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news covering the period of July 2020
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Friday, July 31
Daily Nickel/Stainless Steel Briefing
Nickel closed Thursday's trading
session at $6.23/lb ($13,745/tonne). Indicators at 7:10 am CST today show
nickel trading around $.02/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Thursday, and started the final day of July just over the 235,200 tonne
level. The US Dollar is higher against the Euro today, but had one of
its worst months in nearly a decade. With base metals trading higher on
a stronger Euro, this, along with Elon Musk, helped nickel trade
positive in July. Musk's call for more nickel, during a period when
nickel supply is in surplus, encouraged traders as well. MEPS is
forecasting stainless steel production will fall to a four year low
(see article below). The U.S. GDP for the second quarter came in at
down by 1/3. New unemployment claims rose for the third consecutive
week. Treasury yields are down and gold is trading at a record high.
Not a lot to cheer a business person in normal times, but, we do not
live in normal times. Five months into a worldwide pandemic that has
sickened millions and killed over 650,000, the markets are looking
forward to better times and a recovering economy. As are we all. It's
not only the end of the month, but also the week. Stay safe and enjoy
your weekend.
Average price of LME traded cash nickel
so far this month
- $6.04/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper ticks higher on strong China data, weak dollar - more
Thursday's market review - Copper slips on rising virus
cases, economic worries - Copper prices slipped on Thursday as investor
confidence was hit by a resurgence of coronavirus cases and more
evidence of the economic impact of the pandemic. - more
Global stainless steel production set for 4-year low - Global crude
stainless steel production is predicted to reach an annual total of
47.2 million tonnes, in 2020. - more
Taiwan’s Yusco raises stainless steel prices for Aug to reflect costs -
Yieh United Steel Corp. (Yusco), a leading stainless steel mill in
Taiwan, announced its new prices for August today (July 30). - more
Brazil's Vale eyes mine expansions, Samarco restart amid robust Chinese
demand - Brazilian iron ore miner Vale SA is sending a proposal this
month to the board for further expansion at its Northern System mining
complex, and the company expects to restart operations at its Samarco
complex in December, executives said on Thursday. - more
U.S. economy plunges at titanic 32.9% rate in 2nd quarter and points to
drawn-out recovery - An economy badly battered by the coronavirus
shrank at a record 32.9% annual pace in the second quarter,
underscoring just how big a hole the U.S. finds itself in as it labors
to recover from the deepest recession in American history. - more
Gross Domestic Product, Second Quarter 2020 (Advance Estimate) and Annual Update - more
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
Thursday, July 30
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $6.30/lb ($13,885/tonne). Indicators at 6:05 am CST today show
nickel trading around $.03/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today just under the 234,800 tonne level. Nickel
is falling into a pattern where it is lower in the morning and ends
higher for the day. This tends to make us believe some of the new risk
appetite is coming from the U.S., and considering it is was an American
who made the plea for nickel, this would make sense. Nickel's overall
trend remains positive, and is trading around where it was in mid
January - before covid-19 was getting any media attention. So
considering the stainless steel industry is in far worse shape than it
was in January, and nickel production remains in surplus, the price of
nickel appears to be far more speculation, than following any
fundamentals. But that really shouldn't be a surprise to any familiar
with the industry. Two changes on our news page to note. The link
to the Reuters Daily Inside Metals report has been removed, but will
return should Reuters start publishing it again. The report is
published out of their India office, which is getting hammered with
covid right now, so it is possible the break in publishing is
temporary. We have also moved the covid information to the bottom of
the news page. While the nickel and stainless industries are being held
hostage by this pandemic, and while it remains newsworthy, it no longer
deserves a featured position on our page. Stay safe out there and have
a great day!
Average price of LME traded cash nickel
so far this month
- $6.03/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper slips on rising virus cases, economic worries - more
Wednesday's market review - Copper prices steady ahead of
Fed policy decision - Copper held near two-year highs on Wednesday as
the dollar weakened on the prospect of more stimulus from the U.S.
Federal Reserve while factory data in top consumer China cast doubts on
prospects of a speedy economic recovery. - more
Metals prices set for 'super-cycle' says Adriatic CEO: analysts see -
Metals are set for a new super-cycle, with prices to rise for the next
four to five years on government post-pandemic stimulus, and silver set
to be the star performer, Paul Cronin, CEO of base and precious metals
mine developer Adriatic Metals told S&P Global Platts July 29. - more
Former minister Rudiantara appointed commissioner for nickel miner Vale
- Seasoned telecommunications player Rudiantara has been appointed
deputy president commissioner and independent commissioner of top
nickel miner PT Vale Indonesia. - more
Nickel Monthly News For The Month Of July 2020 - Nickel spot prices
were higher in July, and the LME inventory was about the same as last
month. - more
Russia's Nornickel draws up ecological targets for bosses after Arctic
fuel spill - Russian nickel and palladium producer Norilsk Nickel will
impose ecological targets for its management team after a massive
Arctic fuel spill, it said on Wednesday. - more
Indonesian Labor Unions Protest Import of Chinese Workers -
Indonesia’s decision to bring in hundreds of Chinese workers for
multi-billion dollar nickel and stainless steel projects amid the
coronavirus pandemic has drawn the ire of local workers, with a
national labor union calling for their repatriation to save domestic
jobs. - more
Why is Clive Palmer trying to tear down WA's coronavirus border with
the rest of Australia? - Queensland mining magnate Clive Palmer's
challenge to WA's hard border is making headlines again this week as
the case is heard in the Federal Court. - more
Can nothing keep a bad man down? Virulent Mr Palmer just keeps on coming - more
Distributor Pandemic Index Remains in Holding Pattern - The index shows
a sense of stability after a volatile April and May, but it's far from
where distributors would prefer. - more
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
Wednesday, July 29
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $6.22/lb ($13,705/tonne). Indicators at 6:15 am CST today show
nickel trading around $.03/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Tuesday and started today, just under the 235,200 tonne level. Nickel
ended yesterday pretty much were it started, while today is seeing
nickel trading higher, but not quite back to Friday's close. The US
Dollar resumed its slump today, which is helping support base metals.
Markit released its PMI manufacturing numbers today, and they show the
U.S. and Europe moved back into growth, while China strengthened.
Overall, although many countries are starting from a deep hole the
pandemic threw them in, the numbers look promising (numbers here). It's hump day! Stay safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $6.02/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper steadies ahead of Fed policy decision - more
Barchart 304 Stainless Steel Scrap Index - $.2554/lb
SHFE Stainless Steel Futures - 13,830
Conference Board Consumer Confidence Index Decreased in July - more
Merafe Production report for the last six months - 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
We had a pan denier tell us yesterday that more Americans die from food
poisoning each year, than have died from covid-19. People who make
these kind of statements generally do not concern themselves with
reality, but in case our readers do, here are some numbers to mull over. The
CDC estimates 3,000 Americans die a year from food borne illnesses (source), the National Safety Council estimates 38,800 Americans died in car crashes last year (source), the CDC estimates 34,200 Americans died from the 'flu' in the 2018-2019 flu season (source),
and in 2018, the CDC reported 48,344 Americans committed suicide in
2018 (source). Combined, those annual totals do not come close to the 150,000+
Americans who have died from covid-19 - in just the last five months.
Tuesday's market review - Copper rises as stockpiles fall
and industrial activity rebounds - Copper prices rose on Tuesday as
stockpiles in London Metal Exchange warehouses dwindled and positive
industrial data and government stimulus pointed to rising demand. - more
China’s stainless steel imports up, exports down in Jun m-o-m -
According to data from China Customs, China imported a total of 179,000
tons of stainless steel in June, up by 36.93% compared to the previous
month. - more
Russia's En+ adds to calls for Nornickel management overhaul after
spill - Russia’s En+ Group said on Tuesday it backed a call to overhaul
the management of Norilsk Nickel (Nornickel) after a major fuel spill
in the Arctic at one of the nickel and palladium producer’s plants. - more
Sudbury's iconic Superstack operational no more - Vale’s iconic
Superstack in Sudbury has been decommissioned. In a July 28 statement,
the nickel producer said the stack at its Copper Cliff Complex was
taken out of service earlier this month during a planned maintenance
period. - more
Paris keeps eye on New Caledonia's Vale plant - The French government
says it is closely watching the nickel plant sale process in New
Caledonia where Vale of Brazil is in negotiations with New Century
Resources of Australia to cede its 95 percent stake. - more
Does Australia need China more than the other way round? - At the
tipping point of China-Australia relations towards a new Cold War after
Australia's push for an inquiry into the origins of the COVID-19
pandemic, Australian Prime Minister Scott Morrison says the nation's
trade relationship with China is at an all-time high. - more
Canada Nickel launches NetZero Metals to develop zero carbon nickel,
cobalt - Canada Nickel Company has launched a subsidiary, NetZero
Metals, to produce zero-carbon nickel, cobalt and iron products from
the company's Crawford nickel-cobalt sulfide project near Timmins,
Ontario. - more
Nickel closed Monday's trading
session at $6.23/lb ($13,725/tonne). Indicators at 6:10 am CST today show
nickel trading around $.08/lb
lower. Stockpiles of nickel stored in LME licensed warehouses slipped
on Monday and started today just under the 234,900 tonne level.
Cancelled warrants moved into the 24% range (barely) on the 9th and
have recorded in that range since. The commodity board was nearly all
red this morning when we checked, with base and precious metals down as
well. Not finding anything one thing to account for this sudden
souring. In the U.S., the Republicans have finished negotiating with
the President over another round of stimulus, and they are now
negotiating with the Democrats on the same. On the flip side, the U.S.
still leads the world in covid-19 new cases and total fatalities. New
outbreaks around the world, including China, compounded with those
countries who have yet to get any type of control on their 'waves',
remind us that until we get immunized against this devil, it remains
ever present - and a drain on world economies. It's been a week since
Elon Musk made a call for nickel, and this week, we are seeing the P.R.
campaigns to woe him begin. It would be curious to see if his call
helped draw any 'new' money into nickel, or if the same players are
driving the traded price of nickel higher. Taiwan is warning users that
the price of stainless may increase in August, while in the U.S.,
stainless steel surcharges tell us the same is likely (surcharges). It's Tuesday, and including today, there are four working days left in July. Stay safe and have a great day!
Average price of LME traded cash nickel
so far this month
- $6.02/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper advances as investors eye U.S. stimulus package - more
NABE July 2020 Business Conditions Survey - pdf here
GDPNow model estimate for real GDP growth in the second quarter is -34.3 percent on July 27 - more
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
Monday's market review - Copper firm on demand recovery
expectations, weaker dollar - Copper prices ticked up on Monday, driven
by a weaker dollar and expectations of a global demand recovery, but
uncertainty about consumption in top consumer China capped gains. - more
Canadian miner answers Elon Musk's plea for sustainable nickel - A tiny
Canadian company is taking Elon Musk up on his offer to efficiently
mine nickel, betting it can be done carbon free. - more
Sale process of Vale in New Caledonia extended - Negotiations for a
sale of New Caledonia's Vale nickel plant have been extended by a month
and a half. - more
Clarifications on Phoenix project accumulate - More than a month ago,
the Constitutional Court (CC) ordered the suspension of operations of
the Fénix mining project, in El Estor, Izabal. - translated article here
Contentious Guatemala nickel mine ‘ignores coronavirus lockdown’ - more
US steel businesses struggle as Covid-19 cases rise - Many US steel
businesses are struggling to survive in the current climate. - more
Steel Imports Down 21% Year-to-Date Through June - Based on preliminary
Census Bureau data, the American Iron and Steel Institute (AISI)
reported today that the U.S. imported a total of 1,391,000 net tons
(NT) of steel in June 2020, including 1,310,000 net tons (NT) of
finished steel (down 23.0% and down 12.7%, respectively, vs. May final
data). - more
Courtesy AISI - In the week ending on July 25, 2020, domestic raw steel
production was 1,320,000 net tons while the capability utilization rate
was 58.9 percent. Production was 1,847,000 net tons in the week ending
July 25, 2019 while the capability utilization then was 79.4 percent.
The current week production represents a 28.5 percent decrease from the
same period in the previous year. Production for the week ending July
25, 2020 is up 1.1 percent from the previous week ending July 18, 2020
when production was 1,306,000 net tons and the rate of capability
utilization was 58.3 percent. - more
Nickel closed Friday's trading
session at $6.19/lb ($13,640/tonne). Indicators at 6:15 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Friday and started the week just shy of the 235,000 tonne level. Nickel
is slightly lower this morning, but continues to drift sideways, as it
did Friday. While there is negative pressure on the market, ie the
pandemic and China-U.S. tension ratcheting up again, there is also a
falling Dollar that adds positive momentum to base metals in general.
And while at the same time that equity traders are pushing their
markets to near record highs, the economic uncertainty that is keeping
base metals in check, has pushed safe haven gold to a record high. We
are trying to back on the covid news, and went all last week only
referring to it as a side note. None of our readers have complained of
the deep coverage we were giving. But while it is a huge factor on the
economies, and thus, demand for nickel and stainless steel, there comes
a point when we are concerned our readers sill suffer from covid
fatigue. So, while we make no promises we won't discuss it more in the
future, the politification of the pandemic in the United States, has
made hearing about it as fun as hearing another political campaign
commercial. In the old adage, kicking a dog while it's down,
environmentalist are piling it on Norilsk. Indonesia is reminding all
those companies that poured into that country why making money while
producing nickel is not the government's concern. And the union of
Eramet nickel workers in New Caledonia, apparently continues to produce
more noise than nickel. Well at least the week is starting out a little
more interesting than most weeks this summer have been. It's the start
of the last week of July. Stay safe out there and have a wonderful week!
Average price of LME traded cash nickel
so far this month
- $6.01/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper advances as investors eye U.S. stimulus bill - more
Barchart 304 Stainless Steel Scrap Index - $.2586/lb
SHFE Stainless Steel Futures - 13,810
U.S. Imports For Consumption of Steel Products - pdf here
US Exports of Stainless Steel Mill Products - more
US Imports of Stainless Steel Mill Products - more
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
Friday's market review - U.S.-China tensions drive copper
towards first weekly loss since May - A deepening U.S.-China
confrontation put copper on track for its first weekly loss since
mid-May, but analysts expect recovering demand and low stocks to keep
prices high. - more
‘No compromise on nickel ban’: Ministry puts foot down on nickel price
floor - The government has threatened to sanction nickel businesses
that fail to comply with nickel ore pricing regulations and, therefore,
pose a risk to the country’s plan to develop its downstream mining
industry. - more
Column: Tesla boss Musk's desire for more nickel could be a
non-starter: Andy Home - Elon Musk faces something of a reality check
after his call this week for more nickel mines to feed the batteries
that Tesla and other car makers need to power their electric vehicles. -
more
China's CRC steel demand to remain subdued in H2 on weak car sales
forecast: traders - China's passenger vehicle market will remain
challenging in the second half of 2020, despite showing some signs of
improvement from H1, a key industry association forecast this week,
which steel market sources said meant demand for cold rolled coil was
unlikely to see any substantial increase before year end. - more
Vale sale fuels New Caledonia controversy - The war of words in New
Caledonia over the planned sale of the Vale nickel company has
intensified. - more
More pollution from Nornickel, Kola peninsula covered by smog -
Kilometers and kilometers of fragile taiga nature west of the smelters
for nickel and copper in Monchegorsk was Friday covered by smog
containing sulfur dioxide and heavy metals. - more
Thyssenkrupp will fall apart without steel, says Deputy Chairman -
Thyssenkrupp should stay in the steel industry, its deputy supervisory
board chairman said, in a challenge to the broader management view that
no option has been ruled out for a division under pressure from weak
demand. - more
Fastener World Stainless Steels - There are hundreds of different
types, or alloys, that make up stainless steels. Each
is developed to produce its own
unique properties. - pdf here
Lessons from the past: Informing the mining industry’s trajectory to
the next normal - The COVID-19 crisis is, in many ways, unprecedented.
While governments, industries, and the wider society are working
together to understand and address the challenges caused by the crisis
to support patients, their families, and communities, the search is on
for treatments and a vaccine. - more
COVID Buyer's Club - The latest purchasing data is showing growth in
key areas, including MRO, electronic components and more. - more
Nearly Half Say Job Lost to Virus Won't Return - more
Nickel closed Thursday's trading
session at $6.20/lb ($13,670/tonne). Indicators at 7:00 am CST today show
nickel trading around $.09/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today just over the 234,600 tonne level. We rarely
try to explain why the market is moving in one direction or the other
on a daily basis. Yesterday, however, can be blamed on Elon Musk. And
apparently traders realized overnight, with the market in surplus, his
begging for more nickel to be mined, was less about filling a perceived
need, and more about bringing down the trading price. While there
are probably a whole bunch of fellow nickel consumers out there that
share his sentiment, those who have been buying nickel over many years,
would likely prefer more stability in the cost. With nickel trading
at $6/lb, the current trading price, in our opinion, is more than fair,
especially in light of the global pandemic driving the world into
another recession. Those of you who trade nickel miners, know who is
and who is not making money at current prices. It would seem, on the
face of things, the most likely way for Mr Musk to get any control over
his nickel cost, would be for him to buy or build his own mine. If he
can bring some stability to the industry, we wish him well. It's the
weekend and we wish all of you well ... as well. Stay safe and have a
wonderful day.
Average price of LME traded cash nickel
so far this month
- $6.00/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper set for first weekly loss in 11 weeks on U.S.-China tensions - more
BEA Direct Investment by Country and Industry - more
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
Thursday's market review - Copper rises as stockpiles
dwindle and the dollar weakens - Copper prices rose on Thursday as
available stockpiles in London Metal Exchange (LME) warehouses tumbled
and a spike in the cost of metal for immediate delivery pointed to a
tightening market. - more
June 2020 crude steel production - World crude steel production for the
64 countries reporting to the World Steel Association (worldsteel) was
148.3 million tonnes (Mt) in June 2020, a 7.0% decrease compared to
June 2019. - more
China's stainless steel products exports to US rise by 20% in May -
China's domestic exports of stainless steel to the US have fallen every
year since the tariffs were imposed on China. - more
Vale sale in New Caledonia may face delay - The plan for New
Caledonia's Vale nickel company to be taken over by New Century
Resources of Australia appears to be facing delays. - more
Global steel prices moving up, price push coming from China - Global
steel prices are moving up. Amid the subdued demand growth from
construction, infra, mechanical and metal sectors and automobile, the
push in prices comes from China. - more
Grainger Q2 Sales Dip 2%; Non-Pandemic Categories Recovering - The MRO
products giant's non-pandemic sales were still in the red through
mid-July, but have improved each month since April. - more
Nickel closed Wednesday's trading
session at $6.02/lb ($13,265/tonne). Indicators at 6:20 am CST today show
nickel trading around $.12/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
slightly and started the day just over the 235,100 tonne level. Tesla
owner Elon Musk begged miners to mine more nickel and bring the price
down in an earnings call, promising to award a huge contract to a miner
who will "mine nickel efficiently and in an environmentally sensitive
way". Apparently Mr Musk, who recently put two astronauts on the space
station, is learning that controlling the price of nickel is more
difficult than mastering space flight. Industry leaders must be
scratching their heads this morning on why anyone but a newby would
think $6lb is high. And in response, traders have pushed the price even
higher as if to say "welcome to nickel". Over the years, we have seen
many major shifts in the industry. Will Elon Musk be able to pull off
another one? Time will tell. And while we joke at his expense (he is
super rich and can afford it), we also have learned not to take him
lightly. If challenged, he has proven he can overcome obstacles that
get in his path. Remember back when miners used to discard rocks that
contained lower contents of nickel? The guys that brought you gunpowder
figured out a way to make that profitable. So can this guy figure out a
way to control nickel prices without becoming a miner himself? Who is
to say but Tesla turned a profit last quarter .... and there aren't a
whole lot of companies out there that pulled that off. In other news,
Australian fugitive Clive Mensink wants Australia to forgive and forget
and drop contempt charges against him. The nephew of Clive Palmer, fled
the nation back in 2016, instead of answering questions about the
collapse of Queensland Nickel, a company he directed at the time. Busy
news day. Stay safe and have a great day!!
Average price of LME traded cash nickel
so far this month
- $6.00/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper declines as escalating Sino-U.S. tensions weigh - more
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
Wednesday's market review - Copper slides on
profit-taking, focus on demand outside China - Copper prices fell on
Wednesday as a stronger dollar triggered profit-taking and markets
waited to see how consumption will hold up outside China, where robust
demand due to stimulus fueled the recent rally. - more
'Please mine more nickel,' Musk urges as Tesla boosts production -
Tesla Inc (TSLA.O) boss Elon Musk urged miners to produce more nickel,
a key ingredient in the batteries that power the company’s electric
cars, warning the current cost of batteries remained a big hurdle to
the company’s growth. - more
Musk Promises ‘Giant Contract’ for Efficiently Mined Nickel - more
WBMS Press Release July 2020 - The nickel market was in surplus during
January to May 2020 with production exceeding apparent demand by 33.3
kt. In the whole of 2019, the calculated deficit was 29.1 kt. - more
Indonesia's Antam ferronickel quarterly sales up nearly 14% - Indonesia
state miner PT Aneka Tambang (Antam) produced ferronickel containing
6,447 tonnes of nickel in the second quarter and sold ferronickel
containing 6,867 tonnes of nickel, the company said in a statement on
Wednesday. - more
Hot Rolled Flat Products of Stainless Steel 304 series originating or
exported from China PR, Korea RP and Malaysia - more
Former Queensland Nickel director Clive Mensink pushes for arrest
warrants to be withdrawn - Lawyers for Clive Palmer's nephew,
businessman Clive Mensink, are pushing to have his 2017 arrest warrants
withdrawn. - more
Back to Basics: How Distributors Can Navigate COVID Fallout - A
once-in-a-generation health crisis doesn’t have to put your business on
life support. Instead, it may be exposing hidden faults and failures. -
more
Distributor Pandemic Index Improves, But Still in Red - more
Nickel closed Tuesday's trading
session at $6.06/lb ($13,367/tonne). Indicators at 6:15 am CST today show
nickel trading around $.04/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose
slightly on Tuesday and started today still under the 235,200 tonne
level. Little more news today, thanks to Vale and BHP issuing
production reports for investors. The U.S. Dollar continues to trade
near yearly lows, which is boosting the value of base metals. Even
precious metals are benefiting, with gold and silver trading at multi
year highs. Jeroen Blokland, senior portfolio manager at Robeco Asset
Management, told Marketwatch "We remain overweight commodities as the
outlook for both industrial and precious metals looks bright." Besides
the pandemic dragging on future economic outlooks, the rhetoric between
China and the Trump administration keeps ratcheting up. Each day the
news appears to show the tiff is escalating, and today's announcement
that the U.S. has ordered the Chinese consultant general in Houston
closed, shows nothing changed overnight. Stay safe and have a great
hump day.
Average price of LME traded cash nickel
so far this month
- $6.00/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper rises as weaker dollar attracts buyers, EU approves stimulus - more
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
Tuesday's market review - Copper gains on EU stimulus deal
and coronavirus vaccine hopes - Copper prices climbed on investor hopes
for a recovery in metals demand and the global economy after European
Union leaders agreed a massive stimulus plan and positive news emerged
about a coronavirus vaccine trial. - more
South Korea extends AD duties on Japanese stainless steel plates for
second time - It was reported that on July 14, 2020, the Ministry of
Strategy and Finance (MOSF) of South Korea announced to extend the
anti-dumping duties on imported stainless steel plates originating in
Japan for the second time, with a validity period of three years. - more
Vale's Q2 Iron Production Up 5.5% Despite Coronavirus Impact - Vale
latest report reveals that production increased year over year for
iron-ore, nickel and cobalt in second-quarter 2020. - more
BHP Operational Review for the year ended 30 June 2020 - pdf here
Russian mayor charged over Arctic fuel spill resigns - Norilsk Mayor
Rinat Akhmetchin charged with negligence last month over massive fuel
spill resigns - more
Steel market’s views on COVID-19 evolve - Conditions in the steel
sector are decidedly mixed, with demand surprisingly strong in some
end-use markets and some regions of the country, yet disastrously weak
in others. - more
ISM Survey Shows Major Blow to Most Firms' Revenue Goals - ISM's
third round of research on COVID-19 impacts found that 61% of May
business respondents cut revenue goals by an average of 35%. - more
Poll: Pandemic Hurting Americans' Finances in Disparate Ways - more
Courtesy AISI - In the week ending on July 18, 2020, domestic raw steel
production was 1,306,000 net tons while the capability utilization rate
was 58.3 percent. Production was 1,847,000 net tons in the week ending
July 18, 2019 while the capability utilization then was 79.4 percent.
The current week production represents a 29.3 percent decrease from the
same period in the previous year. Production for the week ending July
18, 2020 is up 1.3 percent from the previous week ending July 11, 2020
when production was 1,289,000 net tons and the rate of capability
utilization was 57.5 percent. - more
Trade law enforcement key to US steel recovery: AISI CEO - more
Nickel closed Monday's trading
session at $5.98/lb ($13,180/tonne). Indicators at 6:10 am CST today show
nickel trading around $.09/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Monday and started today's session just under the 235,200 tonne level.
Nickel, as well as other London traded base metals, are trading higher
this morning, thanks to a historic economic stimulus agreement made in
Europe overnight, and more good news in the search for a covid-19
vaccine. The Euro is trading higher and this is helping boost commodity
speculation. Technical indicators for nickel are nearly all pointing to
the buy side. Nickel did little on Monday, closing about where they did
Friday. But traders have resumed their buying trend today, and we will
have to wait to see where this spree ends. Industry news remains nearly
non existent. This isn't unusual during July thru September, but with
the pandemic storm clouds overhanging everything, this summer had been
uniquely quiet. Stay safe out there.... and have a great day!
Average price of LME traded cash nickel
so far this month
- $5.99/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper edges up on EU stimulus deal, coronavirus vaccine hopes - more
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
COVID-19 and labor markets - more
20 July 2020 Alan Oster Podcast – Coronavirus and the economy - more
Monday's market review - Copper steady near two-year high,
new coronavirus cases weigh - Copper held steady near a two-year high
on Monday, under pressure as new cases of the novel coronavirus
threatened to stall any revival in the global economy and in metals
demand. - more
Sumitomo Corp. to report loss in nickel project - Japanese trading firm
Sumitomo Corporation says it will report an impairment loss of about 55
billion yen, or roughly 513 million dollars, for its nickel mining and
refining project in Madagascar. - more
Bossard's America Sales Sunk 20% in Q2 - Switzerland-based fastener
products distributor Bossard reported its 2020 second quarter financial
results on Wednesday, showing that year-over-year sales declined at an
accelerated pace compared to Q1, when they were already hampered by
weakened industrial demand. - more
IMF Says US Economy Will Drop 6.6% in 2020 - The International Monetary
Fund predicted Friday that the U.S. economy will shrink 6.6% this year,
pounded by the coronavirus and the lockdowns meant to contain it. - more
May US Cutting Tool Orders Down 36% Year-Over-Year - more
Small Engine Maker Briggs & Stratton Files for Chapter 11 Bankruptcy - more
Nickel closed Friday's trading
session at $5.98/tonne ($13,185/tonne). Indicators at 6:10 am CST today show
nickel trading
unchanged. Stockpiles of nickel stored in LME licensed warehouses fell
on Friday and started today's session just under the 234,700 tonne
level. For the month so far, nickel stockpiles are higher by a little
over 800 tonnes, with cancelled warrants in the low 24% range. Starting
the week with little industry news. Nickel appears to be looking for
support around the $5.94/lb level, as this was the recent low from a
few weeks ago. Shanghai nickel traders, following the LME's big drop
last Friday, gave up on their bullish run, and their nickel is now
trading back where it was on the 3rd. Their reported nickel stockpiles
climbed to their highest level since March, adding a big question mark
to demand. The Euro is trading higher today, which is offering base
metals traders support - albeit little more than morale support so far
today. Life has offered each of us another week chock full of
opportunities to either succeed, or fall short. But only those who seek
out these opportunities will get to truly test their metal. Stay safe
and have a great, and successful, week.
Average price of LME traded cash nickel
so far this month
- $6.00/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper falls as Chinese stockpiles rise, virus fears cap rally - more
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
Coronavirus research updates: Antiviral antibodies peter out within weeks after infection - more(interesting
to note that this became big news last week - but apparently only after U.S. actor
Tom Hanks told NBC's Today show the prior week, that his doctors had
told him that he and his wife's antibody levels were already dropping and
they might be susceptible to catch covid-19 again)
Friday's market review - Copper steady but virus fears and
U.S.-China friction weigh - Copper hovered near its highest in two
years on Friday, supported by supply disruptions, though souring
U.S.-China relations and rising coronavirus infections kept gains in
check. - more
Acerinox's crude stainless steel & net profit drop in Q1 y-o-y -
Acerinox, one of the leading producers of stainless steel in Spain and
the world, reported its crude stainless steel during the first quarter
of 2020 was down by 5% year on year to around 599,900 tons. - more
A mask provides more protection than a metal fabricator realizes -
We’ve entered that phase of the American experience in which the
wearing of medical masks in public is an affront to one’s personal
liberty. - more
Nickel closed Thursday's trading
session at $6.10/lb ($13,455/tonne). Indicators at 7:30 am CST today show
nickel trading around $.05/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today just under the 234,800 tonne level. Nickel
continues to slowly retreat off earlier highs, although there is no
rush for the exit, so we would caution against thinking the bull is
back in his pen. There is no more reason today, than there was at the
beginning of the month, for him to be on the loose, so .....? Lots of
news and reports to end the week. Enjoy your weekend and stay safe out
there.
Average price of LME traded cash nickel
so far this month
- $5.99/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper retreats on virus fears and U.S.-China friction - more
The GDPNow model estimate for real GDP grow thin the 2nd quarter of 2020 is -34.5% - more
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
Mask mandates catch on as states, businesses try to bypass a toxic debate - more
Georgia Gov. Brian Kemp bans local governments from mandating masks - more
Thursday's market review - Copper bulls drive prices back
towards two-year high - Copper prices rose back towards two-year
highs on Thursday after data showed a rise in Chinese factory output,
though the numbers also pointed to trouble ahead for the world’s
biggest metals consumer. - more
EU stainless steel cold-rolled quota usage is high, while epidemic may
cause future import slowdown - The import of steel products has been
subject to the safeguards of the European Commission since 2018. From
July 1, 2019 to June 30, 2020, most of the quota for stainless steel
hot-rolled flat products was available. - more
June Purchasing Numbers Soar Despite COVID Uptick - Cortera, in
partnership with Moody’s Analytics, uses their COVID-19 Economic Impact
Tracker (CEIT) to provide a breakdown of purchasing data from thousands
of companies in various sectors of the U.S economy. - more
Anglo sticks to 2020 output goals after COVID-induced Q2 slump - Global
miner Anglo American is ramping up metals and diamond production to hit
full-year targets it set in spring, it said on Thursday, as it reported
a sharp slump in second quarter output caused by the coronavirus. - more
Indonesian Students Revive Protest Against Chinese Workers As New Batch
Arrives - More than 120 Chinese workers who arrived in an Indonesian
island to work on a mining project were escorted from the airport by
the armed police and the military after local students unleashed a
fresh round of protests against foreign workers. - more
US$12 billion mining industry on course: President - The target to turn
the mining sector into a US$12 billion industry is on course, driven by
the companies’ desire to expand, modernise and increase output,
President Mnangagwa has said. - more
Mining output shows slight improvement but declines year on year
- Mining output declined 29.8 percent year on year in May, but
there was a slight improvement from the record low of -50.3 percent in
April, as most mining activities were curtailed due to level 4 of the
national lockdown regulations, Statistics SA (StatsSA) reported
yesterday. - more
Understanding stainless steel formability at the atomic level - Metal
fabrication manufacturers select metals to perform a function based on
the metal’s physical characteristics. A stainless steel exhaust pipe
should resist rusting. - more
Clive Palmer charged with fraud over alleged dishonest transfers -
Mining mogul Clive Palmer has been charged with two counts of breaching
directors' duties and two counts of fraud, with the Australian
Securities and Investments Commission (ASIC) alleging he dishonestly
enriched his own political party. - more
Nickel closed Wednesday's trading
session at $6.13/lb ($13,525/tonne). Indicators at 6:10 am CST today show
nickel trading around $.11/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Wednesday and started today just under the 235,000/tonne level. After
staling for a few days, nickel's most recent bullish run appears to be
losing some air today. It is starting to look like nickel may have been
trying to play catch up to copper, which was on an incredibly bullish
run and trading at two year highs, before it also start to fizz out
earlier this week. Way too early to say the bull is back in his pen,
but for the moment, he has been lassoed. New nickel forecasts posted in
an article below (look for the spinning dice). Per our posting on
January 29th, the experts forecast $6.95/lb for 2020, while readers who
responded to our poll averaged a $6.53/lb guess. The actual average for
the first six months of 2020 for LME cash nickel was .... (drum roll
please) .... $5.56/lb. And on a side note .... on the 29th of January,
when we posted these forecasts for the year, we added there were 6,000
total known cases of covid-19 in the world, with 132 known deaths
worldwide. Texas, California, and Florida "each" beat those numbers
yesterday, with more cases diagnosed and more deaths during the prior
24 hours. Worldwide, we passed the 13.7 million known cases yesterday,
with over 587,000 deaths recorded. It's Thursday and we are closer to
next weekend than we are to the last one. Stay safe and have a
wonderful day!
Average price of LME traded cash nickel
so far this month
- $5.99/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper extends losses as doubts linger over China economic recovery - more
Reuters Daily Inside Metals - no report posted
SMM Evening Comments - no report filed
Barchart 304 Stainless Steel Scrap Index - $.2408/lb
U.S. Imports of Stainless Steel Mill Products - more
NAB Minerals & Energy Outlook: July 2020 - 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
Wednesday's market review - Copper slides in sell-off
triggered by U.S.-China tensions - Copper prices slipped on Wednesday
as political tensions between the United States and China triggered a
flurry of profit-taking after the recent rally ahead of Chinese data
that could shed light on demand prospects. - more
Red-hot copper to lose steam as investors assess hard facts - (excerpt)
LME cash nickel is expected to average $13,500 a tonne in the fourth
quarter, only marginally weaker from Tuesday’s close of $13,546. - more
Russia's Nornickel board to discuss Rusal demands this month - The
board of Russia’s Norilsk Nickel on Wednesday said it would discuss
demands from its major stakeholder Rusal later this month for it to
overhaul its environmental policies and change its management after a
fuel spill in Siberia. - more
China's steel exports fall to 7-year low of 3.70 million mt in June -
China's finished steel exports in June dropped 15.9% month on month and
30.3% year on year to 3.70 million mt, hitting the lowest level since
February 2013, customs data released on July 14 showed. - more
After Holiday Anomaly, Distributor Pandemic Index Falls Back to Contraction - Following
a one-week spike caused by a Fourth of July-week anomaly, the new index
more accurately reflects current conditions. - more
Alloying elements in steel production - Steel is present in almost
every industry in the World. Every steel relies on a combination of
additives such as ferroalloys. - more
Nickel closed Tuesday's trading
session at $6.16/lb
($13,590/tonne). Indicators at 6:15 am CST today show
nickel trading unchanged this morning. Stockpiles of nickel stored in
LME licensed warehouses rose on Tuesday and started today just under
the 234,800 tonne level. Base metals, as a group, are hardly trading
this morning, with the US Dollar sinking adding positive momentum, and
geopolitical strife between China and the U.S. adding an equal amount
of negative pressure. The trend remains bullish, with technicals back
to sending a buy signal. Equity trading and futures are higher on
reports from biotechnology group Moderna, that their covid-19 vaccine
candidate, returned a very "robust" immune system response in
preliminary testing, and is entering clinical trials later this month.
Appears to be numerous candidates in clinical trials at the moments -
let's hope one of them proves effective and safe, and the public
reaction is one of confidence when it is released. It's hump day and we are
not only half way thru
the week, but half way thru the month and some might say, half way thru
summer. Stay safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $5.98/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper slips on profit taking triggered by U.S.-China tensions - more
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
The Virus Is Still Sapping China’s $6 Trillion Power to Consume - more
Tuesday's market review - Copper pulls back from two-year
peak as market eyes virus risks - Copper prices slipped on Tuesday
after a steep rally on worries about rising coronavirus cases and
friction between the United States and top metals consumer China. - more
Stainless Market Report - Fitting
Into the New Cycle - The specialty metals industry, like others in the
metals supply chain, has endured countless down cycles through its
history. - more
Global molybdenum production and use falls in Q1 - Figures released
today by the International Molybdenum Association (IMOA) show that the
global production and use of molybdenum fell in Q1 when compared to the
previous quarter (Q4 2019). - more
Russia's Rusal seeks management changes at Nornickel after fuel spill -
Russian aluminium giant Rusal said on Tuesday it had requested Norilsk
Nickel’s board of directors make management changes, relocate its
headquarters to Norilsk in Russia’s Arctic and overhaul its
environmental and safety policies. - more
Russia’s richest man loses $4.1 billion after major environmental disasters in Siberian Arctic - more
Another Awful Arctic Accident By Russian Metals Giant Norilsk Nickel - more
Counterpoint: When you are losing the mining debate on the facts,
attack the law - Perhaps the fear is that, upon rigorous review, the
Twin Metals project would be found worthy of proceeding. - more
Courtesy AISI - In the week ending on July 11, 2020, domestic raw steel
production was 1,289,000 net tons while the capability utilization rate
was 57.5 percent. Production was 1,847,000 net tons in the week ending
July 11, 2019 while the capability utilization then was 79.4 percent.
The current week production represents a 30.2 percent decrease from the
same period in the previous year. Production for the week ending July
11, 2020 is up 1.7 percent from the previous week ending July 4, 2020
when production was 1,268,000 net tons and the rate of capability
utilization was 56.6 percent. - more
Nickel closed Monday's trading
session at $6.22/lb ($13,715/tonne). Indicators at 6:15 am CST today show
nickel trading around $.07/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and started today just under the 234,200 tonne level. Nickel
climbed again yesterday and has spent most of today's London session,
in a slightly declining pattern. The technicals have turned negative
today, while moving average signals remain positive. We joked a few
weeks ago it was a good day because Norilsk hadn't reported another
natural disaster that day. Well, for the third time, the town has
experienced a huge leak of fuel. This time it was jet fuel. In the
U.S., the Trump administration has apparently come up with a new tactic
to protect the American public. Over the weekend, they released a memo
listing all the times the Director of the National Institute of Allergy
and Infectious Diseases, Anthony Fauci, has been wrong over the past
few months. While some of the remarks were taken out of context, and
others were based on scientific knowledge at the time, the new strategy
should make everyone feel safer, in a time when no one knows exactly
what this bug is capable of (see Virus section and news from Britain).
We have taken issue with Dr Fauci and the 'no masks are necessary'
policy from day one ..... but we also feel that during a pandemic, one
should look to science for answers and not politicians. Then again, if
you are willing to let your local FedEx driver do open heart surgery on
you, you probably do not agree. Good export and import numbers from
China are encouraging, while political tensions increases with China
announcing sanctions on Lockheed Martin over arms sales to Taiwan. Oh
well. One step forward, one step back. Stay safe and have a great day!
Average price of LME traded cash nickel
so far this month
- $5.96/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper retreats from 2-year high as U.S.-China tension flares - more
Reuters Daily Inside Metals - no report filed today
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
Immunity to Covid-19 could be lost in months, UK study suggests - more(based
on prior pandemics, many scientists have been dismissing the idea of
reinfections due to the formation of anti-bodies in the body, that
typically last a long time. More anecdotal evidence is appearing that
this virus may once again be different and if true, the whole immunity
process could be turned on its head. The first incident of 'possible'
reinfection was reported in China in March, but at the time, the WHO
dismissed the incident as improper testing. Now physicians around the
world are reporting reinfections within weeks and months and casting
doubts on old theories of how long antibodies may last in the body.)
Monday's market review - Supply angst helps copper scale
two-year high - Copper prices reached two-year highs on Monday in a
buying frenzy triggered by worries over strikes and supplies from top
producer Chile and flooding in China. - more
London Metal Exchange shines a (little) light on shadow stocks: Andy
Home - The London Metal Exchange’s (LME) new report on “shadow”
stocks was greeted with a collective yawn by the industrial metals
market. - more
Stainless steel quota uptake remains high in July - Imports of steel
products have been subject to European Commission safeguard measures,
since their introduction in 2018. - more
ISSF: Global stainless crude steel production declines in Q1 2020 y-o-y
- According to the statistics released by the International Stainless
Steel Forum (ISSF), global stainless crude steel production totaled
around 11.69 million tons in the first quarter of this year, declining
by about 8% year on year and falling by 5.8% quarter on quarter. - more(pdf release)
Russian Severstal's Q2 steel sales fall 7% on quarter, output down 2% -
Russian steel company Severstal's Q2 steel sales fell 200,000 mt, or
7%, on the quarter due to a coronavirus-induced steep drop in exports
and a milder contraction in domestic sales, despite crude steel output
only nudging down 2%, or 40,000 mt, the group said July 13. - more
Russia's Arctic region sees second fuel leak in just two months as
state of emergency declared - Just six weeks following a huge oil spill
in the north of Russia, the country has experienced another
environmental disaster, after 45 tons of jet fuel leaked from a
pipeline in the Krasnoyarsk Region, inside the Arctic Circle. - more
Putin signs law requiring firms to be ready for oil spills - more
May US Manufacturing Technology Orders Were Down 45% YoY - US
manufacturing technology orders decreased 5 percent in May from the
previous month to $219.4 million, according to the latest US
Manufacturing Technology Orders report published by the Association For
Manufacturing Technology (AMT). - more
Nickel closed Friday's trading
session at $6.13/lb ($13,520/tonne). Indicators at 6:20 am CST today show
nickel trading around $.02/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Friday and started this week just over the 234,600 tonne
level. SMM and LME traders continue to play cat and mouse, with LME
traders not buying into SMM's drop to end last week, and SMM jumping
early today in an attempt to catch up to LME's Friday leap. SMM nickel
is now trading at its highest since mid January ... as is LME nickel.
Since this is about the time there were patchy media reports coming out
of China of a new virus, it could be said we are now seeing nickel back
at pre-coronavirus levels. Technicals are mixed but the buy signal
appears to have the majority. LME closed above another line of
resistance on Friday and so far, gives the appearance of doing it
again. It was a quiet weekend market wise, and our typically heavy
Monday news section looks more like a quiet Thursday. Lot of reports
though. In virus news, the US saw a down tick yesterday, with only
58,000+ new cases. That was more than #2 Brazil and #3 India saw
combined, and almost more than those two and and #4 Russia. Florida saw
more positive cases yesterday, in one day, than South Korea has seen
since the outbreak began. Markets are only concerned with how these
numbers affect business, and the recent wave of back stepping on
reopening plans has sent a chill thru American equity markets. Nickel
traders appear to be betting China will lead the way out of this mess.
Let's hope someone does. Stay safe and have a wonderful week.
Average price of LME traded cash nickel
so far this month
- $5.94/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Supply angst helps copper scale two-year high - more
Barchart 304 Stainless Steel Scrap Index - $.2545/lb
SHFE Stainless Steel Futures - 13,510
Producer Price Index by Commodity for Steel Wire, Stainless Steel - more
Producer Price Index by Commodity for Steel Pipe and Tube, Stainless Steel - more
Producer Price Index by Commodity for Stainless and Other Alloy Steel Scrap - more
Producer Price Index by Commodity for Corrugated Paperboard - more
Producer Price Index by Industry - Corrugated Shipping Containers - more
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
Friday's market review - Biggest weekly gain since 2018
lifts copper to pre-coronavirus levels - Copper was set for its weekly
biggest rise in more than two years on Friday, with prices surging to
pre-coronavirus crisis levels as Chinese demand rebounds and
speculators turn bullish on the metal. - more
New Caledonia's SLN fears insolvency - New Caledonia's largest private
sector employer, the SLN nickel company, has warned that it risks
running out of money by the end of the year. - more
China’s Tengkai Metal building stainless steel facilities - It was
reported that China’s Tengkai Metal has started its building project of
stainless steel on March 12, 2020. - more
May Steel Shipments Down 32.9% From May 2019 - The American Iron and
Steel Institute (AISI) reported today that for the month of May 2020,
U.S. steel mills shipped 5,461,851 net tons, a 2.9 percent decrease
from the 5,623,229 net tons shipped in the previous month, April 2020,
and a 32.9 percent decrease from the 8,142,270 net tons shipped in May
2019. - more
Nickel closed Thursday's trading
session at $5.99/lb ($13,200/tonne). Indicators at 6:50 am CST today show
nickel trading around $.03/lb
lower. Stockpiles of nickel stored in LME licensed warehouses went
unchanged on Thursday and for a third consecutive day, started the
trading day just under the 234,700 tonne level. Nickel closed lower
sharply yesterday. It is possible that some of the recent run has been
fueled by nickel following copper, which is benefiting by stronger
demand in China, with a covid outbreak affecting supply from the worlds
largest supplier, Chile. Nickel, however, is not suffering the supply
disruptions, nor are LME inventory numbers reflecting any noticeable
increase in demand. That's not to say things aren't getting better in
China; they just aren't putting any additional pressure on the supply
lines - yet. So, we are having a hard time finding a reason for this
last bullish spike. Even China seems to be back peddling as Shanghai
nickel closes lower for a second day. Whatever the reasons, if they
remain above the $13,000/tonne level we could see more stainless steel
price increases in the near future. We made it another week, and it
looks like a hot weekend ahead for many of us. Please stay safe, and
try to make it a memorable one with the ones you love. That's a good
memorable, mind you, one that you can look back on with a smile when we
crawl out of this covid nightmare.
Average price of LME traded cash nickel
so far this month
- $5.94/lb
LME nickel chart - here / Euro/US Dollar chart - here
The GDPNow model estimate for real GDP growth in the 2nd quarter of 2020 is -35.5% on July 9 - more
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
US Economy Stumbling as Pandemic Worsens - more
Tracking the spread of the novel coronavirus - more
Tracking the novel coronavirus in the U.S. - more
9 July 2020 Alan Oster Podcast – Coronavirus and the economy - more
‘Unknown pneumonia’ deadlier than coronavirus sweeping Kazakhstan, Chinese embassy warns - more
While the US is seeing record high daily new covid cases, it is
recording far less fatalities. From a high of 2,255 (7 day average high
in April 21), we saw a 7 day average of 625 deaths yesterday. That's
the good news. The bad news is that average of 625 is up from 517 on
July 6th. The last time we saw the seven day average rise that fast
in three days was between April 14 to April 17, when we were seeing the
death rate in America peaking. The last three days average?
947 deaths per day.
For perspective.... in 1972, America suffered its worst year of traffic
fatalities in history. That year, we averaged 150 deaths a day. Four
years prior, Congress had passed a law mandating seat belts be put in
all vehicles (except buses). There was no law requiring their use until
New York required their use in 1984.
By 2018, the average death toll for car crashes was down to an estimated 100 a day.
Why is "Slow down and buckle up" not political, while "Six feet and mask up" is?
Thursday's market review - Copper hits 14-month high on
China demand, Chile supply cuts - Copper prices hit their highest in
over a year on Thursday, spurred by hopes of a faster recovery in top
consumer China and supply concerns in the world’s biggest producer
Chile. - more
Taiwan's stainless steel prices to increase due to rising nickel price
- Stimulated by high nickel prices, Taiwanese stainless steel
distributors increased their quotations these days. - more
Trading volumes show a metals world that is out of synch: Andy Home -
It’s been a good couple of months for the Shanghai Futures Exchange . -
more
London Metal Exchange begins push for transparency on metal inventories
- The London Metal Exchange on Thursday started its push for more
transparency on metal availability by publishing, for the first time,
stocks of metal in its global storage network that could be put on
warrant and traded on the exchange. - more
China boosts metal scrap imports after policy change - BIR - China's
Solid Waste & Chemicals Management Centre, part of the Ministry of
Ecology and Environment of the People's Republic of China, has
published details of its ninth batch of scrap import quotas for 2020,
which allows for considerably higher import quantities than in recent
months, following a policy change, according to an International
Recycling Bureau BIR report July 9. - more
China's June refined nickel output rises 10.8% year on year: Antaike - more
Russia's Nornickel fights cover-up accusations over Arctic oil spill -
Pressure is mounting on Russian mining company Norilsk Nickel over an
Arctic oil spill that has wiped about 17% off its share price, left it
with a hefty compensation bill and exposed it to accusations of
covering up the full extent of the damage. - more
Chinese nickel company promises to hire 5,000 locals amid backlash -
Chinese-backed mining company PT Virtue Dragon Nickel Industry (VDNI)
has promised to hire 5,000 locals amid protests over the employment of
500 Chinese workers for nickel smelter projects in Konawe regency,
Southeast Sulawesi. - more
ESG and mining: sustainability after coronavirus - As the world battles
the coronavirus pandemic and resulting economic fallout, industries of
all types face the urgent challenge of securing their short-term
financial future. - more
AISI Releases June SIMA Imports Data - Based on the Commerce
Department’s most recent Steel Import Monitoring and Analysis (SIMA)
data, the American Iron and Steel Institute (AISI) reported today that
steel import permit applications for the month of June totaled
2,003,000 net tons (NT). - more
Nickel closed Wednesday's trading
session at $6.12/lb ($13,495/tonne). Indicators at 6:00 am CST today show
nickel trading around $.01/lb
higher. Stockpiles of nickel stored in LME licensed warehouses gained
slightly yesterday and for a second day, started today just under the
234,700 tonne level. Nickel is trading over the $13,500 tonne level
this morning, for the first time since late January. Depending on what
source you follow, the world rolled over the 12 million mark and the
U.S. the 3 million mark in confirmed covid-19 cases. The U.S. also saw
its first 60,0000 new cases yesterday, with the 7 day average of daily
deaths, turning higher this week. Otherwise a slow news day. Have a
safe and great Thursday!
Average price of LME traded cash nickel
so far this month
- $5.92/lb
LME nickel chart - here / Euro/US Dollar chart - here
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
Wednesday's market review - Copper punches towards January
peak, boosted by Chile fears - Copper raced to its highest levels since
January on Wednesday as speculators piled into the market, betting on
further disruptions in top producer Chile and firm demand from the
biggest consumer China. - more
China should strengthen policy support in stainless steel industry -
According to a report, the stainless steel output only accounted for
2.95% of the total crude steel output. - more
Finished Steel Imports Down 19% Through May - The U.S. imported a total
of 1.8 million net tons of steel in May 2020, including 1.5 million
tons of finished steel, the American Iron and Steel Institute reported.
- more
European steel industry looks for way forward amid coronavirus demand
blow - The coronavirus has dealt the European steel sector a heavy
blow. - more
The world is not here to make you happy, it is here to challenge you.
So how is it doing these days? Better yet, how are you doing? - watch this
Nickel closed Tuesday's trading
session at $6.11/lb ($13,470/tonne). Indicators at 6:05 am CST today show
nickel trading around $.02/lb lower.
Stockpiles of nickel stored in LME licensed warehouses gained on
Tuesday and started today just under the 234,700 tonne level. For a
second day, nickel is starting the day a tad lower than it closed the
prior evening, although yesterday it did end higher. For those who
follow technical signs closely, this sends traders a bullish signal,
having not only closed above the $13,000/tonne level on two consecutive
evenings - but well over. We suspect we are seeing a spring-summer bull
run starting a little later than it has over some of the past decade,
which was likely delayed by the pandemic. Like all those in the past,
it will eventually run out of steam, but how high it go is anyone's
guess. It will be pushing against some pretty strong head winds this
year, with the pandemic temporarily in check in some areas, primarily
China, and still spreading out of control in others, like the U.S.So
buckle up - it could be a bumpy ride ahead. It's hump day, so stay safe
and have a wonderful day!
Average price of LME traded cash nickel
so far this month
- $5.89/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai copper at 14-1/2-month high on supply risks, China's equity bull run - more
Gross Domestic Product by State, 1st Quarter 2020 - more
Gross Domestic Product by Industry, 1st Quarter 2020 - more
La Niña Watch continues—likelihood of La Niña in spring around 50% - more
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
Tuesday's market review - Demand hopes, supply worries
propel copper to 5-month peak - Copper prices soared to their highest
level in more than five months on Tuesday due to strong demand
prospects in top consumer China and worries about supplies from Chile,
the world’s largest producer of the red metal. - more
Restart of SA ferrochrome production brings 2020 price recovery to
abrupt halt - The rollover in the European benchmark third quarter
ferrochrome price announced by Johannesburg-listed Merafe Resources
this week was a reflection of the increase in South African supply
following COVID-19 lockdowns. - more
COVID-19 local transmission reported in Surigao mining firm - The local
transmission of the coronavirus disease (COVID-19) has been reported at
the Taganito High Pressure Acid Leaching (THPAL) Nickel Corporation in
Barangay Taganito in the town of Claver in Surigao del Norte after
eight workers tested positive for the coronavirus. - more
Russia's Nornickel disputes $2 bln Arctic spill damages claim - Norilsk
Nickel (Nornickel) is disputing more than $2 billion in damages after a
fuel spill which Russia’s environmental watchdog has said threatens
unprecedented damage to the Arctic. - more
Former Sudbury Vale worker looks back at lengthy strike 10 years later
- It's been 10 years since a bitter strike ended in Sudbury, a labour
disruption that a former worker and union executive says employees
didn't gain anything from. - more
Nickel closed Monday's trading
session at $6.05/lb ($13,345/tonne). Indicators at 6:10 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 234,200 tonne level. After
a very bullish Monday, nickel traders are quiet this morning, with
nickel slightly lower, most likely on a stronger US Dollar. Shanghai
nickel traders returned to their bullish mood, after taking a break
yesterday, but so far this morning, LME traders are not playing follow
the leader. From the technical side of trading, a second close above
$13,000/tonne, would send a bullish signal, although we have seen this
type of technical signal fail on a few occasions already this year. The
recent string of environmental crisis' appears to have given
adversaries of Norilsk's Potanin a possible opening to force him to
loosen his grip on Russia's largest nickel producer. It has been tried
before, so it will be interesting to watch. Stay safe and have a great
Tuesday!
Average price of LME traded cash nickel
so far this month
- $5.86/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Demand hopes, supply worries propel copper to 5-month peak - more
Barchart 304 Stainless Steel Scrap Index - $.2663/lb
SHFE Stainless Steel Futures - 13,510
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
NAB 6 July 2020 Alan Oster Podcast – Coronavirus and the economy - here
Monday's market review - China demand optimism drives
copper to five-month high - Copper prices scaled five-month highs on
Monday, boosted by optimism about demand in top consumer China and
concerns about the spread of COVID-19 in Chile, the world’s largest
producer. - more
Merafe Resources - Shareholders of the Company are advised that the
European benchmark ferrochrome price for the third quarter of 2020 has
been settled at 114 US cents per pound, a rollover from the second
quarter of 2020. - source
Daily crude steel output at CISA key mills in June rose 2.7% from month
ago - China’s steel production remained at record high levels in late
June, on track for a new record high of monthly output. - more
Brazil's Vale to take $400 mln charge from nickel asset sale -
Brazilian miner Vale SA said on Monday it expects to record a $400
million impairment charge for the period ending on June 30 related to
the planned sale of its long-troubled nickel and cobalt operations on
the Pacific island of New Caledonia. - more
Russian watchdog seeks $2 billion in damages from Nornickel over Arctic
fuel spill - Russia's environmental watchdog has asked a power
subsidiary of Russian mining giant Norilsk Nickel (Nornickel) to pay
almost 148 billion roubles ($2 billion) in damages over an Arctic fuel
spill in Siberia. - more
Russia's Rusal calls for meeting of Nornickel board to discuss damages claim from Arctic fuel spill - more
Global Plug-In Electric Car Sales In May 2020 - The global plug-in
electric car sales in May were around 144,600 according to EV Sales
Blog, which is some 23% less than in 2019. - more
Nickel closed Friday's trading
session at $5.89/lb ($12,995/tonne). Indicators at 6:15 am CST today show
nickel trading around $.13/lb higher.
Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Friday and started the first full week of July, just over
the 234,200 tonne level. The nickel bulls are determined to take nickel
over the $13,000/tonne level, and it is starting to look like they
might be successful in July. There were about three days in June where
nickel closed above this level, but in all three occasions, it was by a
hair. And while we can not call it just yet, it appears that nickel
could be trading back to mid February levels this week. The U.S. Dollar
is trading lower this morning, which is helping boost base metals in
general, and the world appears to be trying to figure out if Chinese
traders know something they don't. On Thursday, Shanghai metals
markets, which typically shadow LME results, jumped unexpectedly, and
LME followed on Friday. LME traders are still bullish while Shanghai
nickel traders were less enthusiastic overnight. A surprisingly strong
jobs report in the U.S. has equity traders in a good mood, both in the
U.S. and worldwide. A new week, in a new quarter, in a new half. For
many of you, it has been a challenging first half to 2020. And time
will tell how much challenge the second half has to offer. There is
always adversity; sometimes not as obvious as a pandemic. How you meet
these challenges defines you. Learn from your failures, and savor your
victories. Face the headwinds, and don't let them control you. And let
us all look forward to the day when we can we can walk into a bar again
and say "give me a Corona" please! Stay safe and have a wonderful week!
Average price of LME traded cash nickel
so far this month
- $5.81/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper heads towards five-month high on China demand optimism - more
Barchart 304 Stainless Steel Scrap Index - $.2427.lb
SHFE Stainless Steel Futures - 13,510
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
Coronavirus traces found in March 2019 sewage sample, Spanish study shows - more(since this article, Brazil scientists have confirmed they found the coronavirus in samples from November 2019)
Friday's market review - Copper rally runs out of steam on
worries about China demand - Copper slipped on Friday as speculators
bet a rally had extended too far with demand in top consumer China
likely to struggle and after new coronavirus cases in the United States
hit record levels. - more
NSSC raises chrome series stainless steel wire rod prices for Jul-Sep
delivery - Nippon Steel & Sumikin Stainless Steel Corporation
(NSSC), the largest stainless steel manufacturer in Japan, announced to
keep its prices of SUS304 and other nickel series stainless steel wire
rods unchanged for the contract signed in June-August 2020
(July-September delivery. - more
China stainless steel futures jump on raw material costs, firm demand -
Shanghai stainless steel futures hit a six-week high on Friday, rising
as much as 3% at one point, propped up by resilient raw material prices
and optimism over domestic demand. - more
Nickel Asia, among first responders with donation of over P50M - Nickel
Asia Corp. (NAC) acknowledges the threats of any possible crisis in
communities by immediately activating the company’s built-in system of
methodically responding to any emergency. - more
Russia temporarily halts parts of Nornickel power unit after fuel spill
- Russia's safety watchdog on Friday ordered NTEK, a power unit of
mining giant Norilsk Nickel, to suspend operations at six facilities
for 90 days for violating safety rules, following a fuel spill in the
Arctic. - more
Small tailings dam collapses in Ecuador, communities denounce pollution
- A small tailings dam associated with a mine run by Ecuadorean firm
Austro Gold has collapsed, Ecuador’s government said on Friday, sending
mining waste into a nearby river. - more
How metal fabricators can juggle the many needs of the customer - You
have been working on your lean manufacturing journey for some time now,
and it can be easy to become inward-focused as ideas start to gain
traction. - more
Power price threatens key sectors of economy - The National Energy
Regulator of South Africa (Nersa) yesterday warned South Africa was on
a path of de-industrialisation as current electricity price
increases were not sustainable both for consumers and suppliers. - more
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
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
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
Nickel closed Wednesday's trading
session at $5.83/lb ($12,855/tonne). Indicators at 6:10 am CST today show
nickel trading around $.01/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Wednesday and started today's session, just over the 234,300 tonne
level. The US Dollar is slightly lower against the Euro this morning,
which may account for nickel is trading slightly higher. We appear to
be in another one of those industry news droughts, as finding articles
we believe would be of interest to our readers, are few and far
between. Like sales, news is an up and down thing. Reports pick up for
the next few weeks, so you will see the links in that section pick up.
We updated the PMI page, and all four we follow look better than last
month. The US has joined China in showing expansion, while the
Distributor Index we link to below, makes us wonder if the US PMI
number is a blip. On the negative side of the coin, the US saw its
first day of 50,000 new cases of covid-19. On the positive side of the
coin, we did 'not' find a new story this morning where Norilsk had
caused another ecological disaster. Stay safe, and have a great
Thursday.
Average price of LME traded cash nickel
so far this month
- $5.69/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai copper scales 6-month high on Chile supply risk - more
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
A National Mask Mandate Could Save The U.S. Economy $1 Trillion, Goldman Sachs Says - more
Wednesday's market review - Copper boosted by supply
disruptions and glowing China data - Copper climbed to its highest in
over five months on better-than-expected factory data from top consumer
China and supply disruptions in Chile, the world’s largest miner of the
metal. - more
London Metal Exchange to build out electronic options - The
London Metal Exchange has issued a discussion paper proposing the
development of its electronic options market in a bid to bring more
transparency, and simplify processes. - more
European stainless steel sector faces reality of a slow recovery -
Hopes of a quick recovery, in the European stainless steel market, have
faded. Demand remains a concern, even in those countries where
successful efforts have been made to control the virus. - more
Distributor Pandemic Revenue Index Falls Further, Back to Double-Digit
Decline - A few weeks ago, the sentiment in Indian River Consulting
Group's weekly Distributor Pandemic Revenue Index (PRI) was that
distributor might be mostly out of the weeds of as far as major
negative business impacts from COVID-19, the latest index figures show
there's still a ways to go. - more
Nickel closed Tuesday's trading
session at $5.81/lb ($12,810/tonne). Indicators at 6:05 am CST today show
nickel trading around $.06/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started the new month just over the 233,500 tonne level.
Stockpiles ended May at 233,496 tonnes, so the gain for the month
amounted to a whooping 30 tonnes. Nickel ended the month of May at
$5.53/lb, so while it was unable to punch thru the $6/lb level, it
ended at its highest level since its January ending. July thru
September are typically the 'slow' season for stainless steel
production, at least in the Western Hemisphere, but the pandemic has
thrown a monkey wrench in about everything else, so who knows what this
summer will bring. We have seen some very bullish runs start in the
past summers, so seasonal effects are another factor that apparently
used to matter to traders, but not so much anymore. We
welcome back Duraloy Technologies as our
July sponsor. Thanks to their support, we can bring you
daily news throughout the month of July. Today, we start the second
half of 2020. There are 83 days of summer left, and 177 days left until
Christmas. There is space in the glass, and depending on whether you
see it as half empty or half full, there is plenty of sunshine out
there. Some days the sun may be harder to find, but life offers each of
us
an opportunity each morning, to seek out the positive, or look for the
negative. The challenges of the first half of 2020 are behind us and no
one knows what the second half yet holds in store for us. Challenges
will be overcome, and success will offer its own rewards. May the
second half of 2020 bring you more of the latter. Stay
safe and have a great day .... and month ..... and latter half of the
year.
Average price of LME traded cash nickel
so far this month
- $5.76/lb (average for June)
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai copper hits 5-1/2-month high on potential rate cuts, China data - more
US Economic Indicators:Durable Goods Orders& Shipments - 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
How Risky is Flying During the Coronavirus Pandemic? - more
Tuesday's market review - Copper set for best quarter in a
decade on China rebound - Copper prices headed for their biggest
quarterly rise in ten years on Tuesday, as resurgent Chinese demand,
supply disruption and global stimulus fed a bounce from March’s
four-year lows. - more
Taiwan’s Tang Eng follows Yusco to increase its stainless steel prices
for Jul - According to the announcement from Tang Eng Iron Works Co.,
Ltd, the second-largest stainless steelmaker in Taiwan, it would
increase its stainless steel price for July. - more
US steel price recovery comes to a halt - The recovery in US steel
prices, that commenced in early May, came to a halt in recent
weeks. - more
Powell: Economic Recovery Unlikely Until Consumer Confidence Resumes
- Federal Reserve Chairman Jerome Powell says the outlook for the
U.S. economy is “extraordinarily uncertain” and the success of the
recovery effort will depend in large part on the country’s ability to
contain the spread of the coronavirus. - more
Survey: Manufacturers remain optimistic despite COVID-19 uncertainty - more
Supplier financial health check, Part III: Now is the time for manufacturers to reshore - more
(all
ton listings are metric tons = 2204.622 pounds ) Updated Monday thru
Thursday before 7 am CST, Friday version before 8 am CST - DisclaimerOriginal 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.
Daily Nickel/Stainless Steel Briefing 
($13,745/tonne). Indicators at 7:10 am CST today show
nickel trading around $.02/lb 
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Thursday, and started the final day of July just over the 235,200 tonne
level. The US Dollar is higher against the Euro today, but had one of
its worst months in nearly a decade. With base metals trading higher on
a stronger Euro, this, along with Elon Musk, helped nickel trade
positive in July. Musk's call for more nickel, during a period when
nickel supply is in surplus, encouraged traders as well. MEPS is
forecasting stainless steel production will fall to a four year low
(see article below). The U.S. GDP for the second quarter came in at
down by 1/3. New unemployment claims rose for the third consecutive
week. Treasury yields are down and gold is trading at a record high.
Not a lot to cheer a business person in normal times, but, we do not
live in normal times. Five months into a worldwide pandemic that has
sickened millions and killed over 650,000, the markets are looking
forward to better times and a recovering economy. As are we all. It's
not only the end of the month, but also the week. Stay safe and enjoy
your weekend. 
Reports
Why Stainless Steel 
Thursday's market review - Copper slips on rising virus
cases, economic worries - Copper prices slipped on Thursday as investor
confidence was hit by a resurgence of coronavirus cases and more
evidence of the economic impact of the pandemic. - 
Global stainless steel production set for 4-year low - Global crude
stainless steel production is predicted to reach an annual total of
47.2 million tonnes, in 2020. - 
Taiwan’s Yusco raises stainless steel prices for Aug to reflect costs -
Yieh United Steel Corp. (Yusco), a leading stainless steel mill in
Taiwan, announced its new prices for August today (July 30). - 
Brazil's Vale eyes mine expansions, Samarco restart amid robust Chinese
demand - Brazilian iron ore miner Vale SA is sending a proposal this
month to the board for further expansion at its Northern System mining
complex, and the company expects to restart operations at its Samarco
complex in December, executives said on Thursday. - 
U.S. economy plunges at titanic 32.9% rate in 2nd quarter and points to
drawn-out recovery - An economy badly battered by the coronavirus
shrank at a record 32.9% annual pace in the second quarter,
underscoring just how big a hole the U.S. finds itself in as it labors
to recover from the deepest recession in American history. - 
Other News
Former minister Rudiantara appointed commissioner for nickel miner Vale
- Seasoned telecommunications player Rudiantara has been appointed
deputy president commissioner and independent commissioner of top
nickel miner PT Vale Indonesia. - 
Russia's Nornickel draws up ecological targets for bosses after Arctic
fuel spill - Russian nickel and palladium producer Norilsk Nickel will
impose ecological targets for its management team after a massive
Arctic fuel spill, it said on Wednesday. - 
Why is Clive Palmer trying to tear down WA's coronavirus border with
the rest of Australia? - Queensland mining magnate Clive Palmer's
challenge to WA's hard border is making headlines again this week as
the case is heard in the Federal Court. - 
China’s stainless steel imports up, exports down in Jun m-o-m -
According to data from China Customs, China imported a total of 179,000
tons of stainless steel in June, up by 36.93% compared to the previous
month. - 
Sudbury's iconic Superstack operational no more - Vale’s iconic
Superstack in Sudbury has been decommissioned. In a July 28 statement,
the nickel producer said the stack at its Copper Cliff Complex was
taken out of service earlier this month during a planned maintenance
period. - 
Paris keeps eye on New Caledonia's Vale plant - The French government
says it is closely watching the nickel plant sale process in New
Caledonia where Vale of Brazil is in negotiations with New Century
Resources of Australia to cede its 95 percent stake. - 
Clarifications on Phoenix project accumulate - More than a month ago,
the Constitutional Court (CC) ordered the suspension of operations of
the Fénix mining project, in El Estor, Izabal. -
Column: Tesla boss Musk's desire for more nickel could be a
non-starter: Andy Home - Elon Musk faces something of a reality check
after his call this week for more nickel mines to feed the batteries
that Tesla and other car makers need to power their electric vehicles. -
Thyssenkrupp will fall apart without steel, says Deputy Chairman -
Thyssenkrupp should stay in the steel industry, its deputy supervisory
board chairman said, in a challenge to the broader management view that
no option has been ruled out for a division under pressure from weak
demand. - 
June 2020 crude steel production - World crude steel production for the
64 countries reporting to the World Steel Association (worldsteel) was
148.3 million tonnes (Mt) in June 2020, a 7.0% decrease compared to
June 2019. - 
Hot Rolled Flat Products of Stainless Steel 304 series originating or
exported from China PR, Korea RP and Malaysia - 
Sumitomo Corp. to report loss in nickel project - Japanese trading firm
Sumitomo Corporation says it will report an impairment loss of about 55
billion yen, or roughly 513 million dollars, for its nickel mining and
refining project in Madagascar. -
Bossard's America Sales Sunk 20% in Q2 - Switzerland-based fastener
products distributor Bossard reported its 2020 second quarter financial
results on Wednesday, showing that year-over-year sales declined at an
accelerated pace compared to Q1, when they were already hampered by
weakened industrial demand. - 
Acerinox's crude stainless steel & net profit drop in Q1 y-o-y -
Acerinox, one of the leading producers of stainless steel in Spain and
the world, reported its crude stainless steel during the first quarter
of 2020 was down by 5% year on year to around 599,900 tons. - 
EU stainless steel cold-rolled quota usage is high, while epidemic may
cause future import slowdown - The import of steel products has been
subject to the safeguards of the European Commission since 2018. From
July 1, 2019 to June 30, 2020, most of the quota for stainless steel
hot-rolled flat products was available. - 
Anglo sticks to 2020 output goals after COVID-induced Q2 slump - Global
miner Anglo American is ramping up metals and diamond production to hit
full-year targets it set in spring, it said on Thursday, as it reported
a sharp slump in second quarter output caused by the coronavirus. - 
US$12 billion mining industry on course: President - The target to turn
the mining sector into a US$12 billion industry is on course, driven by
the companies’ desire to expand, modernise and increase output,
President Mnangagwa has said. - 
The world is not here to make you happy, it is here to challenge you.
So how is it doing these days? Better yet, how are you doing? - 
COVID-19 local transmission reported in Surigao mining firm - The local
transmission of the coronavirus disease (COVID-19) has been reported at
the Taganito High Pressure Acid Leaching (THPAL) Nickel Corporation in
Barangay Taganito in the town of Claver in Surigao del Norte after
eight workers tested positive for the coronavirus. - 
Global Plug-In Electric Car Sales In May 2020 - The global plug-in
electric car sales in May were around 144,600 according to EV Sales
Blog, which is some 23% less than in 2019. - 
NSSC raises chrome series stainless steel wire rod prices for Jul-Sep
delivery - Nippon Steel & Sumikin Stainless Steel Corporation
(NSSC), the largest stainless steel manufacturer in Japan, announced to
keep its prices of SUS304 and other nickel series stainless steel wire
rods unchanged for the contract signed in June-August 2020
(July-September delivery. - 
Small tailings dam collapses in Ecuador, communities denounce pollution
- A small tailings dam associated with a mine run by Ecuadorean firm
Austro Gold has collapsed, Ecuador’s government said on Friday, sending
mining waste into a nearby river. - 
