategic Intelligence System (ASIS), in collaboration with Morris, Nelson & Associates, Leavenworth, Kan. - more
  • Flat-Roll Market Flat Roll's Long Road - more

     IHS Markit US Business Outlook Reflects Inflationary Pressures on Supply Chains - The latest IHS Markit Business Outlook survey indicated that business optimism among US private sector firms weakened in October and fell below the historic series average. - more

     Containers Waited a Record 7.6 Days at L.A. Ports in October - The number of days containers are waiting to be picked up by trucks at California’s neighboring ports of Los Angeles and Long Beach climbed to a record in October, just before officials announced a new plan to clamp down on the backlog in collections. - more

  • Broken Supply Chains Threaten Ruin at a Growing Number of Small Firms - more

   Other News

  • Reuters The Day Ahead - pdf here
  • Is Higher Financial Stress Lurking around the Corner for China? - more
  • Hainan province to ban sales of diesel, petrol cars from Mar 1 - more
  • Treasury Yields, U.S. Futures Fall as Data Awaited: Markets Wrap - more

  Morning Stats and Prices

  • What time is it in....? - more
  • U.S. Steel Import Monitor - online here
  • SIMA Melt & Pour Dashboard - online here
  • Iron Ore Price Graph - 1  2  3 
  • US Economy At a Glance - more
  • US Economic Indicators - more
  • US Fed NY Weekly Economic Index - more
  • Yesterday's LME official prices here 
  • Shanghai Jinchuan nickel price -  here 
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart
  • COVID By The Numbers - here
  • How is your state faring? - more


November 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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