Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.75/lb ($17,085/tonne). Indicators at 6:25 am CST today show nickel trading around $.09/lb  higher. Stockpiles of nickel stored in LME licensed warehouses rose sharply again yesterday and started today, just over the 95,000 tonne level. Shanghai nickel switched to a September contract which sits at 135,480 y/t, and the July contract rose slightly to 135,480 y/t. Nickel went unchanged for Thursday but in aftermarket trading it did bounce around $200/tonne, and has done little since. Interesting article below from an Indonesian study on underwater mining. With a big push to go that route worldwide, the long term impact on the seas has yet to be determined. Add that is about it for the first half of 2024. In years past July and August were typically quiet months for the nickel and stainless industry, as vacations slowed markets. That has been replaced by volatility in recent years, so ....? We try to end each month by reminding our readers that it is solely due to the support of our sponsor that this site remains active and updated daily. For the last few years, that has been, and continues to be, PA Inc. We invite you to visit their web site from the banner above and we thank them for their support. 
• Average price of LME traded cash nickel so far this month - $7.95/lb
  

    Thursday's market review - Copper slips to more than two-month low on high stocks and weak demand - Copper prices hit their weakest in more than two months on Thursday as more bullish positions ... - more

    Taiwan's stainless steel mills forecasted to adopt individual negotiation method for Jul prices - Taiwan's leading stainless steel mills will announce the new prices for July this week. LME nickel futures and ... - more

    British consortium to invest $9 billion in Indonesia mining, EV batteries, minister says - A British consortium that includes mining giant Glencore will invest about $9 billion in Indonesia's mining and electric .... - more

• Otoklix CEO on Indonesia’s upcoming EV aftermarket - more
  

    Vale expects to regain Onca Puma and Sossego copper mine licences - Vale has reached a deal with the state of Para to have the operating licenses of its Onca Puma nickel mine and Sossego copper mine... - more

    APNI confirms long lifespan of Indonesia’s nickel reserves - The Indonesian Nickel Miners Association (APNI) has confirmed that the lifespan of Indonesia’s nickel reserves remains extensive, with significant ... - more

• Experts reveal nickel mining’s impact on marine sedimentation, public health - more

    'We must not ethnicise the events' - France on New Caledonia crisis - The French Ambassador to Vanuatu and Solomon Islands has rejected claims there is a military operation in New Caledonia, saying "articles, ... - more

   Other News

• Lithium Crashes Again As EV Sales Stall, With Worse To Come, Says Citi - more
• How much did the US economy grow last year? - more
• First TV face-off between Biden and Trump 'like a reality show' - more (China perspective)
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.75/lb ($17,095/tonne). Indicators at 5:35 am CST today show nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today registering just over the 93,850 tonne level. Shanghai nickel fell to 134,110 y/t overnight. Nickel fell below the $17,000 tonne level this morning and has bounced off that level since. Our unofficial daily closing shows a gap of less than $200 in the last four closings, so we would be surprised if that changes before the close of the month. That said, we have been surprised plenty since this site started following the market. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $7.97/lb
  

    Wednesday's market review - Copper falls to two-month low on stronger dollar, China demand concerns - Benchmark copper on the London Metal Exchange (LME) fell 0.6% to $9,510 a metric ton by .... - more

    China’s stainless steel exports up 12.77 percent in January-May - In May this year, China\u2019s stainless steel imports amounted to 174,400 mt, down 10.14 percent month on month, while up 23.05 percent ... - more

    Sibanye 'isn't short on money', but may shutter metal streaming - Sibanye-Stillwater CEO Neal Froneman said it may close a metals streaming, or prepayment, deal to raise the cash it needs to boost its balance .... - more

    Spain’s Acerinox aims to resume production soon at Los Barrios after end of strike - The strike that had been continuing at the Los Barrios plant of Spanish stainless steel producer Acerinox S.A. since February ... - more

   The Prospector canoe: the workhorse at the heart of Canada's mining industry - A century ago this sturdy, quintessentially Canadian vessel was built to take geologists into the remote north. - more

   New Caledonia: The Kanak insurrection and the nickel industry - Despite ongoing repression and the French colonial authorities’ announcements of a return to normal, the situation in New Caledonia is far ... - more

   Other News

• Have employers ‘hit a wall’ on reducing worker burnout?  - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.82/lb ($17,230/tonne). Indicators at 5:30 am CST today show nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Tuesday and started today just over the 93,250 tonne level. Shanghai nickel rose to 136,040 y/t overnight. Not a lot of news this morning - and we are coming to the two slowest news months of July and August. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $7.99/lb
  

    Fresh violence flares up in New Caledonia - Fresh violence has erupted in several parts of New Caledonia over the past three days, with more burning and destruction and at least one death connected to unrest. - more

    Pro-Palestinian group in Sudbury calls for Canada to prohibit sale of nickel to Israel - A pro-Palestinian group based in Sudbury, Ont., has launched a petition campaign calling on the federal government to ban... - more

    Karelian sees nickel, copper, PGE potential in Northern Ireland - Diamond exploration company Karelian Diamonds has unveiled promising indications of nickel, copper and platinum group elements (PGEs)... - more

   Other News

• China's Chang'e-6 safely returns to Earth with first-ever lunar far side samples - more
• Boeing Astronauts 'Stranded' on Space Station: What We Know - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.83/lb ($17,255/tonne). Indicators at 5:30 am CST today show nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Monday and started today just over the 92,000 tonne level. That is the third gain of over 1000 tonnes reported this month, and the seventh reported gain of 800 plus tonnes. Shanghai nickel ticked higher overnight, to 135,550 y/t. Nickel continues to edge lower, but without much enthusiasm. It is now possible we will see trading below the $17.000 tonne level by months end, and it appears the average monthly cost of LME cash nickel, will fall below the $8/lb level for the first time since March. The LME Asia Metals Seminar is being held later this week in Hong Kong, and we will be curious to see if any news comes out of it. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $8.01/lb
  

    Monday's market review - Copper inches lower on China demand concerns - Copper prices were subdued on Monday, weighed by a firmer U.S. dollar and concerns over muted demand from top consumer China. - more

    Eramet, BASF cancel plan to invest $2.6 billion in refining complex in Indonesia - French miner Eramet said on Monday it had decided, along with Germany's BASF  to cancel a $2.6 billion joint investment ... - more

    German steel production recovery loses momentum - In May, crude steel production at German mills totalled 3.19 million tonnes, 2% lower than in May last year, according to latest figures by national steel ... - more

    Ex-Trafigura Metals Boss to Run New Team of 40 at Rival Mercuria - Trafigura Group’s former co-head of metals Kostas Bintas is joining Mercuria Energy Group Ltd. together with several of his ex-colleagues... - more

    New Caledonia's pro-independence leaders charged, transferred to mainland France - A group of pro-independence leaders charged with allegedly organising protests that turned into violent unrest in New ... - more

   Courtesy AISI - In the week ending on June 22, 2024, domestic raw steel production was 1,710,000 net tons while the capability utilization rate was 77.0 percent. Production was 1,738,000 net tons in the week ending June 22, 2023 while the capability utilization then was 77.3 percent. - more

   Other News

• When Extreme Heat Becomes Deadly - more
• What is federal debt worth? - more
• Federal Prosecutors Push for Criminal Charges Against Boeing - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.83/lb ($17,270/tonne). Indicators at 5:30 am CST today show nickel trading unchanged. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and ended the week sitting just over the 90,900 tonne level. Shanghai nickel rose to 134,050 y/t overnight. Nickel is flat this morning, the bearish sentiment getting offset somewhat by a stronger Euro. For traders, this week ends not only the last week of the month, but also the second quarter and first half of 2024. So we expect that volatility will be low this week as traders look to "square their books". That said, never say never when it comes to nickel. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $8.03/lb
  

    Friday's market review - Copper resumes downtrend on supply overhang and weak demand - Copper prices slipped on Friday on concern over surplus supplies and sluggish demand in top metals consumer ... - more

     WBMS: Global refined nickel supply surplus reach 12,000 tons in Apr - According to the latest report released by the World Bureau of Metal Statistics (WBMS), in April, the global refined nickel production .... - more

     May 2024 crude steel production - World crude steel production for the 71 countries reporting to the World Steel Association (worldsteel) was 165.1 million tonnes (Mt) in May 2024, a 1.5% increase compared ... - more

   Decades' worth of EV battery metals found off remote Japan island - Mineral resources including about 75 years of Japan's cobalt consumption and around 11 years' worth of nickel have been found near an ... - more

   South Korea battery plant fire kills 22 people, most of them Chinese, officials say - A powerful explosion set on fire a lithium battery factory in South Korea on Monday, killing 22 workers, most of them Chinese... - more

   Other News

• How US industries deal with extreme heat - more
• Japan Imposes Sanctions on China-Based Firms For Supporting War in Ukraine - more
• Houthis Confirm Boarding Tutor While Threatening Another Ship in Escalation - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.91/lb ($17,430/tonne). Indicators at 5:30 am CST today show nickel trading around $.08/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and now reads near the 90,450 tonne level. Shanghai nickel fell to 133,510 y/t overnight. Indonesia is boldly claiming the U.S. will not meet its EV goals without the cooperation of Indonesia. Not sure if this country's minister is indirectly speaking to Elon Musk about building a potential Tesla plant there, or to the US government about Indonesia's efforts to get a piece of the U.S. Inflation Reduction Act money, or both. In our opinion, Indonesia would be wise, in its negotiations with the US, in order to win hearts and influence politicians, do not start your sales pitch by first telling America how far they are technologically behind China - a country that is firmly entrenched in nickel production in your country already. Just a thought. Another week will soon be in the history books and when we return next week, we will have one week remaining in the first half of 2024. The first half - already! Stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $8.06/lb
  

    Thursday's market review - Copper edges up on hopes of stronger demand, stockpiles cap gains -  Copper prices edged up on Thursday on hopes of improved demand in China following recent price drops ... - more

    Vale Unveils $3.3 Billion Plan to Boost Copper and Nickel Output - Vale SA plans to spend as much as $3.3 billion on improvements at its mining operations in Brazil and Canada to boost copper and nickel ... - more

• Vale expects deal to bring Onca Puma nickel mine back online soon - more

• EV transition drives Indonesia’s ‘dirty’ nickel boom - more

    China's Tsingshan $1 bln steel plant in Zimbabwe starts production - China's nickel giant Tsingshan Holding Group has started production at its $1 billion steel plant in central Zimbabwe, a company official... - more

    Pro-independence militant leaders arrested in New Caledonia - New Caledonia's security forces have arrested eight people believed to be involved in the organisation of pro independence-related riots that broke ... - more

• 'We cannot have peace without independence' - New Caledonia government - more

   Other News

• Putin warns South Korea against arming Ukraine - more
• Nvidia is now the most valuable company in the world. - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.89/lb  ($17,400/tonne). Indicators at 5:40 am CST today show nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today just under the 90,400 tonne level. Shanghai nickel rose to 135,400 y/t overnight. LME nickel followed Shanghai nickel and closed slightly higher yesterday for the first time since the 5th. This morning, LME continues to follow Shanghai nickel higher, with a lower Euro not offering any assistance. The increase so far has been incredibly timid, but for bulls, the price decline has been halted - at least for now. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $8.08/lb
  

    Wednesday's market review - Copper bounces despite inventories jump - Copper prices bounced on Wednesday as focus switched to shortages while fund buying added momentum, but concerns about ... - more

   Nickel Price Drops: A Temporary Setback or a Long-Term Trend? - In recent developments within the global nickel market, the trajectory of prices has undergone a significant downturn, reflecting a complex ... - more

• Fitch Ratings Expands and Updates Global Metals and Mining Price Assumptions - more
  

    China invests $90 million in four African projects - The China-Africa Development Fund, a government-backed institution to help Chinese firms invest in Africa, on Tuesday launched its first investment plan... - more

    France committed to the reconstruction of New Caledonia - Macron - France's president Emmanuel Macron has written to New Caledonians, confirming he will not convene the Congress meeting on the ... - more

    Architectural marvel in stainless steel: Queenscliff Ferry Terminal - At the ingress of Victoria’s Port Philip Bay stands the Queenscliff Ferry Terminal – a beacon of architectural prowess and stainless steel ingenuity. - more

    Europe's EV Battery Plans Fade on China Price War, US Aid - In 2019, France and Germany agreed to pump billions of euros into a plan to boost Europe’s battery industry and try to catch up with China. - more

• China is building Europe battery supply in Morocco, VW unit says - more

   Other News

• Fitch revises up global growth for 2024, expects slowdown in 2025 - more
• Hundreds die of extreme heat on haj pilgrimage, reports say - more
• Tech giants invest $200 million in Waabi for fully driverless trucks - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.85/lb ($17,305/tonne). Indicators at 5:40 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today's session just over the 89,550 tonne level. Shanghai nickel rose slightly to 134,470 y/t overnight. Nickel traders are getting a little boost from a stronger Euro this morning, and a positive closure overnight in the Shanghai nickel market. Reuters is aggressively blocking their news stories from internet news and market sites, so it is becoming more difficult finding their daily base metal updates. We will continue to provide them as long as we can find a source, but expect some lapses in the future. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $8.11
  

    Tuesday's market review - Copper rebounds from 8-week low on bargain hunting - Copper prices rose on Tuesday as bargain hunters scooped up the metal after prices hit an eight-week low, although recent... - more

    Former Australian PM Kevin Rudd urges London Metal Exchange to prioritise ‘clean’ nickel - Former Australian prime minister and current US Ambassador Kevin Rudd has called on the “Chinese-backed” ... - more

    Steel market demand rebound expected in 2025 - Lack of trust, not simply high interest rates, concerns panellists at the Kallanish Europe Steel Markets 2024 conference in Milan. - more

    Risks to the steel market from a slowdown in China’s economy - An increase in Chinese exports leads to losses in local markets and, as a result, to an increase in the number of trade restrictions - more

    Indonesia Can’t Ignore the Cost of Its Battery Metal Boom - The Southeast Asia nation accounts for roughly half of global nickel production, but there’s a price to pay. - more

    FAA investigating titanium used in some Boeing, Airbus jets - The U.S. Federal Aviation Administration is investigating whether false or incorrect documents were used to verify the authenticity of titanium used ... - more

    Exclusive: Trafigura proposes employee share clawbacks for confidentiality breaches, sources say - Commodity trader Trafigura sent a letter last week to current and former employees proposing share clawbacks ... - more

    The Impact of Stainless Steel on Manufacturing - Stainless steel is far more resilient to corrosion than aluminum. Businesses engaged in manufacturing, food processing, agriculture, and sanitation are aware ... - more

   Other News

• US lawmakers seek to reduce China's dominance of critical mineral supplies - more
• Russia buying spies to make up for expelled diplomats, German agency says - more
• Google’s Ferrochrome project could bring ChromeOS to Pixel devices - more
• US logistics inflation remains high despite 11% drop in costs - more
• Red Sea attacks drove 90% decline in container shipping, US spies say - more
• Philippine Soldier Injured in Collision With Chinese Vessel - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.92/lb  ($17,460/tonne). Indicators at 5:45 am CST today show nickel trading around $.09/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Monday and started today just over the 89,400 tonne level. Shanghai nickel fell to 133,810 y/t overnight. The sentiment for nickel remains negative this morning, with the bears now targeting the $17,000 tonne level. The speed of this price decline has been somewhat surprising, with the bulls appearing to only half heartedly trying to resist the slide. There is a saying that timing a market bottom is like trying to catch a falling knife, so cautious signs flashing ahead.Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $8.15/lb
  

    Monday's market review - Copper nears eight-week low on Chinese factory data - Copper dipped to its lowest price in almost eight weeks on Monday on weak industrial data from top consumer China. - more

    China’s crude steel output see rises in May, weakening support for prices - In the January-May period this year, China's outputs of pig iron, crude steel and finished steel totaled 361.13 million mt, 438.61 ... - more

    New Caledonia: FLNKS congress postponed due to differences - The national congress of New Caledonia's pro-independence platform, the FLNKS, was postponed at the weekend due to major differences ... - more

• New Caledonia in financial strife - budget minister - more
  

   EU HRC prices inch up despite weak demand, lack of restocking - Domestic prices for European hot-rolled coil inched up on June 14 despite weak demand as buyers avoid re-stocking. - more

   Steel prices continue recent downward slide - Where do sheet prices go from here? What is the state of steel demand? And is the drop in sheet prices we’ve seen just a case of the summer doldrums, ... - more

   Courtesy AISI - In the week ending on June 15, 2024, domestic raw steel production was 1,704,000 net tons while the capability utilization rate was 76.7 percent. Production was 1,738,000 net tons in the week ending June 15, 2023 while the capability utilization then was 77.3 percent. - more

   Other News

• Freight market pressured again in May, Cass data shows - more
• Comparing state taxes - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.99/lb ($17,625/tonne). Indicators at 5:40 am CST today show nickel trading around $.10/lb  lower. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and ended the week just over the 87,700 tonne level. Shanghai nickel fell to 135,170 y/t overnight. Nickel appeared to get some support at the $17,500 tonne level on Friday. That is being tested hard again this morning, with a choppy Euro that is going nowhere fast, failing to offer base metals traders any guidance. Quiet news day so we leave you with what we found. Stay safe out there and have a great week!
• Average price of LME traded cash nickel so far this month - $8.19/lb
  

    Friday's market review - Copper drops on dollar and inventories; nickel hits two-month low - Copper prices slipped and nickel touched its lowest in more than two months on Friday, pressured by a firm dollar ... - more

   Zimbabwe’s ferrochrome miners to build power plants  - Zimbabwe's ferrochrome miners, the nation’s biggest electricity consumers, have agreed to build their own power plants over the next two years as ... - more

   Chinese firm says it’s probing case of missing Russian copper - The Chinese state-owned firm whose shipment of copper from Russia went missing said it’s investigating the matter which involves a monetary ... - more

   Titanium pipe and pipe fittings, Grades 2 and 7 available - more

   The Ukrainian rolled metal market decreased by another 3.6% - For five months of 2024, the capacity of the domestic market of Ukraine amounted to 1,360.9 thousand tons of rolled metal, of which 472.9 ... - more

   Other News

• ‘It's just a nightmare’: More and more USAA members who lost thousands of dollars are sharing stories of fraud - more
• Why does Texas-based USAA have an ‘F’ rating from the BBB? And why doesn’t the company seem to care? - more
• Tesla Shareholders Vote No on Deep Sea Mining Moratorium - more
• Chinese scientists create and cage world’s first AI commander in a PLA laboratory - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $8.03/lb  ($17,700/tonne). Indicators at 5:30 am CST today show nickel trading around $.08/lb  lower. Stockpiles of nickel stored in LME licensed warehouses rose sharply for a second consecutive day, and a fourth consecutive day of positive gains, and ended that session just under the 87,500 tonne level. Shanghai nickel slipped to 137,010 y/t overnight. The Euro continues to plummet, making it difficult for nickel bulls to even think of attempting a rally. We dodged a bullet today - it's Friday the 14th, not the 13th. So live a little this weekend and on Monday we start the last half of the last month of the first half of 2024. Have a safe and great 'live a little' weekend!
• Average price of LME traded cash nickel so far this month - $8.23/lb
  

    Thursday's market review - Copper under pressure on Fed rate cut outlook - A rebound in copper prices paused on Thursday as the dollar steadied after the Federal Reserve pushed back the potential ... - more

   Global nickel prices have probably hit a floor, says Macquarie - Global nickel prices may have hit a floor, according to a Macquarie analyst who sees a market recovery driven by strong demand from the steel ... - more

     Indonesian Yong Wang decides to idle its cold-rolled mills for at least two months - Indonesian Yong Wang announced its own suspension of production this week. The production line officially halted... -  more

   China, India to support raw materials prices: Stanislav Zinchenko - Raw materials prices will be supported by demand from China and India in the second half of this year, GMK chief executive Stanislav Zinchenko... - more

   First Atlantic selects Draganfly drones to explore Canada nickel project - Draganfly’s drones will be used to identify high-priority magnetic awaruite target areas at the Atlantic Nickel Project. - more

   Other News

• Where is business booming in the US? - more
• Five Key Challenges Facing U.S. Manufacturing - more
• Dockworkers seek wage increase ‘commensurate’ with corporate profits - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.16/lb ($17,990/tonne). Indicators at 5:45 am CST today show nickel trading around $.12/lb lower. Stockpiles of nickel stored in LME licensed warehouses jumped on Wednesday and ended that session just under the 86,700 tonne level. Shanghai nickel fell to 138,520 y/t overnight. Nickel appeared to be making a mini bull run late yesterday, but mini was apparently the key word, as it has collapsed again this morning. LME nickel stockpiles are at their highest since February 2022. Elon Musk is claiming Tesla shareholders are voting positively for his pay package this morning, the day after he asked his Tesla employees to justify their positions in the company and whether their co-workers deserved their jobs. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $8.26/lb
  

    Wednesday's market review - Copper prices rise as cooling US inflation boosts rate cut hopes - Copper prices bounced on Wednesday and the dollar tumbled after cooler-than-expected U.S. inflation data ... - more

    New Caledonia nickel industry at standstill amid unrest - New Caledonia's nickel processing industry remains at a virtual standstill after weeks of unrest in the southern Pacific territory, with Eramet-owned .... - more

• 9 dead since start of New Caledonia unrest - more
• Macron: New Caledonia changes 'suspended', not withdrawn - more

    Prices on the European ferroalloy market remain in a wide range  - Merafe will stop publishing quarterly reference prices for ferrochrome starting in June.According to the analysis of Metalshub Intelligence ... - more

   Indonesia nickel firm Ceria Nugraha in talks with Glencore ahead of 2025 listing - Indonesian nickel company PT Ceria Nugraha Indotama is planning an initial public offering (IPO) in the first half of 2025 and ... - more

• The Fate Of Nickel's Downstream After The Indonesian Appeal Process At WTO Mandek - more

   The World Needs More Batteries -- But Not This Many - Proposed plants would have the capacity to make more cells than global economy requires. - more

   Other News

• Why Sales Is Both an Art and a Science - more
• Vietnam Protests "Illegal" Activities of Chinese "Reef Survey Vessel"  - more
• U.S. Fed expects one rate cut this year - pdf here
• Musk says Tesla shareholders voting yes for his $56 billion pay package - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $8.15/lb ($17,975/tonne). Indicators at 5:40 am CST today show nickel trading around $.09/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today just over the 85,700 tonne level. Shanghai nickel rose slightly to 139,770 y/t overnight. While we are not allowed to post the official closing price, the formula we use put nickel closing below the $18,000 tonne level last night for the first time since mid-April. It remains below that level in this morning's trading, even though the Euro has recovered slightly. The bulls are looking for a reason to bounce so we could see choppy waters ahead. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $8.30/lb
  

    China's stainless steel production cost forecasted to rise in Jun - In May, China's futures prices of stainless steel continued to climb while spot prices remained relatively stable. - more

    Tsingshan plans another 50,000 T nickel LME listing this year, company says - China's Tsingshan, the world's biggest nickel producer, is planning to register 50,000 metric tons capacity of nickel cathode ... - more

    New Caledonia: after Macron’s dissolution, what happens to the controversial constitutional amendment? - French President Emmanuel Macron's surprise dissolution of the National Assembly and call for snap... - more

    Proposed EU steel import quotas change market dynamics - Steel price rises and a search for new suppliers have already begun following the European Commission’s announcement of proposed changes to .... - more

    US issues final results of AD review on welded stainless pressure pipe from India - The US Department of Commerce (DOC) has announced the final results of its administrative review of the antidumping (AD) ... - more

    Stainless Steel Plate in Coils From Belgium: Preliminary Results ...; 2022-2023 - The U.S. Department of Commerce (Commerce) preliminarily finds that Aperam Steel Belgium N.V. (ASB) made sales of stainless ... - more

    Courtesy AISI - In the week ending on June 8, 2024, domestic raw steel production was 1,716,000 net tons while the capability utilization rate was 77.3 percent. Production was 1,738,000 net tons in the week ending June 8, 2023 while the capability utilization then was 77.3 percent. - more

   Other News

• EU sets duties on Chinese electric vehicles of up to 38% - more
• Texas trucker gets 7 years in prison for role in migrant smuggling - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $8.17/lb  ($18,015/tonne). Indicators at 5:40 am CST today show nickel trading around $.09/lb  lower. Stockpiles of nickel stored in LME licensed warehouses rose on Monday and ended that session at the 85,650 tonne level. Shanghai nickel fell to 139,610 y/t overnight. From the article about Indonesia possibly canceling nickel mining permits below "Reserves of ore graded above 1.5% are expected to last until 2029 assuming there is no further exploration, Irwandy told participants at an industry conference organised by the Shanghai Metal Market." Irwandy is Irwandy Arif, a senior official with the Energy and Mineral Resources Ministry - a government official. For our daily readers, the rat we smelled a few weeks ago is starting to pop its head above ground. This could be bullish for nickel prices long term, but at least for now, traders seem to be unconcerned. Nickel is trading well under the $18,000 tonne level this morning and a faltering Euro is not helping it find any stability. If you have a friend who builds power plants, they may want to call on mining companies in Zimbabwe. The government there has given their mines two years to generate their own power. Stay safe out there and have a great Tuesday!
• Average price of LME traded cash nickel so far this month - $8.35/lb
  

    Monday's market review - Copper recovers from five-week lows with fundamentals in focus - Copper recovered from five-week lows on Monday, bouncing from initial declines as market focus shifted to... - more

    Indonesia considers terminating permits for some nickel pig iron production - (excerpt) The world's biggest nickel producer is experiencing a rapid depletion of ore after a surge in downstream investment... - more

• Indonesia senior minister says to accelerate nickel, tin tracking system - more

    Australia gets nickel-and-dimed by Indonesian downstreaming - Nickel is a key input in lithium-ion batteries, and as economies transition toward clean energy it is reasonable to assume it will be in high demand ... - more

    Zimbabwean mines given 2-year window to set up power plants - The Zimbabwean government has mandated that large-scale miners establish their own power generation plants by 2026 to meet the country's ... - more

    China's commodity imports are soft, even those that look strong: Russell - China's imports of major commodities were either openly weak in May, such as the decline in crude oil, or those showing apparent ... - more

• China's push to start emissions trading for steel industry this year faces critical challenges  - more

    Air New Zealand halts flights to Nouméa until September due to unrest in New Caledonia - Air New Zealand is pausing its Auckland to Nouméa service due to ongoing violent unrest in New Caledonia. - more

• 'History replaying itself' - PANG on New Caledonia - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.19/lb ($18,055/tonne). Indicators at 5:45 am CST today show nickel trading around $.02/lb  higher. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and ended last week just under the 85,600 tonne level. Shanghai markets are closed today and will reopen tomorrow. LME nickel is trading slightly higher this morning, but the Euro is tanking, so we don't expect the bulls will pull off any rally today. They are concentrating on keeping the trading price above the $18,000 tonne level and so far, have been fairly successful. The Euro is lower this morning on news that French President Macron has dissolved the lower house of France’s parliament and called for a snap election. This is a big week for Elon Musk. Tesla stockholders are voting on whether a $56 billion dollar pay package should be reinstated, after a judge invalidated it. According to macrotrends "Tesla gross profit for the twelve months ending March 31, 2024 was $16.845B, a 15.37% decline year-over-year." (source) $56 billion is more than the annual GDP for the whole state of Wyoming, if I am reading this right (source). If his shareholders reject this package, we suspect his reaction will be somewhere on par with his statement to former X advertisers "Blackmail me with money? Go f--k yourself. Go f--k yourself, is that clear?" (source) Tesla stock hit a high of $407 back in 2021 and is now trading for $177, and lost $78 billion in market value one day of trading in January (source). We wouldn't be surprised to see him get the pay package approved. Stay safe out there and have a great week!
• Average price of LME traded cash nickel so far this month - $8.40/lb
  

    Friday's market review - Copper drifts toward 3rd weekly fall, prices break below $10,000/ton - Copper prices in London headed for the third weekly fall on Friday and broke below a major level of $10,000 per ... - more

   The May commodities rally comes to an abrupt end - Oil is down, and so is copper after hitting record highs in May. Natural gas prices, however, continue to be supported by supply concerns... - more

   U.S. exports / imports of Nickel - more // U.S. imports / exports of Stainless steel - more  (use search bar on top of these pages to check your SIC of interest)

   Bureaucracy drives German fabricators away - Production at Germany’s steel fabricators last year dropped by 3.3% compared with 2022, Kallanish hears from their association, WSM. Order intake fell by 2.7%. - more

• Germany May Pause Supply Chain Law For Two Years - more
  

   Noumea crisis seemingly 'forgotten' by France - Locals in New Caledonia are disappointed Paris has forgotten about the ongoing crisis in Nouméa. - more

• EU elections, Olympics overshadow New Caledonia crisis - more

   Other News

• Elon Musk's Biggest Tech Failures That No One Talks About - more
• China, Taiwan Lock Horns Over Tariffs - more
• Two vessels catch fire after missile strikes off Yemen's Aden - more
• Turkey to impose 40% additional tariff on vehicle imports from China - more
• Cuba Says Russian Nuclear Submarine to Dock in Havana Next Week - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $8.45/lb ($18,620/tonne). Indicators at 5:55 am CST today show nickel trading around $.14/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose for a third consecutive session and ended yesterday just over the 85,600 tonne level. Shanghai nickel fell overnight, to 142,770 y/t and are closed on Monday. Nickel finally pulled off a higher closing yesterday, after six consecutive lower closings. But if the bull was trying to make a run, the bears have him penned up again this morning, with nickel  trading lower. More on Indonesia output quota's today and another warning Indonesia may have less high grade nickel than it hoped. Stay safe out there and have a relaxing and enjoyable weekend!
  
• Average price of LME traded cash nickel so far this month - $8.47/lb
  

    Thursday's market review - Copper rebounds ahead of ECB, but upside seen limited - Copper prices rebounded on Thursday on optimism that central bank rate cuts will help economic growth though gains ... - more

    World Steel in Figures 2024 - As you are reading this you are likely to be in your office or working at a desk in your home. Take a moment to look around you. - more

• Visualizing Raw Steel Production in 2023 - more

• Metals expert warns of shortage of high-grade nickel near 2030 - more

    Rumors of China about to cut 20 million mt of steel output halt fall in futures, but for how long? - Steel and raw material futures prices have recovered gradually today, June 6, following a significant decline over ... - more

    Steel industry boost from ECB rate cuts will take time - The European Central Bank’s first interest rate cut will do little to revive the region’s subdued steel industry in the near term, MEPS analysts suggest. - more

   Force not the answer in New Caledonia - PANG - A Pacific regional network has deplored what they call increasing brutality on Kanak youth in New Caledonia and the deployment of thousands of troops. - more

   Other News

• Moscow’s war yields a new type of Russian oligarch - more
• Trader Cargill exits China domestic steel trading - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.38/lb ($18,470/tonne). Indicators at 5:40 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 over the 84,750 tonne level. Shanghai nickel rose overnight, to 142,920 y/t. Nickel has fallen around $3000/tonne since May 20th and closed $1000 lower yesterday than it did on Monday. After an overnight bounce, nickel has resumed its slide this morning. China is celebrating their Dragon Boat Festival on Monday and SMM will not be trading that day, Stay safe out there and have a great Thursday!
• Average price of LME traded cash nickel so far this month - $8.55/lb
  

    Wednesday's market review - Copper nears 1-month low as real demand lags expectations - Copper prices slid to near one-month lows on Wednesday, pausing their strongest rally in years as strong demand ... - more

    Taiwan's upstream steel mills raise prices for June; downstream market yet to follow up - Taiwan's stainless steel mills still adopt individual negotiations for flat steel product prices for June. However, downstream ... - more

    Indonesian nickel firm Merdeka Battery Materials' (MBMA) production decreased during January-March from the previous quarter, weighed down by wet weather issues and a lack of equipment availability. - more

   Nickel illustrates China conundrum on critical minerals - Nickel offers a case study of the complex challenges the world faces in ramping up the use of minerals needed to drive the global clean energy transition. - more

   Trafigura settles $8.4 mln lawsuit with Reuben Brothers firm - Commodity trader Trafigura has settled a lawsuit filed by a firm owned by property and metals tycoons the Reuben brothers, Trafigura said on ... - more

• Trafigura's Profit Drops 73% as Trading Boom Cycle Fades - more
• Gupta changes lawyers in Trafigura case after citing cash flow problems - more

   US steel demand supported by construction’s resilience - The United States construction sector continues to drive steel demand despite the challenges posed by an evolving supply chain and increased costs ... - more

   Commercial flights resume from Nouméa after weeks of unrest in New Caledonia - Commercial flights from Nouméa's international airport have resumed on Wednesday on a limited basis. - more

   Other News

• UN chief rebukes fossil fuel industry supporters as climate records break - more
• Indonesia Braces for US-China Trade War Fallout - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $8.66/lb ($19,095/tonne). Indicators at 5:45 am CST today show nickel trading around $.16/lb lower. Stockpiles of nickel stored in LME approved warehouses jumped on Tuesday and ended that session just over the 84,700 tonne level. Shanghai nickel fell sharply to 142,000 y/t overnight. The rout continues, with nickel trading well below the $19,000 tonne level this morning. With nickel trading around $16,600/tonne as recently as late March, one could argue the rout still has room. On the other hand, nickel has a history of laying bear traps during these price routs, so short sellers should remain alert. Stay safe out there and enjoy your hump day!
  
• Average price of LME traded cash nickel so far this month - $8.67/lb
  

    Tuesday's market review - Copper dips below $10,000 as consolidation continues - Copper prices dipped below the key mark of $10,000 a metric ton on Tuesday for the first time in three weeks as consolidation... - more

    COLUMN-LME volumes still subdued a year after nickel crisis: Andy Home - A year on from the nickel crisis the London Metal Exchange (LME) is still struggling to regain trading momentum. - more

    EU recognizes Indonesia's rights to ban nickel ore exports: Minister -  The Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, stated that the European Union (EU) has ... - more

    EU decides to maintain AD measure on stainless steel seamless pipes & tubes from China - According to the final result of the second anti-dumping duty (AD) sunset review on May 30, the European Commission ... - more

    Iron ore slides to over two-week low amid weakening China demand - Iron ore futures prices slipped to their lowest levels in more than two weeks on Monday, as signs of weakening steel demand in top consumer ... - more

• The stainless steel PMI for May was 50.05, with manufacturing demand lower than expected [SMM Analysis] - more
  

    France sends armoured vehicles with machine gun capability to New Caledonia - The police in New Caledonia have a new weapon in their arsenal - state of the art trucks with machine guns, flown in from France ... - more

   Other News

• These early Tesla bulls are giving up on the stock - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $8.83/lb ($19,470/tonne). Indicators at 5:45 am CST today show nickel trading around $.10/lb  lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today just over the 83,500 tonne level. Shanghai nickel slipped to 146,580 y/t overnight. Nickel continues to slide this morning and is now trading much closer to the $19,000 tonne level than it was yesterday. Apparently bullish traders are running out of reasons to drive the price higher and bears are piling in. Your average prices for May and the preceding month are as follows - Nickel - $8.85/lb compared to $8.24/lb for April; Chrome - $4.83 compared to $4.95/lb; Molybdenum - $21.70 cmpared to $20.20/lb. STay safe out there and have a great Tuesday!
• Average price of LME traded cash nickel so far this month - $8.77/lb
  

    Monday's market review - Copper climbs on Chinese data and hopes of Fed rate cuts - Copper prices rose on after data from top consumer China showed stronger factory activity and U.S. inflation data ... - more

    COLUMN-Goro nickel project is not just Vale's problem now: Andy Home -  It's hard not to have a grudging respect for Brazil's Vale when it comes to the company's Goro nickel project in New Caledonia. - more

    Japan's stainless steel exports drop in Apr - According to data from the Japanese Ministry of Finance, the country's stainless steel exports in April decreased by 4.2% to around 58,713 tons month on month. - more

    South Korea stats AD investigation on stainless steel cold rolled products from Vietnam - South Korea’s Trade Commission has announced that it will conduct an anti-dumping investigation into stainless steel ... - more

    Spain's Acerinox halts Malaysia's Bahru stainless steel plant - Spain's Acerinox announced that operations at its Bahru stainless steel plant in Malaysia have ceased. - more

    Indonesia law giving religious groups mining permits slammed - Outgoing President Joko Widodo signed a decree to allow religious groups to manage concessions to 'improve social welfare' - more

    Courtesy AISI - In the week ending on June 1, 2024, domestic raw steel production was 1,743,000 net tons while the capability utilization rate was 78.5 percent. Production was 1,752,000 net tons in the week ending June 1, 2023 while the capability utilization then was 77.8 percent. - more

   Other News

• China lands on 'dark side' of moon - more
• Russia-China gas pipeline deal halts over Beijing’s price demands - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.94/lb ($19,700/tonne). Indicators at 5:40 am CST today show nickel trading around $.08/lb  lower. Stockpiles of nickel stored in LME licensed warehouses fell by one lot on Friday and ended last week and month just over the 83,700 tonne level. For the month, stockpiles rose by 5,202 tonnes. Shanghai nickel fell to 147,430 y/t overnight. And just like that, after a two week surge, nickel is trading back under the $20,000/tonne level. Much of this decline was blamed on China's PMI going negative again, and a stronger Euro offered little positive momentum. The Euro is back down this morning as currency traders bet on a sooner than expected Fed rate cut. We want to post this here so we have somewhere to come back to should the story we suspect is being told, turns out to be a story that is being told. Last October, we linked to a story titled "Indonesia’s high-grade nickel ore reserves may deplete in six years" (story here).  This was quickly followed the next week by a story titled "Nickel resources are still secure said Ministry amidst claims nickel reserves are depleting" (story here). The nickel industry "in" Indonesia was reporting fears that the country might use up its high grade nickel reserves quicker than previously thought, while politicians quickly reported they were wrong. Since then ..... since then .... we suddenly have a problem getting new quota permits issued in Indonesia (from the politicians who think they know more about the reserves than their miners do) and this past week we learned that Indonesia is importing record amounts of nickel ore from the Philippines (story), who had earlier this month said they were going to challenge Indonesia's hold on being the world's largest nickel producer (story). We aren't into conspiracy theories but this many coincidences is starting to tell a different picture than is being presented. Possibly to be continued. Boeing's first manned space test in its Starliner spacecraft was aborted on Saturday, yet again. Years behind schedule, the Starliner has had only one successful unmanned space flight. Think about that for a moment. The Boeing Starliner.... Boeing. And finally, it didn't take many hours of the new month to pass before Russia issued its now weekly, bi-weekly, daily, we've lost track, threat of nuclear war. Welcome to June 2024 everyone. Stay safe and have a great day, week, and month! 
• Average price of LME traded cash nickel so far this month - $8.85/lb
  

    Friday's market review - Copper extends losses after weak factory data from China - Copper prices fell on Friday after weak manufacturing data in top metals consumer China, but losses were contained by ... - more

    US stainless prices set for June increase - US transaction values will rise in June in line with published alloy surcharges, following recent increases in raw material costs. - more

    Stainless Steel Production Review  - In early April, stainless steel prices extended declines. Some stainless steel mills were scheduled to cut production in April amid losses and ferronickel shortages. - more

   Yusco to adopt individual negotiation for Jun prices - Yieh United Steel Corp. (Yusco), a leading stainless steel mill in Taiwan, maintained an individual negotiation method for June prices to customers. - more

   'France has caused this crisis': Pacific Islands Forum offers support to New Caledonia - Cook Islands prime minister and Pacific Islands Forum (PIF) chair Mark Brown has written to the president of the government ... - more

   Other News

• China’s steel sector PMI rises to 49.8 percent in May - more
• China Dumps $101,900,000,000 in US Treasuries in 12 Months As Fed Governor Dismisses ‘Imminent Demise’ of US Dollar - more
• Elon Musk once mocked China’s BYD. Now it’s running circles around Tesla - more
• Why We're Excited about LFP Batteries for Electric Cars - more
• Marcos' Surprising Embrace of US Puts China on Back Foot - more
• Nippon, USS achieve non-US merger milestone - more
• Galvanic Reaction Chart - more

  Economic Stats and Prices (posted in Friday edition)