Big rally today for nearly everything traded, whether in equity or commodity
trading, and in metals, albeit precious and base. Indicator charts show nickel
had no where to go but up today, with a solid uptrend all session. For the
day, week, month, quarter and first half of 2012, Dow Jones reports three
month nickel closed at $7.59/lb
. Stockpiles
of nickel took a big hit on Thursday and now total just over 102,800 tonnes.
Indicators at 6:50 am CST show 3 month nickel trading around $.14/lb
higher, with other
London traded base metals higher as well on a stronger Euro which at the
moment, is up over 1.1%. We are most likely seeing what we predicted earlier
in the week, an initial jump in the traded price of commodities on news from
the EU summit, followed by short covering. Whether the rally survives into
July or not, remains to be seen. Nickel stockpiles fell hard on Thursday.
Reuters morning - Copper up on EU deal, still on track for Q2 drop -
more
LME Morning - Relief rally continues but sustainability in doubt -
more
Reports
Damstahl Stainless Steel Report June 2012 -
pdf here
(Merafe PR) Shareholders of the Company are advised that the European benchmark
ferrochrome price has been settled at $1.25 per pound for the third quarter
of 2012, a decrease of 7% from the $1.35 per pound price in the second quarter
of 2012.
(Yieh) Yieh United Steel Corp. (Yusco), one of the major stainless producers
in Taiwan announced to cut the domestic prices for 300 grade and 400 grade
stainless steel products by NT$1,000 and NT$1,500/ton respectively for July.
Besides, the firm decided to reduce the export prices of its stainless steel
products by US$30~US$50/ton for July.
The Australian Bureau of Resources and Energy Economics report from June
27, states nickel production in Australia for 2011-12 is forecast to total
226,000 mt, 16% higher compared to 2010-11. Growth has been primarily driven
by the restart of the Ravensthorpe mine.
Commodities Surge Most in Three Weeks, Trimming Quarterly Slump -
more
Rio Tinto sees 2012 Chinese growth above 8 pct -
more
Ni/Cr Ore Potential
Supply Restrictions To China (Part 1) = Strong oppositions from domestic
miners in Indonesia and in South Africa = China's share in global crude stainless
steel production in 2011 was 41%, or 14 million tons. -
more
Norilsk cuts
investment, sees no rally in metal prices - Russia's Norilsk Nickel , the
world's largest nickel and palladium miner, plans to cut its 2012 investment
programme within a month, the company's chief executive Vladimir Strzhalkovsky
said on Friday. -
more
Clive's dangerous
nickel ponds 'nothing to be taken lightly' - A Queensland scientist has backed
Clive Palmer's claim his Yabulu nickel refinery has no other immediate option
but to dump ponds of contaminated water on the Great Barrier Reef. -
more
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Indicator charts show nickel was looking very strong until US markets opened
much lower, then nickel gave up all of its daily gains plus some. For the
day, Dow Jones reports three month nickle closed down $.02/lb at
$7.35/lb. Nickel stockpiles
fell slightly on Wednesday and now register just under 103,750 tonnes.
Changes to Guatemala mining law may be positive -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 6:50 am CST show 3 month nickel trading around $.12/lb
higher, with other
London traded base metals trading higher as well. Nickel stockpiles fell
slightly on Wednesday. Equity markets are lower this morning as the European
economic summit begins. News from US that reported $2 billion dollar loss
at JP Morgan by rogue trader may now exceed $9 billion dollars has US traders
unnerved. Commodities appear to be experiencing a relief rally this
morning, with no help coming from equity traders or the Euro. Copper and
aluminum are higher but look to be trending into negative territory, while
nickel looks strong.
Reuters morning - Copper slips, metals tread water ahead of EU summit -
more
LME Morning - Hopes wane on EU summit outcome, copper and tin pare gains
-
more
(RIN) Business Mirror reported Century Peak Metals Holdings Corp. will no
longer build a multibillion-peso ferro-nickel smelting facility in the
Philippines.
(Lloyd's List) Shipowners risk prejudicing their P&I cover if they fail
to notify their P&I club of any plans to fix, charter or order a ship
to load nickel ore from a port in Indonesia or the Philippines.
(FAN) China to Become World's Largest Ferrochrome Producer in 2013
China daily steel output slips in mid-June -CISA -
more
Glencore Courts Qatar as Xstrata Tweaks Merger Pay -
more
Chinese And Taiwanese
Austenitic Stainless Mills Likely To Cut Deeply Production In June - The
Chinese and Taiwanese austenitic stainless steel mills seem to have reduced
sharply their production in June. -
more
Japan’s
Nickel-Ore Imports From Indonesia Advance 81% in May - Japan’s imports
of nickel ore from Indonesia jumped 81 percent in May from a year earlier,
finance ministry data showed, as buyers stepped up purchase before the Southeast
Asian nation curbed shipments. -
more
Ferrochrome
sector’s looming destruction is a national emergency - At the heart
of the crisis is SA’s inability to set prices for commodities of which
it has the lion’s share of reserves -
more
Mining firm
to file raps vs Manicani residents - Criminal charges are being prepared
by Samar Nickel Mine Resources Corp. against residents of Manicani Island
in Guiuan, Eastern Samar who prevented the entry of a vehicle it unloaded
on the island’s port Saturday morning. -
more
Palmer won't
bully us on dumping: Qld govt - Mining magnate Clive Palmer has unsuccessfully
tried to pressure the Queensland government into lowering environmental
standards, the deputy premier says. -
more
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Indicator charts show nickel opened lower, and traded for the session in
a narrow band. For the day, Dow Jones reports three month nickel closed at
$7.37/lb. Nickel stockpiles
did very little on Tuesday and now register near the 103,800 tonne level.
US equity markets got a boost from an early morning housing report, but the
urge to buy did not trickle down to nickel. We could see some volatility
in the next few days, as these EU summits did to give trader some good news,
which is followed by a rise, short covering drawing prices higher, followed
by a realization in a few days or weeks, that nothing really changed.
US Imports of Stainless Steel Mill Products -
more
(Merafe) Shareholders of the Company are advised that the Xstrata-Merafe
Chrome Venture will be operating, on average, eight out of twenty furnaces
for the winter months of June, July and August 2012. Ferrochrome production
for the winter months is envisaged to be in the region of 40% to 50% of installed
capacity.
(MB) Vietnam's Ban Phuc deposit will start nickel production by Q2 2013
'Add value
or leave SA' - Mining companies must add value to their minerals or leave
SA, says Paul Jourdan, a senior adviser to the government on minerals policies
and co-author of the controversial State Intervention in the Minerals Sector
(Sims) study. -
more
Century Peak
drops smelting facility plans as fund woes hit Chinese partner - Listed Century
Peak Metals Holdings Corp., which stopped booking mining revenues as of 2011,
is terminating a plan to build a multibillion-peso ferro-nickel smelting
facility in Leyte as financial problems hit its China-based partner. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:00 am CST show 3 month nickel trading around $7.32/lb
, with other London
traded base metals mostly lower and quiet as well. Stockpiles of nickel grew
slightly on Tuesday. European markets are trading higher as European leaders
prepare for a two day summit in Brussels beginning tomorrow. Markets
are watchful.
Reuters morning - Copper slips on euro zone caution, EU summit eyed -
more
LME Morning - Metals fall under continued downside pressure, aluminium sets
fresh two-year low -
more
(Yieh) According to preliminary data of the US Census Bureau, the US’s
imports of stainless steel products totaled 112,078 tons in May, surging
substantially by 18.7% from 94,455 tons in a month earlier.
The Leisure Gap - Why Don’t Americans Take Vacations? -
more
Ed Meir of INTL
FC Stone Daily Metals Commentary
No longer available - this report will soon be available to paid subscribers
Xstrata's Outlook
of Ferrochrome Market in 2012 = Market tightened from curtailment on ESKOM's
power buyback = Mr. Jeff McLaughlan, Marketing Director of Xstrata Alloys
and Mr. Stuart Cutler from Glencore, a sole marketing agent for Xstrata gave
an interview to our pressman (Mr. Saito) on the 15th of June at the Imperial
Hotel, Tokyo. -
more
Qatar
Holding Seeks Higher Xstrata Price From Glencore - Glencore International
Plc 16 billion pound ($25 billion) offer for the rest of Xstrata Plc is in
doubt after the target’s second-largest shareholder demanded the bid
be increased by 16 percent. -
more
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Indicator charts look similar to yesterday - nickel losing ground most of
the session, recouping some of its losses late. For the day, Dow Jones reports
three month nickel closed at $7.39/lb. Nickel stockpiles
grew on Monday reflecting the third day of growth in the last 4 sessions.
Totals now sit just shy of 16,300 tonnes.
Polluted legacy:
Repairing Britain's damaged landscapes - The Industrial Revolution, which
made Britain the powerhouse of the world in the 19th Century, may have been
consigned to the history books but it has left a legacy of environmental
problems. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 6:50 am CST show 3 month nickel trading around $.05/lb
lower, with other
London traded base metals mostly lower as well. Nickel stockpiles rose on
Monday.
Reuters morning - Copper up as dollar falls, Europe subdues sentiment -
more
LME Morning - Metals mostly under pressure; aluminium, zinc and lead hit
new cycle lows -
more
Copper prices rose yesterday for the first time in four days, but it was
a pretty mixed picture in the rest of the metals, as well as in other markets.
Energy prices, for example, lost ground despite a tumbling lower Euro, while
US stocks finished sharply lower. Gold erased early losses to close higher.
The inconsistent trends we were seeing yesterday perhaps reflected the mixed
emotions regarding the European summit meeting that starts Thursday, as well
as the spate of “non-summit” headlines that admittedly did not
inspire much confidence heading into the meeting. In this regard, Cyprus
became the fifth country to officially ask for an EU bailout to help its
ailing banks, many of which have been saddled with Greek debt. Although the
overall amount requested (about E5-10 billion) is chump-change compared to
what some others in the “walking wounded” club are asking for,
the fact that yet another country is in need, underlines the severity of
the crisis that is now extending into its third year. Secondly, European
investors were not pleased to see Greece being underrepresented at the upcoming
meeting, as the country’s well-respected finance minister has decided
to resign due to health issues. Greece's prime-minister will not be at the
talks either, leaving lower ranking officials in charge. Right now, things
are very quiet for a second day running. Metals are slightly lower, having
given up earlier gains. Energy markets are practically unchanged, while the
precious group is down, giving back most of yesterday’s gains. The Euro
is steady at $1.2480, while US stocks are expected to open higher after
yesterday's dismal performance. We don't expect to see much action until
later in the week when the European summit starts. ..... Nickel
is at $16,300, down $120. (complete report
here)
Commodity/Economic Comments
(Dow Jones) Stainless steelmakers must prepare for a difficult three or four
years due to low profitability and muted global demand, a an economist at
major Korean steelmaker Posco said Tuesday.
(Yieh) It is reported that the stainless steel producers in China and Taiwan
have reduced the output in June. Yieh United Steel Corp. (Yusco) and Tang
Eng in Taiwan are estimated to cut the output by 50% while Baosteel in China
is estimated to cut the output by 50% as well.
(TI) China Nickel Resources plans to construct a mineral ore smelter in South
Kalimantan. This Chinese mining company estimates the investment value for
the project to reach US$ 600 million or about Rp 5.64 trillion.
(FAN) Chinese Customs' data shows, in May, China imported high-carbon ferrochrome
105.7 thousand tons, a decline of 8.6% MOM, down 40.8% YOY.
Goldman Sachs lowers nickel price forecasts - 2012 estimate to $8.15/lb,
2013 estimate to $8.00/lb and 2014 estimate to $8.50/lb.
Japan Nickel Production
- April 2012 = Ferronickel production during the first four months of 2012
was up 2.3 times from the same period of 2011 = According to the statistics
released by Ministry of Economy, Trade and Industry, Japan's nickel production
in April 2012 was as per the tables attached hereto. -
more
Indonesia export
tax encourages nickel ore imports - China's imports of nickel ore and
concentrate increased for a fourth month in May as smelters stepped up purchases
in anticipation of a new export tax in Indonesia, the largest supplier. -
more
Serious
environmental threat developing at Yabulu Nickel Refinery - Queensland is
one wet season away from an environmental disaster with the potential to
destroy sections of the Great Barrier Reef. -
more
China Faces Summer
Steel Output Cut On Prices: Chart Of The Day - China's steelmakers, the biggest
in the world, may cut output in the next two months as prices have dropped
at a time when the main raw material became costlier. -
more
Courtesy AISI - In
the week ending June 23, 2012, domestic raw steel production was 1,854,000
net tons while the capability utilization rate was 75.0 percent. Production
was 1,864,000 tons in the week ending June 23, 2011, while the capability
utilization then was 76.2 percent. The current week production represents
a 0.5 percent decrease from the same period in the previous year. Production
for the week ending June 23, 2012 is down 1.5 percent from the previous week
ending June 16, 2012 when production was 1,882,000 tons and the rate of
capability utilization was 76.2 percent.
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Indicator charts show nickel fell for most of the session, before recovering
slightly near the close. For the day, Dow Jones reports three month nickel
closed at $7.45/lb. Stockpiles of nickel
rose on Friday and now total just shy of 103,100 tonnes. Markets are lower
again on Euro debt concerns and could trade choppy until the EU summit meeting
later this week.
INTL FCStone, Inc - Indonesia has granted mineral export permits to 13 companies
following last month's implementation of new restrictions on such shipments,
data from the country's Trade Ministry showed.
Corporate Profits Just Hit An All-Time High, Wages Just Hit An All-Time Low
-
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 6:55 am CST show 3 month nickel trading around $.09/lb
lower, with other
London traded base metals mixed and mostly quiet on a lower trading Euro.
Nickel stockpiles rose over the weekend.
Reuters morning - London copper rises slightly from 6-month low -
more
LME Morning - Base metals mixed, mood remains uncertain -
more
Metals finished slightly lower on Friday (with the exception of nickel),
closing the week on a pretty dreadful note, as lingering concern over the
debt crisis in Europe, coupled with growing evidence of a slow-down in China,
weighed on the complex. Trading volumes were light, with about 65,000 lots
trading on COMEX, down from almost 90,000 seen on Thursday. The fact that
Chinese markets were closed on Friday also reduced turnover. We have opened
on a mixed note as we start the new week, with metals on either side of
unchanged, except for nickel, which has given back all of the slight gains
it made on Friday. Other markets are trading in quiet fashion, with energy
and gold both showing modest changes. In the currency markets, the Euro is
now at $1.2480, losing substantial ground since Friday (almost a full Euro),
but so far, it has not triggered sharp losses in commodities. However, US
stocks are called to open sharply lower, with Dow futures pointing to a 100-point
opening decline following a weak Asian session. Once again, Europe will be
the subject of focus as we start the new week. A meeting in Rome on Friday
between the Italians, French, Spanish, and Germans resulted in a pledge to
issue a limited form of Eurobonds, but the proceeds, (some $160 billion all
in all), will be earmarked to fund private sector infrastructure projects.
This is likely going to be too little and too late to make much of a difference.
The four leaders also said that they would seek a Euro-zone financial transaction
tax (used for bank rescues), but it remains to be seen how this measure will
fare given opposition from countries like Britain. .... In other news,
there was an interesting article in the weekend issue of The New York Times
saying that many of the recent Chinese macro numbers are suspect. The article
states that provincial officials seem to be overstating economic output,
corporate profits, and tax receipts, as they apparently are under pressure
to report “good economic results to Beijing as they wait for promotions,
demotions and transfers to cascade down…”. One Chinese executive
said electricity production from two provinces in east-central China (Shandong
and Jiangsu) had dropped some 10% in May from a year earlier, but the report
to Beijing showed only flat or only slightly rising consumption. (Separately,
we have always been amazed at how quickly some Chinese data seems to come
in, usually appearing a day or two after month’s end). .... Nickel
is at $16,382, down $193. The complex staged a promising rally last week,
but could not take out its down channel, (red line), which may be why prices
are under pressure again. We now seem to be heading for a retest of support
around the $15,980. Things look wide opened below that point. (complete report
here)
Commodity/Economic Comments
(JMB) Ambatovy to Start Nickel Production in June
(Reuters) China's steel mills produced an average of 2 million tonnes of
crude steel a day over the June 1-10 period, edging back to the record levels
reached in early May, as large mills ramped up output, data from the China
Iron and Steel Association (CISA) showed on Wednesday.
Bulls Proven Wrong as Prices Slump Into Bear Market: Comm -
more
Palmer 'wants
to dump tailings in reef' - The Great Barrier Reef park authority should
stand firm against mining magnate Clive Palmer's push to dump polluted water
off north Queensland's coast, the Greens say. -
more
Japan Pamco expects
Indonesian nickel conc to arrive this week - Japan's ferronickel producer
Pacific Metals expects nickel concentrate from Indonesia to arrive at the
north Japan Hachinohe port this week, after suspending the last May 6 shipping,
a company official said Monday. -
more
Tubay mayor
asks govt to revoke miner’s permit - The municipal government of Tubay,
Agusan del Sur has called for the cancellation of the mining license of San
Roque Metals Inc., after a state inspection found the nickel miner guilty
of six counts of environmental violation. -
more
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Indicator charts show nickel fell early, did little for much fo the day,
then spiked late. For the day and week, Dow Jones reports three month nickel
closed at $7.52/lb. That is $.12/lb lower
on the week, and $.15/lb lower on the month. Stockpiles of nickel fell on
Thursday and now total just under 102,900 tonnes. Nickel's late session spike
appears to had more to do with the Euro than anything else. European markets
ended mostly lower, while US markets are recovering from yesterday's deep
loss.
Indicators at 7:00 am CST show 3 month nickel trading around $.07/lb
lower, but off earlier
session lows, with other London traded base metals lower as well. Stockpiles
of nickel slipped overnight. World markets are mostly lower in an apparent
reaction to yesterday's drop on Wall Street. Dow futures are up 35 points
at the moment.
Reuters morning - Copper hits 6-month low on shaky economic outlook -
more
LME Morning - Risk-off attitude weighs on prices, uncertainty prevails -
more
Markets collapsed yesterday, hit by a barrage of bearish headlines. Copper
lost about $200/MT on the day and prices have now tumbled more than 12% this
quarter and are off some 3% for the year. Energy prices also fell, although
the declines were not as steep as Wednesday’s $3-plus plunge. Silver
lost a whopping 4%, while gold prices tumbled some 2.5%, nearly wiping out
this year’s gains. In aggregate, the Thomson Reuters-Jefferies CRB index
slid more than 2%, its biggest one-day drop since mid-December. On the equity
side, US stocks posted their largest one-day retreat in three weeks, with
the Dow losing some 250 points, as weakness in key commodity-related equities
led the rout. Amid the carnage, the dollar and the US bond market were two
of the few winners. As we noted yesterday, the selling was attributable to
a spate of poor manufacturing numbers that came out from across the globe.
After the Chinese and European numbers hit the markets earlier in the day,
US readings also weighed in, with the June ISM report showing manufacturing
growing at its slowest pace in 11 months. Separate readings had factory activity
in the Mid-Atlantic region dropping to 10-month lows. Weekly initial claims
slipped by 2,000 last week, but the four-week moving average-- considered
a better measure of employment-- hit its highest level since December. ....
Right now, base metals are lower. Most of the group is technically oversold,
but not severely, with relative strength index (a gauge of overbought/oversold
conditions) running between 30-43. Aluminum is the glaring exception, where
we have a severely oversold reading of 17-- practically off the charts. Not
surprisingly, it is the only metal that is holding up relatively well. .....
Nickel is at $16,319, down $131. (complete report
here)
Commodity/Economic Comments
Allegheny Ludlum posts July stainless steel surcharge -
here
AK Steel posts stainless steel surcharge -
pdf here
Thyssenkrupp Nirosta posts July stainless steel surcharge -
here
Outokumpu posts stainless steel surcharge -
pdf here
(Dow Jones) According to data of the Specialty Steel Industry of North America
(SSINA), the US consumption of thin-gauge stainless steel flat products was
weak in March even though the consumption of thicker-gauge products increased
obviously.
(Interfax) As concerns mount over China’s diminishing appetite for
commodities amid slowing growth in the world’s second largest economy,
metals demand is set to see a long-awaited boost in the near-term from
procurement programs and policy initiatives.
(Interfax) Guanghan Tiancheng Stainless Steel Co. Ltd. (Tiancheng) is inviting
public consultation for an environmental impact assessment of a 400,000-ton
cold-rolled stainless steel project in its home town of Guanghan City, Sichuan
Province, the provincial government said in a statement Monday.
Japan Nickel Metal
Consumption; January - April 2012 = 14,059 tons, down 9.2% from the same
four-month period of 2011 = According to the data released by Ministry of
Economy, Trade and Industry, consumption of nickel metal during the first
four months (January - April) of 2012 as well as during the single month
of April 2012 was as per the table attached hereto. -
more
Norilsk Nickel
seeks funds for its Australia project - Russian group Norilsk Nickel, the
world's largest nickel and palladium miner, is negotiating with banks to
secure funding for its Australian nickel project, a company executive said
on Friday. -
more
Norilsk Plans to Invest $1.5 Bln in Australian Nickel Deposit - Russia's
largest nickel producer Norilsk Nickel plans to invest over $1.5 billion
in development of the Honeymoonwell Nickel Deposit in Australia, Norilsk
Director of Overseas Operations Department Roman Panov said on Friday. -
more
Analysis of Sluggish
Chinese Steel Market - According to the latest statistics from the China
Iron and Steel Association, the total profit of China’s major large
and medium-sized iron and steel enterprises in April was further reduced
to ¥ 1.79 billion (Yuan), compared with ¥ 2.084 billion in March,
and a decrease of 96.65% from 2011. -
more
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Indicator charts show nickel opened lower today and did little until US markets
opened lower. The the charts started looking like a skydiver's path - after
he jumped form a plane. For the day, Dow Jones reports three month nickel
closed at $7.46/lb, its lowest close
since the 6th. Stockpiles of nickel stored in LME approved warehouses actually
rose on Wednesday and now total just shy of 103,100 tonnes. Nearly everything
was working against nickel traders today. PMI reports from Europe and China
came in lower. The Euro was trading much lower against the US Dollar. And
in return, most commodities got whacked hard.
Indicators at 7:00 am CST show 3 month nickel trading around $.13/lb
lower, with other
London traded base metals trading lower as well. Stockpiles of nickel rose
on Wednesday. Traders are bearish on a HSBC report showing manufacturing
slowed for an eighth month in China, and the Fed's lack of action yesterday.
LME Morning - Base metals bearish, economic sentiment sours -
more
Metals ended sharply lower yesterday, with aluminum sinking to two-year lows,
while lead dipped to an eight-month trough. The carnage in energy was
particularly noteworthy, with the two major crude contracts shedding about
$3/brl each. There were notable losses in precious metals as well, but US
stocks rallied off earlier lows to finish mixed. The selling was attributable
to disappointment regarding the Federal Reserve statement in that many felt
that it did not go far enough. Although the Fed did say that it was going
to expand its “Operation Twist” program until the end of the year
by selling $267 billion of shorter-term securities and buying the same amount
of longer-term debt, many felt that this move was somewhat timid. Perhaps
aware of this, Bernanke did say at his subsequent news conference that he
was ready to do more: “If we don’t see continued improvement in
the labor market, we’ll be prepared to take additional steps if appropriate.
Additional asset purchases would be among the things that we would certainly
consider.” .... Right now, most markets are lower as poor headlines
have been coming at us all day today. Out of Asia, we have reports that China's
factory sector shrank for an eighth straight month in June, with the HSBC’s
flash purchasing managers’ index falling to a seven-month low of 48.1
from 48.4 in May. A new orders sub-index also fell sharply, as did a new
export order index, the latter dipping to its lowest level since March 2009.
Some economists are already downgrading China's growth prospects for the
second quarter, with GDP projections as low as 7% now being heard. Similar
numbers out of Europe is showing activity in the private sector contracting
as well, as a gauge of Euro-region manufacturing fell to 44.8 from 45.1 in
May. Data out of Germany showed manufacturing activity contracting at its
fastest pace since June 2009, while its service sector barely expanded, posting
its lowest reading in seven months. ..... We think most markets will remain
in a downward drift at least until next week when we head into the run-up
to the European summit. Among the proposals that European leaders will be
looking at are ways to issue joint debt and offer cross-border deposit insurance.
On the banking front, the leaders may also clear the way for more integrated
bank integration by consolidating regulations across the 17-nation euro area.
We think all these ideas will be essential if the markets are to be stabilized,
as they would usher in a broader approach to the debt crisis, as opposed
to the “whack-a-mole” approach now on display. However, most of
these proposals have yet to gain the approval of Chancellor Angela Merkel,
who also is resisting a separate proposal for direct sovereign-debt purchases
through the euro-area bailout fund. It should make for an interesting meeting;
we suspect markets will likely not be too impressed if the leaders come up
short. ..... Nickel is at $16,870, down $330, and giving up a portion of
its recent gains. (complete report
here)
Commodity/Economic Comments
Commodities Fall to Lowest Since 2010 as Fed Cuts Outlook -
more
The nickel laterite
challenge - Emerging economies and the demand for stainless steels and other
alloys are driving demand for nickel. -
more
China's imports
of Indonesia metals jump on new rule fears - China's imports of bauxite jumped
to a record 6.27 million tonnes in May, up 41 percent from a year earlier,
a breakdown of monthly data from China's General Administration of Customs
showed on Thursday. -
more
ABN Amro cuts 2012
base metal price forecasts - ABN Amro on Thursday cut its base metals price
forecasts for this year, saying conditions in metals markets are deteriorating
because of the weak performance of euro zone economies and slowing growth
in China. -
more
Taiwanese and South
America’s stainless steel demand remains sluggish - It is reported that
Taiwan's stainless steel market has remained quiet even though the stainless
steel mills have cut the price for the consecutive four months. Mainland
China stainless steel market is good. -
more
Mixed reaction
to call for SA chrome exchange - Iraj Abedian’s suggested alternative
to the export tariff sought by SA’s ferrochrome industry may not smooth
prices and curb oversupply as intended, and could attract speculators, say
critics -
more
Japan Imported
Ferroalloy Market Report - June 15, 2012 = Q3 bulk ferroalloy prices for
EF mills to slide = Market outlook of the imported ferroalloys in Japan as
of June 15, 2012 is as follows: -
more
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Indicator chart show nickel trading was much choppier today than it has been
recently, and spent most fo the session in the black. For the day, Dow Jones
reports three month nickel closed at
$7.80/lb. Stockpiles of nickel
held in LME approved warehouses did not change on Tuesday and remain just
under 17,200 tonnes.
(Dow Jones) The global nickel market was in surplus by 8,700 metric tons
in January to April, the World Bureau of Metal Statistics said Wednesday.
This compares with a 7,000-ton surplus over the whole of 2011.
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:00 am CST show 3 month nickel trading around $.04/lb
higher, with other
London traded base metals trading mixed. Stockpiles of nickel registered
no change on Tuesday. Slow news day as all eyes will be on the press conference
Fed Chairman Ben Bernanke gives after today's Fed meeting. European equity
markets are mostly higher, as are US futures.
Reuters morning - Copper slips on euro zone debt caution, Fed policy eyed
-
more
LME Morning - Metals fall back, complex frets over economies ahead of Fed
-
more
If positive Greek election results failed to get markets going earlier this
week, investors were clearly hoping that the Fed’s policy statement
(out later today) will somehow do the trick. This may be why most markets
rallied yesterday, with the Euro leading the charge and pushing back into
the mid $1.27 range. Base metals and crude oil markets also moved higher,
just as US stocks put in another strong showing to hit five-week highs.
.... We will have to see what happens later, but already it seems that
investors are already reexamining their view that the Fed may “ride
to the rescue”, as gold, base metals, and oil prices are all generally
lower. Dow futures are also pointing to a slightly lower opening, while the
Euro has come off slightly, and is now back below the $1.27 mark. .... No
macro data is due out of the US today apart from the key Fed announcement,
but we suspect that investors may be disappointed in the statement and could
usher in another modest sell-off heading into the weekend. .... Nickel is
at $17,121, up $31, and building on its recent gains. We were perhaps too
negative in our commentary on nickel yesterday, as our charts instead are
showing that the short-term down channel is on the verge of being broken
(red line) with resistance at $17,200 being key. (complete report
here)
Commodity/Economic Comments
Notice on Changes of SMM Laterite Nickel Ore Prices -
more
China Nickel Resources in $1.8 bln Indonesia steel plan -
more
(China) Economy 'to rebound' amid fine-tuning -
more
Japan Hot-Rolled
SUS Production Slightly Down; April 2012 = Down 2.6% from March; Cr-alloyed
group output continued its recovery, while Ni-alloyed further down = According
to the data released by Ministry of Economy, Trade and Industry on June 14,
details of output of hot-rolled stainless steel during April 2012 were as
per the table attached hereto. -
more
Minister’s
adviser urges SA to set up chrome exchange - Iraj Abedian says South Africa
must consider setting up a chrome exchange to create smoother market conditions
for embattled producers -
more
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Indicator charts show nickel opened lower but as the Euro strengthened, nickel
turned positive and never looked back. It trended higher the entire session,
even making a jump late. For the day, Dow Jones reports three month nickel
closed at $7.75/lb, about where it did
one week ago today. Stockpiles of nickel stored in LME approved warehouses
fell slightly on Monday and now total just under 17,100 tonnes. The Euro
got a boost on speculation that the US Fed would take further easing action
to combat a slowing economy, and for a moment, the Euro traded at a one month
high.
Leon Westgate of Standard Bank - "While we have little doubt that base
metals will rally should the Fed announce significant policy easing tomorrow,
we maintain that the rally would fade once short positions have been covered
and new long positions take profit. For prices to sustain a rally, real demand
needs to be stronger--something we do not anticipate for at least the next
quarter."
(Dow Jones) The state of the world economy is likely to continue worsening
if base metal prices are any judge, as LME 90-day forward base metal charts
paint a very bleak picture.
Zimbabwe: BNC
to Pay Off Retrenched Workers - Bindura Nickel Corporation last week presented
proposals to settle staff retrenchment and backpay liabilities, a move management
sees as critical to restarting its Trojan Nickel Mine operations. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:00 am CST show 3 month nickel trading around $.03/lb
higher on a stronger
Euro, with other London traded base metals mixed and listless. Stockpiles
fell slightly on Monday.
Reuters morning - Copper steadies as dollar falls; euro crisis subdues -
more
LME Morning - Metals turn lower, macroeconomic worries back to the forefront
-
more
The results of the Greek elections fell in line with what we thought would
happen, namely, that the two pro-bailout parties (New Democracy and PASOK)
would come up with enough votes between them to form a working coalition.
With the votes now in, the two parties have 162 seats in the 300-seat parliament,
with the biggest plurality (129 seats) going to the conservative New Democracy
party. Its leader, Antonis Samaras, is in the process of forming a government,
with reports suggesting that a deal is imminent. Samaras may even bring in
a third smaller party along, giving him a 179-seat majority. Needless to
say, markets rallied sharply on the results in early Asian trading late Sunday
and going into Monday, but the euphoria lasted for far less time than we
imagined. In fact, by the time trading opened in the US, most markets were
substantially in the red, with the Euro undergoing the most dramatic reversal;
the currency soared to an intraday high of $1.2747 in Asian trading only
to sink to a low $1.2557 shortly before the New York close. ..... Things
are hardly much different today, with most markets showing minor changes;
base metals are mixed across the board, with aluminum being in the worst
shape, as prices are hovering just above the recent low of $1915.25 hit
yesterday. US equities are expected to open slightly higher, while the Euro
is stronger, now back over the $1.26 mark. ..... Nickel is at $16,767, up
$117. The long-term charts do not look encouraging and suggest a possible
decline to the mid-$15,000 mark. (complete report
here)
Commodity/Economic Comments
(SO) According to the latest data released by the Brazilian Institute of
Non-ferrous Metals, the country's nickel production which was 3,553 mt in
April last year amounted to 5,148 mt in April this year, down 20.9 percent
compared to March. In the first four months of this year, Brazilian nickel
output totaled 22,779 mt, up 75.4 percent compared to the corresponding period
of the previous year.
(Yieh) Turkey imported 31,238 tons of stainless steel flat products in April,
down by 1.13% from a month earlier while rising by 13.8% year on year, according
to statistics released by the Turkish Statistical Institute.
URU Metals CEO is "tremendously excited" about its nickel mining prospects
-
more
Kibaran Nickel finds high grade graphite at Tanzania project -
more
China to 'maintain 8% growth for over 20 years' -
more
SA ‘needs
chrome exchange market’ - South Africa should set up a chrome exchange
market to manage the supply of chrome to the global market and prices, Iraj
Abedian, CEO of investment company Pan-African Capital, said on Tuesday.
-
more
Norilsk Surges
as Potanin Said to Seek 2% Buyback: Moscow Mover - OAO GMK Norilsk Nickel
jumped to a one-month high after Vladimir Potanin’s Interros Holding
asked the board to consider buying back as much as 2 percent of its stock,
according to two people with knowledge of the request. -
more
Courtesy AISI - In
the week ending June 16, 2012, domestic raw steel production was 1,882,000
net tons while the capability utilization rate was 76.2 percent. Production
was 1,864,000 tons in the week ending June 16, 2011, while the capability
utilization then was 76.2 percent. The current week production represents
a 1.0 percent increase from the same period in the previous year. Production
for the week ending June 16, 2012 is down 0.2 percent from the previous week
ending June 9, 2012 when production was 1,886,000 tons and the rate of capability
utilization was 76.3 percent.
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Indicator charts show nickel opened higher, but slumped thru the rest of
the session. For the day, Dow Jones reports three month nickel closed at
$7.55/lb
. Stockpiles
of nickel continued their slump on Friday and now total just over 102,900
tonnes. The relief over the weekend Greek elections gave way to concerns
over Spain, as uncertainty over the European debt crisis and what is under
the next rock, continue to overshadow the markets.
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 6:55 am CST show 3 month nickel trading around $.04/lb
lower, with other
London traded base metals trading lower as well. The Euro is trading much
lower against the US Dollar, adding pressure on metals trading. Stockpiles
of stored nickel fell on Friday.
Reuters morning - Copper steady as Greek election relief fades -
more
LME Morning - Base metals flounder, Spain overshadows Greek election result
-
more
(Yieh) According to statistics released by the Japanese Ministry of Economy,
Trade and Industry, the country’s stainless steel output totaled 706,500
tons in the first quarter of this year, falling by 8.4% in comparison of
771,300 tons in the same period of a year earlier.
Oryx Stainless - Monetary Policy for sustained growth!? -
more
Indonesia's
nickel tariff affects Japan - A negative impact on the Japanese economy is
feared after Indonesia imposed a 20 percent export tariff starting in June
on almost all unprocessed ore, mainly nickel, exported to Japan and China,
among other countries. -
more
Service Center Shipment
Growth Picks Up in May - Growth in May shipments of aluminum and steel
accelerated in both the U.S. and Canada, an improvement from the smaller
growth levels shown in April. Inventory positions improved slightly in both
countries. -
more
Chronology-History
of the London Metal Exchange - The London Metal Exchange, which the Hong
Kong stock exchange agreed to buy on Friday, was formed in the last quarter
of the 19th century to serve industrial Britain's insatiable appetite for
metals. -
more
Vale moves forward
on Victor-Capre project - Vale is proposing a new nickel-copper-PGM mine
in Sudbury that has the potential for a 10-year life with an estimated production
of 5,000 tonnes per day, and a projected workforce of 500. -
more
Japan: Ferroalloys
Apparent Supply/Demand Balance For Q1-2012 = Ferrosilicon and silico-manganese
were comparatively tight = Supply and demand situation in Japan of major
ferroalloys (ferromanganese, ferrochrome, ferrosilicon etc.) during the Q1
(January - March) of 2012 was as per the table attached hereto. -
more
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Indicator charts show nickel was quiet early in today's trading session,
then slid hard, before bouncing harder late. For the day, Dow Jones reports
three month nickel closed at $7.64/lb, down $.03/lb on the
week, and $.17/lb lower from one month ago today. Stockpiles continue their
slide, and now total just over 103,500 tonnes. Inventory numbers are down
4,326 tonnes since the beginning of June. Elections in Greece Sunday could
have a big bearing on Monday's trading, although central bank appear ready
to counteract any negative reaction and world markets are trading higher.
(Kedia) After slumping more than any other industrial metal, the worst may
be over for nickel as restrictions on shipments from Indonesia, the biggest
producer, diminish a worldwide glut. Indonesia banned some ore exports from
May 2012 and imposed a 20% tax on the remainder to spur the development of
its refining industry. The nation's output will drop for the first time in
four years in 2013, slashing global supply growth to 0.2%, from 4.9% in 2012.
Prices will average $20,000 a tonne in the Q4, an increase of 23%. The last
month’s bullish rally was the impact of the ban on exports. China has
enough stockpiles for about two-to-three months of consumption.
(GS) Industry consultant Wood Mackenzie estimates that the ninth decile of
nickel industry cash costs for 2012 lies at approximately US $9.00/lb, so
at its current cash price, US $7.80/lb, nickel is already trading well below
what we would typically regard as the cost support level.
Chrome firms
want protection - A vital revenue stream for platinum miners - chrome ore
- may be choked off if ferrochrome producers are successful in lobbying for
a protectionist export tariff of $100/ton in their desperate attempt to protect
their own businesses from China’s burgeoning chrome refiners. -
more
China traders abandon
moly restocking plan amid bleak outlook - China's traders of molybdenum oxide
have abandoned their earlier plans to restock at below $13/lb for moly oxide
amid a bleak market outlook, industry sources said Thursday. -
more
WTO Rules Chinese
Tariffs on U.S. Steel Products Are Illegal - China broke global commerce
rules by imposing anti-dumping and anti-subsidy duties on more than $200
million of U.S. steel products, the World Trade Organization said in a ruling
today. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:00 am CST show 3 month nickel trading around $.04/lb
higher, with other
London traded base metals mostly higher as well. Stockpiles continued to
fall on Thursday.
Reuters morning - Copper on track to end 6-wk losing streak; Greece eyed
-
more
LME Morning - Metals off highs, consolidate ahead of weekend Greek vote -
more
Metals finished mixed yesterday, with copper prices inching forward, but
aluminum seems to be caught in a slow drift lower. We are seeing the same
divergence again right now, as copper and the rest of the group push higher,
while aluminum continues to struggle, now bouncing around key support at
$1950. ..... Of course, as we noted in yesterday's note, metals are
trading on anything but fundamentals these days and this will be especially
true this weekend when all eyes will be on the Greek elections. We are expecting
the Greek pro-bailout parties to prevail on Monday, in which case we could
see multi-market rallies set in, but how much staying power such a move will
have remains to be seen. On the other hand, should the elections bring on
a leftist victory, we could see another downward spiral set in, which is
why G20 leaders said yesterday that they are ready to authorize massive liquidity
injections in order to head off any market disruptions or credit seizures.
World leaders are going to be gathering in Los Cabos, Mexico on Monday and
Tuesday, accompanied by their finance ministers. ..... Nickel is at $16,750,
up $115. The market has moved off its recent low of $15,980, but charts continue
to look poor. (complete report
here)
Commodity/Economic Comments
(Goldman) In our opinion, the nickel market is now set for an extended period
of surplus and, while we project a gradual improvement in annual average
prices from 2014 onwards – this is largely due to our expectation of
cost inflation – we see little prospect of demand-led pricing tension
before 2016 at the earliest.
(Interfax) Daily steel product output edges down in May -
more
(MBN) Chinese nickel premiums flat on low buying activity
(Dow Jones) The U.S. Department of Labor's Occupational Safety and Health
Administration has cited Flex-N-Gate Corp., which operates as Guardian West
in Urbana, with nine serious safety and health violations for failing to
monitor workers' exposure to nickel, chromium, hydrochloric acid and sulfuric
acid while cleaning electroplating tanks at the company's bumper manufacturing
plant. Proposed fines total $57,000 following a December 2011 inspection.
Hong Kong Exchanges
Bid for LME Beats out ICE - Hong Kong Exchanges & Clearing Ltd., host
to the world’s fifth-largest equity market, agreed to pay 1.39 billion
pounds ($2.15 billion) for the London Metal Exchange, which handles more
than 80 percent of global trade in industrial-metal futures. -
more
Indonesia mining
rules hitting ore exports -industry group - Indonesia's new mineral ore export
regulations have halted operations at hundreds of small mining companies,
costing the country's export industry up to $164 million a month in lost
nickel and bauxite sales, a mining industry body said on Friday. -
more
BNP PARIBAS : Cuts
2012, 2013 Base Metal Forecasts - French Bank BNP Paribas Wednesday lowered
its forecasts across all six base metals for this year and next, citing "great
uncertainty" over the economic situation in Europe. -
more
Human
Rights Watch - Mining, Regulatory Failure, and Human Rights in India -
more
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Indicator charts show nickel headed south at the beginning of today's trading
session, and never looked back. For the day, Dow Jones reports three month
nickel closed at $7.54/lb
. Stockpiles
of nickel held in LME approved warehouses fell and now total just over the
103,900 tonne level.
Zimbabwe: BNC's
Restart Plans Commendable - Last week Bindura Nickel Corporation announced
that it will soon be on the market to raise US$21 million by way of a rights
issue, proceeds of which will be used to fund the restart of Trojan Nickel
Mine. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:00 am CST show 3 month nickel trading around $.05/lb
lower, with other
London traded base metal quiet and mostly lower. Stockpiles of nickel continued
to slide on Wednesday.
Reuters morning - Copper steady ahead of uncertain Greek election -
more
LME Morning - Metals drag their heels, little change seen ahead of Greek
vote -
more
Metal prices were little changed in light trading on Wednesday, as
weaker-than-expected US retail sales data, coupled with lingering concerns
over Europe, kept the listless tone intact. Although the retail sales
disappointed badly falling some .2% last month, the downside was exaggerated
by the sharp decline in gasoline prices, in itself no bad thing, since it
saved US consumers some $1 billion at the pump last month alone. We expect
trading conditions to thin out over the balance of the week and don’t
expect to see any extraordinary moves in practically any of the markets ahead
of the critical Greek elections on Sunday. If forced to take a position,
we likely would want to be long metals heading into the weekend, since as
stated in previous commentary, we think the pro-bailout parties will likely
eke out a working majority. In fact, the Greek stock market was up a whopping
20% overnight in anticipation of just such a result, although it is hard
to get a firm handle as to who exactly is in the lead given that polling
is banned heading into the election. However, if the pro-bailout parties
do get in, the Euro will rally sharply on Monday, ushering in a round of
buying into a host of relatively oversold markets. Having said that, the
rally will likely prove to be short-lived, as investors will conclude that
more turmoil lies ahead. For one thing, despite all the bailout money and
debt haircuts, Greece’s debt load of $350 billion is still too high
and cannot be serviced, let alone repaid. Indeed, when Argentina and Russia
defaulted in the early 90’s, their debt levels hovered around $80 billion.
With Greece’s debt about 4.5 times higher and not having a cheap currency
to fall back on (as was the case with the other two countries), we do not
see how the country could ever manage to break out of its predicament. ....
Nickel: $16,870, down $110 (complete report
here)
Commodity/Economic Comments
(Yieh) Affected by weak demand and falling nickel prices at LME, the quotes
of 304 grade cold rolled coil (CRC) with the thickness of 2mm have decreased
by US$50~US$150/ton in East Asia.
(FAN) Zimbabwe will lift chrome ore exports ban for another two years, responding
to pressure from miners and the finance ministry, which highlighted the impact
the ban was having on minerals revenue.
World stainless
production shrinks slightly in first quarter - The International Stainless
Steel Forum (ISSF) has released preliminary data which shows that stainless
steel production shrank by 2.8% in the first three months of 2012. -
more
Let Japan process
nickel in Indonesia: Industry minister - The government is inviting Japan
to relocate its nickel ore processing industry to Indonesia, vowing to provide
the world’s second largest nickel consumer with sufficient raw materials
and tax incentives. -
more
Japan Molybdenum
Q1-2012 Supply/Demand = Ferromolybdenum consumption marginally up as was
special steel production = Production of crude special steel in the Q1 (January
- March) of 2012 was 6.282 million tons, a little up 1.2% from 6.205 million
tons in the same quarter of 2011. Consequently, consumption of ferromolybdenum
was 1,395 tons (of the material), also a little up 1.5% compared to the year-ago
quarter. -
more
Courtesy AISI - In
the week ending June 9, 2012, domestic raw steel production was 1,886,000
net tons while the capability utilization rate was 76.3 percent. Production
was 1,864,000 tons in the week ending June 9, 2011, while the capability
utilization then was 76.2 percent. The current week production represents
a 1.2 percent increase from the same period in the previous year. Production
for the week ending June 9, 2012 is down 1.8 percent from the previous week
ending June 2, 2012 when production was 1,920,000 tons and the rate of capability
utilization was 77.7 percent.
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Indicator charts show nickel rose early, but went negative after US retail
sales disappointed. For the day, Dow Jones reports three month nickel closed
at $7.70/lb. Traders are waiting
to see what happens in the Greece elections this coming weekend. Stockpiles
continue to fall, and now total just under 104,000 tonnes. Norilsk is shipping
again from Dudinka, and the Vale plant in New Caledonia may remain closed
for months according to local media reports.
MN Mining company
optimistic over 'monster' metal deposit - The company planning a copper-nickel
mine near Ely has significantly boosted estimates of how much metal it's
sitting on. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:00 am CST show 3 month nickel trading around $.01/lb
higher with other London
traded metals mixed and quiet. Nickel stockpiles fell on Tuesday. Nickel
closed around $7.75/lb yesterday.
(Dow Jones) Russia exported 105,700 metric tons of nickel in January to April,
50.2% more than in the corresponding period last year, the federal statistics
agency reported Wednesday.
(SKRIN) Stainless steel consumption in Russia up 6.4% over three months
(Yieh) It's reported that the stainless steel facility of Taiwan-based Formosa
Plastics Group built in Fujian's Zhangzhou City will be put into operation
in the first quarter of next year.
Baoshan Steel Cuts Prices as Demand Wanes for Cars, Appliances -
more
NBS releases
China’s base metal output data for May - China's copper output edged
down for the second consecutive month in May amid high prices for copper
concentrate and maintenance work by smelters. -
more
Japan May Take Indonesia
to WTO Over Curbs on Metal Exports - Japan, the world’s second-largest
nickel user, called on Indonesia to remove restrictions on mineral-ore exports,
saying it may complain to the World Trade Organization should compromise
talks fail. -
more
Launch of
New Caledonia’s Vale plant delayed - Reports from New Caledonia say
delays in launching the Vale nickel plant is expected to last several months.
-
more
Norilsk resumes
Arctic shipments after seasonal halt - Russian group Norilsk Nickel , the
world's largest nickel and palladium miner, has resumed shipments from its
Arctic port of Dudinka after flooding prompted a seasonal halt. -
more
Zimplats projects
growth in nickel output - Platinum giant, Zimplats says its nickel output
would surpass production at the country’s largest nickel miner Bindura
Nickel Corporation (BNC) in the next five years, as prices remain bullish
on the international commodities market, a company official has said.
- more
Year-round
nickel shipments eyed - Benguet Corp. is studying options for a year-round
nickel processing and shipping to get more value out of its products, according
to a company official. -
more
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Friday, June 8
We are traveling
on Monday and Tuesday of next week, so our next update will be on Wednesday,
June 13. We apologize for the inconvenience.
Base metals ended Friday's session lower ..... except for nickel. Nickel
is apparently getting a bounce off nickel stockpiles held in LME warehouses
taking a big hit over the last few days. Indicator charts show nickel opened
lower this morning, but began to climb shortly thereafter and bounced later
in the session. For the day, Dow Jones reports three month nickel closed
at $7.67/lb. As mentioned before,
stockpiles of nickel stored in LME approved warehouses now totals just over
105,300 tonnes, over 2500 tonnes lower than last Friday's reading.
We
periodically refer to a China stainless steel index that we monitor on a
daily basis. Here is a chart reflecting this index reading over the past
3 years.
(Dow Jones) U.S. nickel exports rose 0.03% in April from the previous month,
and was up 120.1% from the previous year, the Commerce Department reported
Friday.
(Dow Jones) U.S. nickel imports rose 0.4% in April from last month, but was
down 16.2% from the previous year, the Commerce Department reported Friday.
Commodity Glut Spells Trouble for Producing Countries -
more
ENK’s
pieces fall into place at Acoje - Nickel group ENK will reach a key stage
in the development of its Acoje project in the Philippines in September.
-
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 6:500 am CST show 3 month nickel trading around $.05/lb
lower, with other
London traded base metals also trading lower. Nickel stockpiles took another
big hit on Thursday.
Reuters morning - Copper hits six-month low on China economy fears -
more
LME Morning - Base metals off lows but remain under pressure -
more
It seems markets were hit with something of a one-two punch this week. The
first blow, which was the ECB’s decision to stand pat on Wednesday,
was a glancing one at best, as it only rolled back earlier gains, but the
second punch landed much harder, this after Federal Reserve Chairman Ben
Bernanke said yesterday that that he, too, will watch things from the sidelines
for now. Gold tumbled by a whopping $46/ounce yesterday in the wake of his
testimony and there were sizable declines in energy prices as well. The Euro
trimmed its gains as did US equities, which finished mixed. Base metals,
which held on to modest gains yesterday (although ending off their best levels),
are getting hammered today, as the full impact of the Bernanke testimony
sets in. Other markets are also sharply lower right now, with energy down
again and heading for its biggest weekly loss in some 13 years. Gold is also
off (this time by $9/ounce), while the Euro is now at $1.2450, well below
the $1.2625 level hit early yesterday. US stocks are expected to open lower
following weaker showing's in both Europe and Asia. ..... In macro news,
China reports on inflation, investment and output figures tomorrow, and the
fact that rates were lowered yesterday may be a hint that the economy is
actually weaker than the government is portraying it to be. Australia and
Brazil also lowered rates last week, but South Korea stayed on hold today.
No major numbers are out of the US today, but out of Europe, we got reports
earlier today that French business confidence declined this past month, while
Italian industrial production dropped 1.9% in April from March levels. ....
We still expect a major rally (and one that is somewhat more sustainable)
to set in at the time of the Greek elections, provided that the pro-bailout
parties are voted in. By then, Spain will also have gotten its loans and
all that remains is for the Europeans to move decisively on some of the key
issues mentioned earlier. Of course, these are big ifs, but the fate of the
Euro hangs in the balance if policy makers fall short. We think the European
politicians are well aware of the risks despite the agonizingly slow pace
with which things seem to be moving. ..... Nickel is at $16,437, down $158.
(complete report
here)
Commodity/Economic Comments
(Yieh) It’s known that the South Korean steel giant Posco announced
to cut its list prices for austenitic hot rolled and cold rolled coils by
300,000 won/ton for June contract in the end of May.
Copper Trade Most Bullish Since March After China Cuts -
more
Commodities Drop on Concern of Slowdown in China, U.S. -
more
Oman’s Gulf
Mining to be First Ferrochrome Producer in Region - Oman’s Gulf Mining
Group has signed an agreement with the country’s Sohar Freezone to set
up a ferrochrome smelter with an initial production capacity of 50,000 metric
tonnes per year. -
more
POSCO exec says steel
market recovery unlikely this year - Demand in the global steel market is
unlikely to recover at least until the end of this year even after China's
interest rate cut, a senior executive at South Korean steelmaker POSCO said
on Friday. -
more
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
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Indicator charts show nickel opened lower, but spent much of the session
on the rise. Late trading was tempered somewhat by Bernanke testimony that
silenced some of the 'more stimulus coming' talk. For the day, Dow Jones
reports three month nickel had its first positive session in the last seven
and ended at $7.53/lb
. Stockpiles
of nickel took a big hit and fell to a level totaling just over 106,100 tonnes.
Equity markets remain positive for a second day.
(NAS) North American Stainless will reduce the fuel surcharge to 33% for
stainless flat and long products shipping in the month of June 2012.
Make or break for experimental seabed copper mining -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:00 am CST show 3 month nickel trading around $.17/lb
higher, with all London
traded base metals trading higher as well. Nickel stockpiles took a big hit
yesterday,
Reuters morning - Copper turns positive after China cuts rates -
more
LME Morning - Copper falls away, other metals little-changed -
more
Metal prices rose yesterday for the first time in five sessions on Wednesday
as markets sensed that the Europeans are hunting for ways to contain, if
not entirely put out, the various fires around them. A firmer tone in the
Euro helped the advance early on, but we saw a modest retreat in a number
of complexes later in the day (particularly in gold) when the Euro retraced
its gains on the back of a better-than-expected Fed "Beige Book" report.
The report, prepared by the Federal Reserve of Dallas, said that the US economy
was expanding at a moderate or modest pace, and that hiring was steady, a
rather rosier picture of the labor markets than some of the recent data has
suggested. Indeed, some Fed officials are now saying that they are not sure
the economy needs further stimulus, but a key opinion on the issue will come
later in the day when Federal Reserve Chairman Ben Bernanke testifies in
front of Congress. .... Right now, markets are generally higher, with base
metals and energy up, but precious metals are struggling on disappointment
that easing plans now seem to now be on hold. The Euro is holding steady,
now trading at $1.2590, while equity markets are generally higher, building
on the Dow’s monstrous 287 point rally from yesterday, the best of the
year. The better tone in the markets is partly attributable to a relatively
successful Spanish 10-year bond auction, where the average yield came in
at 6.044% from 5.743% fetched in the last auction (on April 19) and well
below the 6.7% we got to last week. The auction was helped by its small size,
and more importantly, by hope that there is soon going to be some kind of
help for the Spanish banks. In addition, there has been breaking news out
of China in the last hour of an interest rate cut of 25 basis points, taking
the markets somewhat by surprise. Despite an uptick on the headline, we would
not read too much into this move, as China will soon see (as we have in the
West) that cheaper money is not necessarily going to recharge an economy
when aggregate global demand remains weak. We expect markets to hold their
gains for the time being, but could see an element of heightened volatility
when Bernanke takes the floor later in the day. Similar to the ECB, we think
the Fed chairman will likely hold his ground and not hint at any
“new” easing, basically sticking to the themes outlined in previous
testimony. This will likely strengthen the dollar later in the day and could
cause a modest retreat in most markets going into tomorrow’s session.
.... Nickel is at $16,530, up $430. (complete report
here)
Commodity/Economic Comments
(Yieh) According to statistics release by the US Department of Commerce (DOC),
the US imported 115,145 tons of stainless steel in May, rising from 92,951
tons in a month earlier, hitting the 15-month high.
(Interfax) China’s three leading ferromolybdenum producers have reduced
prices for the material used in high-strength low-alloy steel, potentially
ushering in an industry consolidation as smaller players are forced out of
the business amid low profit margins.
(Interfax) Weak nickel prices prompted Indonesia to set lower-than-expected
base prices for its recently-introduced nickel ore export tariff, giving
Chinese smelters a temporary breather before the impact of the restrictions
filters through to the market.
Mwana Africa
Unit Bindura Nickel To Raise $21M To Restart Trojan Mine - Pan-African,
multi-commodity resources company Mwana Africa PLC, said Thursday that its
52.9% subsidiary, Bindura Nickel Corporation or BNC, intends to carry out
a rights issue to raise 21 million dollars, proceeds of which will be used
to fund the restart of BNC's Trojan Nickel Mine in Zimbabwe. -
more
China’s $23
Billion Steel Push Seen Igniting Iron Ore - China is set to jolt iron ore
off a six-month low after approving an estimated $23 billion of steel projects
that will use the raw material produced by mining companies such as Rio Tinto
Group (RIO) and BHP Billiton (BHP) Ltd. -
more
Steel industry readies for project surge - The Chinese steel industry is
gearing up for an expected surge in demand in the wake of a speedup in the
approval of major infrastructure and industrial projects, experts said. -
more
Judge Delays Ruling
on UP Nickel Mine - A federal judge has postponed a decision on whether to
halt construction of a nickel and copper mine in Michigan's Upper Peninsula.
-
more
Morning Nickel
Inventory and Price Statistics & Figures
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here / Yesterday's actual
LME official prices
here
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here
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Indicator charts show nickel rose early on a stronger Euro, then collapsed,
then rose late in after market trading. For the day, Dow Jones reports three
month nickel closed $5/tonne lower at
$7.30/lb. Stockpiles fell
slightly over the extended weekend and now total just over 107,700 tonnes.
Considering the strength in the Euro and equity market trading today, nickel's
inability to gain ground is concerning.
European debt
crisis will dampen iron ore and coal demand: BHP - BHP Billiton chief executive
Marius Kloppers Wednesday warned that the European debt crisis will continue
to dampen demand for commodities such as iron ore and metallurgical coal.
-
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:00 am CST show 3 month nickel trading around $.05/lb
higher, with all London
traded base metals higher this morning on a stronger Euro. Nickel stockpiles
fell slightly over the extended weekend.
Reuters morning - Copper rises as dollar falls, ECB meeting in focus -
more
LME Morning - Base metals pop higher as US dollar softens, all eyes on ECB
-
more
After sagging badly on Friday, the LME markets are higher today after being
closed for the last two days. In fact, most markets have been stabilizing
for much of this week, as investors watch the European situation with a mixture
of apprehension and anticipation. Surprisingly, nothing of substance was
announced last weekend, but markets were fairly restrained on Monday nonetheless,
as investors suspected that there were serious discussions taking place and
that the best place to be was on the sidelines. Indeed, a G-7 finance ministers
phone conference took place on Tuesday, but no formal communique was issued,
although individual ministers did say that they would work together to help
Euro-area countries manage their public finances. ..... Tomorrow, attention
will revert “state-side”, when Ben Bernanke gives testimony to
Congress, with investors keen to hear whether the Fed Chairman will hint
at any quantitative easing in the US. Keep in mind that Bernanke’s rhetoric
has been interpreted bullishly by the markets the last few times he has spoken,
and last week’s poor data will certainly give him some justification
to make the case for easing if he chooses to go in that direction. What all
this means for the markets, is that we could see an element of strengthening
in the days ahead, as policy makers may be getting ready to open up the monetary
spigots once again. This will likely weaken the dollar and possibly provide
a short-lived shot in the arm for a number of commodities that are badly
oversold as it is. .... Nickel is at $16,030, down $70; support at $16,500
gave way last week, and we do not see anything on the charts in terms of
support until the late 2009 low of $15,720 (red line in our chart; see our
link). .... The International Stainless Steel Forum has decided that it will
not issue any demand or output forecast this year because it is unable to
make decisive predictions given the economic climate and overcapacity, especially
in China, the group’s secretary general said. “We do believe that
stainless steel will continue to grow at 5-6 percent a year in the long term
but in the very short term the picture is very, very uncertain,” he
said. (complete report
here)
Commodity/Economic Comments
(Yieh) Nippon Steel & Sumikin Stainless Steel announced to decrease the
prices for stainless cold rolled coil (CRC) and plate for June contract through
cutting alloy surcharge.
(FAN) Statistics released by China Customs showed that China's stainless
steel exports totaled 218,724 tonnes in March, soaring by 51.94% as compared
with a month earlier...
Shining potential — Noble finds awaruite among Ontario nickel and gold
-
more
Gold and nickel likely to escape royalty hikes -
more
The Ceridian-UCLA Pulse of Commerce Index® (PCI®), issued by the
UCLA Anderson School of Management and Ceridian Corporation rose 0.8 percent
in May following the 0.1 percent increase in April and the 0.3 percent increase
in March. - pdf here
Stainless
Steel & Special Alloys Committee: Stainless scrap availability generally
tight - Despite the current difficulties shared by many heavy industries,
the stainless steel sector has a “bright” long-term future, the
Stainless Steel & Special Alloys Committee meeting in Rome was assured
by its guest speaker. -
more
Norilsk Nickel
Shares Retreat as Russia Raises Export Duty 16% - OAO GMK Norilsk Nickel,
the world’s largest producer of nickel and palladium, declined after
Interfax reported Russia raised the export duty on nickel by 16 percent -
more
Japan Imported
Ferroalloy Market Report - May 31, 2012 = China's slowdown in growth of crude
steel production casting a shadow over world ferroalloy market = Market outlook
of the imported ferroalloys in Japan as of May 31, 2012 is as follows: -
more
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
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info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Tuesday, June 5
Morning
Briefing(8:00 AM CST
is 1PM in London)
The London Metal Exchange is closed Monday and Tuesday for the Diamond Jubilee.
INTL FCStone – Monthly Commodity Overview - June 2012 -
pdf here
Commodity/Economic Comments
(Yieh) It’s reported that Tang Eng, one of the major stainless steel
producers in Taiwan announced to cut the domestic and export prices of stainless
steel products for June due to weak nickel prices.
(MF) China’s March stainless steel exports surge by 51.94% m-o-m
Tropical Pacific remains neutral; ocean warming slowly -
more
PNG nickel mine
attracts Chinese money - Investigation of Chinese investment in Papua New
Guinea indicates China's largest financial input there is in the $US1.5 billion
Ramu nickel and cobalt mine, in Madang province. -
more
Japan Major Steels
to Secure Mo Oxide from CODELCO - Iron and steel Japan Bank for
International Cooperation (JBIC) singed an import loan agreement with Corporacion
Nacional del Cobre de Chile (CODELCO) for up to US$ 224 million loan. -
more
Courtesy AISI - In
the week ending June 2, 2012, domestic raw steel production was 1,920,000
net tons while the capability utilization rate was 77.7 percent. Production
was 1,802,000 tons in the week ending June 2, 2011, while the capability
utilization then was 73.7 percent. The current week production represents
a 6.5 percent increase from the same period in the previous year. Production
for the week ending June 2, 2012 is down 2.1 percent from the previous week
ending May 26, 2012 when production was 1,961,000 tons and the rate of capability
utilization was 79.4 percent.
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Monday, June 4
Morning
Briefing(8:00 AM CST
is 1PM in London)
The London Metal Exchange is closed Monday and Tuesday for the Diamond Jubilee.
Reuters morning - Shanghai copper at 7-month low after soft US data -
more
(JSC) According to Mr NC Mathur, senior advisor at Jindal Stainless Limited,
Indian stainless steel consumption will grow at a compounded annual growth
rate of 9.7% reaching 3.4 million tonnes per year by 2015, outstripping global
consumption growth of 6% to 34.12 million tonnes.
(Yieh) According to the data from Russian’s special steel association
Spetsstal, Russia’s stainless steel consumption is observed to grow
in the first three months of this year.
Euro Falls as Crisis Clash Boosts Global Growth Concern -
more
35 cases of fallen windows in 1st 5 months of 2012 -
more
Indonesia Sets
June Base Price for Metal Ore Exports - Indonesia, Southeast Asia’s
largest economy, set the base price for exports of 32 types of metal ores
in June including nickel, bauxite and copper, according to a trade ministry
regulation. -
more
China Nickel
Imports/Exports; April, 2012 = Imports of unwrought, oxide and ferronickel
declined, while ore imports largely up = According to China's Customs Statistics,
imports and exports of nickel-bearing materials including ores during April
2012 were as per the attached table hereto (all the figures in the table
are the weight of material). Ore imports sharply increased, but imports of
unwrought, oxide and ferronickel all declined. -
more
Environment
tests clear mining firm - An independent team of environmental and social
scientists have confirmed that the people and the community, as well as the
environment in Agusan del Norte are safe from the operation of the nickel-mining
firm San Roque Metals Inc. amid charges of environment law violations by
local politicians. -
more
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
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info, or become available to subscriber's only. We encourage our readers
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Indicator charts show nickel fell early, rose as the Euro strengthened on
poor US economic news, but collapsed again late. For the day and week, Dow
Jones reports three month nickel closed at
$7.30/lb. Nickel stockpiles
rose on Thursday and now total just over 107,800 tonnes.
(Dow Jones) Intercontinental Exchange Inc. and Hong Kong Exchanges and Clearing
Ltd. have been asked to resubmit their proposals to buy the London Metal
Exchange on June 7, a senior LME executive told Dow Jones Newswires Friday.
Declining Nickel
Costs Fail to Stimulate Stainless Steel Market - Stainless steel markets
throughout the world are in a subdued mood, reflecting a general, global
malaise. -
more
Vale Faces Charges
For Deaths Of Two Ontario Miners - Brazilian mining giant Vale S.A. faces
charges from the Ontario government related to the deaths of two Canadian
miners in an underground accident last year. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 6:55 am CST show 3 month nickel trading around $.03/lb
lower, with other
London traded base metals trading lower as well. Nickel stockpiles grew
overnight. China's PMI drop has added more gloom to world markets already
struggling with European problems.
Reuters morning - Copper sinks to 2012 lows on economy slowdown fear -
more
LME Morning - Metals tumble again, copper spears below $7,400 to fresh 5-mth
low -
more
Metals finished lower yesterday, with copper breaking down to a 2012 low,
slammed by a surging dollar, rather soft US macro data, and continued concern
about Europe's worsening debt crisis. For the month as a whole, copper finished
May off 11%, its third consecutive monthly decline and its biggest one-month
swoon since September 2011. Other markets also retreated yesterday, as the
struggling Euro continues to prevent any meaningful rally from setting in.
The Thomson Reuters-Jefferies CRB index was off some 11% in May, its
second-largest monthly decline since 2008. If beaten up bulls are hoping
for some relief in June given that the difficult days of "sell in May and
go away" are behind us, today's action is not offering them much hope. We
are seeing lower prices once again, with energy being hit particularly hard,
off more than $2/brl. The Euro is also sharply lower, now threatening to
take out the $1.23 level. Precious metals are down as well, while US stocks
are expected to open lower, with Dow futures pointing to a 106-point decline.
Base metals are dropping on account of poor manufacturing data coming out
of Europe and China. In China’s case, the HSBC purchasing managers index
showed manufacturing slowing sharply in May, with the index dropping to 50.4
from 53.3 in April, significantly less than the 51.5 reading expected. Euro-zone
manufacturing figures were slightly better than expected, but still fell
month-over-month, coming in at 45.1 for May vs. 45.9 in April. Spanish
manufacturing activity fell at its fastest rate in three years, and Italian
manufacturing also dropped sharply. ..... Heading into next week, we suspect
that these policies stalemates will have to be broken, as the Germans move,
however reluctantly, towards an easier stance. In fact, we could see some
sort of announcement or aid package for Spain this weekend, as the pressure
builds on policy markets to do something (anything!). At this critical stage,
perception is more important than reality. (complete report
here)
Commodity/Economic Comments
(PR) The Ontario Ministry of Labour today confirmed numerous charges against
Vale and one of its supervisors in connection with the June 8, 2011, deaths
of miners Jason Chenier and Jordan Fram at Vale's Stobie Mine in Sudbury.
(Yieh) It’s reported that the prices of austenitic stainless steel products
have remained weak in the Japanese domestic market in the recent two months
due to sluggish demand.
Indonesia's
nickel export restrictions to support prices: Citigroup - The implementation
of legislation to restrict exports of nickel ore from Indonesia will push
the nickel market into deficit by the fourth quarter and support prices,
Citigroup said Thursday in a research note. -
more
Japan Q1-2012 Nickel
Production = Compared to Q1 of 2011, metal production almost unchanged, while
ferronickel production increased = According to the statistics released by
Ministry of Economy, Trade and Industry, Japan's nickel production in the
Q1 (January - March) of 2012 was as per the tables attached hereto. -
more
Morning Nickel
Inventory and Price Statistics & Figures
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here / Yesterday's actual
LME official prices
here
or
here
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"A Guide To LME
Trading"...pdf here(all ton listings are metric
tons = 2204.622 pounds ) Updated twice daily - before 8 am CST and before
1 pm CST weekdays -
DisclaimerOriginal content and opinions copyright
www.estainlesssteel.com. All prices shown on this page
are indications only. Note - For real time and official LME prices, LME requires
a user subscribe to an authorized LME vendor.
Daily
Nickel/Stainless Steel Wrap-up
(
Reports
Commodity/Economic Articles and Comments
Ni/Cr Ore Potential
Supply Restrictions To China (Part 1) = Strong oppositions from domestic
miners in Indonesia and in South Africa = China's share in global crude stainless
steel production in 2011 was 41%, or 14 million tons. -
Norilsk cuts
investment, sees no rally in metal prices - Russia's Norilsk Nickel , the
world's largest nickel and palladium miner, plans to cut its 2012 investment
programme within a month, the company's chief executive Vladimir Strzhalkovsky
said on Friday. -
Clive's dangerous
nickel ponds 'nothing to be taken lightly' - A Queensland scientist has backed
Clive Palmer's claim his Yabulu nickel refinery has no other immediate option
but to dump ponds of contaminated water on the Great Barrier Reef. -
Morning Nickel
Inventory and Price Statistics & Figures
. Nickel stockpiles
fell slightly on Wednesday and now register just under 103,750 tonnes.
Chinese And Taiwanese
Austenitic Stainless Mills Likely To Cut Deeply Production In June - The
Chinese and Taiwanese austenitic stainless steel mills seem to have reduced
sharply their production in June. -
Japan’s
Nickel-Ore Imports From Indonesia Advance 81% in May - Japan’s imports
of nickel ore from Indonesia jumped 81 percent in May from a year earlier,
finance ministry data showed, as buyers stepped up purchase before the Southeast
Asian nation curbed shipments. -
Ferrochrome
sector’s looming destruction is a national emergency - At the heart
of the crisis is SA’s inability to set prices for commodities of which
it has the lion’s share of reserves -
Mining firm
to file raps vs Manicani residents - Criminal charges are being prepared
by Samar Nickel Mine Resources Corp. against residents of Manicani Island
in Guiuan, Eastern Samar who prevented the entry of a vehicle it unloaded
on the island’s port Saturday morning. -
Xstrata's Outlook
of Ferrochrome Market in 2012 = Market tightened from curtailment on ESKOM's
power buyback = Mr. Jeff McLaughlan, Marketing Director of Xstrata Alloys
and Mr. Stuart Cutler from Glencore, a sole marketing agent for Xstrata gave
an interview to our pressman (Mr. Saito) on the 15th of June at the Imperial
Hotel, Tokyo. -
Qatar
Holding Seeks Higher Xstrata Price From Glencore - Glencore International
Plc 16 billion pound ($25 billion) offer for the rest of Xstrata Plc is in
doubt after the target’s second-largest shareholder demanded the bid
be increased by 16 percent. -
Japan Nickel Production
- April 2012 = Ferronickel production during the first four months of 2012
was up 2.3 times from the same period of 2011 = According to the statistics
released by Ministry of Economy, Trade and Industry, Japan's nickel production
in April 2012 was as per the tables attached hereto. -
Courtesy AISI - In
the week ending June 23, 2012, domestic raw steel production was 1,854,000
net tons while the capability utilization rate was 75.0 percent. Production
was 1,864,000 tons in the week ending June 23, 2011, while the capability
utilization then was 76.2 percent. The current week production represents
a 0.5 percent decrease from the same period in the previous year. Production
for the week ending June 23, 2012 is down 1.5 percent from the previous week
ending June 16, 2012 when production was 1,882,000 tons and the rate of
capability utilization was 76.2 percent.
(
Zimbabwe: BNC
to Pay Off Retrenched Workers - Bindura Nickel Corporation last week presented
proposals to settle staff retrenchment and backpay liabilities, a move management
sees as critical to restarting its Trojan Nickel Mine operations. -
Vale moves forward
on Victor-Capre project - Vale is proposing a new nickel-copper-PGM mine
in Sudbury that has the potential for a 10-year life with an estimated production
of 5,000 tonnes per day, and a projected workforce of 500. -
World stainless
production shrinks slightly in first quarter - The International Stainless
Steel Forum (ISSF) has released preliminary data which shows that stainless
steel production shrank by 2.8% in the first three months of 2012. -
Launch of
New Caledonia’s Vale plant delayed - Reports from New Caledonia say
delays in launching the Vale nickel plant is expected to last several months.
-
We are traveling
on Monday and Tuesday of next week, so our next update will be on Wednesday,
June 13. We apologize for the inconvenience.
Oman’s Gulf
Mining to be First Ferrochrome Producer in Region - Oman’s Gulf Mining
Group has signed an agreement with the country’s Sohar Freezone to set
up a ferrochrome smelter with an initial production capacity of 50,000 metric
tonnes per year. -
PNG nickel mine
attracts Chinese money - Investigation of Chinese investment in Papua New
Guinea indicates China's largest financial input there is in the $US1.5 billion
Ramu nickel and cobalt mine, in Madang province. -
Declining Nickel
Costs Fail to Stimulate Stainless Steel Market - Stainless steel markets
throughout the world are in a subdued mood, reflecting a general, global
malaise. -
