Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursdayo's trading session at $7.71/lb ($17,000/tonne). Indicators at 6:10 am CST today show nickel trading around $.02/lb  higher. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Thursday, and started the final day of August reading just under the 119,000 tonne level. Shanghai nickel slipped to 131,510 y/t overnight. Nickel traders appear to be content with the $17,000 tonne level to end the month. Our daily updates are sponsored and made possible by PA Inc. We invite you to visit their web site and review the services they offer. We thank them for sponsoring the site and we thank you for visiting today. We will not be updating on Mnday as that is Labor Day here in the States. Be safe this weekend and we hope to see you again on the first Tuesday of the first month of the last third of 2024.
• Average price of LME traded cash nickel so far this month - $7.36/lb
  

    Thursday's market review - Copper and aluminium extend losses on weak Chinese demand and rising inventories - Copper and aluminium prices extended losses on Thursday, pressured by rising inventories, ... - more

• SunSirs: Stainless Steel Prices Fell and Consolidated in August - more

   Wary of Trump, US minerals projects rush to close government loans -  U.S. miners and battery recyclers are rushing to close government loans worth billions of dollars before January out of concern that former ... - more

   Other News

• U.S. Economic Growth for Last Quarter Revised Up to a Solid 3% Annual Rate - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.70/lb ($16,985/tonne). Indicators at 5:50 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today reading just over the 117,500 tonne level. Shanghai nickel rose to 131,760 y/t overnight. Nickel closed just below the $17,000 tonne level last night, and is fighting hard to keep its head above that level this morning. The Euro continues to slump adding negative pressure on base metals trading. "Meteorological" summer ends Saturday, the unofficial end of the season. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $7.35/lb
  

    Wednesday's market review - Chinese demand worries trigger funds sell-off in metals - A month-long rally in metals paused on Wednesday as concerns over demand from top consumer China and a rebound ... - more

   Canada plans 25% import tariff on Chinese steel - Canada has become the latest country to introduce trade protection measures to defend its domestic steel industry from the influence of low-cost Chinese material. - more

   BHP: Global steel output to increase slightly in remainder of 2024 - Australian mining company BHP Billiton has published its commodity outlook report for the financial year 2024. Accordingly, the company stated  ... - more

   The Nickel Industry in Central Halmahera Must Avoid Overproduction, Researcher Affirms - A researcher from the Action for Ecology and People’s Emancipation (AEER), Pius Ginting, believed that decarbonization ... - more

   Madagascar's Ambatovy nickel project companies file restructuring plan - Sumitomo spokesperson - Madagascar's Ambatovy nickel project companies filed a debt restructuring plan with an English court on ... - more

   European HRC prices remain stable as market participants return from holidays - Domestic European prices for hot-rolled coil remained stable on Aug. 27, as market participants returned from summer holidays ... - more

   Other News

• LFP Battery Health Degrades At Full Charge, Study Finds - more
• Goldman settles platinum, palladium ‘price fixing’ lawsuit - more
• Typhoon Shanshan pummels Japan; millions told to evacuate - more
• Thousands evacuated as cyclone builds off India and Pakistan's coast - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.77/lb ($17,120/tonne). Indicators at 5:40 am CST today show nickel trading around $.05/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today reading just under the 117,350 tonne level. Shanghai nickel slipped to 131,110 y/t overnight. LME nickel closed above the $17,000 tonne level yesterday, and is struggling to hold onto the level this morning. A weaker Euro is adding negative pressure. 25 days to fall in the northern hemisphere, while those south of the equator, will see spring officially arrive. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $7.33/lb
  

    Tuesday's market review - Copper powers to almost six-week high on US rate cut hopes - Copper prices rose to their highest in nearly six weeks on Tuesday, with buying triggered by expectations of an imminent ... - more

    Stainless Steel Market Continued to Rise, Spot Prices Were Under Pressure - On August 27, according to an SMM survey, stainless steel futures performed well. The market was active in inquiries and transactions ... - more

    How has the rise of Indonesian supply affected the cost landscape for nickel miners, and can other producers become more competitive? - All cost values stated in this article are All-In Sustaining Costs (AISCs) on ... - more

    Iron ore price tops $100 after supply cuts in China - The outlook for China's steel sector remains highly uncertain due to the government's shift to new growth sectors - more

    Vale's CEO announcement to curb market speculation, says chair - Brazilian miner Vale's decision this week to announce a new chief executive sought to avoid further market speculation over other potential ... - more

   Other News

• US Consumer Confidence Rises Slightly in August - more
• Chinese Spy Plane Violates Japan's Airspace Over the East China Sea - more
• Russia warns the United States of the risks of World War Three - more
• U.S. military open to escorting Philippine ships in South China Sea amid clashes with China, commander says - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.61/lb ($16,770/tonne) and was not traded yesterday. Indicators at 5:50 am CST today show nickel trading around $.12/lb higher. Stockpiles of nickel stored in LME licensed warehouses went unchanged over the weekend and remain reading just over the 116,600 tonne level. Shanghai nickel rose to 132,030 y/t overnight. Nickel spiked this morning as traders returned after a long weekend, but the $17,000 tonne level appears to be giving them second thoughts. It is apparent we are now seeing the September bump, which can start anytime in the summer. This year it started on the early side, with the price of LME nickel bottoming out in late July. This is a traditional bullish period, thanks to the return of European business after August vacation breaks. Traders appear to be betting that will happen again, although there is little evidence their economies are recovering from the invasion of Ukraine. In fact, there is far more hope than evidence that things are picking up anywhere beyond Indonesia. The EV industry, that was booming around the world, is now slowing thanks in part to slowing economies, and in part, to protectionist tariff's, in an attempt by governments to pick winners and losers. In the mean time, traders hope history proves fall brings a bump in business. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $7.32/lb
  

   CISA mills’ daily steel output down 0.5% in mid-August, inventory up 3.48% - The China Iron and Steel Association (CISA) has announced that in mid-August (August 11-20) this year the average aggregate ... - more

• China’s steelmakers face ‘cruel’ reality as ‘harsh’ winter comes for embattled industry - more
• SunSirs: Stainless Steel Prices Fluctuated to Be Weaker This Week - more

   Russia's Nornickel examining impact of latest US sanctions - Russian mining giant Nornickel, opens new tab said on Monday it was examining the implications of new U.S. sanctions on its subsidiaries, which ... - more

   Indonesian miner Antam plans to acquire smelter owned by Tsingshan unit - Indonesian state-controlled miner PT Aneka Tambang (Antam) is planning to acquire a smelter owned by a subsidiary of Chinese ... - more

• Vale Indonesia to add new partner in Sorowako nickel processing project - more

   Mercuria expected to hire Kostas Bintas in metals push, sources say - Energy trader Mercuria is expected to hire top metals trader Kostas Bintas, former co-head of metals at Trafigura, three sources with ... - more

   Courtesy AISI - In the week ending on August 24, 2024, domestic raw steel production was 1,782,000 net tons while the capability utilization rate was 80.2 percent. Production was 1,742,000 net tons in the week ending August 24, 2023 while the capability utilization then was 76.6 percent. - more

   Other News

• Germany sees hopes for recovery postponed into 2025 - more
• Information wars raging in New Caledonia - more
• Canada to impose 100% tariff on Chinese EVs, including Teslas - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.61/lb ($16,770/tonne). Indicators at 5:35 am CST today show nickel not trading today in London, with markets closed for Summer Bank Holiday. With LME closed, stockpile changes will not be reported until tomorrow. Shanghai nickel rose to 131,350 y/t overnight and we are now following October contracts, with September rising to 131,060 y/t. Today is London's last official holiday until their Christmas break, while most Americans still have Labor Day and Thanksgiving to celebrate before Christmas. They seem to be heavy on holidays in the early part of the year, while Americans enjoy more holidays in the latter part of the year. It's the final week of month eight, and two thirds of 2024 is nearly complete. Stay safe out there and have a  great week!
• Average price of LME traded cash nickel so far this month - $7.32/lb
  

    Friday's market review - Zinc touches five-week peak on supply fears - Zinc prices hit their highest in five weeks on Friday on supply concerns after smelters in top producer China agreed to trim production ... - more

   Nickel's Strategic Rise: Supply Squeeze & Government Support Signal Strong Investment Potential - The nickel market has been a subject of intense scrutiny in recent months, with investors and industry experts ... - more

   Stainless Steel Arrivals Increased, Inventory Digestion Weakened with a Slight Inventory Decrease of 0.09% - As of August 22, SMM social inventory of stainless steel was 972,100 mt, down 0.49% MoM ... - more

• SunSirs: Stainless Steel Prices Fluctuated to Be Weaker This Week - more

   Russian mining giant Nornickel's first-half profit slumps on weak prices - Nornickel, opens new tab reported a first-half profit on Friday that fell 22%, hurt by weak nickel prices, while the Russian miner also .... - more

• Nornickel fund launches first Blockchain-tracked nickel and copper ETCs on LSE - more

   Scrap prices expected to rebound in short term, long-term market still uncertain - This week, China's steel mills continued production cuts, leading to lower rebar output and inventory depletion. - more

   Other News

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  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.53/lb ($16,610/tonne). Indicators at 5:30 am CST today show nickel trading around $.07/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and started today reading just over the 116,600 tonne level. Shanghai nickel rose to 130,720 y/t overnight. After slipping yesterday, nickel bounced early this morning, only to lose momentum quickly. Still up at the moment, nickel trading has gone quiet. The Canadian rail strike that had analysts in an uproar appears to be ending as quickly as it started. The WSA reports steel production in the world was down in July and US stainless steel surcharges for September are posted. London markets are closed on Monday for Summer Bank Holiday but we still plan to post an update. Stay safe out there and enjoy your weekend!
  
• Average price of LME traded cash nickel so far this month - $7.31/lb
  

    Thursday's market review - London copper eases - Copper prices fell on Thursday in London, weighed down by a firmer dollar, but falling metal inventories and demand showing signs of improvement limited losses. - more

    Overview of China's Stainless Steel and Main Raw Material Import and Export from January to July 2024 - From January to July 2024, China's cumulative stainless steel imports amounted to 1.2275 million tons... - more

• China’s stainless steel exports up 15.7 percent in January-July - more

    Swedish steel output falls further on-year - Sweden’s crude steel production decreased in June compared to the same month last year, and over the corresponding half-year periods, Kallanish learns from the ... - more

    A glimpse into Indonesia’s nickel policy - China has become a key partner, but locals pay the price and need more support to realise the benefits. - more

    'New Caledonia is France': French diplomat says 'this is how it is' in tit-for-tat row - The French Ambassador to the Pacific wants to set the record straight reminding people the France is the "administering power" ... - more

   Other News

• Canada moves to end rail shutdown quickly; CN workers to return to work - more
• Shanghai Futures Exchange receives regulatory approval to launch metals options contracts - more
• With Fed rate cut set, Powell may focus on explaining US economic conditions at Jackson Hole - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.65/lb  ($16,870/tonne). Indicators at 5:40 am CST today show nickel trading around $.07/lb  lower. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today reading just over the 115,950 tonne level. Shanghai nickel retreated to 128,700 y/t overnight. Shanghai nickel is trading lower than it was the first of the month, while LME nickel is trading higher. Nickel is trading quietly so far today, with prices slipping lower. Stainless steel prices in China are starting to edge higher after a summer of declines. This chart shows the spot price of 304/2B stainless steel plate in China for the past three months - here. This chart is updated daily so if this is a product you might be interested in following, you may want to bookmark the page for future research. No news to report so we offer you some applicable filler. Stay safe out there and have a great Thursday!
• Average price of LME traded cash nickel so far this month - $7.30/lb
  

    Wednesday's market review - Aluminium rally pauses on profit taking, technical resistance - Aluminium prices retreated on Wednesday as investors took profit from an eight-session rally to keep prices below key... - more

    ESDM Reveals that Indonesia Has Discovered 100 Nickel Reserves - According to the Indonesian national news agency ANTARA, the Geological Department of the Ministry of Energy and Mineral Resources ...  - more

    Roch Wamytan: 'New Caledonia is not France' - New Caledonia Congress President Roch Wamytan has doubled down on indigenous Kanaks' aspirations to seek self-determination and lambasted France... - more

   Other News

• China hits out at EU over EV draft findings, warns damage to ties - more
• Trump: I will stop Japan from buying United States Steel - more
• Tanker Reports Fire and Drifting in Third Houthi Strike on Delta Tankers - more
• China probes dairy imports following EU's EV probe update - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.67/lb ($16,915/tonne). Indicators at 5:35 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses jumped on Tuesday and started today, just over the 115,600 tonne level. Shanghai nickel rose to 131,550 y/t overnight. Nickel continues its bullish run, popping over the $17,000 tonne level on a couple of occasions already this morning. And we are still unable to find any reason for the increase based on any global fundamentals. London stockpiles have already increased over 5,600 tonnes this month, with a week and a half left. No one is claiming demand is increasing of any substantial amount anywhere, while Indonesia continues to flood the market with supply. There has been a general base metals rally this week, but most of the others have already corrected. September tends to have a record of being a bullish month for nickel - although this was driven in the past by a Europe returning to work. We will see what happens but this rally may have jumped the gun. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $7.28/lb

    Tuesday's market review - Aluminium hits 5-week high on fund buying, alumina shortage - Aluminium prices hit their five-week high on Tuesday on increased fund buying and a shortage of raw material in... - more

    China's stainless prices drop, stocks decline slows - China's stainless steel market saw a further drop in prices over August 9-16, driven lower by persistently gloomy market sentiment. Concurrently, the pace ... - more

• Outlook darkens for China's already weak steel output: Russell - more
• In July, China's NPI+FeNi imports reached 820,800 mt, up 18.3% MoM - more

    For pipe fittings in Titanium, Inconel, Monel, Hastelloy, Alloy 20, Incoloy, Nickel, and 304H - Call PA Inc at 1-800-460-PIPE

    Building with stainless steels for a resilient and low-maintenance future - Stainless steels are an impressive family of high Chromium alloys and offer good to excellent corrosion resistance in many environments. - more

    Courtesy AISI - In the week ending on August 17, 2024, domestic raw steel production was 1,754,000 net tons while the capability utilization rate was 79.0 percent. Production was 1,742,000 net tons in the week ending August 17, 2023 while the capability utilization then was 76.6 percent. - more

   Other News

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• EU slashes planned tariff on Tesla's China-made EVs to 9% - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.59/lb ($16,730/tonne). Indicators at 5:40 am CST today show nickel trading around $.05/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell by nearly the exact amount they rose on Friday, and ended Monday's trading day just over the 114,050 tonne level. Shanghai nickel fell to 129,320 y/t overnight. Whether it was short covering, or something else, we are unable to find any change in fundamentals to account for yesterday's sharp rise in nickel prices. The Euro is trading at a one year high - literally - it is trading at a level last seen July 17,2023. A stronger Euro is a bullish signal for London base metals traders. News is in that end of summer drought period so we have little to offer you today. Be careful out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $7.27/lb
  

    Monday's market review - China demand hopes, lower dollar lift copper prices - Copper prices scaled 2-1/2 week highs on Monday with buying spurred by signs of improving demand in top consumer China ... - more

    BHP in discussions with Indonesian government on nickel: Reports - Australia’s biggest mining company is reportedly looking at Indonesia’s nickel industry following the shut down of its vast nickel operations in Australia. - more

    India’s JSL to supply customised stainless steel to Brahmos Aerospace - India's Jindal Stainless Limited will manufacture customised stainless steel and specialty low-alloy steel sheets for the defence projects of ... - more

    Iron ore prices plummet amid China’s property crisis - Iron ore prices have crashed to their lowest level in two years, driven by the ongoing crisis in China’s property sector, which has severely weakened steel... - more

    Here’s how to find out if your Social Security number was included in last week’s massive data breach - Last week’s staggering data breach at National Public Data put personal data, including the Social Security ... - more

   Other News

• France has 'belittled' PIF: New Caledonia wants Pacific mission 'deferred' - Wamytan - more
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• Too many people, not enough management: A look at the chaos of 'overtourism' in the summer of 2024 - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.43/lb ($16,380/tonne). Indicators at 5:35 am CST today show nickel trading around $.08/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and ended last week just over the 114,450 tonne level. Shanghai nickel rose to 103,360 y/t overnight. Nickel continues its roller coaster ride, with Friday ending in the valley, and Monday starting with a bounce. This morning's jump puts it into territory we haven't seen this month, and last weeks ride ended with a $100/tonne gain over the prior weeks close. So while the tug of war continues, it would appear the bulls have tipped the flag onto their side, but just barely. As we grow nearer to September and what used to signal a pickup in European stainless steel demand, we could see some optimism slip into the market. The war in Ukraine has put stainless steel demand on hold, and we are not seeing any signs that will end any time soon - the war or lack of demand. According to British press, Anglo America has hired an investment back from England to help them divest their nickel division. And as the summer vacation season enters its final two weeks, we wish you a great week. Stay safe and enjoy your Monday.
  
• Average price of LME traded cash nickel so far this month - $7.26/lb
  

    Friday's market review - Supply risks set copper on track for first weekly gain in six - Copper prices were heading for the first weekly gain in six weeks in London on Friday supported by worries that a strike ... - more

   Consensus price forecasts – Gold prices at new high, base metals retreat in July - S&P Global Commodity Insights discusses consensus price forecasts for industrial and precious metals, including platinum ... -- more

    In June, Indonesia's stainless steel exports fell approximately 7.66% MoM, with exports  to China reaching a historically low level - In June 2024, Indonesia exported about 70,700 mt of stainless steel to China, ... - more

    Jindal Stainless starts nickel pig iron smelter in Indonesia ahead of schedule - Jindal Stainless Limited (JSL), a leading stainless steel manufacturer in India, has started the operation of its nickel pig iron smelter ... - more

    India Initiates Anti-Dumping Probe Into Vietnamese Steel Imports Amid Industry Concerns - According to a notification from the Commerce Ministry, the domestic steel-makers have alleged that these products ... - more

   Other News

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• Indian medics refuse to end protests over doctor's rape and murder - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.42/lb ($16,355/tonne). Indicators at 6:00 am CST today show nickel trading around $.11/lb lower. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Thursday and remain just above the 114,050 tonne level. Shanghai nickel fell to 127,920 y/t overnight. The roller coaster ride continues, with nickel prices cratering this morning. Chinese media reports laterite nickel ore prices continue to rise and not exactly for a reason you might think. China has a new competitor for the Philippine low grade ore - Indonesia. Now to be fair, most of it is still ending up in a Chinese run blast furnace, but we wonder if Chinese investors envisioned having to import ore 'into' Indonesia when they set up operations there. When this need to import was initially reported last winter we wondered if maybe Indonesia doesn't have as much nickel as it initially claimed. The moratorium on new permits Indonesia reported earlier this month does not make us wonder any less. Stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $7.26/lb
  

    Thursday's market review - Copper hits two-week high on technical support, supply risks - Copper prices rose to a high on Thursday, supported by a break above key technical levels and potential supply risks ... - more

    China’s crude steel output drops 9.46% in July, further fall foreseen for Aug amid losses - In July this year, China's outputs of pig iron, crude steel and finished steel totaled 71.4 million mt, 82.94 million mt... - more

    New Caledonia unrest death toll rises to 11 following clash with gendarmes - In New Caledonia, violent unrest and clashes between the rioters and law enforcement units have killed one more person. - more

    International Opposition Does Not Stop Our Resource Nationalism: Jokowi - Resource nationalism, which has become an integral economic policy of the outgoing President Joko “Jokowi” Widodo, was among ... - more

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  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.40/lb ($16,315/tonne). Indicators at 5:50 am CST today show nickel trading around $.05/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today reading just over the 115,050 tonne level. Shanghai nickel bounced to 129,450 y/t overnight. Nickel was choppy yesterday with the trading chart looking like mountain peaks and desert valleys, with little transition between each point in the cycle. Today is starting with a similar volatile look to it, and at the moment, we are seeing trading happening on the mountain. Demand remains subdued with stainless prices in China slipping over the past few days, while supply does not appear to be affected as it has in the past by the numerous mine closures around the world. Thank Indonesia for that. Whatever else can be said about the Joko Widodo administration, his handling of the Indonesian nickel industry has seen an amazing conversion during his administration. Whether the marriage between his country and China will remain a mutually beneficial experiment remains to be seen, but at least for the time, the two countries are reaping the benefits of their cooperation. And in the mean time, China has once again rewritten the rules for the industry analysts. Remember how long it took the analysts to figure out pig nickel wasn't just an expensive flash in the pan and short term solution? Stay safe out there and have a great Thursday! 
  
• Average price of LME traded cash nickel so far this month - $7.25/lb
  

    Wednesday's market review - Copper gains on hopes for US rate cuts, Escondida strike - Copper prices climbed on Wednesday on optimism about the potential for U.S. interest rate cuts and after a strike hit the ... - more

    Finland's Outokumpu to improve competitiveness of stainless steel products - The European steel producer Outokumpu's performance in the second quarter was relatively satisfactory, and the profitability ... - more

    Taiwan’s 300 series stainless steel HRC import price boosted by Indonesia Tsingshan’s higher prices - Taiwan’s imports and exports of 300 series stainless steel hot-rolled coil dropped in July, with higher ... - more

    Tsingshan and Jindal Stainless form stainless steel JV in Indonesia - Stainless steel producers China-based Tsingshan Group and India-based Jindal Stainless have formed a joint venture PT Glory Metal ... - more

• Jindal Stainless commissions Nickel pig iron plant in Indonesia 8 months ahead of schedule - more

    Developers of stalled Minnesota copper-nickel mine plan studies that may lead to significant changes - The developers of a long-delayed copper-nickel mining project in northeastern Minnesota announced ... - more

    US Steel for sale, one year on: a look-back at the $15 bln saga of the acquisition of an American icon - The US news cycle was set alight exactly a year ago on a Sunday afternoon when US Steel, an iconic ... - more

   Other News

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  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.42/lb ($16,360/tonne). Indicators at 5:35 am CST today show nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Tuesday and started today reading just under the 113,700 tonne level. Shanghai nickel slipped to 127,240 y/t overnight. Nickel got a boost from a stronger Euro yesterday, but while the Euro continues to gain this morning, nickel is giving some back. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $7.25/lb
  

    Tuesday's market review - Copper retreats on rising inventories, sluggish demand - Copper prices pulled back on Tuesday after three sessions of gains, burdened by surging inventories and lacklustre ... - more

    Share of Russian material in LME stocks falls for Nickel and Copper and rises for Aluminium – Commerzbank - Meanwhile, concentration is falling elsewhere: according to LME statistics, the share of Nickel stocks ... - more

    UK firm drills at nickel laterite project site in Oman - UK-based strategic mining firm Knights Bay Oryx Ltd (KBO) has announced that its wholly-owned subsidiary Knights Bay Mining and Trading LLC has ... - more

    Indonesia’s president-elect should get real on nickel - The harms of the industry have been understated. Prabowo’s new government must raise environmental standards, writes Bhima Yudhistira  - more

    Jindal Stainless to Produce Premium Stainless Steel for BrahMos - On Monday, Jindal Stainless announced that it will begin producing customized stainless steel and specialty low-alloy steel sheets specifically... - more

   Other News

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  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.39/lb  ($16,285/tonne). Indicators at 5:50 am CST today show nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Monday and started today measuring just over the 113,700 tonne level. Stockpiles have grown by over 3700 metric tonnes already this month. Shanghai nickel barely moved to 128,330 y/t overnight. Nickel remains subdued overall, although its daily pattern shows the tug of war is firing back up between the bears and the bulls and it is trading a little more volatile. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $7.25/lb
  

    Monday's market review - Copper rallies ahead of Chinese and US data - Copper rose alongside equities on Monday as traders bought back short positions on the expectation of bottoming prices ahead of ... - more

   SunSirs: Stainless Steel Prices Had Slightly Decreased This Week (August 5-9) - According to the price monitoring of SunSirs, the price of stainless steel had slightly decreased this week. As of August 9th, the... - more

• Most-Traded Stainless Steel Contract Hit Four-Month Low, Steel Mills Are Expected to Increase Production, Inventory Digestion Remained Challenging - more

   India announces final AD ruling on welded stainless steel pipes from Thailand, Vietnam - India’s Ministry of Commerce and Industry announced its final affirmative determination of anti-dumping (AD) on welded... - more

   New Caledonia’s curfew extended until 19 August - New Caledonia's curfew, which was imposed days after violent unrest broke out on 13 May, has been extended until 19 August, the French High commission .... - more

   Courtesy AISI - In the week ending on August 10, 2024, domestic raw steel production was 1,735,000 net tons while the capability utilization rate was 78.1 percent. Production was 1,742,000 net tons in the week ending August 10, 2023 while the capability utilization then was 76.6 percent. - more

   Other News

• Fire at Zaporizhzhia nuclear plant spurs fear as Russia, Ukraine trade blame - more
• Trends and cycles in US productivity - more
• People leave New Zealand in record numbers as economy bites - more
• ‘Jokowi Effect’: Reflecting on Indonesia’s era of progress - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.39/lb ($16,285/tonne). Indicators at 5:30 am CST today show nickel trading around $.04/lb lower. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Friday and ended the week just over the 112,400 tonne level. Shanghai nickel slipped to 128,310 y/t overnight. Nickel is trading lower this morning, after closing slightly higher on Friday. Something may happen differently this week, but it is starting out the new week doing exactly what it has been doing - going no where fast. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $7.25/lb
  

   Friday's market review - Copper rallies as US growth fears ease and Chinese stocks slide - Copper prices bounced on Friday after U.S. jobs data eased fears of a growth slowdown in the United States while falling... - more

   Finnish steelmaker Outokumpu sees ongoing slow European recovery in Q3 - Stainless steel producer Outokumpu expects a slow market recovery in Europe to continue in Q3 while the market environment in the ... - more

   Stainless Steel Production Declined in July, Rebounded in August - According to an SMM survey, China's crude stainless steel production in July 2024 was approximately 3.1838 million mt, down 1.44% MoM ... - more

   Taiwan starts second AD sunset review on cold-rolled stainless steel from China, South Korea - According to Taiwan’s Customs Administration, the Ministry of Finance announced the launch of the second sunset... - more

   President Emmanuel Macron gives New Caledonia Pacific mission green light - diplomat - France has approved a high-level Pacific "fact-finding mission" to New Caledonia to gather information from all sides ... - more

   Other News

• China files WTO suit against EU over tariffs on Chinese EVs; ‘Move may prompt changes in discussion mechanisms within bloc’ - more
• June sets record for China-US containers - more
• New RELEX Survey Reveals Consumer Preferences and Retailer Performance During Extreme Weather Events - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.35/lb   ($16,210/tonne). Indicators at 5:40 am CST today show nickel trading around $.08/lb higher. Stockpiles of nickel stored in LME license warehouses rose on Thursday and ended yesterday just over the 112,400 tonne level. Shanghai nickel rose overnight to 130,990 y/t. Base metals are trading higher this morning, as fears of a U.S. recession are softened by a lower than expected jobless claims number yesterday. Indonesia has announced a moratorium on future nickel smelters as it moves to protect its nickel deposits which some could argue, are disappearing at an accelerated level. This will likely stoke the "how many years worth of nickel does Indonesia really have" conversation. Stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $7.25/lb
  

    Thursday's market review - Copper steadies on raw material shortage and interest rate hopes - Copper prices steadied on Thursday on expectations of improved copper consumption in China and a larger... - more

    SMM China July Stainless Steel Production and August Forecast - According to the SMM survey, China's stainless steel production in July 2024 was approximately 3.1838 million mt, down 1.44% MoM and 2.13% YoY. - more

    Indonesia imposes moratorium on new nickel smelters to preserve resources - Minister of Energy and Mineral Resources (ESDM), Arifin Tasrif, has recently announced the government’s plan to impose a ... - more

• Can Indonesia’s Nickel Industry Break Free From China’s Grip? - more

    New stainless steel association established in Turkey - POSCO Assan TST and its partner Kibar Holding recently launched the Stainless Steel Industry Association (PASSAD), led by Kibar Holding’s CEO, ... - more

    Outokumpu Half-year report January-June 2024 - Good profitability improvement from the first quarter, driven by business area Europe - pdf here

    France ‘decides on who enters’ New Caledonia: French diplomat on Pacific leaders request - France is "checking" whether a high-level mission to New Caledonia will be possible prior to or after the Pacific Islands ... - more

   Other News

• China’s new hypersonic glider can power-jump to the other side of the Earth: scientists - more
• NASA considers sending Boeing Starliner astronauts home on SpaceX Dragon - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.36/lb ($16,225/tonne). Indicators at 5:45 am CST today show nickel trading around $.04/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Wednesday and started today just over the 111,600 tonne level. Shanghai nickel dropped to 127,180 y/t overnight. Nickel fell yesterday, continuing its see saw closings. The volatility that typically follows a spike in the traded price has really not materialized this time, with bulls reluctant to travel too far into a field of potential quicksand, and bears apparently too cautious to go short aggressively. Stay safe out there and have a great day!   
  
• Average price of LME traded cash nickel so far this month - $7.24/lb
  

    Wednesday's market review - London copper slides on firm dollar, Shanghai rises - London copper prices declined on Wednesday, hurt by a firm dollar and looming concerns about the U.S. and Chinese... - more

    Fed rate cuts only bullish for base metals if demand picks up - The recent pause in the rally of base metals is attributed to a combination of factors, including sluggish growth in China and a weakening US ... - more

    China’s metals and power fuel imports firm despite weak economy - Chinese imports of metals and power plant fuels held up in July, despite a softer economy and the summer lull in industrial activity, while ... - more

• China's commodity imports show economy struggling for momentum: Russell  - more

• The rise of Nickel Industries: Harvesting profits and paying dividends in a tough market - more

   Other News

• China spends big on beef from Latin America-Caribbean as copper drops among exports - more
• VP Pick Gov. Tim Walz Is An EV Advocate: 'EVs Are Irrefutable’- more
• Traders lose billions on big volatility short after stocks rout - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.43/lb ($16,370/tonne). Indicators at 5:40 am CST today show nickel trading around $.02/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Tuesday and started today's session just under the 110,700 tonne level. Shanghai nickel ticked higher to 129,200 y/t overnight. Nickel continues to edge higher but trading remains subdued since Monday's test of the $16,000 tonne level. Equity markets continue to recover from Monday's dive, which could be improving trader's overall mood. The market has sent the U.S. Fed a message, and trading will remain volatile as traders bet whether the Fed will bow to their wish at the next meeting and drop the interest rate - or hold their coarse. In the mean time, stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $7.23/lb
  

    Tuesday's market review - Most base metals fall as US recession jitters dampen sentiment - Prices of most industrial metals dropped on Tuesday, weighed down by bleak demand outlook following U.S. data ... - more

    Speaking of Steel Ep.3: US stainless market round-up - MEPS International reviews the current factors affecting prices in the US stainless steel market, including alloy surcharges decreases and weakening ... - more

    China’s crude stainless steel production grows in H1 2024 - According to statistics from the Stainless Steel Branch of China Iron and Steel Association, China’s crude stainless steel production amounted to around ... - more

    Russia’s stainless steel production falls in H1 2024 - According to statistics from the Russian Federal State Statistics Service (Rosstat), Russia’s stainless steel production totaled around 23,000 tons in June this .... - more

    LME's nickel prices increase on Aug 5, forecasted to exhibit volatility in short term - The London Metal Exchange (LME) nickel futures price slightly increased by US$3/ton and closed at US$16,276/ton on August 5. - more

   China’s steel exports face headwinds as trade backlash worsens - China’s flood of steel exports could ease in coming months, as a backlash from trade partners seeking to protect their domestic industries ... - more.

   Indonesia launches China-built anode plant for EV batteries - Indonesia's President Joko Widodo on Wednesday inaugurated a plant built by China's BTR New Material Group and Singapore's Stellar Investment... - more

• Pictured: Indonesia’s net zero nickel boom fuels destruction of rainforests and coral reefs - more

   Other News

• Chinese provinces show robust economic recovery in H1 - more
• U.S. Kills Houthi Drone Expert in Iraq - more
• Manila Secures New Partnerships for Defense of its Maritime Rights - more
• Glencore Abandons Plan to Exit Coal After Investors Say No - more
• The Salary Snowball - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.38/lb ($16,280/tonne). Indicators at 5:35 am CST today show nickel trading around $.02/lb lower. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Monday and remain just over the 110,100 tonne level. Shanghai nickel ticked higher to 128,710 y/t overnight. The Euro is lower this morning, which is adding negative pressure on base metals trading. Nickel is lower, but keeping its distance from the $16,000 tonne level. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $7.21/lb
  

    Monday's market review - Global growth angst pushes copper to 4-1/2-month low - Copper prices tumbled to 4-1/2 month lows on Monday as a deteriorating demand outlook in China and the United States, the ... - more

   Chinese court appoints law firm as Jiangsu Delong administrator - A Chinese court said it has accepted bankruptcy reorganisation proceedings brought by a creditor of Jiangsu Delong Nickel Industry, China's ... - more

   Eramet Seeks More Nickel Mines in Indonesia, Says Jakarta Post -  French miner Eramet SA is looking to acquire more nickel mining permits in Indonesia, the Jakarta Post reported, citing a senior company official. - more

   The Double Standard of the European Union Regarding Indonesia’s Nickel Export Ban - While the EU has slammed Indonesia's ban as an impediment to international trade, its criticism appears inconsistent ... - more

   Courtesy AISI - In the week ending on August 3, 2024, domestic raw steel production was 1,722,000 net tons while the capability utilization rate was 77.5 percent. Production was 1,712,000 net tons in the week ending August 3, 2023 while the capability utilization then was 75.3 percent. - more

   More New Caledonians leaving for good - removal companies - Removal companies in New Caledonia are reporting more and more people are leaving the French Pacific territory for good following the ongoing ... - more

   Other News

• Chinese-backed steel plant starts up, reviving Zimbabwe’s moribund industry - more
• F-16 fighter jets deployment ‘could escalate Ukraine crisis’- more
• Wind and solar to surpass 40% of China’s power capacity by year-end - more
• Global market rout has more to do with end of cheap funding than US economy - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.40/lb  ($16,325/tonne). Indicators at 5:40 am CST today show nickel trading around $.05/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Friday and ended the week just over the 110,100 tonne level. Shanghai nickel slipped to 128,580 y/t overnight. Euro is up this morning, but nickel is down, thanks in part to Goldman Sachs raising the odds of a U.S. recession to 25%. Asian and European markets are way down on these concerns, as are U.S. market futures. Looks like a rough day for stocks, and commodities. Stay safe out there and have a great week!  
  
• Average price of LME traded cash nickel so far this month - $7.26/lb

    Friday's market review - Copper firms on potential US rate cuts after jobs data - Copper prices edged higher on Friday, supported by growing expectations of U.S. interest rate cuts and slightly firmer physical ... - more

   China’s stainless steel market rises on Jul 31 - The Shanghai nickel price surged on July 31, driving up the stainless steel market. Moreover, stainless steel futures benefited and rebounded to the CNY 140,000 level. - more

   South Korea to start AD investigation on stainless steel from 4 countries - South Korea will start anti-dumping (AD) investigations on stainless steel products from China, Indonesia, Taiwan, and Vietnam, ... - more

   The national port nickel ore inventory continued to accumulate by 260,000 wmt to 8.652 million wmt - As of August 2, the national port inventory of nickel ore continued to increase by 260,000 wmt to 8.652 ... - more

   Deep sea mining opponents suffer major setback - Opponents of deep sea mining suffered a serious setback Friday when they failed to take a first step toward an international moratorium on the controversial practice. - more

   Other News

• China's services activity expands further, but external demand slows, Caixin PMI shows - more
• ‘Charger hogs’ are ruining the electric vehicle experience. One company is clamping down on bad manners - more
• Bangladesh PM Sheikh Hasina has resigned and left the country, media reports say - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.38/lb ($16,270/tonne). Indicators at 5:15 am CST today show nickel trading around $.08/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and started today's session just over the 110,100 tonne level. Shanghai nickel slipped to 103,990 y/t overnight. Nickel is trading higher this morning, thanks in part to a rebounding Euro. Indonesia published some nickel resource numbers below, ANZ lowers it annual forecast for nickel, and SunSirs publishes some stainless steel numbers for China in July. Stay safe out there and have a great weekend! 
  
• Average price of LME traded cash nickel so far this month - $7.20/lb
  

    Thursday's market review - Copper falls on soft Chinese factory data, higher inventories - Copper prices retreated on Thursday on worse-than-expected factory data in top metals consumer China and rising ... - more

    ANZ Lowers Nickel Price Forecast To $17,500/T For Year End - Lowers Nickel Price Forecast To $17,500/T For Year End

    SunSirs: Stainless Steel Prices Rose First and Then Fell in July - According to the price monitoring of SunSirs, the price of stainless steel first rose and then fell in July. As of the end of July, the spot price of ... - more

     Indonesia says Jiangsu Delong debt woes not affecting local operation - Chinese stainless steelmaker Jiangsu Delong Nickel Industry assured Indonesia said its potential bankruptcy reorganisation has had no ... - more

• Indonesia’s nickel and mineral resources show promising potential: Agency - more

    China is Flooding Global Markets with Excess Steel Supply - Would it be an exaggeration to say that the world’s steel narrative is unfolding in China? Everywhere one looks, there are steel industry experts ... - more

    Mozambique: 900 cases of contraband alcohol seized from ferrochrome truck in Ressano – Photos - An articulated truck supposedly transporting ferrochrome ore was seized at the Ressano Garcia border post ... - more

   Other News

• U.S. Fed puts September rate cut on the table - pdf here
• US recognizes Maduro's opponent as winner in Venezuela election - more
• Maduro congratulated by China after claiming victory in contested Venezuelan election - more
• Putin hails Maduro's win, Kremlin says it is deepening ties - more
• Musk Vs. Maduro? Billionaire Accepts Bizarre Fight Challenge From Venezuela’s President - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.52/lb ($16,580/tonne). Indicators at 5:45 am CST today show nickel trading around $.09/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose sharply, is that the best word to use, by over 4700 tonnes on Wednesday and ended the month of July reading over the 109,900 tonne level. That's a gain of just over 14,500 tonnes for July, with 43% of that gain coming on the final day. Shanghai nickel rose to 132,250 y/t overnight. After a big jump in the trading price yesterday, nickel is down this morning, with the Euro losing gas against the Dollar, and the shorts having covered. That huge jump in stockpiles reported this morning could be also souring any remaining bullish enthusiasm. Indonesia is still working hard to convince Elon Musk to put a Tesla and battery plant in Indonesia, while SMM is reporting the country is making little progress on additional permits since it reported earlier this year. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $7.44/lb
  

    Wednesday's market review - Copper up on hope for China’s stimulus after weak factory data - Copper prices rebounded on Wednesday with calls to boost consumption at a meeting of China’s top ... - more

   Australian nickel company BHP eyes investment opportunities in Indonesia - The Indonesian Nickel Miners Association (APNI) has announced potential investment interest from Australian mining giant BHP ... - more

   Indonesia president wants Tesla to make electric cars in country - Bloomberg News - Indonesian President Joko Widodo has urged electric vehicle (EV) maker Tesla to manufacture its cars, as well as batteries... - more

• 79 nickel mining companies' RKAB have been approved - more

   European HRC market remains weak amid persistent demand lull - European hot-rolled coil domestic prices remained largely unchanged July 30, as weak market fundamentals persisted, with sources noting ... - more

   Other News

• New Caledonia's ENERCAL gets financial buoy from France to avoid bankruptcy - more
• Global Industrial’s Sales Rise, but Earnings Slip - more

  Economic Stats and Prices (posted in Friday edition)