Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.18/lb  ($15,835/tonne). Indicators at 5:50 am CST today show nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today reading just over the 146,820 tonnes. For those of you who might hold to suspicions, LME recorded a gain of 666 tonnes yesterday, which is what the S&P 500 fell 'too' during the "Great Recession in 2008". Shanghai nickel slipped to 123,840 y/t overnight. Nickel was able to poke its head above the $16,000 level yesterday, but not for long. A stronger Euro is not helping traders much, beyond helping nickel tread water. Outokumpu is warning things are not going to get better in Europe anytime soon, and we saw a report recently that says personal savings in Europe is up, which is dragging on their economies. It's the last day of October and Halloween here in the States. Stay safe out there, watch out for the little ones tonight, and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $7.65/lb
  

    Wednesday's market review - Copper prices subdued ahead of US election, key China meeting - Copper prices were muted on Wednesday as traders braced for a tightly contested U.S. presidential election and ... - more

    Outokumpu warns of worsening steel markets after Q3 profit beat - Finnish stainless steel maker Outokumpu beat market expectations for its third-quarter core profit (EBITDA) on Wednesday, helped by improved ... - more

    Yusco hikes 304 stainless steel prices for Nov due to high costs - Yieh United Steel Corp. (Yusco), a leading stainless steel mill in Taiwan, announced the new price adjustment of stainless steel products for... - more

    Sumitomo resumes production at Madagascar's nickel project - Japanese trading house Sumitomo Corp said on Thursday it was slowly resuming production at the Ambatovy nickel and cobalt project in ... - more

    "They moved on, so have we", BHP says after Anglo American pursuit - BHP Group Ltd on Wednesday drew a line under its failed pursuit of smaller mining peer Anglo American PLC, saying it has "moved on". - more

   Global stainless steel melt shop production rises by 6.3% y-o-y in the first 6 months of 2024 - The world stainless association released figures for the first half year of 2024 showing that stainless steel melt shop... - more

   Other News

• Trafigura warns of potential $1.1 billion hit from fraud in Mongolia - more
• Usage Areas of Stainless Steel Reactors in Production - more
• Chinese Hacking Is Biggest State Cyber Threat to Canada, Spy Agency Says - more
• Fire Erupts at Lithium-Ion Battery Plant in Fredericktown - more
• Explosion at IMIP Nickel Smelting Industrial Area Morowali Traumatizes Workers - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.21/lb ($15,885/tonne). Indicators at 6:00 am CST today show nickel trading around $.07/lb  higher. Stockpiles of nickel stored in LME licensed warehouses took a breather yesterday after two huge days of gains and went unchanged and read just over the 146,150 tonne level. Shanghai nickel recovered some of yesterday's fall overnight and read 124,690 y/t. Nickel trading hit a 2024 low yesterday, slipping below what we show as a strong line of support at $15,880/tonne. If this does not hold, then we see the 2021 low of $15,670/tonne as the next line of support. The 2020 lows are too low to mention and they came as the pandemic shut down the world. Things are slow, but they aren't anywhere near that bad so we think the above numbers are more realistic from a technical point of view. This morning, traders have pushed nickel back over the $16,000 tonne level on a stronger Euro. Two articles of special interest below. Another Indonesia official is warning that country's nickel reserve estimates may be way overblown. We should see a strong denial issued today as it is not in the best interest of Indonesia to see their official estimates questioned. And there is an interesting article on the "whole story" of the March 2022 nickel squeeze from a Chinese perspective  (the original article was posted in Chinese). Stay safe out there and have a great hump day!  
• Average price of LME traded cash nickel so far this month - $7.67/lb
  

    Tuesday's market review - Copper rebounds on revived hope for large fiscal stimulus in China - Copper prices bounced on Tuesday after a Reuters report gave investors renewed hope that top metals consumer ... - more

    Indonesia’s nickel reserves may end in 4 to 5 years - A senior government official has warned of potential depletion of the country’s nickel reserves within the next four to five years along with the operation of .... - more

    The whole story of Qingshan short squeeze: bulls hunted Qingshan Group and lost 112 billion in two days - In March 2022, Tsingshan Group was targeted by Canon Group in the international financial market... - more

    Steel market outlook continues to worsen as demand and consumption decline amid high import shares -  The European steel market faces an increasingly challenging outlook, driven by a combination of low ... - more

    Tang Eng raises 304 stainless steel prices for Nov to reflect production costs  - Tang Eng Iron Works Co., Ltd., one of Taiwan's main stainless steel manufacturers, raised the price of 304 cold-rolled and .... - more

    Australia to end AD & CVD measures on China’s stainless steel sinks  - Australia has recently decided to terminate the anti-dumping (AD) and countervailing duties (CVD) measures against stainless steel sinks ... - more

    MEPS’s global steel production and capacity round-up - ArcelorMittal’s new Fos-sur-Mer ladle furnace, Feralpi’s billet caster upgrade and Nippon Steel’s decarbonisation plans feature in MEPS International’s ... - more

    China's CNGR planning US$10b battery material facility in Indonesia - Chinese battery material maker CNGR Advanced Material Co is planning to build an integrated production facility worth US$10 billion .... - more

   Other News

• Glencore posts lower metals output for first nine months, reiterates outlook - more
• Terrafame looks to cut jobs as electric vehicle sales slow - more
• Wall Street Journal October 29 edition - pdf here
• Candy producers using less chocolate this Halloween amid record cocoa prices: Wells Fargo - more
• US Consumer Confidence Bounced Back in October - more
• China's looming fiscal package set to stabilise rather than boost growth - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.26/lb ($16,000/tonne). Indicators at 5:40 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose sharply again on Monday and ended that session recording just over the 146,150 tonne level. In the last two days, LME warehouses have seen an influx of over 10,000 tonnes of nickel. Shanghai nickel dropped to 123,890 y/t overnight. The $16,000 tonne level has become the new 'line in the sand' for nickel traders, but the surplus nickel hitting LME warehouses is not going to help give bulls confidence in any short term rebound in demand. China media describes stainless steel demand in that country as calm. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $7.70/lb
  

    Monday's market review - Copper slips as China data reinforces weak demand outlook - Copper prices retreated on Monday as Chinese data suggesting poor demand prospects added to disappointment with ... - more

   Stainless steel production 30.4 MMT in 2024 - The world stainless association released figures for the first half year of 2024 showing that stainless steel melt shop production increased by 6.3% year–on–year ... - more

   Taiwan’s Yusco & Tang Eng expected to hike stainless steel prices for Nov to respond to market trend - Yieh United Steel Corp. (Yusco) and Tang Eng Iron Works Co., Ltd., two leading stainless steel ... - more

   US confirms no dumping fact on stainless steel bar by India’s Welspun - The US Department of Commerce (USDOC) made a final determination that Welspun Specialty Solutions Limited (Welspun), the only ... - more

   China’s critical mineral dominance puts Washington’s supply chain hopes at risk - Study finds Chinese control of cobalt and other resources from Africa may be a complication for US de-risking plans - more

• SunSirs: Stainless Steel Prices Fell Weakly This Week (October 21-25) - more
• The stainless steel market remained calm with futures declining and the pace of shipments slowing down - more

   Other News

• Properties of Stainless Steel Explained - more
• No new limits on Ukraine's use of US arms if North Korea joins fight, Pentagon says - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.32/lb  ($16,130/tonne). Indicators at 5:45 am CST today show nickel trading around $.02/lb lower. Stockpiles of nickel stored in LME licensed warehouses jumped wildly on Friday, and ended the week just shy of the 143,250 tonne level. That's not a typo. There was a gain of over 7700 tonnes recorded on Friday. Shanghai nickel rose to 126,400 from 126,120 y/t overnight. The last week of October starts with nickel continuing its bearish slide. Until the U.S. elections are over and the world has a better idea of what their foreign policy might look like for the next four years, we suspect the uncertainty will continue to drag on base metals. Then again, with the world producing more nickel than its consuming, and the lead consumer, China, experiencing an economic slowdown, and the EV industry quiet, what is going on in the U.S. might just be another nail in an already flattening tire. Stay safe out there and have a great week!  
  
• Average price of LME traded cash nickel so far this month - $7.73/lb
  

    Friday's market review - Copper set for weekly decline on China stimulus disappointment - Copper prices rose slightly on Friday, but remained on track to end the week lower after stimulus measures from ... - more

   Nickel Price Forecast: Will the Downtrend Continue in 2025? - A new round of sanctions against Russian copper, nickel, and aluminum exports announced in mid-April gave nickel a much-needed boost to ... - more

   Indonesia’s Trade Dispute on Nickel Ore in the WTO: Current Progress and Developments - Indonesia, the world’s largest producer of nickel, has found itself at the center of a significant trade dispute at the ... - more

   Millennial mining heirs bet Lundin Mining's future on Argentine copper - When he was 16, Adam Lundin was lowered by helicopter into the remote wilderness of northern Canada. - more

   China's Steel and Oil Industries Bear Brunt of Tepid Economy - Chinese commodities producers centered on the old economy are still bearing the brunt of the nation’s economic slowdown, with steelmakers ... - more

   Other News

• Clear Street poaches metals traders from LME floor trader Sigma, sources - more
• US Treasury allows miners to access clean energy manufacturing subsidy - more
• Australia's Horizon Minerals eyes worst day in 13 years on plans to buy nickel miner - more
• Rabuka's message to Kanaky movement: 'Don't slap the hand that feeds you' - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.38/lb  ($16,270/tonne). Indicators at 6:30 am CST today show nickel trading around $.06/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and ended that session reading just over the 135,500 tonne level. Shanghai nickel's November contract slipped to 125,870 y.t overnight and Monday we begin to follow the December contract as it becomes the most widely traded. It read 126,120 y/t. Nickel continues its slide while the Euro is actually gaining ground, albeit hardly noticeable. This gain appeared to do little more than slow the decline in nickel's price yesterday and so far today, is having no effect. The bear is in control of the pasture and for now, the base metal bulls have sought greener pastures, like zinc. Another week in the bag and the last 'full' week of October ends today. Stay safe out there this weekend and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $7.76/lb
  

    Thursday's market review - LME zinc hits 3-week high amid supply disruptions - Zinc prices rose in London on Thursday to their highest levels in three weeks on bets of a rally in coming weeks amid supply ... - more

    Chinese downturn to subdue 2025 steel market recovery - An upturn in EU demand and modest recoveries in the United States and Japan will provide limited upward pressure to global steel prices in 2025.  - more

• China's steel manufacturing improves further in Sep, but sluggish demand weighs - more

    Nickel downstream industry expansion increases carbon emission up to 38.5 M tons: IEEFA - Government efforts to encourage massively nickel downstream industry has potential to increase carbon emission in ... - more

    Kazakhstan extends ban on ferrous, non-ferrous metals scrap exports - Kazakhstan has extended its export restrictions on ferrous and non-ferrous waste exports while expanding the ban on steel scrap outflows ... - more

    Battery Recycling Risks: Underpriced System Threatens Sustainability - Experts warn of risks in India's battery recycling industry due to underpriced recycling system, leading to potential fraud and environmental ... - more

    Thaw in China ties unlikely to deter India's prepare for steel tariffs, source says - Signs of defrosting ties a. day after the leaders of India and China satisfied are unlikely to. prevent New Delhi's plans to back ... - more

   Other News

• Stainless Steel: A Durable and Aesthetic Choice for Multiple Industries - more
• Indonesia Nickel Mining Market Size & Outlook, 2022-2030 - more (used for info only)
• Boeing strike continues after machinists reject 35% pay hike offer - more
• North Korean forces in Ukraine would put China in a tight spot: analysts - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.40/lb ($16,310/tonne). Indicators at 5:45 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouse rose on Wednesday and totaled just over the 135800 tonne level by the days end. Shanghai nickel traded higher overnight, to 126,410 y/t. Nickel is trading slightly higher this morning, thanks to a Euro that is trading a tad higher, but the sentiment remains bearish. The Euro has been mauled by the US Dollar this month, and nickel has followed suit. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $7.79/lb
  

    Wednesday's market review - Aluminium climbs as raw material shortage triggers fund buying - Three-month aluminium on the London Metal Exchange (LME) rose 1% to $2,661.50 a metric ton by 1109 GMT ... - more

    Stainless Steel (Flat) Price Trend and Forecast - In Q3 2024, the North America region witnessed a notable increase in Stainless Steel (Flat) prices, with the USA market experiencing the most significant ... - more

   Taiwan’s stainless steel prices expected to rise by up to NT$3,000/ton on high raw material costs - Stimulated by positive news such as the US interest rate cuts and China’s reduction of reserve requirement ratio .... - more

   China's full-year crude stainless steel production expected to exceed 38 million tons - According to the China Iron and Steel Association's Stainless Steel Branch, China's stainless steel market has been .... - more

   South Korea levies 3.66-11.37% AD duty on Vietnam’s cold-rolled stainless steel - The Korea Trade Commission (KTC) decided to impose a preliminary anti-dumping (AD) duty on cold-rolled stainless steel ..... - more

   First Quantum in talks with potential partners for Zambian assets - First Quantum Minerals, opens new tab is in talks with potential partners for its Zambian assets, the Canadian miner said on Wednesday, ... - more

   Miners are razing forests to meet surging demand for metals and minerals, report says - Whether it’s digging for metals and minerals for cellphones and electric vehicles or coal for power generation, mining ... - more

   The rapid growth in Indonesian nickel production may lead to surging greenhouse gas emissions - Transitioning from coal to renewables is vital to curtail the environmental impact of the rapidly expanding... - more

• Indonesia’s nickel companies: The need for renewable energy amid increasing production - more

   Other News

• Eramet Buys Out Tsingshan From Argentina Lithium Project - more
• Kanak activist Christian Tein’s imprisonment reversed by France’s highest court - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.46/lb ($16,450/tonne). Indicators at 5:40 am CST today show nickel trading around $.12/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Tuesday and started today reading just under the 135,100 tonne level. Shanghai nickel followed LME lower overnight, to 126,000 y/t. With the $17,000/tonne level in the rear view mirror, the bears appear to be in a hurry to reach the $16,000 tonne level before the bulls regain their strength. The WSA released production numbers for the first six months of the year showing U.S. stainless steel production was up 9% year on year, with worldwide production up 6.3%. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $7.82/lb
  

    Tuesday's market review - Aluminium rallies on record high raw material prices - Aluminium prices rose on Tuesday as the cost of raw material alumina set a record high, increasing production costs. - more

      Stainless Steel Melt Shop Production increases by 6.3% y-o-y to 30.4 million metric tons in the first 6 months of 2024 - The world stainless association released figures for the first half year of 2024 showing ... - more

      September 2024 crude steel production - World crude steel production for the 71 countries reporting to the World Steel Association (worldsteel) was 143.6 million tonnes (Mt) in September 2024, a 4.7% ... - more

   Nickel prices likely to be under pressure on market surplus - Nickel prices will likely continue to be under pressure on substantial surplus in the market and the discovery of the metal at Wedei prospect in Papua .... - more

    Indonesia apparently supplies nickel battery material to Tesla - Indonesia is planning to export nickel-based material for electric car batteries to the USA in November. Energy Minister Bahlil Lahadalia explains that.... - more

  Electric vehicles prove a bumpy ride for battery metals - Electric vehicles (EVs) were supposed to supercharge demand for metals such as lithium, nickel and cobalt. - more

   Other News

• Election-year effect: The scenarios that could impact the supply chain - more
• How China's BYD Became King of Affordable EVs - more
• Buffet appeals for dialogue as he ends New Caledonia visit - more
• U.S. Dollar Dominates Global Payment Network SWIFT - more
• West blasts China on rights, China responds: What about Gaza? - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.57/lb ($16,690/tonne). Indicators at 5:35 am CST today show nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME approved warehouses rose on Monday and started today's trading session reading near the 135,150 tonne level. Shanghai nickel dropped sharply to 127,310 y/t overnight. Well yesterday we reported that the $17,000 tonne level appeared to be both a level of support and resistance for nickel traders, and that support gave way shortly after we posted yesterday's update. Nickel is now trading at a four week low, and deep into the $16,000's. Early last month we saw nickel fall below the $16,000 tonne level, so there is still room for the bears to roam. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $7.85/lb
  

    Monday's market review - China rate cuts fuel copper's climb to one-week peak - Copper prices climbed to one-week highs on Monday as interest rate cuts in China raised hopes of stronger demand in the top ... - more

    Stainless steel prices stabilise but downside remains - European finished stainless steel prices stabilised over the past two weeks on projected supply tightness following Spanish stainless steel producer ... - more

    Sherritt's Moa nickel mine hit by nationwide power outage in Cuba - Nickel and cobalt production at Canadian producer Sherritt International's Moa Nickel mine in Cuba has been hit by power outages, the .... - more

    Acerinox to sell Bahru Stainless for USD 95M - Acerinox, S.A. and Worldwide Stainless Sdn. Bhd, a company registered in Malaysia, have signed an agreement pursuant to which Acerinox, S.A. will sell its .... - more

    Courtesy AISI - In the week ending on October 19, 2024, domestic raw steel production was 1,631,000 net tons while the capability utilization rate was 73.4 percent. Production was 1,664,000 net tons in the week ending October 19, 2023, while the capability utilization then was 72.4 percent. - more

   Other News

• Peru’s Chinese-built mega port to soft launch in late November with Shanghai route - more
• McDonald’s sues Tyson, JBS and other beef producers for allegedly fixing prices  - more
• Exclusive: US pressures India for quick accountability in Sikh separatist murder plot - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.69/lb ($16,960/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 Friday and ended the week reading just under the 134,600 tonne level. Shanghai nickel rose to 130,720 y/t overnight. Nickel continues to trade around the $17,000/tonne level and until the Euro can gain some ground back against the U.S. Dollar, we suspect this level may offer both resistance and support to traders. Indonesia has a new President, which would make little difference to the world, except under Joko, the country became the world's largest supplier of nickel. Another week begins and how it will end greatly depends on how you make it begin. As Dale Carnegie taught, "Act enthusiastic and you'll be enthusiastic". Stay safe out there and have a great ..... and successful..... week!
  
• Average price of LME traded cash nickel so far this month - $7.87/lb
  

    Friday's market review - Copper rises as China rolls out support for stock market - Copper prices rose on Friday, supported by new measures to boost liquidity in the Chinese stock market and expectations ... - more

    SunSirs: Stainless Steel Prices Were under Pressure This Week (October 14-18) - According to the price monitoring of SunSirs, the price of stainless steel had slightly decreased this week. As of October 18th, the ... - more

• In August, Indonesia's stainless steel exports to China fell by approximately 21.76% MoM, with cold-rolled exports hitting a historic low [SMM Analysis] - more
• National port nickel ore inventory increased significantly by 460,000 wmt last week - more

    Indonesia aims to manage nickel ore supply to support prices - Indonesia aims to manage nickel ore supply and demand to support prices, its mining minister said on Friday, amid reports of delays in the ... - more

• note - This above article comes two weeks after Benchmark Source published an article titled " Indonesia tightens nickel policies amid resource depletion concerns". The real reason for the delay in new licenses continues to evade. The official estimate is their higher grade saphrolite reserves will last until 2035, while lower grade lateritic reserves could last until 2069. The Indonesia Nickel Miners Association disagrees with these estimates as too bullish.
• Indonesia Controls Nickel Ore Supply to Balance Weak Demand - more
• Indonesia to export EV battery material to US next month, minister says - more
• Indonesia swears in ex-general Prabowo Subianto as president - more

    Rising costs drive European & Asian steel mills to replace stainless steel scrap with semi-finished products or nickel pig iron - Stainless steel scrap in parts of Europe and Asia is increasingly being replaced by ... - more

   Other News

• China's GDP grows 4.8% in first three quarters; growth rate hard-won despite challenges: experts - more
• State of Freight for October: The bullish feeling is starting to grow - more
• Trump's Economic Plans Would Worsen Inflation, Experts Say - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.74/lb ($17,070/tonne). Indicators at 5:50 am CST today show nickel trading around $.04/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose slightly on Thursday and started today reading just over the 124,350 tonne level. Shanghai nickel sneaked a tad higher to 128,750 y/t overnight. Nickel is back below the $17,000 tonne level this morning with the Euro/US Dollar chart looking somewhat similar to the nickel charts, with morning base jumps followed by afternoon climbs back up some of the hill.  The overall trend remains negative but the $17,000 tonne level should offer some support. Indonesia's President Joko Widodo steps down this week, as a new president is sworn in. Whatever else he did for the country, he will be forever remembered outside the border by some of us, as the man who changed the world's nickel industry. Stay safe out there and enjoy your weekend!
  
• Average price of LME traded cash nickel so far this month - $7.89/lb
  

    Thursday's market review - Copper at three-week low as funds switch to gold - Copper prices fell on Thursday to their lowest in more than three weeks as funds exited industrial metals and switched to gold to ... - more

    Universal Stainless Signs Definitive Agreement to be Acquired by Aperam for $45.00 Per Share - Universal Stainless & Alloy Products, Inc. announced today that it has entered into a definitive agreement to be ... - more

    BHP's fiscal Q1 iron ore, copper output rise on year; met coal, nickel production down  - Major miner BHP Group booked mixed production results for the first quarter of its 2025 financial year, with iron ore ... - more

    Indonesia looks to next phase for nickel industry as fixer-in-chief bows out - In the countdown to the weekend inauguration of Indonesia’s new president, Jakarta’s political elite has been huddled at the incoming ... - more

    Production And Process of Stainless Steel - The production process of stainless steel mainly includes one-step, two-step, and three-step methods, as well as new integrated production methods. - more

• Advantages of stainless steel by NHK - more

   Other News

• Nippon Steel agreed to sell its stake in Calvert to ArcelorMittal for one dollar - more
• Yellen says high US tariff wall ‘deeply misguided’, would raise prices - more
• Netanyahu promises more war, dashing peace hopes after Hamas leader killed - more
• Who is Prabowo Subianto, incoming president of Indonesia? - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.87/lb ($17,340/tonne). Indicators at 5:45 am CST today show nickel trading around $.16/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Wednesday and started today reading just over the 134,300 tonne level. Shanghai nickel slumped to 128,550 y/t overnight. Nickel is trading below the $18,000 tonne level this morning, and we now know how many of the private conversations at LME Week went. The fundamentals remain weak and news of another mine closure is doing little to encourage the bulls. We seem to be in a quiet period, possibly due to the U.S. elections in 3 weeks. The Presidential candidates have promised entirely different foreign policies, and thus the world, and the country, waits to see who wins. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $7.92/lb
  

    Wednesday's market review - Copper prices rebounded on Wednesday after the market stabilised at a key support level amid hopes that China will reveal more support for its ailing property sector.Copper .... - more

    Stainless Steel Returns to Fundamentals After Bullish Factors Exhausted; Stainless Steel Mills Stand Firm on Quotes but Market Prices Decline - On October 17, stainless steel prices showed mixed movements. ... - more

    Indonesia Boosts RKAB Nickel Ore Quota to 32 Million Wet Tonnes for 2024-2026, Easing Market Premiums - According to SMM, the quota allocated to an important Indonesian domestic trade laterite nickel ore ... - more

• President-elect asked to care for community, environment at downstream nickel industry - more
  

   Exclusive: Saudi's Manara in advanced talks to buy stake in First Quantum's Zambian mines - Saudi Arabia's Manara Minerals is closing in on a deal to buy a minority stake in Canadian miner First Quantum  .... - more

   Eramet cuts 2024 output targets for mines, sending shares tumbling - Eramet, opens new tab shares plunged nearly 19% on Wednesday after the French firm sharply cut 2024 production targets for its ... - more

   South Africa remains attractive mining investment destination, China hears - The  South African mining industry is diversifying from the gold mining era to an industry with a diverse range of mineral resources ... - more

   Other News

• Benchmark diesel price rises, but futures prices now headed sharply lower - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.90/lb ($17,425/tonne). Indicators at 5:50 am CST today show nickel trading around $.01/lb  lower. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Tuesday and remain reading just under the 133,300 tonne level. Shanghai nickel slipped slightly to 132,550 y/t overnight. Trading charts for nickel on Monday and Tuesday this week appear to show nickel base jumping with a steep dive to start the trading day, followed by slow climbs for the latter part of the day. Today, not so much. Nickel's trend is southbound but the bulls are by no means giving up. Stay safe out there and have a great hump day!
• Average price of LME traded cash nickel so far this month - $7.93/lb
  

    Tuesday's market review - Copper hits three-week low on confusion over China stimulus - Copper prices sank to a three-week low on Tuesday, pressured by confusion about the scale of stimulus measures in .... - more

    New Caledonia: SLN mining site put into standby mode - French-owned historic nickel mining company Société Le Nickel (SLN) is putting its historic mining site in Thio into stand-by mode. - more

    India’s stainless steel longs & finished stainless steel imports rise in Jan-Aug 2024 - Statistics showed that India’s imports of stainless steel long products totaled around 20,100 tons in the first eight months of this ... - more

   Stainless steel offers surprising flexibility for automotive manufacturing - Stainless steel isn't what it used to be. Outokumpu's long-term development of modern stainless steel offers automotive manufacturers .... - more

   Duplex 2205 and Alloy C-276 Pipe and Pipe Fittings - more

   Nippon Steel merges with Nippon Steel Stainless Steel to face changed market conditions - Nippon Steel Corporation (NSC) announced that its wholly-owned subsidiary Nippon Steel Stainless Steel Corporation ... - more

   Worldsteel revises down demand forecast amid manufacturing woes - Worldsteel has revised down its 2024 global steel demand forecast significantly, now expecting a 0.9% on-year decline to 1.75 billion tonnes, .... - more

   Other News

• What led to Canada, India expelling top diplomats? - more
• As FedEx and UPS surcharges grow, competitors see an opportunity - more
• China's rapid electrification is catching out oil producers - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $8.02/lb ($17,670/tonne). Indicators at 5:50 am CST today show nickel trading around $.16/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Monday and started today reading just under the 133,300 tonne level. Shanghai nickel slipped to 132,680 y/t overnight. Nickel continues to fall as the Euro continues to weaken. The bulls attempted a comeback yesterday afternoon, but the bears have resumed control of the market so far this morning. Nickel is now trading below the low point of last weeks big Wednesday fall, which is sending a negative technical signal. This means little but interesting. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $7.95/lb
  

    Monday's market review - London base metals slip as China stimulus plan lacks details - Nonferrous metals fell in London on Monday after somewhat underwhelming stimulus from China and weak inflation data ... - more

     worldsteel Short Range Outlook October 2024 - The World Steel Association (worldsteel) today released an update of the Short Range Outlook (SRO) for 2024 and 2025. worldsteel forecasts that this year .... - more

• Worldsteel: Global stainless steel consumption to grow by 4% in 2024 - more
  

    Merafe ferrochrome output up 2% at nine month stage - Merafe Resources said third quarter ferrochrome production totalled 76,000 in attributable tons resulting in an increase of two percent in production for ... - more

    3D Printing One of the Strongest Stainless Steels - Researchers have developed a way to consistently produce a special type of stainless steel known as 17-4 PH using additive manufacturing, or 3D printing, .... - more

    The role of stainless steel in the petroleum refining industry - Stainless Steel World - Petroleum refineries face different types of corrosion at the various stages of production depending on the interaction between ... - more

    Courtesy AISI - In the week ending on October 12, 2024, domestic raw steel production was 1,620,000 net tons while the capability utilization rate was 72.9 percent. Production was 1,664,000 net tons in the week ending October 12, 2023, while the capability utilization then was 72.4 percent. - more

   Other News

• Chinese economic stimulus measures lead to higher steel prices - more
• How electric cars fuel human rights abuses - more
• Borderlands Mexico: US-Mexico trade hit $74B in August, Port Laredo No. 1 again - more
• ATRI survey: Drivers and carriers see top issues in trucking differently - more
• North Korea blows up inter-Korean road, rail lines near border - more
• Welding stainless steel - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.12/lb ($17,900/tonne). Indicators at 5:30 am CST today show nickel trading around $.19/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and ended last week just under the 132,550 tonne level. Shanghai nickel rose to 134,610 y/t overnight. Commodity traders are in afoul mood this morning and its hard to find any trading in the black this morning. Nickel is no exception with all of Friday's gain now gone. Media is blaming the lack of details on the China stimulus as the reason for the drop, and yet they have been blaming that for every price drop since China returned from vacation and are silent on why prices have reason during the same period. In other words, no one knows exactly why. Stay tuned and we will be happy to predict tomorrow what happened today and not try to come up with some lame reason why what happened, did happen. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $7.96/lb
  

   SunSirs: Stainless Steel Prices Had Slightly Increased This Week (October 7-11) - According to the price monitoring of SunSirs, the price of stainless steel had slightly increased this week. As of October 10th, the... - more

   Brazil launches second AD sunset review on cold-rolled stainless steel sheets from China - On October 2, 2024, Brazil’s Ministry of Development, Industry, Trade, and Services announced it launched the second ... - more

   Inside China's bid to build sway over global metals pricing - China is locking in steps to shape the pricing of the vast quantities of industrial metals it produces and consumes, with moves to attract foreign firms to ... - more

   Acerinox to sell Bahru Stainless plant to Worldwide Stainless - Acerinox, a stainless steel manufacturer based in Spain, has inked an agreement with Worldwide Stainless, a company registered in Malaysia, to sell ... - more

   It’s OK to mine the rainforest for car batteries - Attempts to prevent the destruction of the world’s rainforests are badly off track — and in the public mind, electric vehicles are increasingly to blame. - more

• Indonesia Dumps Climate Politics in Favor of Energy Security - more

   Other News

• Hurricane Milton deals estimated $160B blow in damage, economic loss - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.97/lb  ($17,565/tonne). Indicators at 5:00 am CST today show nickel trading around $.10/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and started today's session reading just over the 132,550 tonne level. Shanghai nickel rose to 134,450 y/t overnight. The nickel bulls continue to fight back, with nickel trading just a few hundred dollars south of the $18,000 tonne level. Stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $7.95/lb
  

   Thursday's market review - Copper extends losses on firm dollar and China worries - Copper prices dipped on Thursday, weighed down by a strong dollar and uncertainty over how much more economic stimulus ... - more

   Stainless Steel Markets October 2024 - The world stainless association has today released the stainless steel consumption forecast for Euro/Africa, the Americas, Asia without China and China. - more

   Stainless Steel Arrivals Increased During Holiday, Post-Holiday Shipments Rose, Overall Inventory Up 2.17% [SMM Analysis] - As of October 10, SMM social inventory of stainless steel was 990,900 mt, up 2.17%... - more

   Ministry: Beware of Indonesia’s increased control of global Nickel supply - A senior official at the Coordinating Ministry for Maritime Affairs and Investment has warned of the increasing Indonesia’s control of the .... - more

   Sibanye ordered to pay damages over cancelled $1.2 bln Brazilian mines deal - South African miner Sibanye Stillwater, opens new tab is liable to pay compensation to investment firm Appian Capital Advisory over ... - more

   Exclusive: Northvolt seeks to sell redundant battery materials to raise cash, sources say - Sweden's Northvolt is trying to sell off its stockpile of battery-making materials, three sources familiar with the matter said ... - more

   Other News

• China's critical minerals dominance ‘material risk’ to national security, Teck Resources CEO warns - more
• Corporate profits and markups - more
• Home Depot to Force Corporate Staff to Work Shifts in Stores - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.92/lb ($17,450/tonne). Indicators at 5:30 am CST today show nickel trading  unchanged. Stockpiles of nickel stored in LME licensed warehouses slipped on Wednesday and started today just over the 132,300 tonne level. Shanghai nickel fell to 132,330 y/t overnight. After slipping early, nickel is back to around where it closed yesterday with a weaker Euro adding negative pressure to a sentiment that has been mostly bearish this week. Indonesia has grown tired of the US using the claim of forced labor coming during diplomatic trade negotiations, and is firing back. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $7.99/lb
  

    Wednesday's market review - Aluminium falls on producer selling, uncertainty over China stimulus - Aluminium prices fell further on Wednesday, with producers selling forward to lock in high prices and ... - more

   Sumitomo Metal forecasts widening global nickel supply surplus in 2025 - The global nickel market is poised for a larger surplus next year, driven by continued production expansion in Indonesia, Japan's largest ... - more

   NAB skeptical of commodity price rebound amid China’s stimulus measures - Economists at the National Australia Bank are not fully convinced by the rebound in commodity prices over the past fortnight since ... - more

   Bahlil dismisses forced labor allegations in nickel industry - Jakarta. Minister of Energy and Mineral Resources Bahlil Lahadalia denied allegations of forced labor in Indonesia’s nickel industry, responding to ... - more

• Indonesia’s Nickel dispute with the EU nears to an end as global dominance strengthens. - more
• The future is nickel in Indonesia - more

   U.S. exports/imports of Nickel in first eight months of 2024 - more // U.S. exports/imports of Stainless Steel in first eight months of 2024 - more 

   Jindal Stainless to supply high-strength stainless steel to CJ Darcl for container manufacturing - Jindal Stainless, a leading stainless steel manufacturer in India, has a partnership with CJ Darcl Logistics, an ... - more

   Other News

• US Republicans condemn hurricane misinformation spread by their own party - more
• Latest Updates: Hurricane Milton moves off Florida, wreaking destruction - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $8.03/lb ($17,700/tonne). Indicators at 5:45 am CST today show nickel trading around $.01/lb  lower. Stockpiles of nickel stored in LME licensed warehouses jumped on Tuesday and started todays session reading just under the 132,400 tonne level. Shanghai nickel rose to 135,080 overnight. After a nearly $400/tonne drop within a few minutes yesterday, nickel bulls crawled back the price $200/tonne to lessen the overall daily loss. This morning, while slightly lower, nickel is hanging on too most of those late day gains, and so far, escaping a rout. Milton is due into Florida this evening, while much of the Southeast is still trying to recover from Helene. Stay safe out there and have a great hump day! 
• Average price of LME traded cash nickel so far this month - $8.00/lb
  

    Tuesday's market review - Copper hits two-week low as Chinese stimulus disappoints - Copper prices fell on Tuesday to their lowest in two weeks, after top metal consumer China failed to convince investors ... - more

    Global molybdenum production rises while use falls in Q2 2024 - Figures released today by the International Molybdenum Association (IMOA) show that global production of molybdenum rose by 1% to 159.2 .... - more

    Thailand launches AD investigation on Vietnam’s cold-rolled stainless steel products - On October 3, 2024, the Department of Foreign Trade (DFT) of Thailand announced the launch of an anti-dumping ... - more

    Cleveland-Cliffs Clears U.S. Department of Justice Antitrust Review for the Acquisition of Stelco - Cleveland-Cliffs Inc. today announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust ... - more

    Back-to-Back Hurricanes Wreak Havoc on Supply Chains - Two weeks after Hurricane Helene slammed the East Coast, resulting in at least 230 deaths, Hurricane Milton is expected to reach landfall Wednesday ... - more

    Ratan Jindal: Stainless Steel Executive of the Year - Steel and Metals Market Research (SMR) GmbH, an international independent market research organisation, recently conferred the Stainless-Steel Executive ... - more

    Moment of Science: Stainless Steel - It’s a shining example of science in action, even if it doesn’t look all that active. This week, we’re finding out how stainless steel came to be. - more

   Other News

• Steelmakers eager to ‘maximise sales’ at fastener fair - more
• Flawed parts made for Boeing threatened plane safety, Italian prosecutors find - more
• Rising unemployment does not mean recession is inevitable - more
• Thousands flee Hurricane Milton, causing traffic jams and fuel shortages - more
• Florida gas stations run empty amid panic ahead of Hurricane Milton - 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 5:55 am CST today show nickel trading around $.23/lb lower. Stockpiles of nickel stored in LME licensed warehouses slipped by 1 lot yesterday and started today reading at the 131,850 tonne level. Shanghai nickel returned to trading overnight and rose to 133,020 y/t. We noticed in yesterday's dip, while not nearly as sharp as the near free fall nickel took last Thursday, was rather bearish, considering there were few profits to be taken and other factors were not justifying a movement in either direction. There was a slight hint that the bullish run was in trouble. This morning, what was a slight hint, has become a glaring clue, with nickel down hard and once again, no external factors to justify a directional shift in either direction. We may have seen traders leave London last week in a bearish mood toward nickel, but waiting to see who would blink first in a rush south. Or it could be a bear trap - setting up the shorts for a loss. Time will tell which is true. Lots of news out there today so we leave you with it. Stay safe and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $8.02/lb
  

    Monday's market review -

  Energy transition story rekindles fund interest in metals - The global energy transition was the dominant theme at this year's London Metal Exchange (LME) Week, the annual gathering of the world's metals ... - more

• Copper demand for electric vehicles is intact, trader IXM says - more

   Vietnam’s stainless steel exports under dual investigation - The US Department of Commerce (DOC) has initiated an anti-dumping and countervailing duty investigation into corrosion-resistant steel (CORE) .... - more

   Report: Widespread corruption plagues Indonesia’s booming nickel industry - Indonesia’s booming nickel industry, which is fuelled by massive Chinese investments, is marred by widespread corruption and ... - more

   Monsters of Rock: Rumble in the jungle bad news for West African Resources - (excerpt) Fitch’s BMI analysts have scaled down their nickel price projection for 2024 from US$18,000/t to US$17,3000/t as the ... - more

   India’s Shyam Metalics and Energy starts stainless steel rebar production - Shyam Metalics and Energy Ltd. (SMEL), an Indian steel producer, has started its stainless steel rebar production, with products ... - more

   Hudbay Minerals settles civil lawsuits regarding former operations in Guatemala - Hudbay Minerals Inc. has reached settlement agreements covering three civil lawsuits in connection with the Fenix nickel project .... - more

   Chinese mining giant invests US$3.6 billion in Beitbridge multi-faceted venture  - Chinese mining giant, Shanxi is pouring US$3.6 billion into a Beitbridge venture which is transforming the transit town. - more

   Indonesian miner Antam buys 30% stake in Tsingshan's smelter - Indonesian state-controlled miner PT Aneka Tambang, opens new tab has acquired a 30% stake worth $102 million in a smelter owned by ... - more

   Courtesy AISI - In the week ending on October 5, 2024, domestic raw steel production was 1,606,000 net tons while the capability utilization rate was 72.3 percent. Production was 1,684,000 net tons in the week ending October 5, 2023, while the capability utilization then was 73.8 percent. - more

   Other News

• Ports reopen as union warns on contract talks - more
• European Union votes to impose tariffs on China-made electric vehicles - more
• Interactive: Global oil flow tracker - more
• Monster hurricane Milton threatens an already battered Florida - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.12/lb ($17,900/tonne). Indicators at 5:50 am CST today show nickel trading around $.12/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and ended last week just over the 131,850 y/t overnight. Shanghai markets reopen tonight after their week long holiday and according to their published schedule, this is the last national holiday they take for this year. Nickel continues to trade higher after the big dip it took last Thursday and is trading over the $18,000/tonne level this morning. While we are not seeing any sudden jumps after the LME Week meetings ended, and the Thursday plunge was merely a market wide reaction to a stronger Dollar and weak equity shift, the charts remain bullish for nickel. That could end tomorrow, and we are offering little more than a technical signal review, but daily gains remain strong and the bears remain quiet. Stay safe out there this week and have a great Monday!
  
• Average price of LME traded cash nickel so far this month - $8.00/lb
  

   Friday's market review - Copper prices surge on bullish US labour data - Copper prices rose on Friday after U.S. job growth accelerated in September, easily beating expectations and pointing to resilience in ... - more

   PT Indonesia Tsingshan Stainless raised prices for Taiwan market - Taiwanese upstream stainless steel mills announced the October rate last week. Despite poor market conditions, Tsingshan Stainless still ... - more

   Hedge fund Elliott loses appeal against dismissal of LME nickel lawsuit - Hedge fund Elliott Associates on Monday lost an appeal against the dismissal of its lawsuit against the London Metal Exchange over ... - more

   Indonesia to impose anti-dumping duties on some flat-rolled iron products from China, South Korea, Taiwan - Indonesia will impose anti-dumping duties on some flat-rolled iron products from China, South .... - more

   US bans steel imports from Chinese company over alleged forced labor - The United States government has banned steel imports from one of the subsidiaries of state-owned steel giant China Baowu Group ... - more

  Low demand drags on long steel prices across Northern Europe but New Year could bring renewed activity, sources say - Minimal restocking activity resulted in prices being pushed downward over the week to ... - more

   Other News

• Jobs report: Downward trend continues in trucking; warehouses see huge drop - more
• US officials struggle to quash Hurricane Helene conspiracy theories - more
• Florida readies for major hurricane Milton, still reeling from Helene - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $8.03/lb   $17,710/tonne). Indicators at 7:50 am CST today show nickel trading around $.07/lb higher. Stockpiles of nickel stored in LME licensed warehouses jumped on Thursday and started today just over the 131,950 tonne level. Shanghai remains closed for holiday and should return to trading next week. The Euro is getting hammered and this is adding a lot of negative stress on nickel. Yesterday nickel gave back all of its gains from Wednesday and yet today, the bulls are fighting back. Stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $8.01/lb
  

    Thursday's market review - Copper pulls back on geopolitics, firm dollar, China doubts - Copper prices retreated on Thursday, hit by tense geopolitics, a strong dollar and uncertainty about how soon ... - more

    Stainless steel producers might still face inventory pressure after National Day holiday - The outlook for China's domestic stainless steel market has been bleak since early September, marked by low sentiment ... - more

    Eurofer challenges EU stainless steel tariff exemptions - Importers have expressed nervousness about Eurofer's efforts to contest the findings of the European Commission's countervailing and antidumping ... - more

    Madagascar's nickel and cobalt miner - Madagascar’s nickel and cobalt miner Ambatovy has shut down a pipeline supplying ore from its mine in the country’s east to a processing and refinery plant due to ... - more

    The new quota period in the EU has started - The new quota period in the EU has started as of October 1. Although the volumes awaiting at the ports are not cleared through customs yet, given the high ... - more

• Japan, Vietnam, Taiwan, Egypt exceed EU HRC quota - more

    Increased interest in tin at LME Week - Tin has seen increased interest at this year’s LME Week so far, with even stronger excitement than seen last year.Before the LME Metals Debate, a poll showed that .... - more

    Anglo American not a sitting duck after breakup, CEO says - Anglo American Plc, opens new tab will not be an "inevitable" takeover target after its unbundles its diamond, platinum, nickel and coal assets, ... - more

   Other News

• Emerging Trends in the Steel Industry for 2024 - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.26/lb ($18,200/tonne). Indicators at 5:30 am CST today show nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME licensed warehouses slipped on Wednesday and started today's session reading just under the 131,100 tonne level. Shanghai remains closed for a week long holiday. While the rest of LME traded base metals are trading off this morning, nickel continues to trade on the bullish side. It will be interesting to see where nickel goes over the next week, as this could tell us if private conversations that took place during LME Week, were bullish on nickel, or remained bearish on nickel. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $7.95/lb
  

    Wednesday's market review - Copper creeps higher on hopes for more China stimulus - Copper prices drifted higher on Wednesday, still basking in the glow of stimulus measures unleashed by top metals .... - more

    Kallanish Steel Weekly: Huge China stimulus propels sentiment but doubts remain - Fasten your seatbelts because China is putting a rocket booster under its economy. Authorities in the world’s largest steel ... - more

    Beijing’s nickel glut leaves America penniless - America’s vast mineral wealth has underwritten our nation’s evolution into an economic and military superpower. From the gold rush that fueled the race westward ... - more

    India’s SMEL commences production of stainless steel rebars - India's Shyam Metalics and Energy Limited (SMEL) has commenced production of stainless steel rebar specifically targeted for use in coastal regions, ... - more

    Mining & Metals: An overview of the sector on the stock market - The mining sector, better known as Mining & Metals (M&M), is complex and highly strategic. While its cyclical nature can put pressure on investors.... - more

   Other News

• New Caledonia’s controversial constitutional reform will not go ahead: French PM - more
• Biden Urges USMX to 'Present Fair Offer' as Dockworker Strike Continues - more
• Report On Business® Roundup: September Manufacturing PMI® - more
• Ship queue grows at US ports as dockworker strike enters third day - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $8.04/lb ($17,720/tonne. Indicators at 5:40 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Tuesday and remain just shy of the 132,200 tonne level. Shanghai remains closed for their National Day holiday and will be closed for the remainder of the week. Not a lot to report today with China on vacation and LME traders in their annual London conference. Nickel is trading just shy of the $18,000 tonne level this morning and if one looks at the charts, there is little reason to believe it won't be reached. The bulls are on a stampede and no one knows how long it will last. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month -
  

    Tuesday's market review - Copper and aluminium rebound in thin Chinese holiday trade - Prices of copper and aluminium rose on Tuesday as economic stimulus measures by top metals consumer China .... - more

    Exclusive - LME to approve Hong Kong for warehousing by end-2024, sources say -  The London Metal Exchange (LME) is set to approve the expansion of its global metals warehousing network into Hong Kong ... - more

    Italy: €2.4 million seized from companies evading anti-dumping duties - At the request of the European Public Prosecutor’s Office (EPPO) in Bologna (Italy), the Italian Financial Police in Ferrara executed a ... - more

    Saudi Arabia's mining minister sees no obstacles to dealmaking in Canada - Saudi Arabia’s mining minister doesn’t see any barriers preventing dealmaking by the kingdom into Canada’s mining sector, despite ... more

   Other News

• US-China talks helping avoid Chinese retaliation against tariff hikes-Treasury official - more
• What happens if China loses normal U.S. trade relations? - more
• Chinese EVs still cheaper than Teslas in U.S. after tariff hike - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.95/lb ($17,520/tonne). Indicators at 5:40 am CST today show nickel trading around $.11/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Monday and started today reading just shy of the 131,200 tonne level. Shanghai markets were closed overnight for their National Day holiday. Nickel continues its bullish run, shrugging off a stronger Dollar. If you are new and here looking for a reason on why nickel prices are suddenly climbing, we have no answers for you ...... and most likely, any reasons given are more hot air than substantive. China's stimulus announcement appears to have kicked things into a higher gear, but with little in the fundamental department offering evidence beyond a Chinese hope and an EV recovery prayer, the bull is treading in dangerous waters. Stay safe out there and have a great Tuesday .... and month!
  
• Average price of LME traded cash nickel so far this month - $7.31/lb avg Sept
  

    Monday's market review - Copper falls after hitting four-month high - Copper prices fell in London on Monday with some investors booking profit as the metal was on track for its biggest monthly gain since April ... - more

   Tsingshan cuts Indonesian nickel output due to tight ore supplies - Top nickel producer China’s Tsingshan has cut ferronickel production in Indonesia due to persistent shortages of ore caused by delays to ... - more

   Taiwan’s Yusco & Tang Eng announce stainless steel prices for Oct - Yieh United Steel Corp. (Yusco), a leading stainless steel mill in Taiwan, announced it would take a bargaining way based on the price and ... - more

   China’s steel sector PMI rises to 49 percent in September - In September this year, the purchasing managers index (PMI) for the Chinese steel sector was at 49 percent, 8.6 percentage points lower than that ... - more

• China’s steel industry crisis threatens Indonesia’s nickel sector - more
• China's high-carbon ferrochrome (FeCr) market has come under significant pressure - more

• Wood Mackenzie launches Lens Metals & Mining - more

   Other News

• A Complete Guide to Stainless Steel Compositions - more
• Trump tariffs would create bearish commodities risk: Macquarie - more
• Port strike could bring ocean carrier surcharges - more

  Economic Stats and Prices (posted in Friday edition)