Nickel closed Tuesday's trading
session at $12.18/lb ($26,850/tonne). Indicators at 6:00 am CST today show
nickel trading around $.07/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Tuesday and started today just over the 52,100 tonne level.
Nickel is on the rise in Shanghai, either shadowing LME traders, or
expressing less concern about COVID lockdowns and the protests in
China. Indonesia's President, after reportedly forecasting his country
would lose the WTO nickel case, and then reportedly boasting he had
accomplished what he wanted after he did lose the case, is now
reportedly appealing the decision. We say reportedly, because we linked
to the stories at the time. Taiwan's Yusco announced prices for
December and while US stainless surcharges rose for the first time
since May, Taiwan stainless prices are moving lower - at least at Yieh.
P A Inc was the first to respond to our call for 2023
primary sponsorship, so they will be our top banner sponsor for a
second consecutive year in 2023. We thank them for their continued
support. Stay safe out there, enjoy your hump day as we say farewell to
November.
Average price of LME traded cash nickel
so far this month
- $11.43/lb
Reports
Reuters metals morning - Copper skips to near two-week high on weaker dollar - more
Tuesday's market review - Copper moves higher on
China demand hopes - Copper prices rose on Tuesday on hopes that
protests against COVID-19 curbs in China will lead to a faster easing
of the rules that have stifled economic growth and metals demand. - more
Taiwan’s Yusco announces new stainless steel prices for Dec - Yieh
United Steel Corp. (Yusco), a leading stainless steel mill in Taiwan,
announced its new prices for December. - more
China’s stainless steel crude steel output in week ending Nov 24
decreases w-o-w - In the week ending on November 24, the stainless
steel crude steel output from China’s 33 stainless steel mills dropped
by 9.13% week on week to about 596,000 tons. - more
Indonesia
plans to appeal after losing WTO nickel dispute with EU - Indonesia's
president said on Wednesday his country would appeal a trade dispute
ruling that he stated had gone in favour of the European Union, which
had sued Indonesia over its 2020 ban on exports of nickel ore. - more
Mine opponents to ask Minnesota Supreme Court to void permit - The
Minnesota Supreme Court will hear arguments Wednesday on an attempt by
environmental groups to cancel a key permit for a long-stalled
copper-nickel mine. - more
India's finished steel imports from Russia hit 4-year high in
April-October - India's finished steel imports from Russia during
April-October rose to their highest in at least four years, government
data compiled by Reuters showed, underscoring Moscow's bid to divert
shipments in the wake of Western sanctions. - more
Zimbabwe says China's Tsingshan to set up lithium operations - Zimbabwe
has signed an agreement with Tsingshan Holdings Group, which plans to
set up lithium mining and processing operations in the southern African
country, President Emmerson Mnangagwa said on Tuesday. - more
Metinvest enterprises in Ukraine resumed work after massive shelling of
infrastructure - Although the electricity supply has since been
partially restored, industrial producers use electricity from the grid
within the available quotas, which can change every day. - more
Nickel closed Monday's trading
session at $11.62/lb ($25,610/tonne). Indicators at 6:00 am CST today show
nickel trading around $.42/lb
higher. Stockpiles of nickel stored in LME licensed warehouses went
unchanged on Monday and still sit just under the 52,200 tonne level.
Nickel is up this morning, thanks in part to a stronger Euro. The LME
is claiming its actions last March "saved" the market and kept numerous
players out of going default and destroying the market. Instead they
took actions which, in our opinion, damaged their credibility. They
fail to take responsibility for maintaining an exchange and allowing
conditions to exist where such extreme 'emergency' actions were
necessary. With the recent decision to not sanction Russian nickel, the
LME should seek a quick departure to the year, because 2022 has not
been their finest hour. Having received multiple inquiries on
advertising
availability of 2023, we regret we have not offered 'monthly' top
banner displays for the past few years. For 2023, we can
offer a 12 month top/primary banner reservation for $5000 (all year), or 6 months
for $2750. These adds will be available for reservation and receipt of
payment until December 16th. We appreciate our sponsors and it is their
continued support that keeps the site free for all daily readers. Stay
safe out there and have a great day!
Average price of LME traded cash nickel
so far this month
- $11.40/lb
t
Reuters metals morning - Copper leads base metals higher on China property support - more
Monday's market review - Copper slides on China COVID protests, demand
worry - Copper prices fell on Monday as worries about demand in top
consumer China were reinforced by protests against the country’s strict
COVID-19 curbs, but a weaker dollar earlier in the session helped to
support sentiment. - more
LME had regulatory obligation to be able to cancel nickel trades in
March -filings - The London Metal Exchange (LME), battling a combined
$472 million lawsuit from U.S. hedge funds Elliott Associates and Jane
Street Global Trading, had a regulatory obligation to be able to cancel
nickel trades in March, it said in court filings. - more
LME says it saved nickel market from $20bn 'death spiral' - more
Taiwan’s upstream stainless steel mills expected to raise prices for
Dec due to rising nickel prices & inventory replenishment - Due to
the rising nickel prices and the demand for market inventory
replenishment, it was expected that Taiwan’s major upstream stainless
steel manufacturers Yieh United Steel Corp. (Yusco), Tang Eng Iron
Works Co., Ltd., and Walsin Lihwa would raise their prices for
December, with an increase of about NT$2,000/ton, which would be the
third consecutive month of price hikes. - more
Global nickel cartel off the table as Canada's trade minister rebuffs
Indonesia's approach - Prime Minister Justin Trudeau’s government is
keen to strengthen Canada’s relationship with Indonesia, but not so
much so that it’s willing to join the nickel cartel that the emerging
Asian power is trying to get off the ground. - more
Exclusive: South Korea's Yoon ready to offer 'tailored' benefits to
attract Tesla gigafactory - South Korea will offer "tailored"
incentives to encourage Tesla to set up an electric vehicle gigafactory
in the country and will minimise any risks posed by militant unions,
President Yoon Suk-yeol told Reuters. - more
Courtesy AISI - In the week ending on November 26, 2022, domestic raw
steel production was 1,625,000 net tons while the capability
utilization rate was 72.8 percent. Production was 1,828,000 net tons in
the week ending November 26, 2021 while the capability utilization then
was 82.8 percent. - more
Nickel closed Friday's trading
session at $11.53/lb ($25,430/tonne). Indicators at 6:00 am CST today show
nickel trading around $.07/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose
over the holiday weekend and starts this week just under the 52,200
tonne level. Nickel closed lower on Friday, with COVID closure concerns
in China seemingly the news of the hour. China nickel was down sharply
overnight, likely due to the nationwide protests that have broke out
over those COVID closures, while London nickel is up, courtesy of a
leap in the Euro this morning. Three days left in the month and 27 days
until Christmas. Stay safe out there and have a great week!
Average price of LME traded cash nickel
so far this month
- $11.40/lb
Reports
Reuters metals morning - Copper falls on China COVID protests but dollar supports - more
Friday's market review - Copper slips as COVID
clouds outlook for Chinese demand - Copper prices fell on Friday as
surging COVID-19 levels and lockdowns in China hit demand and the
dollar strengthened, making metals costlier for buyers with other
currencies. - more
Aurubis CEO 'disappointed' LME did not ban Russian metals - The chief
executive of Aurubis AG, Europe’s biggest copper smelter, said on
Thursday he was disappointed by the London Metal Exchange’s decision
not to ban Russian metals. - more
LME hopes to resume nickel trade in Asian hours in two weeks -executive - more
Global stainless steel market to grow at CAGR of 9.4% by 2028 -
According to a report, the global stainless steel market’s value was
US$112.3 billion in 2021, and the figure was expected to reach
US$207.94 billion by 2028, growing at a compound annual growth rate
(CAGR) of 9.4 % during the period from 2022 to 2028. - more
Nickel IPO puts Jakarta at centre of China EV boom - A Hong Kong stock
market debut puts Jakarta at the centre of China’s electric-car boom.
Lygend Resources & Technology, a Chinese nickel trader, is looking
to raise up to $594 million in an initial public offering to expand in
Indonesia. - more
Chinese nickel firm Lygend to raise $470 mln in Hong Kong IPO - sources - more
ArcelorMittal Kryvyi Rih suspends production due to shelling of energy infrastructure - A
metallurgical plant in Krivoy Rog lacks electricity due to Russian
rocket attacks on Ukraine's critical energy infrastructure. - more
The state will not support the export of metals from Russia - Ministry
of Industry and Trade of the Russian Federation - This year, according
to the forecast of the Russian Ministry of Industry and Trade, steel
production in the Russian Federation will decrease by 6–8%, while the
ministry does not expect a serious drop in exports this year and
expects steel exports to remain at the level of 2022 next year.
metallurgical companies will reorient supplies from "unfriendly
countries" to the domestic market. - more
We
will not be publishing on Thursday and Friday, as the US celebrates
Thanksgiving. We will return to updating this site on Monday, the 28th.
Thank you and enjoy your holiday weekend!
Daily Nickel/Stainless Steel Briefing
Nickel closed Tuesday's trading
session at $11.81/lb ($26,030/tonne). Indicators at 6:00 am CST today show
nickel trading around $.09/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Tuesday and now stand just under the 50,800 tonne level. Nickel traders
appear to be using the Euro and Dollar par to trade on the past few
days, with the Euro higher yesterday and this morning, but off earlier
highs as we publish. Shanghai ended a little higher overnight, which
appeared to be more of a catch up to the sizable LME surge of
yesterday, than a continuation of its own jump the prior session.
Clarksville, Tennessee is getting a new South Korean battery cathode
factory. Global steel production in October was flat, but Germany
reports a 14% YOY drop. Stay safe out there, and enjoy your holiday
weekend!
Average price of LME traded cash nickel
so far this month
- $11.34/lb
Reports
Reuters metals morning - Copper inches up on tight global supplies, China COVID cases weigh - more
Tuesday's market review - Copper rebounds on weaker
dollar; China COVID outbreaks cap gains - Copper snapped a four-session
run of losses on Tuesday as the U.S. dollar weakened, but rising
COVID-19 cases in top metals consumer China capped the upside. - more
Global stainless steel pipes market to grow at CAGR of 4.6% in
2022-2028 - According to a report, the global stainless steel pipes and
tubes market had a worth of US$32.68 billion in 2021 and was expected
to grow at a compound annual growth rate (CAGR) of 4.6% during the
period from 2022 to 2028 and reach US$44.77 billion by 2028. - more
LG Chem to invest over $3 billion to build U.S. battery cathode plant -
South Korea's LG Chem Ltd said on Tuesday it will invest more than $3
billion to build a battery cathode factory in Tennessee, as it ramps up
plans to meet rising demand for U.S. electric vehicle components. - more
October 2022 crude steel production - World crude steel production for
the 64 countries reporting to the World Steel Association (worldsteel)
was 147.3 million tonnes (Mt) in October 2022, a 0.0% change compared
to October 2021. - more
Oct crude steel production falls 14.4% on year: WV Stahl - German crude
steel production fell 14.4% year on year to 3.14 million mt in October,
the eighth straight year-on-year decline, according to data published
Nov. 21 by German steel federation WV Stahl. - more
India scraps export taxes on steel and some raw materials, adds import
tariffs on coal and coke - In a slew of tariff changes, the Indian
government has scrapped export duties on pig iron, specified iron and
steel products and pellets, according to a government notification late
on Friday, November 18. - more
E-vehicle boom opens new opportunities for PH mining - Developing the
electric vehicle (EV) industry is opening new opportunities for the
Philippine mining sector, a company executive said Wednesday. - more
Nickel closed Monday's trading
session at $11.37/lb ($25,075/tonne). Indicators at 6:00 am CST today show
nickel trading around $.24/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Monday and started today at the 49,800 tonne level. Europe won its
dispute against Indonesia in the WTO courts, and while Indonesia
intends to appeal the decision, their President has already proclaimed
his nation will likely lose this battle, but ultimately, it has won the
war. Indonesia is no longer just another island nation where foreign
powers can come dig up and export their minerals. Shanghai nickel rose
overnight, and LME traders are following suit. Since the Chinese
government relaxed a few of its strict COVID policies, case numbers in
that country have surged. While the two may or may not have anything to
do with the other, it is safe to imagine someone who pushed the policy
change, is now laying low. Stay safe out there and have a great Tuesday.
Average price of LME traded cash nickel
so far this month
- $11.32/lb
Reports
Reuters metals morning - Copper rebounds on weaker dollar; China COVID outbreaks cap gains - more
Monday's market review - New China COVID curbs push copper to two-week
low - Copper prices slid to their lowest in more than two weeks on
Monday, pressured by fresh COVID curbs in top consumer China, a
stronger dollar and rising inventories in warehouses registered with
the London Metal Exchange. - more
'It makes no sense for Canada': Industry rebuffs idea of joining an
OPEC-like alliance for nickel - Mining industry veteran Mark
Selby has for years been telling anyone who would listen that the
production of nickel — a metal key to batteries and the energy
transition — was getting so concentrated in just a few countries that a
cartel-like organization to control supply was inevitable. - more
Global nickel market surplus falls to 14,400 tonnes in Sept -INSG - The
global nickel market surplus declined to 14,400 tonnes in September
from 23,600 tonnes in August, data from the Lisbon-based International
Nickel Study Group (INSG) showed on Monday. - more
Column: The bulls are back in charge of iron ore prices - Iron
ore prices are gathering steam as confidence over the outlook for
China's steel demand increases, outweighing bearish factors such as
potential winter production curbs and India lowering iron ore export
taxes. - more
Indonesia to Lodge Appeal After Losing WTO Dispute on Nickel Export Ban
- The World Trade Organization (WTO) dispute settlement body or DSB
viewed that Indonesia’s ban on the export and refining of nickel
minerals had violated regulations. - more
Metinvest intends to receive compensation from Russia for the destroyed plants in Mariupol - The
money received by Rinat Akhmetov and Vadim Novinsky is planned to be
spent on the restoration of the Ukrainian metallurgical plants of the
Metinvest group and the resumption of steel production in Mariupol. - more
Courtesy AISI - In the week ending on November 19, 2022, domestic raw
steel production was 1,628,000 net tons while the capability
utilization rate was 73.0 percent. Production was 1,828,000 net tons in
the week ending November 19, 2021 while the capability utilization then
was 82.8 percent. - more
Nickel closed Friday's trading
session at$11.51/lb ($25,385/tonne). Indicators at 6:00 am CST today show
nickel trading around $.09/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Friday and started this week just under the 49,500 tonne
level. Nickel is lower this morning, but likely due to a lower Euro.
Lot of talk in the business media about covid cases being on the rise
in China, and we have added a chart under Reports that confirm this.
The nickel mine in Guatemala is in the news - yet again. For our
foreign readers, this is Thanksgiving week in the U.S. and the actual
holiday is celebrated on Thursday. Many companies close Friday as well
and extend this into a four day weekend, and while the LME is open the
entire week, we will only be publishing thru Wednesday this week. Stay
safe out there and have a great week!
Average price of LME traded cash nickel
so far this month
- $11.33/lb
Reports
Reuters metals morning - New China COVID curbs push copper to two-week low - more
Friday's market review - Copper eases as China COVID cases, rate hike
worries cloud demand outlook - Copper prices extended their decline to
a third straight day on Friday as a spike in COVID-19 cases in top
metals consumer China and hawkish comments by Fed officials stoked
demand concerns. - more
Eramet's New Caledonia nickel business seeks help with new cash crunch
- SLN, the New Caledonian nickel producer controlled by French mining
group Eramet, is seeking help from a court-appointed expert to lead
talks with stakeholders as it faces a cash squeeze from production
setbacks and soaring costs, it said on Friday. - more
Indonesia faces difficult task to create OPEC-like group for nickel -
Indonesia's proposal to create an organisation to control nickel output
and prices along the lines of OPEC would be an uphill struggle,
industry analysts say, as production is controlled by privately-owned
companies and not governments. - more
China’s top 5 steelmakers on track to supply 34% of total output as
industry consolidation continues - China’s steel industry consolidation
has resulted in four deals to date in 2022, putting the five biggest
producers on track to account for 34% of the country’s production, and
the acquisition of smaller steelmakers by larger ones will continue to
gain momentum in the coming years, steel mill sources said Nov. 14-17.
- more
U.S. sanctions actions target Russian involvement in Guatemala's mining
sector - The U.S. Treasury Department on Friday issued sanctions
targeting Russian involvement in the Guatemalan nickel sector,
according to a statement. - more
Outokumpu becomes first stainless steel producer to provide
product-specific carbon footprint data - Outokumpu, a leading stainless
steel manufacturer in Europe based in Finland, has become the first
stainless steel producer to provide its customers with specific carbon
footprint data on its stainless steel products, aiming to help
customers further reduce their climate emissions. - more
These companies are crippling South Africa, more than rate hikes: CEO -
Investec CEO Fani Titi said that poor management, corruption, and the
overall failures of Eskom and Transnet would keep South Africa in
crisis unless the government makes some difficult decisions, reported
the Sunday Times. - more
Nickel closed Thursday's trading
session at $11.42/lb ($25,190). Indicators at 6:00 am CST today show
nickel trading around $.31/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose by
two lots and started today's session just over the 49,500 tonne level.
Nickel continues to fall, as the early week price spike continues to
lose its gains. Everyone has a thought on what caused this recent
spike. The one that sounds the most likely, a fire in Indonesia
followed by short covering, did not happen until Monday and prices
started spiking last Friday. So pick your poison, but we see this as
just another, among many, incidents that proves the nickel market can
be a volatile mess, with directional shifts needing no change in
fundamentals to justify. As it stands, nickel is trading under the
$25,000 tonne level, and just a tad under where it closed on the 9th.
We are still well over the $22,000 tonne level, where October ended,
but the November run is showing signs of losing gas, or at least, the
inability to hold on to the $30,000 tonne level has made the run
vulnerable to a bear charge. More on the nickel cartel idea below, and
Republicans in the House of Representatives want to make the mine
permitting process faster. Stay safe out there and enjoy your weekend!
Average price of LME traded cash nickel
so far this month
- $11.34/lb
Reports
Reuters metals morning - Copper set for weekly drop on demand concerns, stronger dollar - more
Thursday's market review - Copper retreats on renewed worries about
China COVID curbs - Copper prices extended losses on Thursday, weighed
down by a stronger dollar and demand concerns after a flare up in
COVID-19 cases in top metals consumer China. - more
Column: LME tightens restraints as nickel turns unruly again - London
Metal Exchange (LME) nickel trading has turned wild again this week. - more
Canada 'very unlikely' to join OPEC-like group for nickel -govt source
- Canada has not committed to establishing an OPEC-like organization
for nickel-producing countries with Indonesia and is "very unlikely" to
participate in any such group, a Canadian government source familiar
with the discussions said on Thursday. - more
Plans for OPEC of Nickel Finds Doubters in Australia, Canada - more
Japan’s NSSC raises 300 series stainless steel prices for Nov - Nippon
Steel Stainless Steel Corp. (NSSC), the largest stainless steel
producer in Japan, announced its price adjustment of 300 series
stainless steel and medium and heavy plates for November. - more
Vale to supply GM with nickel for EVs, starting in 2026 - Brazilian
mining giant Vale SA will supply General Motors Co with battery-grade
nickel for future electric vehicles, starting in 2026, the companies
said on Thursday. - more
U.S. Republicans aim to shorten EV mine permitting after House win -
Republicans will seek to boost American production of lithium, copper
and other electric-vehicle metals after the U.S. midterm elections gave
them narrow control of the House of Representatives and the power to
influence how regulators approve or deny mining projects. - more
Nickel closed Wednesday's trading
session at $12.47/lb ($27,500/tonne). Indicators at 6:00 am CST today show
nickel trading around $.17/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today at the 49,500 tonne level. Cancelled
warrants fell below the 10% level. Volatility is back as the bears try
to put a halt on the bulls big November run. The last day of October,
the official cash nickel price was $9.86/lb. On Tuesday, it was
$13.43/lb. POSCO reports its back up and running after an earlier fire
closed one of their hot roll lines. Nickel closed lower for a second
consecutive session overnight in Shanghai, with last night;s fall much
steeper than the prior session. Even when they try to lead, they end up
following the LME lead. Stay safe out there and enjoy your pre-Friday.
Average price of LME traded cash nickel
so far this month
- $11.30/lb
Reports
Reuters metals morning - Prices fall on firmer dollar, demand concerns - more
Wednesday's market review - Copper falls as weak Chinese data adds to
slack demand - Copper prices fell on Wednesday as weak Chinese economic
data added to signs of low demand and ample supply, taking the heat out
of a recent rally. - more
Volatility reigns as nickel plunges after rising 40% in two weeks - more
Nickel prices tumble as LME scrutinises volatile trading - The London
Metal Exchange (LME) said on Wednesday it was conducting enhanced
monitoring of nickel trading after prices fell as much as 12% in
volatile and illiquid conditions. - more
January to September 2022 Metals Balances - (excerpt) The nickel market
was in surplus during January to September 2022 with apparent
production exceeding demand by 10.5 kt. In the whole of 2021, the
calculated deficit was 180.3 kt. - more
POSCO's stainless steel hot rolling mill resumes normal orders -
Posco's hot rolling mill resumed operation in October, but its
annealing and pickling lines of stainless steel plants did not start
simultaneously. - more
European stainless steel prices keep flat on sluggish demand -
Distributors in Europe began to replenish their inventory in November,
which meant that market inventory was already low. - more
Influx of freight-carrying trucks swamp Richards Bay port following coal derailment
- South Africa’s Transnet said it had taken steps to ease an influx of
trucks carrying goods for export via Richards Bay port following
the derailment of 97 wagons on the company’s North Corridor rail route.
- more
Nickel closed Tuesday's trading
session at $13.64/lb ($30,065/tonne). Indicators at 6:00 am CST today show
nickel trading around $.44/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday, and ended that session just over the 49,900 tonne level. It
has been many years since we have seen inventory levels below 50,000
tonnes. LME nickel closed above the $30,000 tonne level yesterday, but
Shanghai wasn't having it and closed lower, for the second time in the
last three sessions. LME nickel is down sharply this morning, and not
really sure of any "news" that might be responsible. Indonesia has
approached Canada with its 'nickel cartel' idea. We try not to pay
attention to 'conspiracy theorists', but it would seem that the U.S.
should pay close attention to this situation. One one hand we are
making nickel a 'critical' mineral, and spending tax dollars to get
miners to invest in nickel mines. On the other Canada and the U.S.
share mutual security concerns and a friendship that is hard to match
anywhere in the world so let's learn from OPEC's habit of holding the
world hostage to its geopolitical whims. Lot of reports out, including
monthly fasteners and corrugated box reports. There was a time when
they were good indicators, although not as much anymore. It's the
second half of the eleventh month of the twenty second year of the
twenty third century. A long way of saying 39 days till Christmas. Stay
safe out there and enjoy your hump day!
Average price of LME traded cash nickel
so far this month
- $11.15/lb
Reports
Reuters metals morning - Copper dips on geopolitics risks, demand jitters - more
Tuesday's market review - Copper rally stalls as COVID spreads in China
- Copper’s rally paused on Tuesday as rising COVID-19 cases and weak
factory activity in China held prices below Monday’s five-month high. -
more
Column: LME stays Russian metal ban with views starkly split - The
London Metal Exchange (LME) has announced it will continue accepting
Russian metal as good delivery against its industrial metal contracts,
for now at least. - more
Stainless Steel Prices Likely to Get Weaker Cost Support in November -
Prices of spot stainless steel rose slightly in October, with a monthly
increase of about 200 yuan/mt. - more
Indonesia proposes to Canada setting up OPEC-like group for nickel -
Indonesia has proposed in talks with Canada establishing an OPEC-like
organization for nickel producing countries, the Southeast Asian
nation’s investment ministry said in a statement on Wednesday. - more
Only Steel Shipments in US Increase in October - The MSCI Metals
activity report for the month of October, 2022 shows only steel
shipments in the U.S. increasing from year-ago levels. - more
Courtesy AISI - In the week ending on November 12, 2022, domestic raw
steel production was 1,645,000 net tons while the capability
utilization rate was 73.7 percent. Production was 1,828,000 net tons in
the week ending November 12, 2021 while the capability utilization then
was 82.8 percent. - more
Nickel closed Monday's trading
session at$13.08/lb ($28,840/tonne). Indicators at 6:00 am CST today show
nickel trading around $.39/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and started today's session just over the 50,000 tonne level.
The bull is back, with the price of nickel rising more the last two
days, than they have since this run began a few weeks ago. Yesterday's
spike was caused by an apparent combination of an explosion at a small
scale producer in Indonesia, to short covering. Today, there are
reports that the old Goro plant is closed due to a tailings leak.
Reuters appears to be convinced this is all thanks to China's loosening
of its COVID policy, which remains a zero case policy. In the mean
time, nickel is nearing the $30,000/tonne threshold at the same time
LME inventory numbers look to fall below the 50,000 tonne threshold.
Sty safe out there and enjoy your middle of the month Tuesday!
Average price of LME traded cash nickel
so far this month
- $10.92/lb
Reports
Reuters metals morning - Most base metals rise as China COVID easing lifts sentiment - more
Monday's market review - China
demand optimism propels copper to 5-month high - Copper prices hit near
five-month highs on Monday on optimism about demand in top consumer
China after officials moved to shore up the country’s property sector
and ease its strict COVID restrictions. - more
Nickel briefly surges by limit as report of blast spooks market - more
Nickel Takes Off as China’s COVID Crisis Affects Each Commodity Differently - more
LME nickel price offers breach daily upper 15% price limit - traders -
London Metal Exchange rules on daily price swings were breached on
Monday, traders said, with offers to sell nickel above the 15% limit
placed in volatile trade for the first time since the March debacle
when the exchange imposed constraints. - more
New Caledonia nickel plant, a Tesla supplier, cuts supply after leak -
Blomberg - New Caledonia nickel producer Prony Resources, a supplier to
Tesla, will reduce production after a leak from its tailings dam,
Bloomberg reported on Tuesday. - more
LME maintains status quo on Russian metal - The
LME's decision to continue to allow Russian metal to be delivered into
its warehouses put some downward pressure on metals on Monday morning,
easing fears of supply shortages - more
SunSirs: Stainless Steel Prices Rose First and Then Fell This Week
(November 7-11) - According to the price monitoring of SunSirs,
stainless steel fell first and then rose this week. - more
S&P
Global Commodity Insights discusses consensus price forecasts for
industrial and precious metals, including platinum group metals -
(excerpt) The LME nickel cash price is at the mercy of the
Russia-Ukraine conflict, with the LME currently in formal discussions
on banning Russian metal deliveries into its warehouses. - more
Nickel closed Friday's trading
session at $12.41/lb ($27,360/tonne). Indicators at 6:00 am CST today show
nickel trading around $.09/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and started this week just under the 50,200 tonne level. You
know it's going to be one of those days when the first headline you see
in the morning reads "Nickel jumps 15% to highest since May in illiquid
trade" (article here).
Now before your heart stops because you just dumped some non moving
stainless steel inventory for year end, nickel has come back down to
earth, and up only around 2.5% as we post this morning update.
According to a trader interviewed by Reuters, we are seeing short
covering taking the price higher, which is basically the same reason
the March debacle happened. Over the weekend, the LME, already lacking
in credibility because of that March debacle, announced the majority of
its members planned on buying Russian nickel anyway, so banning the
storage of their nickel in LME warehouses and forbidding the trading of
the same because of the invasion of Ukraine, was pointless. And that is
how you show your neutered without being graphic about it. Another
period when we see LME at its "less than finest" hour. Oh - and Shanghai nickel fell overnight. Stay safe out
there and have a great week.
Average price of LME traded cash nickel
so far this month
- $10.77/lb
Reports
Reuters metals morning - Copper near 5-month high on China's property support; Fed warning caps gains - more
Friday's market review - Industrial metals surge after China eases
COVID measures - Industrial metals prices jumped on Friday after China
eased some coronavirus rules, fueling expectations that it will abandon
a zero-COVID policy that has reduced economic activity and demand for
metals. - more
LME will not ban Russian metal from its system - The London Metal
Exchange (LME) said on Friday it will not ban Russian metal from being
traded and stored in its system because a significant portion of the
market is still planning to buy the country’s metal in 2023. - more
China Eases Zero-Covid Rules as Economic Toll and Frustrations Mount - Top
leaders relax stringent pandemic controls in bid to lessen economic and
societal impact, even as daily cases surge past 10,000 - more
China Has Links to Dozens of Canadian Miners Tied to Critical Minerals
- China has built up stakes in more than two dozen Canadian mining
companies, including some of the industry’s biggest names. Canada’s
latest crackdown on foreign investments in critical minerals is about
to put a chill on such activity. - more
Nickel is the key to an electric vehicle transition. Is mining it making Canadians sick? - more
Nickel closed Thursday's trading
session at $11.87/lb ($26,165/tonne) Indicators at 6:40 am CST today show
nickel trading around $.24/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Thursday and started today's session just over the 50,300 tonne level.
Inflation fell in the U.S. according to figures released yesterday, and
the Euro immediately jumped on the news. Base metals rose, and nickel,
which was already in a bullish run, soared. And it still is today, up
over $2600/tonne in the last three days - and the week still has a few
hours left. So is this bull run here to stay - or is this merely a bear
trap attempt? Cancelled warrants remain in the 11% range, so so far,
the bears aren't biting - at least with physical inventory. Since it
follows the LME Week meetings, it is possible there is something more
to this. LME stockpiles are back down this month, and very close to
falling below the 50,000 tonne level, which considering how long they
have been reading just above that level means far less in reality, than
it would psychologically. Whatever happens, we will keep you posted.
Stay safe out there and have a great weekend!
Average price of LME traded cash nickel
so far this month
- $10.64/lb
Reports
Reuters metals morning - Industrial metals jump after China eases COVID measures - more
Thursday's market review - Copper gains as U.S. inflation data points
to fewer rate rises - Prices of copper and other industrial metals rose
sharply on Thursday after U.S. data showed that underlying inflation
appeared to have peaked, which may allow the Federal Reserve to stop
raising interest rates sooner. - more
China’s crude stainless steel production decreases in Q1-Q3 y-o-y -
According to statistics, China’s crude stainless steel production
totaled around 23.63 million tons in the first three quarters of this
year, sliding by 5.22% compared to the same period a year ago. - more
Australian mining magnate Forrest calls for ban on seabed mining -
Fortescue Metals executive chairman Andrew Forrest on Tuesday said his
charitable foundation is in favour of a pause on seabed mining, the
first time a prominent mining executive has spoken out against the
nascent industry. - more
Russian steel production fell by 6% - The
Russian Ministry of Industry and Trade announced an increase in steel
demand in the domestic market that began in the third quarter. - more
Indonesian nickel mines expose eco-costs of electric cars - Nickel is
essential for making electric vehicle batteries, and Indonesia is one
of the largest producers in the world. - more
Nickel closed Wednesday's trading
session at $11.20/lb ($24,700/tonne). Indicators at 6:00 am CST today show
nickel trading around $.05/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Wednesday and ended the day just below the 50,400 tonne
level. Shanghai nickel jumped overnight, to catch up with LME nickel,
but we show their nickel is trading at a level not see since June. The
LME made a run to the $24,000 tonne level in mid September, but after a
few days it fell lower. The last time we spent any time at or above
this level was in, drum roll please, June. Another slow news day but we
did note the the Fastener Distributor Index fell in October to 44.3
from 47.6 in September. Like other indexes, any reading below 50
implies contraction, and fastener demand is a good gauge of US
manufacturing production. Stay save out there and have a great Thursday!
Average price of LME traded cash nickel
so far this month
-
Reports
Reuters metals morning - London copper eases on firm dollar ahead of U.S. inflation data - more
Wednesday's market review - Copper
surrenders gains after hitting two-month peak on Russia news - Copper
prices briefly surged on Wednesday to their highest in more than two
months after Russia ordered a major retreat in Ukraine, raising
investors’ hopes that the conflict may be nearing an end, but the gains
fizzled out. - more
China's Metals Output in October - (excerpt) China’s NPI output in
October stood at 35,700 mt in Ni content, up 14.2% MoM and 14.6% YoY.
The spot prices of stainless steel rose sharply in October, and the
orders received by stainless steel plants also increased compared with
that in September. - more
The rise and fall of European gas prices - How European gas prices
surged to unprecedented heights and then plunged by two-thirds – and
what it means for steel buyers. - more
Threats from “disgruntled groups” preceded coal train derailment, says
Transnet - Transnet said heavy rains overnight hampered efforts to
restore operations on its coal line following a derailment of a train
carrying export coal on Tuesday. - more
Nickel closed Tuesday's trading
session at$10.87/lb ($23,965/tonne). Indicators at 6:00 am CST today show
nickel trading around $.05/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and ended that session just over the 50,400 tonne level. At the
moment, nickel is the only base metal trading in the green, with
Chinese COVID numbers concerning many traders. Voting day is behind us
and so far, the red wave we forecast has yet to show itself. Many major
races are still up in the air, as a polarized country keeps the tug of
war for Congressional control tight. Slow news day in our industry so
we leave you with it. Stay safe out there and have a great hump day!
Average price of LME traded cash nickel
so far this month
- $10.52/lb
Reports
Reuters metals morning - Copper stumbles lower on weak China data, rising COVID cases - more
Tuesday's market review - Copper bounces on supply
worries, weaker dollar - Copper prices rebounded on Tuesday on
supply worries and a weaker dollar, shrugging off an upsurge in
COVID-19 cases in the world’s top metals consumer China. - more
Bill in Congress would delay the new restrictions on what cars qualify
for EV tax credits - Automaker don't want to lose tax credits, but
mining companies like the law as-is - more
China's stainless steel output expected to fall by 3.4% in 2022 -
According to statistics, Chinese stainless steel export volume reached
3.464 million tons from January to September 2022, increasing by 4.79%
year on year. - more
Steelworkers Reach Tentative Agreement on Four-Year Contract with U.S.
Steel - The United Steelworkers (USW) today said that the union has
reached tentative agreement on a new, four-year contract on behalf of
roughly 13,000 members of 13 local unions at U.S. Steel facilities
featuring major economic and contract language improvements. - more
Nickel closed Monday's trading
session at $10.61/lb ($23,390/tonne). Indicators at 6:00 am CST today show
nickel trading around $.03/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose
slightly on Monday and started today just over the 50,800 tonne level.
Nickel fell back yesterday on COVID concerns from China, with more
outbreaks being reported in their cities - including major industrial
hubs. Base metals are trading mixed this morning, but quietly. Today is
election day in the U.S. and we feel rather confident in predicting a
Republican take over of both Houses of Congress. This means with a
Democratic President and Republican control of Congress, absolutely
nothing will get accomplished in the next couple of years. And that is our forecast for the day. Stay safe and have a great day!
Average price of LME traded cash nickel
so far this month
- $10.51/lb
Reports
Reuters metals morning - Aluminium pulls back as China COVID cases climb, dollar gains - more
Monday's market review - Chinese demand fears haunt
copper market - Copper prices fell on Monday after top consumer China
reaffirmed its stringent COVID-19 restrictions and data from the top
consumer reinforced demand worries, but sliding inventories and a lower
dollar limited losses. - more
IREPAS Short Range Outlook : November 2022 - Demand at crisis levels in
global longs market, unlikely to improve in coming months - more
More Governments Are Turning Against the Deep Sea Mining Rush - As
world leaders gather at the United Nations climate summit in Egypt this
week, another international meeting is underway in Jamaica to decide
the fate of the planet’s oceans. - more
Courtesy AISI - In the week ending on November 5, 2022, domestic raw
steel production was 1,640,000 net tons while the capability
utilization rate was 73.5 percent. Production was 1,828,000 net tons in
the week ending November 5, 2021 while the capability utilization then
was 82.8 percent. - more
US steel sentiment remains bearish as uncertainty looms over the demand outlook: survey - more
Guangzhou's COVID outbreak deepens as more lockdowns loom in China -
COVID-19 cases sharply escalated in Guangzhou and other major Chinese
cities, official data showed on Tuesday, with the global manufacturing
hub fighting its worst flare-up ever and testing its ability to avoid a
Shanghai-style citywide lockdown. - more
Nickel closed Friday's trading
session at $10.78/lb ($23,760/tonne). Indicators at 6:00 am CST today show
nickel trading around $.30/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and started this week of trading just under the 50,800 tonne
level, LME stockpile numbers have been hovering around the 52,000 tonne
level since mid September, but this is the first time it has fallen
below the 51,000 tonne level this year. Nickel is down sharply this
morning after Friday's bull run on more rumors from China about them
weakening their zero-covid policy, turned bearish with an official
denial from China. Andy Home of Reuters has more on Canada's decision
to close their critical minerals mines to Chinese investment. Lot of
talk about a potential diesel shortage, but much of the news appears to
be more hype than reality. And three countries in South Africa are
considering forming an OPEC style cartel for lithium. Stay safe out
there and have a great week!
Average price of LME traded cash nickel
so far this month
- $10.53/lb
Reports
Reuters metals morning - London copper falls as hopes of China easing COVID rules fade - more
Friday's market review - Copper surges on dollar
slide, hopes China will loosen COVID measures - Copper prices vaulted
to the highest level in six weeks on Friday as the dollar plunged and
more rumors swirled about China loosening its strict COVID-19 measures.
- more
Canada slams the door on China in critical minerals race: Andy Home -
Canada has just upped the ante in the global competition to secure
critical minerals. - more
Italian stainless flats demand stalls - Sales
activity for Italian stainless steel coils, sheet and tube is slowing
substantially after resuming in September and sustaining in the first
days of October, sources in the sector tell Kallanish. - more
SunSirs: The Peak Season Effect Faded, and the Price of Stainless Steel
Weakened (October 31-November 4) - According to the price monitoring of
SunSirs, the stainless steel fell slightly this week. As of November 4,
the daily average price of spot 304/2B stainless steel flat plates 1.0
* 1,219 * 2,438 (tolerance 0.91) was 17,325 RMB/ton, down 1.49% from
the price of 17,587.5 RMB/ton at the beginning of the week and down
16.44% year on year. - more
US Import and Export figures of nickel, stainless steel, anything - enter your item in the search box - more
Nickel closed Thursday's trading
session at$10.40/lb ($22,920/tonne). Indicators at 6:00 am CST today show
nickel trading around $.09/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Thursday and started today's trading session just over the
51,400 tonne level for a second day. Nickel fell sharply yesterday as
part of a general base metals 'run for the border' trading day, but is
rising this morning. Reuters is crediting rumors again out of China
that they are preparing to lift some COVID restrictions, rumors we are
not seeing in Chinese media. Instead, we saw Shanghai markets overnight
not take the lead from the LME, which it nearly always does on sharp
movements, and it closed only slightly lower. This may have London
traders wondering if they missed something, and even though the Euro is
lower, typically bad news for base metal trading, all LME traded base
metals are rebounding this morning. Big news yesterday from north of
the border, as Canadian media reports Canada has ordered three Chinese
companies to divest their interest in lithium mines in that country.
China buying farm land in the U.S. has become a political issue this
year, at least in the state we live, and now it appears similar
concerns exist in Canada. While we have never been shy expressing our
concerns about the shift in U.S. relations toward China, and their
sudden re-classification as a military threat, we see these property
ownership concerns as legitimate. It is our understanding that in
Communist China, only the state can "own" land. If this is true, then
restrictions on China ownership of property in the U.S., directly or
indirectly, should be closely restricted. This should apply to any
foreign entity that restricts property ownership within their borders,
not just China. And with critical minerals another hot button issue, we
suspect Canada's move will be closely watched by other Western nations.
Again, can an American company own and operate a lithium mine inside
China? What is good for the goose is good for the gander, in our
opinion. Well, we swore we wouldn't get drawn into this political
season and we had done so good until today. Oh well, just an opinion
and like arm pits, we all have a couple and rarely do others think they
smell as good as we might. Stay safe out there and have a great weekend!
Average price of LME traded cash nickel
so far this month
- $10.45/lb
Reports
Reuters metals morning - Copper prices jump on China reopening hopes, global supply woes - more
Thursday's market review - Copper sags after Fed
unnerves investors and dollar rallies - Copper prices slumped on
Thursday after the U.S. Federal Reserve failed to provide a clear
signal for less aggressive increases to interest rates as a global
slowdown curbs demand for metals. - more
Canada orders three Chinese firms to exit lithium mining - Canada
ordered three Chinese companies on Wednesday to divest their
investments in Canadian critical minerals, citing national security. - more
EU extends anti-dumping duties on cold rolled steel from China and Russia - Anti-dumping
duties in the range from 19.7% to 22.1% have been preserved for
imported metal products of Chinese metallurgists, for Russian ones -
from 18.7% to 36.1%. - more
Nickel closed Wednesday's trading
session at $10.95/lb ($24,150/tonne). Indicators at 6:00 am CST today show
nickel trading around $.25/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Wednesday and started today's session just over the 51,400 tonne level.
Nickel is down sharply today, after the U.S. Fed raised interest rates
by the standard 3/4 of 1% and in a press conference afterwards, made it
sound like more was to come. The commodity board is mostly red this
morning, so nickel is not alone. Solway reports it has shut down its
ferronickel operation in Ukraine due to a lack of energy. Slower news
day. Stay safe out there and have a great Thursday!
Average price of LME traded cash nickel
so far this month
- $10.45/lb
Reports
Reuters metals morning - Copper eases as Fed's Powell sends prolonged hawkish signals - more
304 SS Scrap Prices Local (updated bi-weekly) - more
Recessions in Europe: How deep and how long? - more
Desjardin's United States: The 2022 Midterm
Elections and the US Economy - A look at the issues and the potential
economic fallout of the November 8 elections - more
Wednesday's market review - Copper stuck between factory slump and
China demand hopes - Copper prices edged lower on Wednesday, as rising
expectations that China will ease COVID-19 controls next year were
offset by a bleak short-term outlook for manufacturing and metals
demand. - more
Iron ore climbs as China vows to prioritise economic development - Iron
ore prices rose on Wednesday as Chinese regulators assured investors
that economic development remained a priority, while vowing to keep the
domestic currency and property markets stable. - more
Global economic slowdown affects China's steel market - more
Solway’s Ukrainian ferronickel plant halts production - As of November
01, 2022, the ferronickel producer Pobuzhsky Ferronickel Plant will
halt production to prevent long-term economic losses because of the
energy shortage. - more
BHP says Australia well placed to gain from EV metals push in U.S.,
Europe - Australia is set to benefit from the growing interest in
environmentally sustainable mining and minerals needed for
decarbonisation, the chief of BHP Group's nickel operations said. - more
EURANIMI appeals to the European General Court in Luxemburg against the
EC’s decision to implement anti-dumping measures on imports of
stainless-steel cold-rolled flat products originating in India and
Indonesia - pdf here
Nickel closed Tuesday's trading
session at $10.66/lb ($23,410/tonne). Indicators at 6:00 am CST today show
nickel trading around $.19/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started today's session just under the 51,600 tonne level.
Nickel continues to roll higher, with Reuters crediting rumors of China
dropping some of its COVID restrictions next year as the reason. We
suspect its nearly all based on rumors and hopes of some sort, with
equity markets betting the U.S. Fed will not raise rates as much as
earlier feared in their next meeting. While the long term outlook for
nickel is positive, the short term is less so, as is seen in the
results of the poll of metals analysts below. The U.S. PMI is out, and
while still above 50, it's just barely there. We are curious to see if
this bull run, immediately following the LMEWeek meeting, is a change
in the trend line - or just some enthusiasm burning itself out. One can
never tell and we have seem LMEWeek jumps become a new trend, and we
have seen similar movements die by December. Like you, we will wait to
see how it works itself out. Stay safe out there and have a great hump
day!
Average price of LME traded cash nickel
so far this month
- $10.30/lb
Reports
Reuters metals morning - Base metals climb on dollar weakness, supply crunch worries - more
Tuesday's market review - China demand hopes boost industrial
metals - Copper and other industrial metals prices rose on Tuesday as
rumors that top consumer China could lift strict COVID controls next
year raised hopes of stronger demand. - more
POLL - Copper due to hold at weak levels as market swings to surplus -
(excerpt) Analysts expect LME cash nickel (CMNI0) prices to average
$20,250 a tonne next year, down around 7% from current levels. - more
SunSirs: Raw Material Supply Problem Fermented, Stainless Steel Prices
Rose in October - According to the price monitoring of SunSirs, the
stainless steel price rose first and then fell in October. - more
BASF says its battery material plant will be running by year-end
- BASF's new battery materials site in Schwarzheide,
eastern Germany, will start production towards the end of the year, it
said on Tuesday, as the chemicals group seeks to cater to a growing
European electric vehicle (EV) industry. - more
Nickel closed Monday's trading
session at $9.88/lb ($21,785/tonne). Indicators at 6:00 am CST today show
nickel trading around $.35/lb
higher. Stockpiles of nickel store din LME approved warehouses fell on
Monday and ended the month of October just over the 52,000 tonne level.
Nickel is trading much higher this morning, following Shanghai's lead.
Yesterday Shanghai nickel was down 3%, but LME paid little attention.
Overnight Shanghai was trading over 4% higher, and LME bulls have
decided to dance today. Yesterday we posted an article about Indonesia
inviting Saudi Arabia to invest in nickel mining there, and today we
carry a story about Saudi Arabia inviting Australia to invest in mining
in that country. PMI numbers are out for October and so far, few that
have been reported, are promising. US numbers are out later this
morning. The story we posted yesterday about a potential 'nickel
cartel' has exploded across the metals media, and would have made an
interesting topic during LMEWeek had it been public then. It's the
first day of the eleventh month of the twenty second year of the twenty
third century. And it;s the unofficial beginning of the Christmas
holiday season - although that seems to have started in August this
year. We hope its a safe and successful day, month, season, and year
for you.
Average price of LME traded cash nickel
so far this month
- $9.95/lb (average September)
Reports
Reuters metals morning - Copper rises on weaker dollar as markets await Fed decision - more
Monday's market review - Copper falls on growing fears over Chinese
demand - Copper prices fell on Monday as rising COVID-19 cases and
weaker-than-expected manufacturing data in top consumer China raised
concerns over demand weakness. - more
Stainless resale values struggle to surpass mill prices - Stainless
steel buying activity, in Europe, was weaker than anticipated, in
October. Many market participants reported a slight improvement,
month-on-month. - more
Purchasing Prices of Ferrochrome Rose and Ferrochrome Plants were More
Willing to Resume the Production - On November 1, the high-carbon
ferrochrome in Inner Mongolia was quoted at 8,500-8,700 yuan/mt (Cr50%)
today, flat from the previous trading day. - more
Never mind the Saudis: Here's a new OPEC for EV battery metals -
Indonesia is looking to use its position as the nickel capital of the
world to set up a cartel with other like-minded mining empires, similar
to the way OPEC joins forces to control the global crude oil market. - more
EV battery production faces supply chain, geopolitical headwinds -
report - A fragile supply chain marred by geopolitical tensions could
hit the planned expansion of electric vehicle (EV) battery production,
slowing EV adoption, S&P Global Mobility warned in a report on
Monday. - more
Courtesy AISI - In the week ending on October 29, 2022, domestic raw
steel production was 1,663,000 net tons while the capability
utilization rate was 74.5 percent. Production was 1,836,000 net tons in
the week ending October 29, 2021 while the capability utilization then
was 83.2 percent. - more
Saudi Arabia Courts Australian Miners for $170 Billion Plan - Saudi
Arabia is seeking investment from Australian miners to support its
$170-billion plan to build a mining industry and diversify its
oil-dependent economy this decade. - 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 
($26,850/tonne). Indicators at 6:00 am CST today show
nickel trading around $.07/lb 
Reports
Shanghai Metals Market
London Metals Market
Taiwan’s Yusco announces new stainless steel prices for Dec - Yieh
United Steel Corp. (Yusco), a leading stainless steel mill in Taiwan,
announced its new prices for December. - 
Indonesia
plans to appeal after losing WTO nickel dispute with EU - Indonesia's
president said on Wednesday his country would appeal a trade dispute
ruling that he stated had gone in favour of the European Union, which
had sued Indonesia over its 2020 ban on exports of nickel ore. - 
Mine opponents to ask Minnesota Supreme Court to void permit - The
Minnesota Supreme Court will hear arguments Wednesday on an attempt by
environmental groups to cancel a key permit for a long-stalled
copper-nickel mine. - 
India's finished steel imports from Russia hit 4-year high in
April-October - India's finished steel imports from Russia during
April-October rose to their highest in at least four years, government
data compiled by Reuters showed, underscoring Moscow's bid to divert
shipments in the wake of Western sanctions. - 
Zimbabwe says China's Tsingshan to set up lithium operations - Zimbabwe
has signed an agreement with Tsingshan Holdings Group, which plans to
set up lithium mining and processing operations in the southern African
country, President Emmerson Mnangagwa said on Tuesday. - 
Metinvest enterprises in Ukraine resumed work after massive shelling of
infrastructure - Although the electricity supply has since been
partially restored, industrial producers use electricity from the grid
within the available quotas, which can change every day. - 
Other News
Слава Україні! - 
Global nickel cartel off the table as Canada's trade minister rebuffs
Indonesia's approach - Prime Minister Justin Trudeau’s government is
keen to strengthen Canada’s relationship with Indonesia, but not so
much so that it’s willing to join the nickel cartel that the emerging
Asian power is trying to get off the ground. - 
Exclusive: South Korea's Yoon ready to offer 'tailored' benefits to
attract Tesla gigafactory - South Korea will offer "tailored"
incentives to encourage Tesla to set up an electric vehicle gigafactory
in the country and will minimise any risks posed by militant unions,
President Yoon Suk-yeol told Reuters. - 
($25,430/tonne). Indicators at 6:00 am CST today show
nickel trading around $.07/lb 
Global stainless steel market to grow at CAGR of 9.4% by 2028 -
According to a report, the global stainless steel market’s value was
US$112.3 billion in 2021, and the figure was expected to reach
US$207.94 billion by 2028, growing at a compound annual growth rate
(CAGR) of 9.4 % during the period from 2022 to 2028. - 
The state will not support the export of metals from Russia - Ministry
of Industry and Trade of the Russian Federation - This year, according
to the forecast of the Russian Ministry of Industry and Trade, steel
production in the Russian Federation will decrease by 6–8%, while the
ministry does not expect a serious drop in exports this year and
expects steel exports to remain at the level of 2022 next year.
metallurgical companies will reorient supplies from "unfriendly
countries" to the domestic market. - 
October 2022 crude steel production - World crude steel production for
the 64 countries reporting to the World Steel Association (worldsteel)
was 147.3 million tonnes (Mt) in October 2022, a 0.0% change compared
to October 2021. - 
Oct crude steel production falls 14.4% on year: WV Stahl - German crude
steel production fell 14.4% year on year to 3.14 million mt in October,
the eighth straight year-on-year decline, according to data published
Nov. 21 by German steel federation WV Stahl. - 
E-vehicle boom opens new opportunities for PH mining - Developing the
electric vehicle (EV) industry is opening new opportunities for the
Philippine mining sector, a company executive said Wednesday. - 
Eramet's New Caledonia nickel business seeks help with new cash crunch
- SLN, the New Caledonian nickel producer controlled by French mining
group Eramet, is seeking help from a court-appointed expert to lead
talks with stakeholders as it faces a cash squeeze from production
setbacks and soaring costs, it said on Friday. - 
U.S. sanctions actions target Russian involvement in Guatemala's mining
sector - The U.S. Treasury Department on Friday issued sanctions
targeting Russian involvement in the Guatemalan nickel sector,
according to a statement. - 
Outokumpu becomes first stainless steel producer to provide
product-specific carbon footprint data - Outokumpu, a leading stainless
steel manufacturer in Europe based in Finland, has become the first
stainless steel producer to provide its customers with specific carbon
footprint data on its stainless steel products, aiming to help
customers further reduce their climate emissions. - 
These companies are crippling South Africa, more than rate hikes: CEO -
Investec CEO Fani Titi said that poor management, corruption, and the
overall failures of Eskom and Transnet would keep South Africa in
crisis unless the government makes some difficult decisions, reported
the Sunday Times. - 
Japan’s NSSC raises 300 series stainless steel prices for Nov - Nippon
Steel Stainless Steel Corp. (NSSC), the largest stainless steel
producer in Japan, announced its price adjustment of 300 series
stainless steel and medium and heavy plates for November. - 
Vale to supply GM with nickel for EVs, starting in 2026 - Brazilian
mining giant Vale SA will supply General Motors Co with battery-grade
nickel for future electric vehicles, starting in 2026, the companies
said on Thursday. - 
European stainless steel prices keep flat on sluggish demand -
Distributors in Europe began to replenish their inventory in November,
which meant that market inventory was already low. - 
Australian mining magnate Forrest calls for ban on seabed mining -
Fortescue Metals executive chairman Andrew Forrest on Tuesday said his
charitable foundation is in favour of a pause on seabed mining, the
first time a prominent mining executive has spoken out against the
nascent industry. -
IREPAS Short Range Outlook : November 2022 - Demand at crisis levels in
global longs market, unlikely to improve in coming months - 
Italian stainless flats demand stalls - Sales
activity for Italian stainless steel coils, sheet and tube is slowing
substantially after resuming in September and sustaining in the first
days of October, sources in the sector tell Kallanish. -
EV battery production faces supply chain, geopolitical headwinds -
report - A fragile supply chain marred by geopolitical tensions could
hit the planned expansion of electric vehicle (EV) battery production,
slowing EV adoption, S&P Global Mobility warned in a report on
Monday. - 
Saudi Arabia Courts Australian Miners for $170 Billion Plan - Saudi
Arabia is seeking investment from Australian miners to support its
$170-billion plan to build a mining industry and diversify its
oil-dependent economy this decade. - 
