Stainless Steel News and Nickel Prices

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Friday, July 3

LME nickel prices  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday's trading session at $5.87/lb ($12,930/tonne). Indicators at 6:50 am CST today show nickel trading around $.07/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Thursday and started today's session just under the 234,300 tonne level. Much of the US, including the financial markets, is closed today as America celebrates its independence tomorrow. Traders elsewhere are taking nickel higher today, and at the moment, over the $13,000 tonne level. Nickel has been bullish since Wednesday and the beginning of a new quarter. No real change in the fundamentals, except the major PMI's all looked better in June, with the U.S. joining China returning to positive. Covid remains the Achilles Heel of the market, with the US crossing the 50,000 threshold in daily new cases on Tuesday, only to end Thursday closer to the 60,000 level. This is forcing some states to pull back on their openings, and in extreme cases, reversals of prior closings are taking place.  SMM is reporting nickel ore inventories rose for their third consecutive week,  which, due to the decision by Indonesia to stop exports at the beginning of this year, should not be happening. While the Phillippines are trying to pick up the slack, which is not possible, this implies a slowing in demand. So, a lot of mixed signals to start July ... much like we started June. For now, it's the weekend. Stay safe, Happy 4th, and enjoy your weekend.
  • Average price of LME traded cash nickel so far this month - $5.76/lb
  • LME nickel chart - here   /   Euro/US Dollar chart - here

  Reports

  • Reuters metals morning - Copper rally runs out of steam on worries about China demand - more
  • Reuters Daily Inside Metals - pdf here 
  • SMM Evening Comments - here
  • Barchart 304 Stainless Steel Scrap Index - $.2442/lb
  • SHFE Stainless Steel  Futures -  13.500
  • Monthly Construction Spending May 2020 - pdf here
  • Monthly US International Trade May 2020 - pdf here
  • U.S. Imports of Stainless Steel Mill Products - more
  • U.S. Export Sales - pdf here
  • Monthly Mfg Shipments, Inventories and Orders May 2020 - pdf here
  • US Economic Indicators:Durable Goods Orders& Shipments - pdf here
  • Wells Fargo Weekly Economic & Financial Commentary - pdf here

Virus News and Numbers

Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
Coronavirus Recovery Tracker - more
Resurgence - how is your state faring? - more

Alan Oster Podcast – Coronavirus and the economy - more


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

     Thursday's market review - Copper rallies as supply risk grows in top miner Chile - Copper gained for a sixth straight session on Thursday due to supply disruptions in the world’s largest producer Chile and more signs of recovery in large economies. - more

       Stainless steel production decreases by 8.0% to 11.7 million tons in the first three months of 2020 - The International Stainless Steel Forum (ISSF) has released figures for the first three months of 2020 showing that stainless steel melt shop production decreased by 8.0% year–on–year to 11.7 million metric tons. - more

      Russia's Nornickel to receive assessment on Arctic fuel leak damages in a month - Russia’s Norilsk Nickel said on Thursday it expected to receive an assessment of the damages caused by a fuel leak in the Arctic in a month. - more
  • Nornickel draws up permafrost monitoring plan after Arctic fuel spill - more
  • Nickel Shuffle; Russians Go Home And BHP Moves In - more

      COLUMN-A miraculous COVID-19 recovery but Dr Copper needs more tests: Andy Home - Doctor Copper has staged a miraculous COVID-19 recovery. But with few signs the world economy is set for an equally impressive bounce back, he needs to remain under observation for any sign of a relapse. - more

      EU steel safeguard decision could nip European steel recovery in the bud -  Industrial European Trade Union and the European Steel Association (EUROFER) have reiterated their deep disappointment at the EU’s decision to not adjust the tariff-free import quota for steel in the light of the collapse in EU steel demand. - more

      Despite COVID Spike, Industrial Purchasing on the Rise - Shifting inventory levels and intelligent supply chain management are helping to drive key purchasing numbers upward. - more

   Other News

  Morning Nickel Prices

  • Yesterday's LME official prices here 
  • Shanghai Jinchuan nickel price -  here 
  • Shanghai Futures Exchange Stainless - here
  • India MCX Nickel Price - more
  • Baltic Dry Index - chart


July 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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