This page is archived
news covering the period of June 2021
If you are looking for current daily market news, please visit here.
Please visit our June sponsor - RHS Stainless helps keep this daily news site free to visitors
Wednesday, June 30
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $8.33/lb ($18,365/tonne). Indicators at 6:00 am CST today show
nickel trading around $.04/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and ended that day just under the 232,500 tonne level. Nickel
is testing a strong line of resistance again today, which for the
moment at least, is holding. Blomberg is reporting nickel briquette
premiums are moving higher as the strike in Canada has forced nickel
pellet users to look to the briquette's to fill the void. The Red Cross
is warning of the potential of a 'covid catastrophe' in Indonesia, and
something nickel traders will be watching closely. More stainless steel
price hikes announced in Taiwan, while a Chinese EV battery producer
has decided to get into the battery recycling business to help offset
future demand of raw materials. And Vale to invest in extending the
life of a Manitoba nickel mine. We want to thank RHS Stainless for
supporting this page during the month of June. Their support helps keep
the page updated daily and free to visitors. Stay safe out there and
have a great hump day!
Average price of LME traded cash nickel
so far this month
- $8.13/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports....
Reuters metals morning - Copper set for weakest quarterly gain since March 2020 on China curbs - more
Tuesday's market review - Copper prices fall for fourth
day on stronger dollar - Copper prices fell on Tuesday as rising
coronavirus cases strengthened the dollar and cast doubt on a speedy
rebound of some economies, while plentiful supply of the metal also
sapped its appeal. - more
Taiwan’s Yusco hikes stainless steel prices for Jul - Yieh United Steel
Corp. (Yusco), a leading stainless steel mill in Taiwan, announced to
hike its new prices for July today (June 29). - more
China's GEM to invest in nickel and cobalt recycling project - Chinese
battery materials producer GEM Co will invest 310 million yuan ($48
million) in a project to make 100,000 tonnes per year of battery-grade
nickel and cobalt from recycling in central China's Hubei province, it
said on Tuesday. - more
Vale Strike at Canadian Mine Strains Battery Nickel Supply - more
Volkswagen’s battery plans a ‘game changer’ for Australian minerals: government - more
Vale to invest $121m to extend life of Manitoba nickel mines - The
funding will also be used to support exploration drilling to identify
new mineralisation and further define known orebodies. - more
What Makes a Top 25 Supply Chain Company - The companies in the Gartner
Supply Chain Top 25 offer numerous lessons for supply managers looking
to create more value and advance their organizations. - more
ISM - Inflation Is Likely Here to Stay — For a While - more
Glencore Report - Our commitment to addressing modern slavery -
Glencore plc is committed to preventing the occurrence of modern
slavery and human trafficking in our operations and supply chains. - pdf here
Nickel closed Monday's trading
session at $8.30/lb ($18,305/tonne). Indicators at 6:00 am CST today show
nickel trading around $.04/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and started today just over the 233,800 tonne level. Nickel
closed off its recent high of last Friday yesterday, and while showing
more evidence of a sense of stability this morning, is lower at this
time. News below includes evidence that steel demand may be slowing in
China, while a Japanese nickel smelter is forecasting a large increase
in nickel demand from the EV battery industry. Stainless prices are
increasing, as are export duties in Russia. With a majority of European
pension funds forecasting nickel prices will increase, it appears fund
support will not bail on nickel anytime soon. It's the day after Monday
- stay safe out there and have a great day!
Page sponsorship for July available - info at estainlesssteel.com
Average price of LME traded cash nickel
so far this month
- $8.12/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Aluminium rises as Russia's new export tax fuels supply concerns - more
Monday's market review - Copper eases as China industrial
profits slow, stocks climb - Copper edged lower on Monday as slowing
profit growth in industrial firms in top consumer China metals, rising
inventories and low premiums sapped enthusiasm for the metal. - more
Sliding Demand For Steel Points To A Slowdown In China’s Economy - A
hint of China’s economy slowing after the spectacular growth spurt
which followed last year’s Covid-19 slowdown has been detected in
demand for steel. - more
Sumitomo Metal sees global nickel demand for battery use to rise 18% in
2021 - Global demand of nickel used in batteries is expected to rise
18% this year from 2020, backed by strong sales of electric-vehicles
(EVs) in China, Sumitomo Metal Mining, Japan's biggest nickel smelter,
said on Tuesday. - more
84% of pension funds expect nickel to increase in price as demand for lithium-ion batteries rises - more
Taiwan’s Walsin Lihwa raises stainless steel wire rod prices for Jun -
Walsin Lihwa, a leading stainless steel wire rod manufacturer in
Taiwan, announced to raise the prices of its stainless steel wire rod
products for July. - more
Russia's Nornickel sees $500 mln hit from new export duties - RIA -
Russian billionaire Vladimir Potanin, majority shareholder in mining
giant Norilsk Nickel (Nornickel), said on Monday the impact of new
duties on the company was expected to be around $500 million, the RIA
news agency reported. - more
Courtesy AISI - In the week ending on June 26, 2021, domestic raw steel
production was 1,835,000 net tons while the capability utilization rate
was 82.7 percent. Production was 1,272,000 net tons in the week ending
June 26, 2020 while the capability utilization then was 56.8 percent.
The current week production represents a 44.3 percent increase from the
same period in the previous year. - more
Extension of EU steel safeguard provides long-term safety-net for the
EU steel industry - The extension of the EU steel safeguard for another
three years has been published today. This measure will ensure there is
a modicum of certainty for EU steel producers, provide ample access to
third-country supplies of steel for users, and help ward off disruptive
post-COVID surges of steel imports. - more
Buyers question the need for continued trade protection - more
A Nickel Mining Company in Sudbury Has Seen Injuries Triple Over 5
Years. Now The Company Wants to Cut Health Benefits. - Nickel miners in
Sudbury, Ontario are on strike to stop their company from clawing back
key health benefits at the same time as workplace injuries are on the
rise. - more
Nickel closed Thursday's trading
session at $8.36/lb ($18,430/tonne) and Friday's session at $8.41/lb ($18,545/tonne). Indicators at 6:00 am CST today show
nickel trading around $.08/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
both Thursday and Friday and ended the week just under the 234,200
tonne level. Nickel is showing signs of succumbing to a strong line of
resistance this morning. This barrier has only been beaten once since
establishing itself in January, and two attempts have been made so far
this month to punch thru with some staying power. Too early to tell if
this attempt will have any success. Lot of news posted below so we
leave you with it. Your author came down with a serious case of
stomach flu on Thursday and was in no condition on Friday to turn on a
computer, let alone try to post. Not yet 100% but recovering, and we
apologize for not posting on Friday. The final three days of the first
half of 2021 begins now so stay safe and have a great week!
Page sponsorship for July available - email info at estainlesssteel.com
Average price of LME traded cash nickel
so far this month
- $8.11/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper edges higher as dollar gives up gains; U.S. bill in focus - more
Friday's market review - U.S. infrastructure deal gives
copper a helping hand - Copper prices held steady on Friday after U.S.
President Joe Biden embraced a bipartisan Senate infrastructure deal
valued at $1.2 trillion over eight years, which helped reinforce
expectations of stronger demand. - more
China's Antaike tips aluminium as top-performing base metal in H2 -
State-backed Chinese research house Antaike said on Thursday it expects
aluminium to be the top-performing base metal in the second half of
this year due to supply constraints and recovering demand. - more
Commodity outperformance switching to energy from metals - more
Asian 304 stainless steel CRC prices rise by 18.17% since May - The
base prices of Asian 304 stainless steel cold-rolled coil (CRC) have
been rising since the beginning of May, which have hiked by 18.17% in
one and a half months. - more
South Africa’s chrome ore tax; a potential two-edged sword - On the 22
October 2020, the South African government announced they were
considering a chrome ore tax, in a stated attempt to protect the
domestic ferrochrome industry and entire chrome value chain. - more
Russia prepares to hit metals firms with $2.3 bln in export taxes in
Aug-Dec - Russia is preparing new export taxes for steel products,
nickel, aluminium and copper which will cost their producers $2.3
billion between Aug. 1 and Dec. 31, its officials told a government
meeting on Thursday. - more
China appeals to WTO over Australian duties on three products - China
has made a complaint to the World Trade Organization (WTO) over
Australia’s anti-dumping and anti-subsidy measures on three products,
its commerce ministry said on Thursday. - more
Steelworkers preparing for next round of negotiations, says union
president - The president of United Steelworkers Local 6500 said the
union is preparing for the next bargaining session with Vale after
rejecting the company’s offer on June 14. - more
Singapore files 13 more charges in massive nickel trading fraud -
Singapore prosecutors on Monday filed 13 additional charges against a
local businessman in relation to a scheme that allegedly raised more
than S$1 billion ($746 million) from investors to fund bogus nickel
trades. - more
Temasek’s general counsel, other leading lawyers duped in nickel trade scam - more
A labor dispute in which no one can win - It's 8:30 a.m. on Friday,
and despite the threat of a summer thunderstorm, 10 men, all members of
the United Steelworkers District 10, are holding picket signs on the
street. - more
Top Vale executive threatens 2,450 striking miners in northern Ontario - more
Nickel closed Wednesday's trading
session at $8.19/lb ($18,065/tonne). Indicators at 6:00 am CST today show
nickel trading around $.06/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and ended that session around the 234,900 tonne level.
Nickel closed above the $18,000/tonne level yesterday, for the first
time since the 14th. Another day with lots of news and interesting news
at that. BHP announced it was increasing its exploration budget -
nickel included. The Russian government is taking a bigger piece of
their nickel exports by increasing export taxes. And Indonesia, which
just a few years ago, banned all exports of unrefined nickel in an
attempt to have all nickel processing done in country, is now placing
restrictions on how many refineries will be allowed in country. This
announcement will take the market some time to analyze fully, but could
put a serious dent in future supply. Indonesia, seeking to become a
leading supplier of EV batteries, needs to protect its supply of
nickel. Understandable, but no less concerning for the stainless steel
industry. Two of the world's largest suppliers of nickel and both with
announcements that could effect the price of nickel. It's Thursday - stay safe and have a great day!
Page sponsorship for July available - email info at estainlesssteel.com
Average price of LME traded cash nickel
so far this month
- $8.08/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper prices fall on firm dollar, supply pressure - more
Wednesday's market review - Copper climbs after Fed chief
vows to keep rates low, strong data - Copper prices ticked higher on
Wednesday as investors gained confidence after the head of the U.S.
central bank vowed to keep interest rates low to boost economic
recovery. - more
Indonesia drawing plans to restrict nickel pig iron, ferronickel
smelters - Indonesia is considering a plan to restrict construction of
smelters producing nickel pig iron or ferronickel in order to optimise
use of its limited nickel ore reserves for higher-value products, a
senior mining ministry official said on Thursday. - more
Taiwan's stainless steel prices expected to increase for Jul - LME
nickel prices decreased sharply last week and the market remained
quiet. In addition, China's market performance has also weakened and
the export orders have also slowed down compared with last month. - more
Steel Imports Up 7.1% Year-To-Date Through May – Based on preliminary
Census Bureau data, the American Iron and Steel Institute (AISI)
reported today that the U.S. imported a total of 2,513,000 net tons
(NT) of steel in May 2021, including 1,845,000 net tons (NT) of
finished steel (down 4.8% and up 11.3%, respectively, vs. April final
data). - more
$1.5b bogus trading scheme: Firms linked to suspect being wound up -
Two firms linked to Singaporean businessman Ng Yu Zhi, the alleged
mastermind behind a US$1.1 billion (S$1.5 billion) bogus trading
scheme, are being wound up. - more
Russia prepares export taxes on metals from Aug 1 - Russia’s economy
ministry has proposed imposing export taxes on ferrous metals like
steel and base metals including nickel and aluminum between Aug. 1 and
Dec. 31, the minister told a government meeting on Thursday. - more
Manufacturing Wages Now Competing with Fast Food, Retail - A recent
report by the Wall Street Journal explores a big problem when it comes
to compensation in the manufacturing industry. - more
4 Marketing Ideas For Industrial Distributors - more
Nickel closed Tuesday's trading
session at $8.05/lb ($17,745/tonne). Indicators at 6:00 am CST today show
nickel trading around $.04/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started today's session just over the 235,800 tonne level.
Stockpiles now measure where they did last August. Nickel continues to
march higher, although this morning's bump is much less than it was on
Monday and Tuesday. Lot of news below. Copper prices are way off their
recent highs, so what typically takes place during one of these bearish
turns, happened yesterday. This time the short straw was drawn by
Glencore's president, who on behalf of the industry, reminded traders
of the doom and gloom of supply/demand shortages forecast for the
future. We say this is typical, because we have seen this in the nickel
industry numerous times over the years. If nickel falls below the
$17,000 tonne level with every indication it could go below
$16,000/tonne, then the nickel bulls will page a representative of the
nickel producing industry to remind all of us of the precarious
situation nickel is in. These timed forecasts are worth listening too,
but typically, should be taken with a grain of salt. Lots of other
interesting news below, but we leave you with the scientific finding
that the nickel in volcanic discharge was responsible for killing all
of the earth's marine life a long, long time ago. Thus, the worst
ecological disaster of all time, was NOT the fault of humans. Take that
Green Party. It's hump day so stay safe out there and enjoy your mid
week day!
Page sponsorship for July available - email info at estainlesssteel.com
Average price of LME traded cash nickel
so far this month
- $8.08/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper prices rise as Fed chief soothes rate hike fears - more
Tuesday's market review - Copper rises from 10-week low
ahead of Fed testimony - Copper prices rose from 10-week lows on
Tuesday as investors waited to find out if Federal Reserve chair Jerome
Powell will give guidance on the pace of U.S. monetary tightening in
testimony to Congress beginning at 1800 GMT. - more
Copper supply needs to double by 2050, Glencore CEO says - Glencore
Chief Executive Ivan Glasenberg said on Tuesday that a supply gap was
growing in the metals necessary for the world to replace fossil fuels
with renewable energy, but he stopped short of predicting a so-called
super cycle. - more
Chinese steel, metals price rise curbs 'short term game' with limited impact: Glencore CEO - more
May 2021 crude steel production - World
crude steel production for the 64 countries reporting to the World
Steel Association (worldsteel) was 174.4 million tonnes (Mt) in May
2021, a 16.5% increase compared to May 2020. - more
How did steel prices reach record highs during a global pandemic?
- Steel prices currently stand at record highs, even dwarfing the
previous peak recorded during the boom of 2008 (see Chart 1). - more
Last week was the worst for metal commodities since
start of the pandemic - Copper prices saw the worst week in a year, as
gold crashed through $1,800 an ounce last week, and palladium gave up
almost $300 an ounce in a single day after the US Federal Reserve
signalled that higher interest rates may happen sooner than expected. -
more
Finland's Outokumpu To Expand Production - World's second largest
stainless steel maker, Outokumpu Oyj, to invest $650 million in
expanding steel production in Sweden and ferrochrome production in
Finland. - more
China's Huayou says Indonesia nickel project to cost less than planned
- Chinese firm Zhejiang Huayou Cobalt's first nickel and cobalt
project in Indonesia will enter the commissioning stage at the end of
this year, with capital expenditure coming in below planned levels, a
senior official said on Wednesday. - more
Electric vehicle boom comes with battery waste disposal challenge - To
reduce air pollution, are we preparing to pile up heaps of rare metals
like cadmium, lithium etc while mining more for the same metals? - more
Corrosion resistant alloys in pipelines - The upstream and midstream
oil and gas industries rely on nickel-containing corrosion resistant
alloys for flowlines and risers. - more
5 tips for welding stainless steel tube and pipe - more
Nickel closed Monday's trading
session at $7.93/lb ($17,485/tonne). Indicators at 6:00 am CST today show
nickel trading around $.11/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and ended that session just over the 237,400 tonne level. Nickel
is continuing a rebound from its most recent sell off, with nickel
climbing back over the $8/lb level this morning. The Euro is trading
higher against the US Dollar, which is adding additional positive
momentum. Electric vehicle registrations have spiked in the US this
year, with EV's accounting for 2% of new car sales. This percentile is
far lower than other countries, primarily in Europe and Asia. But it
does reflect the ever increasing demand on nickel, with the EV industry
quickly becoming a competitor to the stainless steel industry for
processed nickel. Stay safe out there and enjoy your Tuesday!
Page sponsorship for July available - email info at estainlesssteel.com
Average price of LME traded cash nickel
so far this month
- $8.08/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper rises on weaker dollar ahead of Fed chair's testimony - more
Monday's market review - Copper steadies after hitting
10-week low - Copper steadied on Monday, having hit its lowest level
since mid-April after moves by China to rein in commodities price
rallies and signals from the U.S. Federal Reserve it will tighten
monetary policy sooner than expected. - more
Dalian iron ore slumps over 5% as China steel demand darkens -
Benchmark iron ore futures in Asia tumbled on Monday, as a seasonal
slowdown in construction activity in top steel producer and consumer
China dampened sentiment, pulling down prices of the raw material to the
lowest in nearly two weeks. - more
Vale strike continues - More than 2,500 striking mine, mill and smelter
workers in Sudbury rejected Vale’s latest offer last week and a local
MPP has been out talking to those workers. - more
Courtesy AISI - In the week ending on June 19, 2021, domestic raw steel
production was 1,839,000 net tons while the capability utilization rate
was 82.9 percent. Production was 1,272,000 net tons in the week ending
June 19, 2020 while the capability utilization then was 56.8 percent.
The current week production represents a 44.6 percent increase from the
same period in the previous year. - more
US: BEV Market Nearly Doubled Through April 2021 - BEV market share increased to 2.3%. - The
all-electric car segment is booming in the U.S., according to the
latest report on car registration from Experian (via Automotive News).
- more
Due to COVID-19 and Increasing Customer Expectations, Industrial B2B
Sales Have Changed Forever - COVID-19 impacted almost everything we
routinely interact with. Although deemed essential, the fastener
industry was not immune to those changes. - more
Managing Supply Chain Risks in an Increasingly Interconnected World - more
The Monthly Metric: Safety-Stock Level - Amid global trade turbulence,
climate disruptions of increasing frequency and severity and a
once-in-a-century pandemic — few elements of supply chain management
have been impacted in recent years more than inventories. - more
Fed - What Happened to the U.S. Deficit with China during the U.S.-China
Trade Conflict? - The United States’ trade deficit with China narrowed
significantly following the imposition of additional tariffs on imports
from China in multiple waves beginning in 2018 - or at least it did
based on U.S. trade data. - more
Nickel closed Friday's trading
session at $7.79/lb ($17,170/tonne). Indicators at 6:00 am CST today show
nickel trading around $.07/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and started this week just under the 237,700 tonne level. After
suffering a dismal week, the Euro is trading higher this morning, and
nickel is mirroring that action. Nickel remains weak however, and has
already given back some of its earlier gains. Friday's close was over
$1000/tonne lower than it closed the week below on Thursday that 10th.
For those who get sick on roller coasters, nickel is probably not the
best commodity to follow. Speaking of getting sick, younger relatives
of mine began to recover from a bout with the Delta variant of covid-19
last Friday, after experiencing what one called, the "symptoms from
hell". They tested positive earlier in the week, and were bed ridden
most of the week. Prior to this, they had been unconcerned with the
pandemic, feeling it was more hype than reality.One is now warning me,
the vaccinated guy who is still wearing a mask inside, to be very
careful. While our lives have become far more normalized in the past
few months, the virus continues to hunt for its next victims. One of
the first areas of the U.S. to record the existence of the Delta
variant was in Southwest Missouri. Now, weeks later, that area is
reportedly a hot spot. And the Delta variant is now in 47 States.
Fortunately, my family members look to be out of the woods. All that
being said, we encourage you to remain on guard for situations that
might put you, or your loved ones, in a 'less than safe' environment.
And getting that shot can help you worry less. So we will continue to
say, be careful out there and have a great week!
Page sponsorship for July available - email info at estainlesssteel.com
Average price of LME traded cash nickel
so far this month
- $8.10/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper hits near 10-week low as dollar firms after Fed rate view - more
Friday's market review - Copper on track for biggest
weekly tumble since March 2020 - Copper on Friday was on track for its
biggest weekly fall since March 2020 after the Federal Reserve
signalled it would begin to tighten monetary policy and China said it
would sell state reserves to limit prices. - more
Column: Metals boom sees the return of physically-backed funds: Andy
Home - The boom times have returned for industrial metals over
the last year as global manufacturing activity has come roaring back
from its pandemic lows. - more
The metals price rally is here to stay - As economies reopen in various
parts of the world, metals prices have increased by 72 per cent
relative to their pre-pandemic levels – reaching a nine-year high in
May 2021. - more
Outokumpu's stainless steel shipments rise in Q1 q-o-q, y-o-y -
According to a report released by Outokumpu, a Finland-based stainless
steel company, boosted by the stronger market demand, the firm’s
stainless steel shipments reached 608,000 tons in the first quarter of
this year, hiking by 16.3% and 3.4% quarter on quarter and year on
year, respectively. - more
Russian billionaire Potanin will not join in Nornickel buyback -
Russian billionaire Vladimir Potanin has decided not to take part in a
buyback of Nornickel shares, his Interros Holding said on Friday,
increasing the proceeds of aluminium producer Rusal from the deal. - more
Growing Backlogs and Disruptions as Yantian Port Begins Recovery - Four
weeks after an outbreak of COVID-19 in southern China began to disrupt
operations at the busy Yantian port, officials are reporting the first
glimmer of hope that operations are starting to return to normal. - more
What to look for besides the climbing steel price - No one could have
predicted a year ago that the steel market would be where it is today.
And it remains difficult to predict how long steel prices will stay in
nosebleed territory. - more
Nickel closed Thursday's trading
session at $7.79/lb ($17,180/tonne). Indicators at 6:00 am CST today show
nickel trading around $.07/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today's session just over the 238,400 tonne
level. Nickel climbed in overnight trading, but is showing some
weakness this morning. Shanghai markets stabilized and rose slightly as
well overnight. USW workers are entering their fourth month on strike
against Allegheny Technologies. Fitch has raised its nickel price
forecast for 2021 to $7.48/lb. Quite a few articles below for your
weekend reading, so with that said, we wish you a safe and relaxing
weekend and stay safe out there.
Page sponsorship for July available - info at estainlesssteel.com
Average price of LME traded cash nickel
so far this month
- $8.12/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - LME copper eyes worst week since March 2020 on China sale plan, Fed tone - more
Thursday's market review - Copper sinks to two-month low
as dollar strengthens - Copper prices fell to their lowest in two
months on Thursday after the U.S. Federal Reserve brought forward its
expectations for raising interest rates, sending the dollar higher and
sapping demand for metals. - more
Universal Stainless Announces Base Price Increase - Universal Stainless
& Alloy Products, Inc. today announced a base price
increase of 3% to 10% on all bar products. - more
Merafe press release - Shareholders of the Company are advised that the
European benchmark ferrochrome price for the third quarter of 2021 has
been settled at 156 US cents per pound, a rollover from the second quarter
of 2021. - source
Stainless production ramps up in US, Europe - The Brussels-based
International Stainless Steel Forum (ISSF), in a recap of national
statistics, says stainless steel production increased globally by 24.7
percent in the first quarter of 2021 compared with the first quarter of
2020. - more
China steelmaking ingredients rise on robust production demand - Prices
of steelmaking raw materials in China rose on Thursday, buoyed by data
showing a record monthly output of crude steel and as China said it
sees room for further growth in demand. - more
China’s 316L stainless steel prices surge due to higher ferromolybdenum prices - more
Fitch upgrades long-term nickel price forecast - The nickel price will
remain on a gradual uptrend in the long term as the global market
remains in deficit, prompting Fitch Solutions to upgrade its long-term
nickel price outlook from $15,750 per tonne to $16,500 per tonne for
2021. - more
Striking ATI Steelworkers Hold the Line for Premium-Free Health
Insurance - Across the country, steelworkers at nine plants of
Allegheny Technologies, Inc. have been on strike for the last 11 weeks.
- more
What could cause iron ore price to tumble - Calls
to reintroduce a mining tax could signal the price of Australia’s most
valuable export may have hit its peak, experts have warned. - more
ExOne surpasses global delivery of 2 million metal parts, bolsters
stainless steel part production with new systems - Binder jet 3D
printer manufacturer ExOne has reached a milestone with its Metal 3D
Printing Adoption Center, which has now delivered more than two million
metal parts to its customers worldwide. - more
Nickel closed Wednesday's trading
session at $8.01/lb ($17,665/tonne). Indicators at 6:00 am CST today show
nickel trading around $.12/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell by
over 1000 tonnes on Wednesday and ended that session just over the
238,600 tonne level. Nickel traded quietly yesterday, but a stronger
Dollar, has turned the commodity board nearly all red this morning. The
Fed announced it could start cutting back on ZIRP 'by 2024', and with
the possibility of withdrawal symptoms in the future, albeit far in the
future, markets are turning to the fetal position for comfort. Here is
the Federal Funds Rate over the last 62 years - Historical Chart.
As you can see, it appears the American economy, since the recession of
2007, has become dependent on zero or near zero interest rates (ZIRP).
Reuters is reporting China hit an all time record high in crude steel
production in May, producing 99.45 million tonnes. Strikes continue at
Vale in Canada and Allegheny here in the States. And we posted a group
of articles discussing the port congestion problems in both China and
here in the U.S. Finally, if you would like to vacation to Europe, the
US was added to the safe travel list yesterday, meaning it will be
easier to book your trip. And that is the news for this Thursday
morning. Stay safe out there and have a great day!
Page sponsorship for July available - info at estainlesssteel.com
Average price of LME traded cash nickel
so far this month
- $8.14/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Dollar strength sends copper to lowest in nearly two months - more
Wednesday's market review - Copper rebounds as market
shrugs off China stockpile plans - Copper prices bounced on Wednesday
after touching their lowest in more than seven weeks as analysts said
that China’s release of some of its metals stockpiles may be modest in
copper. - more
Six workers injured after fire at Indonesia's Weda Bay nickel smelter -
A fire broke out at an Indonesian nickel smelting facility on Halmahera
island, injuring six workers, who were evacuated and receiving
intensive care, operator PT Indonesia Weda Bay Industrial Park (IWIP)
said on Wednesday. - more
Indonesia warns about possible tsunami after earthquake - more
New ‘Toxic 10’ List Outlines Worst Industrial Polluters in Allegheny
County - The 10 biggest industrial polluters in Allegheny County
released more toxic pollution into the air in 2019 than they did in
previous years, according to a report PennEnvironment released Tuesday.
- more
Vale announces first ore at Voisey’s Bay mine extension - Vale reaches
milestone of first ore production on its Reid Brook deposit at the
Voisey’s Bay mine expansion project in Northern Labrador, Canada - more
Maersk warns Yantian port congestion a ‘much bigger disruption’ than
Suez Canal closure - The world’s largest container line Maersk says
that congestion and delays at Yantian port in South China are a much
bigger disruption to its operations than the Ever Given blocking the
Suez Canal in March this year. - more
US import boom hits new heights, with ships queuing to enter congested ports - more
Carriers 'feasting' on rates boom, oblivious to supply chain chaos around them - more
Out-of-Control Shipping Costs Fire Up Prices From Coffee to Toys - more
Why High Container Rates are Likely to Persist - more
Nickel closed Tuesday's trading
session at $7.99/lb ($17,607/tonne). Indicators at 6:00 am CST today show
nickel trading around $.03/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started today's session just over the 239,800 tonne level.
After a day that saw nickel sink in the area of $900/tonne, traders
appear to have sealed the hole in the hull - at least for the moment.
Technical signals, the ones that said nickel was a buy on Monday, now
are flashing sell, and once again, confirm their tendency to reflect
what is already happening, and in doing so - predict what will happen
with little accuracy. If a commodity or stock stays in a trend, then
technicals will tend to be accurate. If they are volatile, like nickel
tends to be, they are good for telling you what happened - yesterday.
China finally sneezed and took some further measures to crack down on
commodity speculation. You can read about their actions below. These
changes were announced overnight, just hours after the market took its
dive. Makes one wonder if the big boys were tipped off. It's hump day
and the week and month are on, or will be on shortly, the down hill
slide. Stay safe out there and have a great day!
Tuesday's market review - Copper prices at 7-week low on
Chinese crackdown fears - Copper prices dropped on Tuesday to their
lowest since April 26, weighed down by investor fears over measures
Chinese authorities could take to curb a recent price rally in
commodities. - more
China’s Campaign to Control Commodities Goes Into Overdrive - China has
stepped up its campaign to rein in commodity prices and reduce
speculation in a bid to ease the threat to its pandemic rebound from
soaring raw material costs. - more
Brazil's Vale says output begins at Reid Brook nickel deposit in Canada
- Vale’s Voisey’s Bay nickel mine in Northern Labrador has started the
production at its Reid Brook deposit, the Brazilian miner said in a
securities filing on Tuesday. - more
China May refined nickel output down 4.5% m/m - Antaike - China's
refined nickel cathode output in May fell 4.5% from the prior month and
slumped 10.8% year-on-year to 12,424 tonnes amid maintenance at top
producer Jinchuan Group, state-backed research house Antaike said on
Tuesday - more
Volkswagen seeks partners for battery materials race - Volkswagen is in
talks with suppliers to secure direct access to raw materials for
electric vehicle (EV) batteries via partnerships, one of its board
members told Reuters on Tuesday. - more
US Wholesale Prices Up Record 6.6% Over Past Year - Wholesale prices,
driven by rising food costs, increased 0.8% in May and by a
unprecedented amount over the past year as the U.S. economy emerges
from pandemic lockdowns and pushes inflation higher. - more
Nickel closed Monday's trading
session at $8.38/lb ($18,465/tonne). Indicators at 6:00 am CST today show
nickel trading around $.27/lb
lower. Yeah - well below the $18,000/tonne level already this morning.
Stockpiles grew slightly on Monday and ended that session just below
the 240,500 tonne level. Base metals traders in general, and nickel in
particular, are in a bad mood today - or have started booking some
profits a few weeks before the end of the fiscal quarter. The tipping
point might have been the fact Shanghai traders came back to work
overnight and instead of following LME traders higher, they took nickel
a little lower. We say little because it was nothing like the 3+%
lowering nickel has experienced so far today. Couple of points to touch
on this morning. First, if you are a buyer and purchase grease in large
quantities for your facility, it might be worth talking to your
supplier.
The explosion at Chemtool
in Illinois yesterday could potentially exacerbate any future
shortages. Secondly, Andy Home of Reuters yesterday wrote a column
titled "A nickel refinery tops U.S. battery metals wish list". We have
linked to it below as well as to the pdf of the actual report. Andy
states this recommendation was a surprise and we would like to second
that. Does someone in our national security department worry our
neighbor to the north might actually cut us off? We thought, in general, that America and Canada got along? There are a lot of
minerals, especially critical, that our government should be worried
about. Nickel? Not really a huge concern in our opinion. It's the day
after Monday and nearing the mid point of the month. Stay safe out
there and have a great day!
Average price of LME traded cash nickel
so far this month
- $8.17/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper hits 7-week low as funds, traders cut long positions - more
Monday's market review - Copper falls as market frets
about demand, China curbs - Copper slipped on Monday as fears that top
consumer China would take action to curb any further rises in prices of
industrial metals and the notion of fundamentals overtaking prices
sparked some selling. - more
Column: A nickel refinery tops U.S. battery metals wish list - The
United States government should invest in nickel refining capacity in
coordination with its allies, according to the Biden Administration’s
100-day review of critical supply chains. - more(100 day report - pdf here)
Taiwan’s stainless steel manufacturers stay high turnover in May -
According to the strong nickel price in the world, the stainless steel
industry in Taiwan showed optimism in May. - more
Members of Vale Sudbury nickel miners' union reject new offer - Members
of a union representing striking workers from Vale SA's Sudbury,
Canada, nickel mine have rejected the Brazilian company's latest offer,
urging it to commit to "good-faith" talks to settle the strike. - more
Striking ATI Steelworkers Hold the Line for Premium-Free Health Insurance - more
Courtesy AISI - In the week ending on June 12, 2021, domestic raw steel
production was 1,834,000 net tons while the capability utilization rate
was 82.6 percent. Production was 1,272,000 net tons in the week ending
June 12, 2020 while the capability utilization then was 56.8 percent.
The current week production represents a 44.2 percent increase from the
same period in the previous year. - more
Nickel closed Friday's trading
session at $8.27/lb ($18,235/tonne). Indicators at 6:00 am CST today show
nickel trading around $.08/lb higher.
Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and started this week just over the 240,200 tonne level. Nickel
has now closed for three sessions above the $18,000/tonne level and
typically, this would be a positive technical signal. But we have been
here a few times over the past few months and technical signals have
proved about as valuable as analyst forecasts. China markets were
closed today (overnight) for their Dragon Boat Festival and will return
to work tomorrow. Industry news remains subdued for the mid month. We
should see some export/import numbers published sometime this week.
Many people seem to be having a good 2021 so far, but if you are not
one of them, there are only 200 days left until 2022. And there are 13
working days left in the first half of 2021. Stay safe out there and
have a great week!
Average price of LME traded cash nickel
so far this month
- $8.15/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper falls as market frets about demand, China curbs - more
Friday's market review - Tin's ascent to decade highs
fuelled by supply fears - Tin prices rose to their highest in
more than a decade on Friday as expectations of severe shortages due to
supply and shipping disruptions created by COVID-19 restrictions
fuelled another speculative buying frenzy. - more
Japan has filed a complaint with the World Trade Organisation (WTO)
over China's anti-dumping - Japan has filed a complaint with the World
Trade Organisation (WTO) over China's anti-dumping duties (ADDs) on
stainless steel products exports from Japan. - more
Metal Shipments Increased Dramatically For 3rd Straight Month - Steel
and aluminum shipments increased dramatically for the third straight
month in the US and Canada in May. - more
Samsung increases nickel content in NCA batteries - Samsung SDI has
increased the nickel content in the cathodes of its battery cells with
NCA (nickel-cobalt-aluminium oxide) chemistry for electric cars. This
should not only increase the energy density, but also reduce the costs
compared to cells with a higher cobalt content. - more
Nickel closed Thursday's trading
session at $8.29/lb ($18,280/tonne). Indicators at 6:20 am CST today show
nickel trading around $.04/lb
higher. Stockpiles of nickel stored in LME licensed warehouses broke a
17 session streak and rose on Thursday, starting today's session just
over the 240,700 tonne level. LME nickel closed higher yesterday,
keeping its head above the $18,000/tonne level, and so far this morning
continues to climb. Traders appear to be betting more on the risk of
shortages, than increasing prices due to inflationary pressures.
Chinese ports are reporting massive backups, as the state tries to
juggle record shipments against covid safety restrictions. They are
reporting an increase in cases around one port, and as they have shown
since the early days of the pandemic, they take the virus very serious.
US ports are reporting record numbers of TEU's (20 foot equivalent
shipping container) as well. Marketwatch published an article this
morning called "Steel’s Massive Rally Is Hitting All Parts of the
Global Economy". It's in the section "Other News" below and worth a
read. The inflation numbers came in higher than expected, but if the
market is reacting one way or the other, you wouldn't notice it. Slow
news day to end the week. Stay safe out there and enjoy your weekend.
Average price of LME traded cash nickel
so far this month
- $8.13/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper rises on weaker dollar, aluminium jumps - more
Thursday's market review - Copper falls on China's pledge
to cool prices, low premiums - Copper prices fell on Thursday on signs
of sluggish demand for the red metal from top metals consumer China and
the country’s efforts to curb surging prices for base metals. - more
Russia’s stainless steel output drops in first 4 months of this year -
According to the official statistic from Russia, the total domestic
output of stainless steel in the first four months of this year was
66,200 tons, which decreased by 5% year on year. - more
Industrial Distribution's 74th Survey of Operations Report, Pt. 2 - See
what our respondents had to say about their supplier relations, the
value they provide, and employment, along with their comments. - more
Nickel closed Wednesday's trading
session at $8.22/lb ($18,130/tonne). Indicators at 6:00 am CST today show
nickel trading around $.11/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and ended that session just over the 240,500 tonne level.
Nickel climbed to close over the $18,000 tonne yesterday, and is now
trading by the same margin below that level. It is starting to appear
like the bulls are fighting to hold this level, rather than pass it.
And while the bears are putting up a good fight, they have been unable
to pull the market down for long. Whether you are bullish or bearish,
the market has stalled, albeit with volatility intact. China continues to send traders menacing messages ( see here)
and LME traders are following Shanghai overnight traders lower today.
Today the market sees inflation numbers for May, and they might give an
idea of how the Fed might react next week. Analysts expectation is at
4.7%. We think that will be low, but what do we know. The European
Central Bank meeting is going on today as well. And next week, besides
the Fed meeting, we have President Biden's meeting with the Russia
President and Comrade Supreme Commander Putin. Lot of uncertainty in
the markets, and traders hate uncertainty. It's Thursday and we are in
the downhill slide. Stay safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $8.14/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper eases on fears of China price curbs - more
Wednesday's market review - Copper treads water as Chinese
factory gate prices surge - Copper prices hovered below $10,000 a tonne
on Wednesday as data showed Chinese factories were facing the fastest
rises in the cost of input materials in 12 years and a Chinese
government agency said it would step up monitoring of commodities
markets. - more
Column: London Metal Exchange ring will return, but for how long? - The
shouting will resume on Sept. 6, when the nine ring-dealing members of
the London Metal Exchange (LME) take their red leather seats after more
than a year’s coronavirus-induced break. - more
Metal prices are at a 9-year high. What’s driving them up? - Metal
prices have increased by 72 percent relative to their pre-pandemic
levels - reaching a nine-year high in May (in inflation adjusted
terms), according to the International Monetary Fund, which said that
the increase has been broad-based across industrial metals - copper is
up 89 percent in May (year-over-year), iron ore is up 116 percent, and
nickel is up 41 percent. - more
AISI Releases May 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 May totaled 2,621,000
net tons (NT)*. - more
EU should promote moratorium on deep-sea mining, lawmakers say - The
European Union should promote a moratorium on deep seabed mining until
its effects on the environment are better understood and can be
managed, the European Parliament said on Wednesday, adding to calls for
a pause on the nascent industry. - more
EPA: Proposed PolyMet mine ‘may affect’ downstream water quality - The
federal Environmental Protection Agency has notified the Fond du Lac
Band and the state of Wisconsin that the proposed PolyMet copper-nickel
mine near Babbitt “may affect” downstream water quality. - more
The Risk of Cargo Liquefaction - Some bulk cargoes can cause cargo
liquefaction if the moisture content exceeds a certain level. Cargo
liquefaction occurs when dry bulk cargoes with high moisture content
start to behave like liquids when the ship is moving. - more
Nickel closed Tuesday's trading
session at $8.14/lb ($17,945/tonne). Indicators at 6:00 am CST today show
nickel trading around $.08/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started today's session just over the 241,250 tonne level.
Nickel is trading back over the $18,000/tonne level this morning, with
positive sentiment being assisted by a stronger trading Euro. Nickel is
getting most of the attention from traders this morning, with the other
base metals trading flat to slightly lower. The World Bank revised
their forecast for global growth in 2021 upward yesterday, and the
ISSF reported stainless steel production increased by nearly 25% in the
first three months of this year. U.S. inflation numbers are out
tomorrow, and European Central Bank meeting starts tomorrow as well,
and the Fed meets next week - all catching the markets full attention.
It's Wednesday. Be safe out there and have a great hump day!
Average price of LME traded cash nickel
so far this month
- $8.13/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper steadies as Chinese producer inflation stokes price curb fears - more
Tuesday's market review - Copper ticks higher, but
vulnerable to further losses - Copper prices rose on Tuesday on
optimism about economic recovery, but volumes were low and analysts
cited the potential for more downside. - more
Stainless steel production increases by 24.7% to 14.5 million tons in
the first 3 months of 2021 – The International Stainless Steel Forum
(ISSF) has released figures for the first three months of 2021 showing
that stainless steel melt shop production increased by 24.7%
year–on–year to 14.5 million metric tons. - more
What does China’s 14th Five-year Plan mean for nickel? - In 2021, China
instigated its 14th Five-year Plan. Under the Plan, the country aims to
move from an era of rapid economic growth towards improving its
economic structure and the standard of living of the Chinese people. - more
Miners should target smaller deposits for clean energy era -PwC - The
world's biggest miners should consider developing smaller deposits to
make the most of the commodities expected to be in demand during the
transition to cleaner energy production, a report on Wednesday said. - more
Inside the battle to own a prized nickel deposit in Ontario's remote
Ring of Fire - Wyloo Metals, backed by an Australian iron ore magnate
with deep pockets, is looking to buy Noront Resources for its
prospective nickel as a carbon transition play - more
Mayor welcomes good news from two local mining sector sources - more
Dollar Stalls, Yields Ease as Stocks Trade Mixed: Markets Wrap - more
Nickel closed Monday's trading
session at $8.11/lb ($17,890/tonne). Indicators at 6:00 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licensed warehouses continued
their downward trend on Monday, and started today just under the
241,400 tonne level. Nickel rebounded from earlier losses yesterday,
but was unable to climb over the $18,000/tonne level. Down this
morning, but markets appear to be quiet. May 2021 inflation numbers
will be published on
Thursday and until then, reporters are blaming it for every shift in
prices, be it equity, commodity, or court ordered alimony. Higher
inflation could force the Fed to back off on some of its market stimulus,
and an addicted market is not looking forward to the withdrawal side
effects. It's day two, week two, month six, of the 21st year of the
21st century. Stay safe out there today and make it a memorable one.
Average price of LME traded cash nickel
so far this month
- $8.14/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper ticks higher, but vulnerable to further losses - more
Monday's market review - Copper slips on worries about
Chinese demand after trade data - Copper prices eased on Monday as
investors took fright from weaker than expected trade data from top
consumer China showing lackluster demand. - more
Indonesia says 3 nickel smelters to be completed and operational this
year - Indonesia aims for three nickel smelters to be completed and
operational this year, an official at the country’s energy and natural
resources ministry said on Tuesday, without specifying the capacity of
the smelters. - more
London Metal Exchange to decide fate of iconic open-outcry 'ring' - The
London Metal Exchange will tell its members on Tuesday whether its
iconic open outcry floor is to close for good, cementing the switch to
electronic trading, a move strongly opposed by many of the exchange’s
users. - more
Courtesy AISI - In the week ending on June 5, 2021, domestic raw steel
production was 1,840,000 net tons while the capability utilization rate
was 82.3 percent. Production was 1,258,000 net tons in the week ending
June 5, 2020 while the capability utilization then was 56.2 percent.
The current week production represents a 46.3 percent increase from the
same period in the previous year. - more
Report: Tesla will change battery chemistry for Model Y in China - Tesla
Model Y electric cars built in China will soon start using a new
battery chemistry from LG Chem, according to South Korean newspaper
Business Korea (via Electrek). - more
Fastener Distributor Index Accelerates in May as Outlook Holds Near
Record Level - Selling conditions remain very favorable, but some
distributors are struggling to procure enough product to meet demand. -
more
Nickel closed Friday's trading
session at $8.18/lb ($18,030/tonne). Indicators at 6:00 am CST today show
nickel trading around $.12/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and ended the week just over the 242,000 tonne level. Once
again, the $18,000/tonne level proved to put up enough resistance, that
traders are backing off. This is the third time in the last month that
nickel has punched thru this level, only to retreat sharply thereafter.
The last retreat didn't stop until the $16,800/tonne range, the one
prior not nearly as dramatic. So it will be interesting to see what
happens this time, and if any pattern forms. Both strikes, Vale and
Allegheny, are still active, and Allegheny has given the USW until 5 pm
today to either accept its latest offer, or prepare for a less generous
offer in the future. Indonesia is suffering a rebound in covid cases
and its worth tracking, as they have become a major supplier to the
word of nickel and stainless steel. In fact, the analysts say Indonesia
will become the world's second large supplier of stainless steel this
year, bumping India to number three. It's Monday - a new week
loaded with new opportunities. Stay safe out there and ave a great day!
Average price of LME traded cash nickel
so far this month
- $8.18/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper eases as China exports data fans demand concerns - more
Friday's market review - Copper rebounds on bargain
hunting and U.S. jobs data - Copper prices rebounded on Friday as
investors bought in at lower prices after heavy losses the previous
day, driven by concerns that strong U.S. economic data could spur
tighter monetary policy. - more
Global Steel Production: China Blows the Socks off the Rest of the
World, US Production Plunges - China produced 57% of global crude
steel, turned nearly all into finished steel products that it exported
or used in domestic manufacturing and construction. The annual steel
report is out. - more
China's crude stainless steel output slides in May m-o-m - more
As Vale Inco nickel miners’ walkout in Ontario prepares to enter second
week, critical lessons posed by 2009-10 strike - A few hours after the
beginning of the strike at the Vale Inco nickel mining complex in
Sudbury, Ontario, last Tuesday, company security called police on
picketing miners. - more
Mining in the Pacific: a blessing and a curse - Mining is big business
in the Pacific. Guardian analysis of trade data can reveal that each
year nearly 11m tonnes of fuel and oil (the equivalent of 1100 Eiffel
towers) are extracted from the region, 2m tonnes of copper, nickel,
manganese and aluminium are mined, and gold worth US$2.6bn is quarried.
- more
Here's Where Industrial Distributors, Suppliers Landed on the 2021
Fortune 500 - See how far major industrial distributors and
manufacturers moved up or down the annual who's who of corporations. - more
Employee Background Checks: Beyond Ban-The-Box - more
Nickel closed Thursday's trading
session at $8.10/lb ($17,865/tonne). Indicators at 6:35 am CST today show
nickel trading around $.05/lb
higher. Stockpiles of nickel stored in LME approved warehouses fell on
Thursday and ended that session just under the 242,600 tonne level. All
eyes are on the employment numbers being released in the U.S. today,
with positive numbers all but assuring traders the Fed will begin to
pull back on some of its stimulus measures. As we have stated before,
the markets have become addicted to the Fed's generosity, and even in
the face of much higher inflation than the Fed likes, we suspect any
"pull back" on the free money, will be in baby steps. Russia announced
Norilsk's second mine closed by floods, has reopened and is
operational. Russia also announced they will sell their first batch of
carbon neutral nickel later this year. It would be interesting to hear
how they mined, shipped and refined nickel, and somehow maintained a
carbon neutral status. After a shortened week for many of us, it's
already Friday. Stay safe out there and have a great weekend!
Average price of LME traded cash nickel
so far this month
- $8.20/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper rebounds on bargain hunting after steep fall - more
Thursday's market review - Copper plunges below $10,000 as
U.S. jobs data knocks markets - Copper and other industrial metal
prices dived to five-week lows on Thursday as strong U.S. jobs data
fueled concerns that monetary policy could tighten, knocking
growth-related assets. - more
Indonesia's nickel boom is a win for resource nationalism: Andy Home
- Indonesia has emerged as the world's dominant producer of
nickel over the last 10 years. Mined production last year was 771,000
tonnes, twice as much as the world's second largest producer the
Philippines and accounting for almost a third of global output,
according to the International Nickel Study Group (INSG).- more
Indonesia to surpass Japan & India, becoming second-largest stainless steel producer in the world - more
Commodity Firms Race To Hire Metal Traders - Amid booming demand for
key metals in the energy transition, the world’s largest commodity
traders, as well as some hedge funds, are racing to hire metals traders
to capitalize on the demand for critical minerals, Reuters reported on
Wednesday, quoting sources with direct knowledge of the hiring spree. -
more
DENR conducts inventory of idle mining assets - The
Department of Environment and Natural Resources (DENR), through the
Mines and Geosciences Bureau (MGB), has started conducting an inventory
of the government’s idle mining assets in preparation for their sale or
re-operation supposedly to augment funds for pandemic response. - more
Russia's Nornickel resumes mining at second mine after flooding -
Russian metals producer Nornickel GMKN.MM has resumed ore mining at the
second of its two mines hit by flooding this year, it said on Friday. -
more
Russian Norilsk Nickel to release the first batch of carbon-neutral nickel this year - more
Rebuilding the might of the domestic metal supply chain - As metal
fabricators try to stay on top of increased business opportunities,
they might find it hard to believe that metals manufacturing is nowhere
near the levels it was in the years leading up to the Great Recession.
- more
Industrial Distribution's 74th Survey of Operations Report, Pt. 2 - See
what our respondents had to say about their supplier relations, the
value they provide, and employment, along with their comments. - more
ID Editorial: Have We Reached the Other Side? - more
Nickel closed Wednesday's trading
session at $8.26/lb ($18,205/tonne). Indicators at 6:00 am CST today show
nickel trading around $.04/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today just under the 243,200 tonne level.
Cancelled warrants are moving slowly lower, somewhat unusual to see as
we watch inventory levels drop as well. We were seeing figures in the
28% range in mid May, today they are reporting under 25%. New
Caledonia will vote on an independence referendum for a third time in
December. We will cover this more as it gets closer, as it could
potentially have an effect on nickel production from that country. In
two former votes, the majority of the citizens voted to stay part of
France. The Philippines have apparently tired of watching Indonesia
grabbing up EV battery manufacturing, and want to attract some
investment as well. Strikes at Inco in Canada and Allegheny here in the
states continue. If your company uses chlorine for any reason, you
should have your purchasing department talk to their suppliers today.
Chlorine tablets were already scarce, but Westlake Chemical declared
force majeure yesterday, after a plant in West Virginia was forced to
shut down. It seems everything is in short supply these days, but some
appear worse than others, and anyone declaring they will be unable to
meet commitments, is really throwing a monkey wrench into the works.
And if you can find it, you have to pay more to get it to your
location, due to higher fuel costs and driver shortages. Frustrating,
but still better than a recession. It's the day before Friday, so stay
safe and have a great day!
Average price of LME traded cash nickel
so far this month
- $8.23/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper edges lower as weak Chinese demand weighs - more
Wednesday's market review - Copper dips on strong dollar
and low Chinese demand - Copper edged lower on Wednesday as investors
took some money off the table over worries about a dip in demand from
top consumer China while a firmer dollar also sapped the metal’s
appeal. - more
BIR World Recycling Convention - Stainless Steel & Special Alloys
Committee: Electric vehicle battery market to drive nickel use growth -
The outlook for scrap in a shifting nickel-use landscape occupied much
of the discussion at the latest online meeting of the BIR Stainless
Steel & Special Alloys Committee, hosted yesterday by its Chairman
Joost van Kleef of Netherlands-based Oryx Stainless BV. - more
Stainless steel, EV batteries to drive nickel unit demand: panel - more
Shortages continue to drive up EU stainless steel prices - Limited
availability continues to propel European stainless steel prices on an
upward trajectory. - more
Philippines to develop home grown batteries for EVs - An effort to
develop local battery technology for electric vehicles (EV) and
renewable energy industries in the Philippines will receive over 142
million pesos (RM12.2 million) in funding over the next three years. - more
Take ID's Survey to See How Your Salary & Benefits Compare With Peers - It's
time for ID's annual Salary Survey! The resulting report shares how
salary & compensation figures compare across different industrial
distribution job titles. - more
Nickel closed Tuesday's trading
session at $8.21/lb ($18,110/tonne). Indicators at 6:00 am CST today show
nickel trading around $.07/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
sharply on Tuesday and started today just over the 243,600 tonne level.
Nickel closed above the $18,000/tonne for a second straight session,
which typically would send a bullish technical signal, but this level
has given nickel bulls a little trouble in the past few months. The big
news is the calling of a strike against Vale Inco in Canada, and the
response by Vale, to suspend operations at the mine. This will have an
adverse effect on future nickel supply, the very day, LME nickel
supplies were reported to have gone negative for the year. Based on
this particular union's history, don't expect any announcements of an
agreement any time soon. Speaking of strikes, according to at least one
web site, USW has softened its stance against Allegheny (article here).
It's on the web so it must be true, right? Average U.S. prices for May
compared to April -
nickel - rose from $7.48/lb to $7.99/lb, molybdenum - rose from
$11.26/lb to $13.18/lb, chromium - rose from $3.53/lb to $3.55/lb, iron
flat at $1.04/lb. And that partially explains why your 300 series
stainless steel prices rose this month. Thanks to the holiday break,
it's already Wednesday. Stay safe and have a great hump day!
Average price of LME traded cash nickel
so far this month
- $8.23/lb
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper eases on weak China demand, stronger dollar - more
Tuesday's market review - Copper down on low China demand
despite upbeat factory data - Copper prices gave up some gains on
Tuesday in choppy trade as lower physical demand in top consumer China
offset upbeat manufacturing activity in major economies and supply
concerns. - more
Brazilian miner Vale to suspend Sudbury ops after failed labor
talks - Brazilian miner Vale said in a securities filing on
Tuesday it will suspend operations at its Sudbury, Canada nickel mine,
after its proposal for a five-year contract was rejected by the United
Steelworkers union. - more
Vale workers in Sudbury reject contract offer, strike for 1st time in over a decade - more
Taiwan’s Tang Eng raises stainless steel prices for Jun - Tang Eng Iron
Works Co., Ltd., one of the main stainless steel manufacturers in
Taiwan, announced to raise its new stainless steel prices for May
yesterday (May 31), following Yieh United Steel Corp. (Yusco)’s price
hike. - more
Tesla to buy more than $1 bln of Australian battery minerals a year -
Tesla said it expects to spend more than $1 billion a year on battery
raw materials from Australia given the country's reliable mining
industry and responsible production practices. - more
Indonesia On Track To Dominate The Supply Of Nickel To Make Batteries - more
Courtesy AISI - In the week ending on May 29, 2021, domestic raw steel
production was 1,836,000 net tons while the capability utilization rate
was 81.5 percent. Production was 1,223,000 net tons in the week ending
May 29, 2020 while the capability utilization then was 54.6 percent.
The current week production represents a 50.1 percent increase from the
same period in the previous year. - more
Industrial Distribution's 74th Survey of Operations Report, Pt. 1 - See
what our respondents had to say about their demographics, primary
concerns, technology & e-commerce usage, and balance sheet. - more
Nickel closed Friday's trading
session at $8.22/lb ($18,125/tonne) and London markets were closed Monday for Spring Bank Holiday. Indicators at 6:05 am CST today show
nickel trading around $.06/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and started the month just over the 246,400 tonne level. For the
first five months of 2021, we were in a surplus situation, with nickel
stockpiles measuring above where we had started the year. The month of
May begins with us in the negative for the first time in years, with
2020 ending with 246,708 tonnes of nickel in LME monitored warehouses.
With this fundamental actually supporting the bull market, that began
in March of last year, it would not seem likely the bear will gain much
traction, until these numbers go positive again. In other words, if
your a stainless steel producer or user, buckle up. Nickel moved back
above $18,000/tonne on Friday, which in the past has proven to be a
line of resistance, nickel traders could not breech for any period of
time. With this inventory news, it is possible they might be more
successful this time. We have no idea, of course, but its worth
considering if you are making long term plans. When it comes to base
metals, copper is king
and what economists have watched for years to gauge the health of the
economy. Here are some figures we found interesting. On August 1st,
2019, tin traded at $16,282/tonne, while nickel traded at
$17,900/tonne. By March 1, 2020, tin was trading at $14,560, while
nickel was trading at $11,470/tonne. Friday, tin was trading at
$30,950/tonne, while nickel was trading at $18,137/tonne. During these
same periods, copper was trading at $5,652/tonne, $4,927/tonne, and
$10,275/tonne. While one could immediately say the numbers since March
of last year show nickel is not experiencing quite the degree of
bullishness that copper and tin are, in our opinion, if you add 2019 to
the equation, it also reflects the overall volatility of nickel over
time. That said, today, is a new day and nickel remains bullish. It's
also a new month. Month six, and the final month of the second quarter
and the last month of the first half of 2021. Seriously? We welcome
back RHS Stainless, as our June sponsor. As a distributor of stainless
steel bar based in Bethlehem, Pennsylvania, we thank them for their
support and encourage you to visit their site to see if they can help
you with your stainless steel requirements. Stay safe out there and
have a great Tuesday!
Average price of LME traded cash nickel
so far this month
- $7.99/lb (average for May)
LME nickel chart - here
/ Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper rises on global demand recovery, supply worries - more
Monday's market review - Copper claws higher on hopes for
wave of U.S. spending - Copper prices rebounded on Friday as investors
bet that U.S spending plans on infrastructure would fuel shortages,
shrugging aside worries about weak Chinese demand. - more
Metals and mining global outlook for second half of 2021 to remain
bullish: Platts - The near-term outlook for the mining industry remains
strong as pent-up demand will emerge after the pandemic panic settles
down in the second half of this year, predicts S&P Global Platts.
“Gold prices are expected to remain elevated. - more
All-time high forecast for global crude stainless steel production in
2021 - After the production slump recorded last year, global crude
stainless steel output is predicted to rebound strongly, to 55 million
tonnes, in 2021. - more
Provisional anti-dumping duties on India and Indonesia stainless steel
imports an important first step, says EUROFER - The European Commission
has confirmed imports of stainless steel from India and Indonesia were
sold at dumped prices. - more
Case AD670 - Stainless Steel Cold-Rolled products (SSCR) - more
Spike in iron ore export, largely to China, has made the lives of
Indian steel makers miserable - In the first four months
(January-April), iron ore exports from India increased by 66 per cent
to 22.42 million tonne (MT). About 90 per cent of the export goes to
China - more
Australia's Wyloo promises metals hub in bid for Canada's Noront -
Australian mining billionaire Andrew Forrest’s Wyloo Metals on Monday
said it would develop a “future metals hub” and study battery material
production in Canada as it seeks to clinch a takeover of nickel-copper
miner Noront Resources. - more
Mark Selby lays out the big picture for a stainless steel industry in
Timmins - Canada Nickel CEO says base metal project capable of
generating downstream processing possibilities - 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 
($18,365/tonne). Indicators at 6:00 am CST today show
nickel trading around $.04/lb 
Reports....
Why Stainless Steel 
Tuesday's market review - Copper prices fall for fourth
day on stronger dollar - Copper prices fell on Tuesday as rising
coronavirus cases strengthened the dollar and cast doubt on a speedy
rebound of some economies, while plentiful supply of the metal also
sapped its appeal. - 
Taiwan’s Yusco hikes stainless steel prices for Jul - Yieh United Steel
Corp. (Yusco), a leading stainless steel mill in Taiwan, announced to
hike its new prices for July today (June 29). - 
China's GEM to invest in nickel and cobalt recycling project - Chinese
battery materials producer GEM Co will invest 310 million yuan ($48
million) in a project to make 100,000 tonnes per year of battery-grade
nickel and cobalt from recycling in central China's Hubei province, it
said on Tuesday. - 
Vale to invest $121m to extend life of Manitoba nickel mines - The
funding will also be used to support exploration drilling to identify
new mineralisation and further define known orebodies. - 
What Makes a Top 25 Supply Chain Company - The companies in the Gartner
Supply Chain Top 25 offer numerous lessons for supply managers looking
to create more value and advance their organizations. - 
Glencore Report - Our commitment to addressing modern slavery -
Glencore plc is committed to preventing the occurrence of modern
slavery and human trafficking in our operations and supply chains. - 
Russia's Nornickel sees $500 mln hit from new export duties - RIA -
Russian billionaire Vladimir Potanin, majority shareholder in mining
giant Norilsk Nickel (Nornickel), said on Monday the impact of new
duties on the company was expected to be around $500 million, the RIA
news agency reported. - 
Courtesy AISI - In the week ending on June 26, 2021, domestic raw steel
production was 1,835,000 net tons while the capability utilization rate
was 82.7 percent. Production was 1,272,000 net tons in the week ending
June 26, 2020 while the capability utilization then was 56.8 percent.
The current week production represents a 44.3 percent increase from the
same period in the previous year. - 
Extension of EU steel safeguard provides long-term safety-net for the
EU steel industry - The extension of the EU steel safeguard for another
three years has been published today. This measure will ensure there is
a modicum of certainty for EU steel producers, provide ample access to
third-country supplies of steel for users, and help ward off disruptive
post-COVID surges of steel imports. - 
A Nickel Mining Company in Sudbury Has Seen Injuries Triple Over 5
Years. Now The Company Wants to Cut Health Benefits. - Nickel miners in
Sudbury, Ontario are on strike to stop their company from clawing back
key health benefits at the same time as workplace injuries are on the
rise. -
China's Antaike tips aluminium as top-performing base metal in H2 -
State-backed Chinese research house Antaike said on Thursday it expects
aluminium to be the top-performing base metal in the second half of
this year due to supply constraints and recovering demand. - 
South Africa’s chrome ore tax; a potential two-edged sword - On the 22
October 2020, the South African government announced they were
considering a chrome ore tax, in a stated attempt to protect the
domestic ferrochrome industry and entire chrome value chain. - 
China appeals to WTO over Australian duties on three products - China
has made a complaint to the World Trade Organization (WTO) over
Australia’s anti-dumping and anti-subsidy measures on three products,
its commerce ministry said on Thursday. - 
Singapore files 13 more charges in massive nickel trading fraud -
Singapore prosecutors on Monday filed 13 additional charges against a
local businessman in relation to a scheme that allegedly raised more
than S$1 billion ($746 million) from investors to fund bogus nickel
trades. - 
A labor dispute in which no one can win - It's 8:30 a.m. on Friday,
and despite the threat of a summer thunderstorm, 10 men, all members of
the United Steelworkers District 10, are holding picket signs on the
street. -
May 2021 crude steel production - World
crude steel production for the 64 countries reporting to the World
Steel Association (worldsteel) was 174.4 million tonnes (Mt) in May
2021, a 16.5% increase compared to May 2020. - 
How did steel prices reach record highs during a global pandemic?
- Steel prices currently stand at record highs, even dwarfing the
previous peak recorded during the boom of 2008 (see Chart 1). - 
Finland's Outokumpu To Expand Production - World's second largest
stainless steel maker, Outokumpu Oyj, to invest $650 million in
expanding steel production in Sweden and ferrochrome production in
Finland. - 
Electric vehicle boom comes with battery waste disposal challenge - To
reduce air pollution, are we preparing to pile up heaps of rare metals
like cadmium, lithium etc while mining more for the same metals? - 
Corrosion resistant alloys in pipelines - The upstream and midstream
oil and gas industries rely on nickel-containing corrosion resistant
alloys for flowlines and risers. - 
Volkswagen seeks partners for battery materials race - Volkswagen is in
talks with suppliers to secure direct access to raw materials for
electric vehicle (EV) batteries via partnerships, one of its board
members told Reuters on Tuesday. - 
Fastener Distributor Index Accelerates in May as Outlook Holds Near
Record Level - Selling conditions remain very favorable, but some
distributors are struggling to procure enough product to meet demand. -
Mining in the Pacific: a blessing and a curse - Mining is big business
in the Pacific. Guardian analysis of trade data can reveal that each
year nearly 11m tonnes of fuel and oil (the equivalent of 1100 Eiffel
towers) are extracted from the region, 2m tonnes of copper, nickel,
manganese and aluminium are mined, and gold worth US$2.6bn is quarried.
- 
DENR conducts inventory of idle mining assets - The
Department of Environment and Natural Resources (DENR), through the
Mines and Geosciences Bureau (MGB), has started conducting an inventory
of the government’s idle mining assets in preparation for their sale or
re-operation supposedly to augment funds for pandemic response. - 
Spike in iron ore export, largely to China, has made the lives of
Indian steel makers miserable - In the first four months
(January-April), iron ore exports from India increased by 66 per cent
to 22.42 million tonne (MT). About 90 per cent of the export goes to
China - 
