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
Reports
Reuters metals morning - Copper drops to more than 3-week low ..... - more
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)
5 Things You Need to Know about Class 1 & 2 and Intermediate Nickel (Transcript) - more
Wednesday, October 16
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
Reports
Reuters metals morning - Copper bounces from key technical level on China hopes - more
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
Key Takeaways for Base Metals from LME Week - During LME
Week, which took place from September 30 to October 4, market
participants offered valuable insights into the evolving dynamics of
key base metals ... - 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)
5 Things You Need to Know about Class 1 & 2 and Intermediate Nickel (Transcript) - more
Tuesday, October 15
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
Reports
Reuters metals morning - Copper hits three-week low on confusion over China stimulus - more
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
5 Things You Need to Know about Class 1 & 2 and Intermediate Nickel (Transcript) - more
Monday, October 14
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
Reports
Reuters metals morning - London base
metals slip as China stimulus plan lacks details - more
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)
5 Things You Need to Know about Class 1
& 2 and Intermediate Nickel (Transcript) - more
Friday, October 11
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
5 Things You Need to Know about Class 1 & 2 and Intermediate Nickel (Transcript) - more
Thursday, October 10
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
Reports
Reuters metals morning - London copper
rebounds as market awaits China stimulus cues - more
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
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)
5 Things You Need to Know about Class 1
& 2 and Intermediate Nickel (Transcript) - more
Wednesday, October 9
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
Reports
Reuters metals morning - Copper hits two-week low - more
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)
5 Things You Need to Know about Class 1 & 2 and Intermediate Nickel (Transcript) - more
Tuesday, October 8
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
Reports
Reuters metals morning - Shanghai nickel jumps to 3-month high after week-long break - more
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
5 Things You Need to Know about Class 1 & 2 and Intermediate Nickel (Transcript) - more
Monday, October 7
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
Reports
Reuters metals morning - Copper under pressure ahead of China stimulus briefing - more
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)
5 Things You Need to Know about Class 1 & 2 and Intermediate Nickel (Transcript) - more
Friday, October 4
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
Reports
Reuters metals morning - Copper posts weekly loss despite stimulus-driven rally - more
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)
5 Things You Need to Know about Class 1
& 2 and Intermediate Nickel (Transcript) - more
Thursday, October 3
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
Reports
Reuters metals morning - Copper falls as China stimulus effect relieves in thin vacation trade - more
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)
5 Things You Need to Know about Class 1 & 2 and Intermediate Nickel (Transcript) - more
Wednesday, October 2
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
-
Reports
Reuters metals morning - Copper edges greater on China stimulus, Middle East dispute - more
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)
5 Things You Need to Know about Class 1 & 2 and Intermediate Nickel (Transcript) - more
Tuesday, October 1
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
Reports
Reuters metals morning - Base metals largely rebound in thin China holiday trade - more
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
EU Steel Distribution: pessimistic outlook for Q4 2024 -
The latest EUROMETAL Market Sentiment Survey highlights a cautious and
somewhat pessimistic outlook for the steel and metals distribution
sector as ... - more
Nickel miner Wyloo to sell its low-carbon metal on
platform Metalshub - Nickel miner Wyloo, owned by Australian mining
magnate Andrew Forrest, has agreed to sell its low-carbon metal on
trading platform ... - more
Wood Mackenzie launches Lens Metals & Mining - more
Courtesy AISI - In the week ending on September 28, 2024,
domestic raw steel production was 1,646,000 net tons while the
capability utilization rate was 74.1 percent. Production was 1,691,000
net tons in the week ending September 28, 2023, while the capability
utilization then was 74.4 percent. - 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)
(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
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