Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.32/lb ($18,350/tonne). Indicators at 6:00 am CST today show nickel trading around $.09/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today just under the 157,100 tonne level. Nickel's 200 day moving average is running around $8.14/lb and is suddenly potentially in play. Not exactly sure what the measurement is that the experts use to define a bear market, but if nickel falls below this level, and spends anytime there, we suspect it would be hard to call this slump a mere correction. We aren't really sure what has traders spooked so much. Yes, power outages are causing some serious production problems in China - but that is affecting their supply chains as well. Yes, Evergrande missed a second bond payment yesterday, but world markets seem to have convinced themselves that will not be the end of the world. Yes Delta is still raging around the world, but most countries seem to have decided to adopt the 'live with it with some collateral damage' theory. But - and unless someone knows something top secret that we don't - the average daily rate of withdrawal of nickel from LME stockpiles is 1,154 tonnes for September. And we have a little over 157,000 tonnes left. We have only had a few days this quarter where stockpiles grew and we believe that was because China was on holiday at the time. Maybe its good news that China is on vacation next week for Golden Week. Let's see if LME stockpiles gain a few days. So there you have it. 1 + 1 + 1 - 1 = we have no idea. 39 Canadian miners are happy to be alive and no longer trapped today - you are just as free without having to climb out of a mine to get there. So stay safe out there and have a great Thursday.
  
• Average price of LME traded cash nickel so far this month - $8.82/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Wednesday's market review - Copper falls as power shortages grip top consumer China -  Copper prices fell for a second day on Wednesday as a power supply crisis gripped China, the largest metals consumer, shutting factories and casting doubt on the outlook for demand. - more

      Guatemala kicks off Fénix mine pre-consultation - Guatemala’s energy and mines ministry (MEM) has kicked off a court-ordered consultation for a restart of operations at Solway Investment Group’s Fénix nickel mine. - more

     Another Big EV Battery Fantasy, Another Letdown - There it is again: Another automaker makes a big announcement about its electrification plans with a battery manufacturer. Going by previous proclamations, that’s not just ambitious but far-fetched. - more

      DNR initiates contested case hearing on PolyMet - Supreme Court had ordered hearing on plan to use bentonite clay to cap tailings basin - more

   Other News

• Reuters The Day Ahead - pdf here
• Industrial Distribution's 2021 Big 50 Countdown: 30-11 - more
• Stocks Extend Gains as Volatile Quarter Nears End: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $8.41/lb ($18,545/tonne). Indicators at 6:00 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today's session just under the 158,300 tonne level. After falling to a low of $8.37/lb yesterday, nickel has been on a very slow rebound since. In the short term, the bears appear to be calling the shots, but long term, the industry is still staring at falling stockpiles and a world that is using a lot more nickel than it is producing. Here is a headline from the South China Morning Post, dated December 23, 2020 "China suffers worst power blackouts in a decade, on post-coronavirus export boom, coal supply shortage". That was from last year. Monday, the same paper ran this headline "23 Chinese metal workers sickened by carbon monoxide in power blackout". In yet another article, the paper states "Some factories are even being banned from producing [any goods] for six days after operating for only one day. It sounds so ridiculous, but it‘s true.” While China is used to seeing power supply cuts in parts of the country each year, their frequency has increased sharply since the second half of last year and has spread from only usually targeting only the industrial sector to now also affecting households. This time around, China’s ambitious carbon emissions targets have been blamed, along with a shortage of thermal coal used to generate power."  Vale reported 35 of the 39 trapped miners made it out yesterday, but we find no update on the other four yet this morning. From media reports, depending on what depth the miner was working, the climb - much of it by ladders, has been exhausting and the remaining four are struggling from the physical requirement. Electricity appears to be the word for the week - at least so far. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $8.84/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Tuesday's market review - Copper ticks lower on firm dollar, China worries - Copper prices slipped on Tuesday on a stronger dollar and concern about the impact of power cuts in top metals consumer China, where the economy has already been weakening. - more

      Column: Power is a double-edged sword for global metals sector - The world will need a lot more of metals such as copper, nickel and aluminium if it is going to decarbonise. - more

      China’s Electricity Crunch Is World’s Latest Supply Chain Threat - China’s energy crisis is shaping up as the latest shock to global supply chains as factories in the world’s biggest exporter are forced to conserve energy by curbing production. - more

• Container Shipping’s Latest Shock: Blackouts in China - more
  
• ‘Unprecedented’: Power crunch the next big economic shock for China - more
• How Bad Are Things in China? Goldman Sachs Just Slashed Its Growth Forecast to Zero - more

   Other News

• Reuters The Day Ahead - pdf here
• FBI Releases 2020 Crime Statistics - more
  
• Industrial Distribution's 2021 Big 50 Countdown: 50-31 - more
• Europe: Plug-In Car Sales Expand By 60% In August 2021 - more
• European Stocks, U.S. Futures Rebound; Yields Drop: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $8.60/lb ($18,950/tonne). Indicators at 6:00 am CST today show nickel trading around $.18/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and ended that session just over the 160,200 tonne level. It would appear that the combination of the slowdown in China, the Evergrande crisis in China, and the power crisis in China, has finally empowered the bears to take control of nickel trading. Nickel is trading at six week lows, and China traders, who took nickel higher on Monday, finally joined the rush for the exit overnight. Sudbury papers reported the 39 trapped Vale miners were expected out late last night, but as of this morning, we see no reports they have made it out. From what we can gather, much of their exit is being made by ladders, and a time consuming process. The Wall Street Journal posted a 4-1/2 minute video yesterday titled "Why China's Evergrande Has Global Markets on Edge". You can find it here, if interested. China's power crunch, which is typically an annual event caused by mandatory shut downs to cut down on smog, appears to be different this time. See article "China power crunch spreads, shutting factories and dimming growth outlook " under Other News for more information. Behind all the excuses, it appears the mandate from the government to power suppliers, to make sure they have enough coal stockpiled to insure the country stays warm during the coming winter - probably has power suppliers a tad nervous, and burning as little coal as they can get away with these days. Yesterday, China was complaining about a British warship in the Taiwan Strait.  Today, there are reports the British military was put on standby. Now, if we left the story there, one might think the world was on the verge of war. In fact, both statements are factual, but not related to one another. The British did put their military on standby, but in response to a major gas crisis they are experiencing locally due to a shortage of tanker drivers. One plus one does not always equal the number two others might have us believe. Stay safe out there and enjoy your Tuesday.
  
• Average price of LME traded cash nickel so far this month - $8.86/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Monday's market review - China power crunch undermines industrial metals - Prices of industrial metals came under pressure on Monday as worries about demand in top consumer China, where a power crunch and rationing is shutting factories, triggered selling. - more

      Brazil's Vale says 39 workers trapped in Canada mine; rescue underway - Some 39 mine workers have been trapped underground since Sunday at Vale SA's Totten mine in Sudbury, Canada, the Brazilian mining firm said on Monday. - more

• ‘Nerve-wracking’: Wife of trapped miner anxious as husband prepares for 2,500-foot climb to surface - more
  

      Power costs could force metal producers from Europe - Eurometaux - Rising power prices could lead to metal producers moving operations away from Europe and undermine EU carbon-cutting plans, non-ferrous metals industry association Eurometaux has warned the European Commission. - more

      Courtesy AISI - In the week ending on September 25, 2021, domestic raw steel production was 1,880,000 net tons while the capability utilization rate was 85.2 percent. Production was 1,537,000 net tons in the week ending September 25, 2020 while the capability utilization then was 68.6 percent. The current week production represents a 22.3 percent increase from the same period in the previous year. - more

       Discharge from U.S. Steel plant fouling Lake Michigan tributary, Portage mayor says - Indiana Dunes National Park closed all of its beaches and Indiana American Water shut down an intake facility Sunday night after an orange substance appeared to spill from an outfall at the U.S. Steel Midwest plant. - more

   Other News

• Reuters The Day Ahead - pdf here
• Business Economists Lower Growth Forecasts due to Virus - more
• US releases list of 59 banned Chinese defense and tech companies - more
• The Spillover Effects of COVID-19 on Productivity throughout the Supply Chain - more
• China power crunch spreads, shutting factories and dimming growth outlook - more
• Zimbabwe Asked to Settle $70 Million Debt After Legal Loss - more
  
• Stocks, Futures Drop Amid Spike in Treasury Yields: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.78/lb ($19,365/tonne). Indicators at 6:00 am CST today show nickel trading around $.21/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started this week just under the 102.700 tonne level. After taking a dive early on Friday, nickel traders were able to recover much of that loss by the end of the day, and that helped the week end on the positive side. This morning nickel is on the down side of its back and forth action, with power cuts in China, an annual event for the record, being blamed. So the week is beginning much as the last ended - with volatility ruling. Bulls and bears seem to be fighting over the 60 day average level, which for the moment, is hovering just below the $19,200 tonne level. Lot of reports below and some news to start your new week.In reference to an ongoing shortage in paint (checked the spray paint isle at your favorite store lately?) the American Painter Contractor states "The American Coatings Association points to more than COVID-19 for the problem, stating that the paint and coatings industry has failed to build resilience into its supply chains, meaning that when things go wrong they don’t have a “Plan B.” The paint and coatings industry is not alone in doing away with Plan B's as the supply chain has convinced the end user that single sourcing is more economical. Many have embraced this theory and are learning the hard way, the true cost of the lack of a backup plan. Stainless steel makers market their product based on the long term cost savings of their product, not on the upfront, and typically, higher cost. Quality of product, or quality of service - all come with a cost.  It's the last week of the third quarter  of 2021. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $8.88/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Friday's market review - Tin prices hit record highs on supply concerns - Tin prices rocketed to all-time highs on Friday on persistent supply issues and low inventories, although uncertainty regarding China’s Evergrande kept a lid on metals prices. - more

      Minnesota DNR launches new hearing process for PolyMet mine - Minnesota regulators on Friday launched a court-ordered process for assessing the risks to clean water from waste from the proposed PolyMet copper-nickel mine in northeastern Minnesota. - more

      Containers Piling Up at U.S. Rail Yards Add to Port Strains - To understand why more than 100 container ships are waiting to enter U.S. ports from Southern California to Savannah, Georgia, it helps to keep tabs on the congestion that’s building at another key junction of freight transportation: rail yards. - more

• Cyberattacks to metal fabrication companies are not hypothetical - more
• Shortages have created a 'traffic jam' in construction: Lennar - more
  

   Other News

• Reuters The Day Ahead - pdf here
• Supply-chain pain will probably get worse this year, BofA warns - more
• Brexit red lines crack as Britons line up for fuel and food - more
• China Declares Cryptocurrency Transactions 'Illegal' - more
  
• Why Costco is rationing toilet paper and paper towels again, and what it says about supply chains everywhere - more
• Futures Trim Gains as Traders Weigh China Risks: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $8.85/lb ($19,510/tonne). Indicators at 6:50 am CST today show nickel trading around $.17/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell by their smallest level this month and started the day just over the 164,000 tonne level. Evergrande is back in the news, missing their interest payment yesterday. China, from press reports, appears to have decided to let it fail if that is in fact what the future holds for the company. So you can start your countdown timer for 30 days. That is the grace period before the loan potentially defaults, and the world comes to an end, according to a vocal few. For the majority, there appears to be a great unknown to follow - and markets really, really hate unknowns. So we expect the market to lean bearish in the short term, and continue the roller coaster ride of volatility, until this issue is finally resolved. While it has no direct effect on the nickel or stainless steel industries, it could potentially negatively affect world economies, and that has investors in a cautious/negative mood. In a follow up to yesterday, it appears Indonesia wants to clamp down on all nickel exports, unless they are pure, and if you want to use their nickel, you might want to build a plant there. If these restrictions keep tightening, a plant there might be the only one who actually gets to use their nickel. Crude steel production rose in August and mining magnate Forrest plays his next card against BHP in the fight for Noront Resources. Stay safe out there and enjoy your weekend!
  
• Average price of LME traded cash nickel so far this month - $8.89/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Thursday's market review - Tin pushes towards record highs as supply tightens - Tin prices moved towards record highs on Thursday as a shortage of inventories in the London Metal Exchange (LME) warehouse system pushed up premiums for quickly deliverable material. - more

        August 2021 crude steel production - World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 156.8 million tonnes (Mt) in August 2021, a 1.4% decrease compared to August 2020. - more

      China's stainless steel imports soar in Aug y-o-y, largest supply from Indonesia - According to statistics from the General Administration of Customs of China, China imported around 155,200 tons of stainless steel in August this year, rising by 17.73% compared to the previous month and soaring by 116.32% from the same month a year ago. - more

      Mining magnate parrying BHP bid expands stake in nickel Miner - A bidding war for a small Canadian nickel miner is showing no signs of cooling as its largest shareholder, Australian mining magnate Andrew Forrest, took a formal step to increase ownership. - more

      Three Tenets to Leading a High-Performance Distribution Sales Team - Sales leaders are not only using data, but they’ve also internalized the concept with three core tenets that guide how their teams meet the moment and better serve every customer. - more

• How to prevent manufacturing employees from quitting - more
• After COVID Lessons Learned - more
  

      Wind and water - Nickel in clean energy - Even small quantities of nickel in an application can make a big difference to successful deployment. - more

   Other News

• Reuters The Day Ahead - pdf here
• Global markets waiting to hear if China Evergrande will make key interest payment - more
  
• China asks local officials to prepare for ‘possible storm’ if Evergrande fails, WSJ says - more
• US-China trade war did not bring American firms home, research finds - more
• Futures Drop with Cryptocurrencies Amid Crackdown: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.71/lb ($19,205/tonne). Indicators at 6:00 am CST today show nickel trading  unchanged. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and ended that session just over the 164,600 tonne level. So Evergrande announced it would make its debt interest payment yesterday, and the world was relieved. Then the Feds came out and said they might start pulling back on their economic stimulus measures earlier than believed and traders tensed back up. We saw a subscription article earlier this week stating Indonesia was talking about banning exports of items containing less than 70% nickel. We figured this was a misprint and they were referring to the news that Reuters reported last week that said Indonesia  was discussing 'taxing' these items. Now, I see that the Jakarta Post is reporting a potential ban - but once again, the details are hidden behind a subscription requirement. We will keep an eye on this for further developments. Will be interesting to see what the country defines as "processed nickel products with less than 70% nickel content" because hypothetically, stainless steel could qualify. We suspect this is little more than closing a loop hole in their earlier nickel ore export ban - but its worth keeping an eye on. INSG is reporting the nickel deficit actually narrowed in July. This does not match up with LME stockpile numbers, so this implies the big traders might be manipulating the stockpile numbers again. No one really seems to know what might happen if Evergrande defaults, but Reuters is reporting their debt is equal to 2% of China's GDP. Most economists, who performed so well back in 2007-8, feel a default would not cause a Lehman moment, but should not be dismissed as a 'China' problem. In other words, no one really knows - and that fact alone scares the crap out of markets. Here is one thing we do know. It's Thursday and we are on the downhill slide. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $8.90/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Wednesday's market review - Copper jumps 4% as markets cheer Evergrande deal - Copper prices shot up by nearly 4% on Wednesday on relief that China’s debt-burdened Evergrande would pay interest on a domestic bond, easing fears the property giant’s troubles might hit the global economy. - more

      Global nickel market deficit narrows in July to 24,700 T -INSG - The global nickel market deficit declined to 24,700 tonnes in July from a June shortfall of 32,400 tonnes, data from the International Nickel Study Group (INSG) showed. - more

       Bulk Iron Ore Prices Storm Past $100 - Iron ore’s roller-coaster ride in 2021 shows no signs of easing, with prices ending an unprecedented slump to move sharply higher as investors monitor simmering debt troubles at China Evergrande Group. - more

     Ford invests $50 million in EV battery recycling company Redwood - Automaker Ford announced on Wednesday that it will invest $50 million in an electric vehicle battery recycling company that was created by a former Tesla Motors executive. - more

• These Are The World's 10 Fastest-Selling EVs Right Now - more
  

      FedEx diverts packages as labor shortage bites into service levels - FedEx is rerouting more than 600,000 packages a day in its Ground network to keep up with service standards due to staffing shortages at company hubs, President and COO Raj Subramaniam said during the company's Q1 earnings call Tuesday. - more

• Los Angeles-Long Beach Container Surge Puts Port Complex Above Hong Kong - more
  

   Other News

• Reuters The Day Ahead - pdf here
• Fed: On track to slow support for economy later this year - more
• China tells Evergrande to avoid dollar bond default as deadline looms - more
  
• Stocks Gain on Fed Taper Guidance; Treasuries Dip: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $8.44/lb ($18,605/tonne) Indicators at 6:00 am CST today show nickel trading around $.19/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today just under the 165,900 tonne level. Nickel has yet to record a gain this month, and today was only the second day this month where stockpile numbers didn't fall by at least 1000 tonnes. LME nickel is bouncing today, but we have to be honest, and say we are surprised it isn't bouncing harder. Shanghai traders returned overnight and not only did they not play follow the leader to the last few days of LME action, they actually took their traded nickel price higher. All of the Chinese stainless steel indexes we follow moved higher today as well. China's Evergrande announced it will make its debt interest payment on Thursday, calming markets around the world, although that crisis is far from over. The Chinese government will have to step in to pacify markets, so until that happens, we can expect more concern later as future interest payments become due. Merafe announced a fourth quarter price of $1.80/lb for ferrochrome sales to Europe. It was $1.14/lb in the fourth quarter of last year. Stay safe out there and enjoy your hump day.
  
• Average price of LME traded cash nickel so far this month - $8.92/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Tuesday's market review - Copper hits one-month low on renewed Evergrande fears - Copper prices extended their decline to a one-month low on Tuesday on renewed fears that troubles at China’s debt-laden Evergrande Group could seep into the global economy. - more

      Stainless-steel sector sees a massive 177 percent jump in imports - The first four months of this financial year 2021-22 (April-July of FY 22), witnessed a staggering 177 percent rise in stainless steel imports into the country as compared to last year (FY 21) average, and a 159 percent increase from the 2016-17 average, the base year prior to the imposition of CVD on China. - more

      Ferrochrome price announcement for the fourth quarter of 2021 - Shareholders of the Company are advised that the European benchmark ferrochrome price for the  fourth quarter of 2021 has been settled at 180 US cents per pound, a 15.4% increase from the third quarter of 2021. - pdf here

• Are record-high steel prices set to plunge? - more
  

      Ocean Carrier Update:  Pricing Continues its Upward Trend as Supply Chain Managers Fight for Space - Supply Chain managers relying on maritime operators to get their goods to market have been slammed in recent months. Meanwhile container carriers are looking at 50%-plus percentage gains in revenue. - more

• Maersk Heading to Biggest Profit in Danish History - more
  

   Other News

• Reuters The Day Ahead - pdf here
• U.S. Futures Rise With Stocks as Traders Await Fed: Markets Wrap - more
  

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $8.63/lb ($19,030/tonne). Indicators at 6:00 am CST today show nickel trading unchanged. Stockpiles of nickel stored in LME licensed warehouses fell by over 3000 tonnes on Monday and started today's session just under the 166,800 tonne level. Nickel fell yesterday, but not with the intensity seen in prior sessions and peaked its head back over the $19,000/tonne level before closing. So far today, it has done nothing. A second close below the 50 day moving average would send a negative technical signal, but if Beijing steps in and backs Evergrande, which has world markets stressed, we could see the nickel bull come back with an attitude. The news front is quiet, with China closed for an Autumn Festival today. They will be back tomorrow (tonight). INSG issued its World Scrap Trade Overview for stainless steel and you can find the link under Reports. In the good news for America department, new covid cases are falling and appeared to have peaked again. While a whole lot of people are still catching covid every day, this is the time last year we started a new surge, and with the Delta strain still running rampant, there was concern on what would happen this fall. Deaths are still on the rise, which unfortunately, reminds us this flu is starting to take younger, healthier people. So continue to play it safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $8.94/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Monday's market review - Copper slides to 1-month low as Evergrande crisis spurs selling - Copper prices fell on Monday to one-month lows as the prospect of a debt default at China property developer Evergrande Group fuelled a sell-off across financial markets and investors headed for the safe haven dollar. - more

      Are record-high steel prices set to plunge? - Demand for material is weakening across the industry, and imports are hitting U.S. shores - more

      Are You Sure You Need to Hire “More” Salespeople? - Many businesses are as busy or busier than they were pre-pandemic, leading them to want more sales staff. - more

   Other News

• Reuters The Day Ahead - pdf here
• Surging Fertilizer costs risk making food even pricier next year - more
• Why Evergrande has suddenly exploded into a potential global financial market crisis - more
• China Evergrande's rising default risks shift focus to possible Beijing rescue - more
  
• Futures Gain as Stocks Rebound; Treasuries Dip: Markets Wrap - more
  

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.78/lb ($19,360/tonne). Indicators at 6:00 am CST today show nickel trading around $.17/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started today's session just under the 170,000 tonne level. The market bounced so hard Friday that the Reuters reporter said two entirely different things in the first two sentences of his Friday end of day report - only one of which was applicable to the article title. Even for a metal known to be volatile at times, Thursday and Friday last week saw incredible intra day swings. Friday saw nickel way up early, then dive back near where it started the day. And the slide continues this morning, with nickel falling below the $19,000/tonne level for the first time this month. Nickel bounced off its 50 day moving average at one point last week, giving nickel support at just under $19,200/tonne - which nickel is testing hard this morning. The $20,000/tonne level appears to be putting up resistance, although nickel traders seem to be trading weak economic news over technicals. The news that Evergrande in China was near default wasn't exactly new news on Friday, but it seemed to have a sudden jarring affect on markets when coupled with news that China steel production was down for a third consecutive month. Speaking of China, they are closed for their Mid-Autumn Festival and will re-open on Wednesday. Short term, nickel looks bearish - or in correction. Long term, it remains bullish. LME stockpiles fell below 170,000 tonnes for the first time since January 2020 - so inventory concerns haven't gone away. So we forecasted volatility and nickel hasn't disappointed. U.S. surcharge numbers should be published this week and we suspect unless the producers have a set schedule, they will publish them early this week - in case nickel isn't done falling.  Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $8.96/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Friday's market review - Nickel nears seven-year high as market frets about supply - Nickel prices climbed towards seven-year highs on Friday as supply fears resurfaced after an Indonesian government official said the country was looking at taxes on exports of the stainless steel ingredient. Traders said profit-taking after the New York open weighed on nickel on the London Metal Exchange (LME), which was down 0.2% to $19,360 a tonne at 1600 GMT. - more

      Los Angeles Port Logjam Has Enough Containers to Cross Half the U.S. -  The number of container ships waiting to enter the biggest U.S. gateway for trade with Asia reached an all-time high of 65 vessels, carrying potential payloads of cargo boxes that would stretch halfway across the country if lined up end to end. - more

• LTLs become selective about freight as demand booms - more
  

   Other News

• Reuters The Day Ahead - pdf here
• Delta is producing a significant change in the U.S. economy - more
• Top China forecaster sees GDP growth near zero in third quarter - more
• China’s embattled developer Evergrande is on the brink of default. Here’s why it matters - more
• Stocks Slump Amid Fed, China Risks; Dollar Gains: Markets Wrap - more
  

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $8.79/lb ($19,380/tonne). Indicators at 7:40 am CST today show nickel trading around $.29/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and opened today's session just over the 171,700 tonne level. If nickel traders were riding a roller coaster as fierce as the nickel market has been the past few days, some of them would be getting sick. After a huge drop in the traded price yesterday, the market is bouncing today - much like it did on Tuesday. Once again, the stainless steel industry must stand by quietly on the sideline, while the bears and bulls rage a fierce tug of war over the ingredient that most affects the price of their 300 series stainless. Typically, these tug of wars never end well, with the rope at some point snapping, and one the two sides taking the price sharply with them as they fall back victorious. In this case, the bulls appear to have the momentum, but the bears are making them fight to keep that $20,000/tonne level. After stopping exports of unprocessed nickel ore and 'encouraging' nickel processors to come to Indonesia, then 'encouraging nickel users like stainless steel producers and EV battery producers to 'come to Indonesia', the government of Indonesia is now apparently trying to figure out how to tax that nickel leaving their country, even if the world is 'playing by their rules'. Indonesia has enough nickel to get away with this idea, and the producers who have invested millions into building factories there are kind of stuck with few options, but its another example of countries looking to make money off their rocks - even rocks long since made into finished product. Even the U.S. is considering taxing rocks, with Congress reportedly considering taxing rock being extracted from Federal land. Russia started this summer, then said it was temporary, and now is considering not only making it permanent, but increasing the rate. There is 'gold in them thar hills '- for a lucky few and the governments. Stainless steel users - volatility ahead - leaning to the upside. Stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $8.21/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Thursday's market review - Copper drifts lower as focus turns to U.S. Fed meeting  - Copper prices eased on Thursday as the market’s focus turned to next week’s U.S. Federal Reserve meeting for news on the expected tapering of stimulus for the world’s largest economy. - more

      Indonesia considers export tax for products with less than 70% nickel content -  Indonesia is exploring the possibility of levying an export tax on nickel products with less than 70% nickel content to drive expansion of its domestic processing industry, Investment Minister Bahlil Lahadalia said on Friday. - more

      Metal Shipment Increases Slow to More Normal Levels - The dramatic year over year increases in metals shipments in the first haft of the year slowed across the board to more normal levels. Canadian steel shipments actually declined slightly. - more

      U.S. miners decry mineral royalty plan floated in Congress - U.S. mining companies are blasting proposals in Congress that would set royalties for copper, lithium and other minerals extracted from federal land, with executives saying the measures would hurt domestic production of the building blocks for solar panels, electric vehicles and other green technologies. - more

       Commission Implementing Regulation (EU) 2021/1483 of 15 September 2021imposing  a  definitive  anti-dumping  duty  on  imports  of  stainless  steel  cold-rolled  f lat  products originating  in  the  People’s  Republic  of  China  and  Taiwan  following  an  expiry  review  pursuant  to  Article 11(2) of Regulation (EU) 2016/1036 of  the European Parliament and of  the Council  - pdf here

    Will this metal recycling startup revolutionize the battery and clean energy sectors? - Most of the materials required for batteries and other clean energy technology are dirty to mine. - more

• Toronto-based company pushing to refine unused nickel at Paducah DOE site - more
• Battery Recycling Demonstration plant completed - more
• Why an electric car battery is so expensive — at least for now - more
  

   Other News

• Reuters The Day Ahead - pdf here
• Ship owner says commodity freight rates close to going parabolic - more
• Europe Stocks, U.S. Futures Fall; Dollar Steady: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $9.08/lb ($20,010/tonne). Indicators at 6:00 am CST today show nickel trading around $.23/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today's session just under the 173,300 tonne level. Stockpiles fell by less than 1000 tonnes on Wednesday, for the first time this month. The Euro is trading at its lowest this month against the US Dollar as well. Not sure if either of these facts has spooked the nickel market again, but after closing above the $20,000/tonne level yesterday, nickel bears have once again taken control and the traded price is way down this morning. While Reuters is reporting Shanghai nickel closed lower, everything we find online, shows Shanghai nickel closed higher overnight, In fact, after resisting the urge to turn bullish earlier in the week like LME traders did, it appears Chinese traders finally jumped on board overnight, only to have the plank pulled out from underneath them this morning. China reported crude steel production fell for a third consecutive month in August, and that obviously has nickel traders concerned. Other China and Russian news below, as well as WBMS monthly numbers and the Metal Center News Top 50 Service Centers. New Caledonia has seen a week on week increase in covid cases from 16 two weeks ago, to 1,196 last week. Stay safe out there and have a great day.
  
• Average price of LME traded cash nickel so far this month - $8.96/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Wednesday's market review - Copper prices climb on weak U.S. inflation - Copper firmed on Wednesday as the dollar dipped on lower-than-expected U.S. inflation figures that softened expectations for stimulus to be tapered soon, while aluminum was powered by further cuts to production in China. - more

      Shanghai stainless steel futures hit record high on supply crunch - Chinese stainless steel futures scaled their daily trading limit on Thursday to hit an all-time high, as market watchers were concerned by ongoing supply constraints of the metal while downstream demand remains resilient. - more

      WBMS January to July 2021 Metals Balances - (excerpt) The nickel market was in deficit during January to July 2021 with apparent demand exceeding production by 44.7 kt. In the whole of 2020, the calculated surplus was 92.7 kt. - more

      China's crude steel output slips for third month on production curbs - China’s crude steel production fell for a third straight month in August as Beijing maintained curbs on production to reduce carbon emissions, official data showed on Wednesday. - more

      2021 MCN Top 50 Service Centers - The pandemic took a bite out of revenues for the continent’s largest service centers, but the rough times will undoubtedly be short-lived.Click here to download the 2021 Top 50 Service centers. - pdf here

   Other News

• Reuters The Day Ahead - pdf here

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $8.91/lb ($19,635/tonne). Indicators at 6:00 am CST today show nickel trading around $.09/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today just under the 174,300 tonne level. Bulls have snatched control of nickel trading back from the bears and  nickel has traded within a $300 tonne range so far this morning. It is one of those days where there isn't a lot of industrial news, nor a lot to talk about. Shanghai ports are reopening after the Typhoon passed. A small cluster of covid cases in China is causing that country to issue travel warnings, but so far, no industry impacting shut downs that we can find. Countries surrounding China are seeing a surge in cases, so we suspect, it is only a matter of time before they see more clusters break out. It was starting to look like the U.S. had seen the peak to the Delta wave, but in the last few days we are starting to see cases spike again. Daily deceased numbers continue to rise. If you know of someone who has lost a loved one to covid and the death certificate shows covid-19 was the primary or a contributing cause, they probably qualify for FEMA compensation for some of their funeral expenses. You can learn more here or search "FEMA Covid-19 Funeral Assistance". We share this only because in the case of my father, no one told my mother about this assistance, and we learned about it completely by accident. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $8.96/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Tuesday's market review - Industrial metals rally takes a breather on China worries - Most industrial metals fell on Tuesday as concerns over the property market in top consumer China and falls in aluminum and nickel prices from multi-year highs triggered profit taking. - more

    Redwood, led by Tesla co-founder, to build battery materials in U.S. - Redwood Materials led by Tesla co-founder J.B. Straubel said on Tuesday it will build its battery materials manufacturing facility in the United States, as the country seeks to cut reliance on imports for the key component for electric vehicles. - more

• China to accelerate EV industry integration - more
  

       Process Simplifies Bright Age-Hardening for Stainless Steels - Annealing improves ductility, but maintaining the valuable finish of stainless alloys takes some extra effort - more

   Other News

• Reuters The Day Ahead - pdf here
• New Survey of Supply Chain Leaders Highlights Peak Season Expectations - more
• Vaccine mandate adds another wrinkle to warehouse, distribution hiring crunch - more
• The Cost Of Being Unvaccinated Just Went Up — Most Insurers Are Passing Costs Back To Patients As Covid Hospitalizations Soar - more
• Consumer Reports: Chicken with potentially deadly bacteria can be legally sold in US - more
  
• Here’s Why U.S. Oil Supplies Took Such Big Hit From Ida - more
• Stocks Struggle as China Data Flag Growth Risks: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $8.95/lb  ($19,725/tonne). Indicators at 6:00 am CST today show nickel trading around $.05/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and ended that session just over the 175,600 tonne level. Shanghai nickel fell over 2% on Monday and after LME dropped around 3.3% later that day, Shanghai traders pushed nickel down over 4% this morning. So far, LME traders aren't biting the panic worm, and while lower, nickel appears to be trying to find solid footing. We jumped the gun yesterday when we said we dodged a bullet with the Pacific Typhoon. Shanghai did shut down their ports yesterday, but we have yet to see any reports of major damage and Bloomberg is reporting most operations have resumed.  Couple of nickel explorers announced positive results yesterday. We got a kick out of the vice president from Talon Metals calling their results a "king maker". Talon Metals is trying hard to convince Minnesota and Federal officials it should be allowed to mine in northern Minnesota. So far, without out much luck. Slow news day besides weather. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $8.96/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Monday's market review - Soaring aluminium hits $3,000 for first time since 2008 - Aluminum prices touched $3,000 a tonne for the first time since 2008 on Monday as restrictions on output in China, the biggest producer, fueled fears that supply will run short. - more

   Other News

• Reuters The Day Ahead - pdf here
• Typhoon forces two of China's busiest ports to suspend some operations - more
• Why women are leaving the mining industry and what mining companies can do about it  - more
• Stocks Steady Before U.S. CPI; Crude Oil Advances: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $9.30/lb ($20,500/tonne). Indicators at 6:00 am CST today show nickel trading around $.28/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started the new week just under the 177,100 tonne level. Average withdrawals are up to 1,932 tonnes per business day this month. When we say nickel bounces, it means there will be a return to reality, and today we are starting to see nickel traders return to earth. Once again, one can blame anything they like, but there is really no one thing to point at for last weeks spike, or today's free fall. There is an article below worth noting, and hopefully, with nickel returning to reality, the Taiwanese manufacturers will return to normalcy. In the mean time, their decision last week brings up ominous memories of days past, and hopefully a nightmare not to be repeated. When your supplier - of just about anything - will not commit to a quoted price, it completely disrupts the supply chain. And right now - we don't need anymore disruptions. The Super Typhoon we warned about last week skirted the east coast of Taiwan, and is now off Shanghai, with Busan in its predicted path. We dodged a bullet here, as the winds are not nearly as bad as forecast. China is seeing another outbreak of covid and we have seen how they react. Hopefully they will be able to contain it with making it to a port. It's Monday and mid month - already. Stay safe out there and have a great week!
• Average price of LME traded cash nickel so far this month - $8.95/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Friday's market review - Nickel prices hit 7-year highs as demand creates shortages - Nickel prices jumped on Friday to their highest in more than seven years due to shortages created by a sharp rise in demand from stainless steel mills and electric vehicle battery makers and sliding stocks. - more

      China slowdown is triggering policy recalibration, says Fitch - China’s economy has lost momentum in recent months, prompting a recalibration of policy settings to support activity, Fitch Ratings said. - more

   Other News

• Reuters The Day Ahead - pdf here
• Typhoon Chanthu Hits Taiwan As A Category 3 Storm - more
• Best-Selling Vehicles In Countries Across The Globe: Infographic - more
• From zippers to glass, shortages of basic goods hobble U.S. economy - more
  
• COVID-19 Delta Variant Breaches China Again, Just Weeks After Last Outbreak - more
• Zim Is Being Run By Roving Bandits – Biti - more
  
• Stocks, Futures Rise as Traders Await U.S. CPI: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $9.16/lb ($20,205/tonne). Indicators at 6:50 am CST today show nickel trading around $.07/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today just under the 179,400 tonne level. Shanghai stockpiles, which don't amount to anything anyway, rose in their weekly report, published every Friday. While day to day prices are what most market watchers follow, especially when they are on the move, the 50 day and 200 day moving averages, can better define a bull versus bear market. The 200 day moving average is currently at levels last seen in September of 2012, and the 50 day is just a few dollars shy of levels not seen since April 2012. And 2012 was a bear market, with nickel prices falling from 2011 highs of over $29,000/tonne. In our opinion, this bull has a lot of room to run and considering this 'bullish turn' began the month the pandemic became a household word, it's hard to imagine a resurgence in covid cases doing little more than slowing the bull down - maybe. Stockpile numbers continue to fall, and apparently some traders decided numbers like we published earlier this week may be less than scientific, but potentially realistic. And if stockpile numbers keep falling the way they are, 2022 could start with little nickel to spare. See under reports for updated Scotiabank forecasts for nickel. Here is the latest on the Super Typhoon heading for Taiwan this weekend (graph). Its path continues to move easterly so China appears to be in the clear, Taiwan looks to be on the edge and no longer in the eye, and Japan may become a target next week instead of South Korea. Either way, we wish them all the best. Tomorrow is the 20th anniversary of 9/11, a day that changed the United States forever, and has had worldwide repercussions ever since. It took a tragedy to unfold to bring the world to its closest sense of solidarity it had seen in decades. Twenty years later, the world is suffering an ongoing tragedy that has seen far more Americans die in a single day than died on 9/11, and five times as many in a single day worldwide, and yet, solidarity is far from anyone's description. The enemy of today is invisible to the naked eye and thus we have apparently turned on one another. It's the weekend and here in the States, the first weekend of NFL football. Stay safe out there and enjoy your weekend!
  
• Average price of LME traded cash nickel so far this month - $8.91/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Thursday's market review - Nickel hits highest since 2014 as stockpiles dwindle - Nickel prices rose to their highest since 2014 on Thursday as strong demand eats into stockpiles held in the London Metal Exchange (LME) warehouse system. - more

      Blackstone Minerals hits 5.35m of nickel sulphides at Ban Chang - Blackstone Minerals has intersected 5.35 metres of massive nickel sulphides at the Ban Chang prospect in Vietnam. - more

      LA, Long Beach port congestion could disrupt $90B in trade: Russell - As cargo delays and long waits for berth space continue at the Port of Los Angeles and Port of Long Beach, concerns surrounding inventory for the holiday season have emerged. - more

• Port of Long Beach Kicks Off Peak Shipping Season With Roar - more
• No Hurricane Has Hit U.S. Energy Markets Quite Like Ida Has - more
• Stocks, U.S. Futures Rise as Tapering Worries Ease: Markets Wrap - more

   Other News

• Reuters The Day Ahead - pdf here
• Sweeping new vaccine mandates for 100 million Americans - more
  

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $8.93/lb ($19,695/tonne). Indicators at 6:00 am CST today show nickel trading around $.24/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today just under the 181,400 tonne level. Nickel is trading at levels we have not seen since May 2014. Shanghai markets jumped overnight and LME are jumping higher today. Not seeing any single reason that has suddenly inspired the bulls, but whatever jarred them awake, the rush north appears to be feeding on itself at the moment. If you don't already have enough worries to keep your supply chain on your primary concern list, there is a super typhoon brewing in the Pacific that has Taiwan in its track. When we posted the article below, it appeared it had China targeted, but this morning, the track turns north into Taiwan, clips China around Shanghai and then could target South Korea. The track running the full length of Taiwan is very concerning, or should be for American importers. Slow news day. Stay safe and have a great Thursday.
  
• Average price of LME traded cash nickel so far this month - $8.87/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Wednesday's market review - Aluminium hits 13-year high on supply concerns - Aluminum prices powered to a 13-year high on Wednesday on supply concerns triggered by production disruptions in top producer China and robust demand. - more

      Mining data to mine battery metals - A startup is using artificial intelligence to find new sources of metals that power electric vehicles and renewable energy technologies. - more

   Other News

• Reuters The Day Ahead - pdf here
• Super Typhoon ‘Chanthu’ Rapidly Intensifies Over Western Pacific - more
• Euroseas Reveals Staggering $200,000 Per Day Charter for Panamax Containership - more  
  
• Stocks, Futures Fall on Worry Over Growth Outlook: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $8.87/lb ($19,550/tonne). Indicators at 6:00 am CST today show nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and ended that session just below the 183,700 tonne level. Nickel has started this week in an apparent holding pattern, as traders try to figure out if the Delta variant and slowdown in China is going to cripple the worldwide recovery. In the mean time, LME stockpile nickel numbers continue to plummet. The average rate of decline is now 1,797 tonnes a day for the first six sessions of September. That compares to an average decline of 888 tonnes per day in August. Lot of nickel news, a WBMS stainless report and a nickel price forecast for your reading pleasure below. Stay safe out there and enjoy your hump day.
  
• Average price of LME traded cash nickel so far this month - $8.85/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart here
  

     Tuesday's market review - Aluminium edges lower, but clings to 10-year high - Aluminum eased on Tuesday on a stronger dollar, but prices remained close to 10-year highs as supply concerns sparked by a coup in Guinea added to production disruptions elsewhere. - more

       WBMS Stats Corner September to October 2021 - The 2021 edition of Annual Stainless Steel Statistics has recently been published, this report contains detailed production, trade and use time series for over 100 countries for the last 20 years. - more

      Nickel price forecast: will the metal surge past $20,000? - Nickel prices have been volatile in the first eight months of this year, with the metal starting 2021 at $17,344 a tonne. - more

      China’s iron ore imports hit record in boost to Australia - The value of China’s iron ore imports hit new heights in August even as policymakers try to cut steel production and calm commodity prices, likely boosting Australia’s exports despite the tensions between the two nations. - more

      Vale Indonesia eyes 2026 completion for nickel HPAL plant - Indonesian nickel miner PT Vale Indonesia said it aims to start construction at its Pomalaa project next year to produce material used in batteries for electric vehicles, executives said on Wednesday. - more

• Toyota to Invest $13.5 Billion in Electric Vehicle Battery Development by 2030 - more
  

      Nornickel tests extraction of metals from waste after flooding hit output - Russian mining giant Nornickel has extracted additional metals from waste products as part of new technology it tested to support its 2021 output from its Arctic mines that were hit by flooding, it said on Tuesday. - more

      Courtesy AISI - In the week ending on September 4, 2021, domestic raw steel production was 1,866,000 net tons while the capability utilization rate was 84.5 percent. Production was 1,511,000 net tons in the week ending September 4, 2020 while the capability utilization then was 67.4 percent. The current week production represents a 23.5 percent increase from the same period in the previous year. - more

   Other News

• Reuters The Day Ahead - pdf here
• Third Person Dies After Receiving Contaminated Moderna Vaccine - more
• Global Worker Shortage, Brexit Drive Up Food Prices - more
• These jobs are offering lucrative sign-on bonuses of up to $100,000 amid shortage of candidates - more
  
• Stocks, Futures Fall Amid Growth, Valuation Risks: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $8.96/lb ($19,744/tonne) and Monday's trading session at $8.47/lb ($19,655/tonne) Indicators at 6:00 am CST today show nickel trading around $.08/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell both Friday and Monday and start today, just under the 185,200 tonne level. The average daily withdrawal of LME nickel is 1,860 tonnes for the first five days of September. Using a completely unscientific test, one can divide 185,200 by 1,860 and then divided that result by 5 to get an idea of how much longer these stockpiles could last. This formula takes nothing into consideration besides stockpile numbers and a hypothetical withdrawal number based on a number derived from far too small a sample - but it's interesting - or depressing. For those of you in the business in 2007, share with your co-workers what stainless prices did when nickel was selling for over $22/lb - and came within a whisker of trading for $50,000/tonne. Mysteel is reporting production of stainless steel in China fell in August, from 2.83 million tonnes to 2.80 million tonnes, a drop of nearly 30,000 tons 52.7% of this production was 300 series, which fell 2.91% from July. 200 series made up 29.4% of August's production, and saw an increase of 2.29% from July. The balance of production was 400 series, which saw a decrease of 0.79% from July. They also report 300 series stainless prices fell during the month, and while indexes we follow agree, they also show that trend of lowering prices has reversed itself this month. It's already Tuesday and thanks to a holiday, the first day of a shortened week here in the States. Something to consider. Last years third wave, that didn't peak until January of this year, began on September 13, 2020. Everyone knows why it started then and we are one week away from similar conditions. While up to 50% of Americans in some areas have received one shot, we did not see the mass gatherings last year that we are seeing already this year. In other words, we are already in the middle of a fourth wave, and entering conditions that we started the third under last year. Having said that - please be careful out there and have a great week.
  
• Average price of LME traded cash nickel so far this month - $8.85/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Monday's market review - Guinea turmoil pushes aluminium to 10-year high - Aluminium prices rose on Monday after reports of a coup in Guinea triggered concerns that supply of bauxite, the raw material used to make the metal, could be interrupted. - more

• U.S. exports of Stainless steel wire increased 10.71 percent from $73.41 million to $81.28 million through the first seven months of 2021... - more
• U.S. imports of Stainless steel <600mm wide increased 18.44 percent from $94.64 million to $112.1 million through the first seven months of 2021...  - more
• U.S. imports of Stainless steel >600mm wide increased 42.26 percent from $302.15 million to $429.86 million through the first seven months of 2021 ... - more
• Search your item for import / export info courtesy World City Inc - search here
  

      Global Supply Squeeze, Delta Virus Rip Through Factories - Orders at factories are piling up as companies around the world struggle to meet demand amid a damaging mixture of the coronavirus and widespread bottlenecks in supply chains. - more

• Most Employers Say Vaccine Mandates Are Possible by End of Year - more
• How One Covid Case Upended Toyota’s Just-in-Time Supply Chain - more
• MSC To Increase Its Peak Season Surcharge Between Europe And US - more
  

   Other News

• Reuters The Day Ahead - pdf here
• Health officials quietly moved the date of the 1st US COVID-19 death to January 2020 - more
• Stocks, U.S Futures Erase Gains After Asian Rally: Markets Wrap - more

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $8.80/lb ($19,400/tonne). Indicators at 6:25 am CST today show nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell yesterday and ended that session just under the 188,700 tonne level. Cancelled warrants came in at over 35%. Not a lot of news today, so if you like to read on a slow Friday, or over the weekend, check yesterday's update. Shanghai nickel dropped overnight, for a second consecutive session, but once again, at least so far, LME traders are not following their lead. Shanghai traders are obviously very concerned about the fact the manufacturing PMI for that country moved into negative territory in July, for the first time since last spring, courtesy the pandemic back then. And as we noted yesterday, a slowdown was reflected in PMI's around the world for July - the U.S. being one of those bucking that trend. LME traders, on the other hand, are most likely looking at the fact that the world is currently using more nickel than it is producing, and with the EV industry gaining strength, and the stainless industry producing as fast as it can (in much of the world) - the outlook for nickel looks bright - and potentially challenging. This summer, the world's billionaires have entered the search for nickel, with Elon Musk putting the spotlight on the supply problem earlier, and other rich guys like Bill Gates and Jeff Bezos searching Greenland for  base metals, including nickel. Search the top ten richest people in the world and see what they are up to these days, and you will see why base metals is suddenly in a lot of people's cross hairs. Who ever thought there was so much money in rocks. Actually quite a few did - but the secret is getting out. So, unless these self made billionaires are just ignorant, their interest - and putting their money where their interest is - might tell the rest of us something is up. And based on our hypothetical scenario we gave yesterday, 2022 could prove 'interesting'. In an update to that scenario - so far this month, we are seeing an average of 1,326 tonnes of leaving  LME warehouses daily. So what does that mean for the rest of us? For one, it means all you producers having a difficult time finding nitrogen gas, or plastic, or a thousand other necessary products today, might have to add nickel to the mix in the not so distant future. And we all know what that means down stream. Car producers are halting production around the world because of a tiny chip shortage. So the few cars available out there are worth a lot more than they were yesterday, and the dealers know it. It's difficult to see stainless steel prices falling by a big chunk anytime soon. Unless that manufacturing weakness from July starts spreading, and we see a slowdown in the world's covid recovery. So - who knows. We will give you possible outcomes and you make your decision on what experience has taught you. Either way - the months ahead don't look any less challenging. By the way, did you catch the article below on the port surcharge one importer has started charging? Others will likely follow, so if your container gets hung up, not only does it tie up your supply needs, you might have to pay rent for them to tie your hands. Which is fine if you are in to that kind of thing, but it adds just another broken link in your supply chain. Monday is Labor Day here in the U.S and is a National Holiday. Our next update will be Tuesday, September 7th. Stay safe and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $8.82/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Thursday's market review - Aluminium hits 10-year high as supply fears grow - Aluminium prices were driven to a 10-year high on Thursday by growing concern that restrictions on production of the metal in China are squeezing supply. - more

      Global supply squeeze and Delta virus rip through factories - The combined forces of the delta variant of the coronavirus, shortages of parts and raw materials, and a lack of shipping capacity are creating troubling hurdles for worldwide goods trade. - more

   Other News

• Reuters The Day Ahead - pdf here
• Need Supply Chain Staff? Hire Gamers - more
• Israel Opens New Chinese-Operated Port - more
• What Can Employers Do if Workers Avoid Vaccines? - more
  
• CH Robinson introduces drayage congestion surcharge for major US ports - more
  

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $8.90/lb ($19,610/tonne) and Wednesday's session at $8.76/lb ($19,320/tonne). Indicators at 6:00 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell the last two sessions and started today just under the 190,500 tonne level. Over the past month, we have seen average drop of 984 tonnes per day. Hypothetically, if this rate were to continue, LME warehouses have a little over 38 weeks of nickel left. Of course, this is not realistic, but since April 21st, stockpile numbers have fallen from 264,606 tonnes. The Euro has been on the increase against the U. Dollar this week, and that is helping base metal bulls. Shanghai nickel ended lower overnight, but so far this morning, LME traders are slightly higher. Nickel fell yesterday, with the Chinese PMI taking the market by surprise and falling into negative territory. Or maybe the surprise was the U.S. number bucked an overall world trend and rose in August. Here are your average monthly costs for August 2021 and their relation to July - Nickel - $8.69/lb ; Chrome - $4.88/lb ; Molybdenum - $19.78/lb ; and Iron stayed the same at $1.04/lb (iron never seems to change).  Lot of news below. Watch nitrogen gas supply. Already in short supply due to the pandemic, NASA has announced a delay in a lift off due to it, and the  hurricane in Louisiana over the weekend, just made matters worse. Amongst the many users of nitrogen, add stainless steel producers.  And finally, stainless steel is used in many medically implanted devices in the human body. They are safe and long lasting. But - they are not an acceptable ingredient in your vaccine, as Moderna is finding out. If you contacted us yesterday, please give us a few weeks to respond. If you did not, we are still taking reservation for sponsors for 2022. Stay safe out there and have a great day.
  
• Average price of LME traded cash nickel so far this month - $8.69/lb (August average)
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

     Wednesday's market review - Copper falls from two-week highs as factory activity slows - Copper prices fell sharply on Wednesday after data showed that factory activity slowed in August across swathes of Asia and Europe. - more

      Taiwan’s Tang Eng announces new stainless steel prices for Sep - Tang Eng Iron Works Co., Ltd., one of the main stainless steel manufacturers in Taiwan, announced to keep its new prices unchanged for the September domestic sales, including 304 cold-rolled and hot-rolled stainless steel, and the surcharge of 316L.  - more

• How Many EVs Are Registered In Your State? You May Be Surprised - more
  

      Nornickel fund lists physically-backed copper and nickel ETCs in Germany - A fund set up by Russian miner Norilsk Nickel (Nornickel) said on Tuesday it had listed physically-backed exchange traded commodities (ETCs) offering investors exposure to copper and nickel prices on Germany’s Xetra exchange. - more

      Russia does not plan to apply elevated export duty on metals in 2022: official - Russia's 15% tax on ferrous and major base metals exports for Aug. 1- Dec. 31 will not be rolled over to 2022 in light of declining prices, Victor Evtukhov, Russia's Industry and Trade deputy minister, told journalists on the sidelines of a panel discussion held by Metalloinvest. - more

      Ring of Fire operator Noront recommends BHP offer over Wyloo Metals approach - Ring of Fire operator Noront Resources Ltd. is recommending its shareholders tender to BHP Group Ltd.’s takeover offer, despite an approach from Wyloo Metals Pty Ltd. that proposed a higher per-share transaction. - more

• BHP brawl tips why nickel will cost pretty penny - more
  

      Procurement’s Opportunity to Create Value - “For the procurement professional, it’s one of the most exciting times I’ve seen,” says Roman Belotserkovskiy, an Austin, Texas-based partner at the global management consulting firm McKinsey & Company. - more

• Inflationary Impacts: Pushing Back on Supplier Price Increases - more
• Manufacturing output remains on strong footing in August, reports ISM - more
• ID's August M&A Recap: Another Solid Month for a Revitalized Market - more
  

   Other News

• Reuters The Day Ahead - pdf here
• Liquid nitrogen shortage delays Landsat 9 launch - more
• Five Every Day Uses of Nitrogen Gases (note #5) - more
• Moderna to recall COVID-19 doses in Japan after stainless steel contaminants found - more
• US metals end-users ask Biden to drop steel tariffs amid record prices - more
• Stocks Tick Higher With Futures as Jobs Day Looms: Markets Wrap - more

  Morning Stats and Prices

Price of Nickel