Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $10.13/lb ($22,340/tonne). Indicators at 5:45 am CST today show nickel trading around $.10/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and ended that session just under the 52,800 tonne level. Nickel is higher on rumors of an LME ban of Russian nickel, and then a follow up confirmation from LME that they were thinking about thinking about it - or something to that effect. It is interesting to note that the market was "reacting" to this before LME acknowledged anything, which once again casts a light on "insider trading" rumors that constantly follow the trading partners who sit on the LME trading floor. The Euro continues to rebound against the U.S. Dollar, also helpful to LME traded base metals. Taiwanese manufacturers announce stainless steel price increases for October and based on the surcharges that we have seen updated, they are not alone. Nickel averaged a penny shy of the $10/lb level last month, and you can see on the next entry what it is averaging so far this month. It's the last day of the month and the third quarter. Next week China is on holiday break as we start the final quarter of 2022, so things maybe a tad less volatile. Maybe. Stay safe out there and have an enjoyable weekend!
• Average price of LME traded cash nickel so far this month - $10.30/lb
  

    Thursday's market review - Aluminium and nickel prices jump on possible LME ban on Russian metal - Aluminum and nickel jumped on Thursday, with buying triggered by the possibility of the London Metal Exchange (LME) banning new Russian metal from the list of brands that can be delivered against the exchange’s contracts. - more

     Column: Indonesia's nickel surge bad news for price and pricing - Indonesia's production of nickel is surging as a wave of new capacity powers up to meet growing demand from the electric vehicle (EV) battery sector. - more

     LME says it is mulling consultation on banning Russian metal - The London Metal Exchange (LME) is considering a consultation on whether Russian metal such as aluminium, nickel and copper should continue to be traded and stored in its system, the exchange said on Thursday. - more

• Are Aluminum, Nickel Worth Buying As The LME Targets Russian Metals? - more

     Ero makes significant nickel sulphide discovery in Brazil - Vancouver-headquartered Ero Copper on Thursday announced a significant regional nickel-sulphide discovery in the Curaçá Valley of Brazil. - more

   Other News

• Reuters The Day Ahead - pdf here
• The heads of mining companies named the main risks for business - more
• Italian steel mills restarting operations in October on new energy decree - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $9.95/lb   ($21,945/tonne). Indicators at 6:00 am CST today show nickel trading around $.37/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose slightly on Wednesday and stood just over the 51,800 tonne level this morning. Nickel is up sharply this morning, and incidentally, so is the Euro against the U.S. Dollar. We could list a number of reasons why traders might want to take nickel higher, and an equal number of reasons why they would not. This morning, the bulls are back, with the trading price coming within a sawbuck of the $21,000/tonne level. Now the $23,000/tonne level is within striking distance. Can you spell volatility? There is a forecast linked too below for 6.2% annual growth in stainless steel demand for the remainder of the decade, and a reminder that the WSA says steel production is down 3% YTD.  POSCO is cutting stainless steel production for the remainder of the year, and Thailand is extending anti dumping duties on stainless steel pipe. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $10.29/lb
  

    Wednesday's market review - Copper rebounds from two-month low as dollar weakens - Copper prices recovered from a more than two-month low on Wednesday after the dollar weakened, with worries over a likely recession and sliding metals demand capping gains. - more

     POSCO to cut stainless steel production by 100,000 mt - South Korea-based steelmaker Pohang Iron and Steel Co. (POSCO) has announced that it plans to cut stainless steel output by about 100,000 mt from September to the end of the year, as the economic slowdown has hit the stainless steel market. - more

     Thailand extends AD duty on stainless steel pipe from four countries - Thailand’s Committee of Dumping and Subsidy has announced that it has decided to extend the anti dumping (AD) duty on stainless steel pipe imports from China, South Korea, Vietnam and Taiwan. - more

• SMM Outlook for the Ferrochrome Market after the National Day Holiday - more
  

     No respite for steel output downturn in August - In August, global crude steel production fell by 3%, year-on-year, to 150.6 million tonnes, according to the latest monthly statistics published by the World Steel Association. - more

   Other News

• Reuters The Day Ahead - pdf here
• London Stock Exchange tells members to check for Russia sanctions compliance - more
• More Russia sanctions are coming, Biden officials tell senators - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $9.80/lb  ($21,610/tonne). Indicators at 6:00 am CST today show nickel trading around $.05/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell just a tad more than it rose yesterday and ended the day just under the 51,800 tonne level. Nickel continued its slide yesterday, and is only slightly lower this morning. News that might affect commodity demand and supply include a hurricane approaching the US, after striking Cuba (no reports of damage to Cuba nickel production yet), suspected sabotage damages two natural gas pipelines that transport gas to Germany from Russia (will not help energy crisis in Europe), covid outbreak in Tianjin, China, and a week long holiday next week in China. Stay safe out there and enjoy your hump day!
• Average price of LME traded cash nickel so far this month - $10.33/lb
  

    Tuesday's market review - Copper extends losses on firm dollar, growth worries - Copper prices extended their downtrend on Tuesday on worries about global growth and demand due to interest rate hikes, a stronger dollar and climbing inventories. - more

     Finland plans new tax on mining - Finland's government plans to introduce a new tax on minerals extracted by the mining industry, the Nordic country's finance ministry said on Tuesday. - more

   Other News

• Reuters The Day Ahead - pdf here

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $10.07/lb ($22,210/tonne). Indicators at 6:00 am CST today show nickel trading around $.05/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Monday and started today's session just under the 51,900 tonne level. Nickel has traded quietly this morning, when compared to the last two days of declines. Much of the September bullish run has evaporated, although the month started around the $20,300 tonne level, so the bear still has his work cut out for him before any victory can be claimed.  Some conflicting forecasts linked too below. Commodities in general, and nickel in particular, see market waves where demand exceeds supply, more investment in mining is made, then supply exceeds demand and we see prices fall. The sudden demand from the EV industry has helped demand exceed supply, but we are in the twilight zone, where some claim supply has caught up, and others who believe it has not. This month, the LME stockpile numbers are finally giving evidence that supply has finally caught up. This is especially noteworthy in light of the Russian invasion of Ukraine. Time will tell who is right, and in the mean time, the chess game of market trading continues. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $10.35/lb
  

    Monday's market review - Grim demand outlook pushes copper prices to 2-month low - Copper prices fell to two-month lows on Monday as fears of a global slowdown, weaker demand, a higher dollar and climbing stocks in London Metal Exchange (LME) registered warehouses sparked a sell-off. - more

     Nickel Prices are Unlikely to Fall Significantly in the Near Future - At 2: 00 a.m. on September 22 Beijing time, the US Fed announced an interest rate hike by 75 basis points, raising the range of the federal funds rate to 3.00%-3.25%, which was in line with market expectations. - more

• Moody's changed the outlook for the global mining industry to "negative" - more
• Metals supercycle 'intact' on energy transition demand, says ERG CEO - more
• WBMS: World Nickel Market Posted Deficit in First Seven Months - more
  

     Ferrochrome Plants Held Prices Firm due to Severe Losses Caused by Huge Gap between Bid Price and Retail Quotation - As of September 26, high-carbon ferrochrome in Inner Mongolia was quoted at 7,800-8,000 yuan/mt (Cr50%), flat from the previous trading day. - more

• Chinese battery material companies remain active despite economic downturn - more

     Courtesy AISI - In the week ending on September 24, 2022, domestic raw steel production was 1,683,000 net tons while the capability utilization rate was 76.4 percent. Production was 1,839,000 net tons in the week ending September 24, 2021 while the capability utilization then was 83.3 percent. - more

     3D Printing Tackles One of the Strongest Stainless Steels - A team from the National Institute of Standards and Technology (NIST), the University of Wisconsin-Madison (UW-Madison), and Argonne National Laboratory have 3D-printed a variety of stainless steel that is favored for its high strength and corrosion resistance. - more

   Other News

• Reuters The Day Ahead - pdf here
• Is the Ukraine war affecting U.S. manufacturing? - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $10.60/lb  ($23,365/tonne) Indicators at 6:00 am CST today show nickel trading around $.40/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and ended last week just over the 51,800 tonne level. Cancelled warrants slipped below the 12% level on Friday. The bull is quickly loosing its hold on the market, with nickel trading $3000/tonne lower than it was early last week. The Philippines is picking up the pieces left by Typhoon Noru, while the US prepares to be visited by Hurricane Ian later this week. It's the start of the last week of the month and the last week of the quarter. Stay safe out there and have a great week.
  
• Average price of LME traded cash nickel so far this month - $10.37/lb
  

    Friday's market review - Copper slumps as rising interest rates heighten demand fears - Copper prices slid on Friday to their lowest in nearly two months on a strong dollar and fears of recession-hit metals demand after further increases to interest rates. - more

     Stainless Steel Prices Fluctuated within a Narrow Range This Week (September 19-23) - According to the price monitoring of SunSirs, the trend of stainless steel fluctuated within a narrow range this week. - more

• Ferrochrome Plants Held Prices Firm due to Severe Losses Caused by Huge Gap between Bid Price and Retail Quotation - more
  

     Taiwan’s basic metal output down 10.24 percent in August from July - Taiwan’s industrial production index in August this year increased by 3.65 percent compared to July and by 3.68 percent year on year, according to the country’s Ministry of Economic Affairs (MOEA). - more

     UK steel output to hit ‘record low’ this year; 2023 prospects uncertain: UK Steel Forum - The UK steel industry is set to produce at a record low this year, its lowest since World War II, and it’s hard to say if 2023 will see an upturn, an official with the UK-based International Steel Statistics Bureau said Sept. 22. - more

      Russian nickel giant plans bond issue - media - Russian mining giant Nornickel is planning to offer bids for two tranches of bonds worth 25 billion rubles ($415 million), RIA Novosti reported on Monday, citing an unnamed source in the financial market. - more

   Other News

• Reuters The Day Ahead - pdf here
• FedEx to hike rates by 6.9% ‘given the inflationary backdrop’ - more
• Powell's Stark Message: Inflation Fight May Cause Recession - more
  
• China’s trade with Indonesia surges almost 30 per cent thanks to jump in commodity prices, raw material demand - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $11.14/lb ($24,570/tonne). Indicators at 5:00 am CST today show nickel trading around $.41/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and ended that session just under the 52,600 tonne level. That is the third recorded increase in stockpile numbers in the last five sessions. The Euro is tanking today, which means the stronger U.S. Dollar is putting negative pressure on London traded base metals. And the commodity board is a sea of red this morning in response, with nickel down over 4% at the moment. As long as Russia continues to threaten nuclear war on the world, their nearest neighbors will continue to see the value of their currency be hurt. Europe has found itself far too vulnerable to natural gas extortion by a country it is in a defacto war against. Already feeling the pain of inflation similar to the United States, Europe has the extra stress of a nearby war, dwindling supplies and soaring prices of fuel needed for the upcoming winter, and higher prices for imports, courtesy of the declining Euro. The energy situation in Europe can not be over emphasized, and with winter just around the corner, it looks to get much worse before it gets better. We are posting our morning update a little earlier than normal as we have a busy day ahead. We hope you have a safe and wonderful weekend.
  
• Average price of LME traded cash nickel so far this month - $10.36/lb
  

    Thursday's market review - Aluminium rebounds on weaker dollar, China demand hopes - Aluminum prices snapped a four-day losing streak on Thursday, boosted by a weaker dollar and optimism that stimulus measures would boost demand in top metals consumer China. - more

     China's average daily crude steel output estimated at 2.886 million tons in mid-Sep - The growth rate of crude steel production in China slowed down in mid-September. - more

• Imports of Chrome Ore Continued to Fall, Can Prices Remain High amid the Expectation of Consumption Improvement? - more
  

       World crude steel output down three percent in August - Global crude steel production in August this year decreased by three percent year on year to 150.6 million mt, according to the World Steel Association (worldsteel). - more

• August 2022 crude steel production - more
  

     Toxicity assessment and health hazard classification of stainless steels - Stainless steels are widely used iron-based alloys that contain chromium and, typically, other alloying elements. - more

   Other News

• Reuters The Day Ahead - pdf here

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $11.34/lb   ($25,000/tonne). Indicators at 6:00 am CST today show nickel trading around $.10/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Wednesday and started today's session just over the 52,200 tonne level. The $25,000/tonne level has been putting up some resistance since Monday, although when in a bullish run like we have witnessed this month, that may prove more psychological than technical. Time will tell. U.S. markets were expecting the interest rate increase the Fed announced yesterday. However, they were not ready to hear the rather gloomy forecast for 2023 the Fed themselves gave. Here is how Marketwatch put it "The “pain” Americans are likely to endure from higher U.S. interest rates is a tepid economy in 2023 and rising layoffs and unemployment, the Federal Reserve predicts." And after an initial knee jerk reaction and sharp decline, markets shrugged off the negativity and were trading in the green - within minutes. Why should lay-off's concern us when a wanna be Czar in Russia is threatening the world with nukes? Then again, markets don't like to hear the Federal Reserve using words like "painful" to describe our future, and U.S. markets re-considered, ending sharply lower for the day. The Euro has had a rough week, although it's having a better day. Do you ever feel like some of your employees lack the "fire" they used too tackle their jobs with? You are not alone (article here). According to this just released poll, 50% of employees are doing just enough work to not get fired. Stay safe out there and have a great day!!
  
• Average price of LME traded cash nickel so far this month - $10.31/lb
  

    Wednesday's market review - Aluminium falls to 18-month low as markets brace for U.S. rate rise - Aluminum prices fell on Wednesday to their lowest since March 2021 as markets braced for another hefty U.S. interest rate rise that will suppress economic growth. - more

     Taiwan’s stainless steel mills expected to hike prices for Oct on higher nickel prices & NT dollar depreciation - Taiwan’s upstream stainless steel mills will announce their new prices for October next week. - more

     Fitch slashes metals and mining forecasts: Could worse be yet to come? - Fitch Ratings has recently cut down its metals and mining forecasts, from its more optimistic view in its June report. - more

     European steel buyers seek direction in volatile market - Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. - more

   Indonesia’s electric vehicle batteries dream has a dirty nickel problem - Indonesia the world’s largest nickel miner - is making moves to become a key player in the electric vehicle supply chain. - more

   Other News

• Reuters The Day Ahead - pdf here

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $11.30/lb ($24,905/tonne). Indicators at 6:00 am CST today show nickel trading around $.16/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Tuesday and ended the session just over the 52,400 tonne level. We will have to wait and see if the LME is starting to see a shift in stockpile numbers, as we saw a day in May when numbers grew by over 1000 tonnes in one day, but after a long period where the decline curve was nearly indistinguishable, we have seen two days of gains in the last three sessions. Even with yesterday's large gain, we remain lower for the month. With some agencies advising we are already in a surplus situation, it would be helpful to see these numbers continue to grow - as evidence. Commodity markets continue to rise, apparently having grown bored with the threats coming from Moscow. After announcing a huge mobilization overnight, Putin is now threatening any attack on the homeland, will be met with a nuclear response. This includes all of the land he has taken from Ukraine in recent weeks. He then accuses the West of nuclear blackmail. Hello? Putz-in, the one who threatens the world with a nuclear attack every time he gets up on the wrong side of the bed, has simply lost all sense of reality. Every day he is forced to retreat in Ukraine, he loses what little credibility he had in the world and is dragging down Russia with him. War, bad for most, is good for nickel. Arms need steel and steel uses nickel to harden. Peace, good for most, is also good for nickel, with economic expansion boosting demand for stainless steel, and investment is electronic vehicles. And thus, in an environment of uncertainty worldwide, we are watching as nickel trades over the $25,000 tonne level again. Will it stick? Our crystal ball is broken but time will tell. In the mean time, stainless steel prices are sure to follow. Stay safe out there and enjoy your hump day!
  
• Average price of LME traded cash nickel so far this month - $10.24/lb
  

    Tuesday's market review - Copper under pressure as inventories rise ahead of Fed decision - Copper prices came under pressure on Tuesday as rising inventories in London Metal Exchange (LME) approved warehouses and a firm dollar weighed on sentiment ahead of an interest-rate decision by the U.S. Federal Reserve later this week. - more

     LME says disclosure request over nickel meltdown 'without merit' - The London Metal Exchange plans to defend itself against legal action filed by five investment firms over the exchanger's decision to suspend nickel trading in early March, a spokesperson said Sept. 20. - more

     Philippines' new nickel miner completes maiden ore shipment - The Philippines’ second-biggest nickel ore exporter, Global Ferronickel Holdings Inc, said on Tuesday its affiliate Ipilan Nickel Corp has completed a maiden shipment of 54,700 wet metric tonnes (WMT) of medium-grade ore to China. - more

     Steel market in Europe expects big production cuts due to weak demand - European steel market participants gathered for the regional meeting of the European steel distributors association Eurometal in Milan were particularly surprised by the lack of production cuts in Northern Europe, where prices have been lower than in Italy since early September, which rarely happens. - more

     Weak Profitability of China’s Steel Sector to Stabilise at Low Levels Amid Challenges - China’s steel sector continues to face challenges from weaker than expected demand from the property sector, further complicated by Covid-19 pandemic-related restrictions that continue to disrupt construction activity. - more

   Other News

• Reuters The Day Ahead - pdf here
• Jokowi Pesymistis Wins At WTO About Nickel, Wemendag Jerry: We Do The Best - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $11.16/lb ($24,600/tonne). Indicators at 6:00 am CST today show nickel trading around $.11/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and ended that session just over the 51,400 tonne level. Nickel continues to climb, although most of the other base metals have joined it this morning. Twenty seven people were killed in China yesterday, while being transported to COVID quarantine on a bus. This has stoked outrage in that country and has apparently become the fuse that has lit nationwide protests over that country's zero COVID policy. This could potentially force China to lighten up on these restrictions, which would be good for their economy, and in turn be positive for the world economy. At least that is what market watchers appear to be hoping for. Depending on which source you use, 87% to 122% of the 1.4 billion Chinese residents have received two doses of the vaccine. There is a map under Reports called "Chinese Steel Mills Map - a link worth saving for those who like to keep tabs on the Chinese steel industry. We see news stories and have to look at a map to see where we are reading about and this map has proven very helpful. Light news day. We used to list a whole bunch of links to the US Trade Numbers site, but figure you know what you are looking for better than us. Goof info and as long as they provide some info for free, we will continue to link to  them monthly. Thank you to our reader from Turkey, who let us know the Inside Commodities link was not working. They used to have a general link that defaulted to the current day, but now it necessary to type in the date wanted. This is typically the first move made before a link gets killed so if you enjoy this newsletter, we recommend you subscribe to their daily email. That's what we have for this morning. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $10.16/lb
  

    Monday's market review - Copper slips on gloomy demand prospects ahead of Fed rate decision - Copper prices slipped on Monday as worries about global demand were reinforced by expectations the U.S. Federal Reserve will deliver a hefty rate rise later this week. - more

     US Trade Numbers - Imports and Exports - Nickel - more

• Stainless Steel - more
  

     POSCO plans to resume No.2 stainless steel cold rolling & hot-rolling mills in mid-Dec - South Korean steelmaker POSCO said the operation of its three blast furnaces and two FINEX units, POSCO’s core equipment, has been resumed last week. - more

     Courtesy AISI - In the week ending on September 17, 2022, domestic raw steel production was 1,694,000 net tons while the capability utilization rate was 76.9 percent. Production was 1,839,000 net tons in the week ending September 17, 2021 while the capability utilization then was 83.3 percent.  - more

   Other News

• Reuters The Day Ahead - pdf here
• How a Strong Dollar Affects Everyone - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $10.98/lb ($24,215/tonne). Indicators at 6:00 am CST today show nickel trading around $.27/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose by two lots and started the week just over the 51,700 tonne level. A single lot is six tonnes, so little change was recorded. Except for a few, the commodity board is a sea of red this morning, with nickel being one of those few exceptions. Shanghai, following LME's lead from Friday, rose and recovered all it had lost the prior session. The LME, which could claim doing the same during its Friday session, is trading in territory it hasn't since early June of this year. We still can offer no one great reason for this rally. Everyone has an opinion, some better than others. There was a small town near where we live, that used to have an annual cow chip throwing contest. A cow chip is merely manure that has hardened over time. Sometimes, when reading all the "reasons' for why the market is doing what the marketing is doing, we can not help but think back fondly on those days. Stay safe and have a great week!
  
• Average price of LME traded cash nickel so far this month - $10.08/lb
  

    Friday's market review - Copper heads for weekly fall as China's yuan slumps - Copper prices rose on Friday but were still on track for a weekly fall as investors worried about slowing economic growth and China’s yuan weakened, making dollar-priced metals costlier for buyers in the world’s biggest commodities market. - more

     JPMorgan reduces credit to China's Tsingshan and metal clients globally - JPMorgan Chase & Co has reduced lending to China's Tsingshan, one of the world's top nickel producers, while also paring back credit to other customers in Europe and Asia after a review of risk, sources close to the situation said. - more

• Tsingshan Seeks Replacements After JPMorgan Retreat - more
  
• US confirms China's circumvention of AD & CVD duties on stainless steel sheet and strip - more

• SunSirs: Stainless Steel Prices Rose Slightly This Week (September 12-16) - more
  

      As US and China vie for Pacific influence and resources, tiny New Caledonia can play an outsize role - Far-flung French territory holds 7.1 million tonnes of high-grade nickel vital for making lithium-ion batteries to power electric vehicles - more

     The US will prioritize budgetary purchases of steel and metal products with a low carbon footprint - New actions under the federal Buy Clean initiative were announced by Secretary of Transportation Pete Buttigieg, US General Services Administration Commissioner Robin Carnahan and Deputy National Climate Advisor Ali Zaidi during a visit to the Cleveland-Cliffs Direct Recovery Plant in Toledo, Ohio. - more

   Other News

• Reuters The Day Ahead - pdf here
• CMC acquires California-based ferrous scrap supplier - more
• Chinese President Xi Jinping seeks to open doors in Central Asia as Ukraine war leaves Russia diminished - more
• Nornickel plans to raise employees' stake in mining giant, says top shareholder - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $10.49/lb ($23,125/tonne). Indicators at 6:30 am CST today show nickel trading around $.10/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Thursday and started today just under the 51,700 tonne level. Nickel fell again yesterday, but still ended the session trading higher than it closed last Friday, the first big bullish day of this rally. This morning we are seeing a little bounce, but this may turn out to be little more a so-called dead cat bounce. There are still too many variables in the world economy for nickel to get overly bullish, in our opinion. Shanghai too fell overnight, but it also closed above where it closed last Friday, and could be credited with leading the way on this most recent rally, although it got passed by the LME on Monday when it was closed for a national holiday. Stay safe out there and have a safe, relaxing, or eventful weekend!
  
• Average price of LME traded cash nickel so far this month - $10.03/lb
  

    Thursday's market review - Aluminium rises, but other metals slip on recession fears - Aluminum prices gained on Thursday as Europe continued to grapple with a power crisis that has curtailed production of the energy-intensive metal. - more

     Nickel prices stabilise amid rising supply, cooling demand - Although nickel price volatility has been relatively restrained as of late, nickel and stainless steel markets continue to be impacted by global economic risk factors including elevated inflation levels, rising interest rates, US dollar appreciation, the wobbly Chinese real estate market, and widespread expectations for a downturn in economic growth. - more

     China production cuts in winter will give limited boost to steel markets - Platts - The cuts to be implemented in the fourth quarter are unlikely to lead to large-scale cuts in steel production in China. - more

• Stainless Steel Social Inventory Keeps Falling on Robust Market Transactions - more
  

     Steel Shipments on the Rise While Aluminum Declines - The MSCI Metals activity report for the month for August, 2022 shows steel activity increased in both countries, while aluminum activity decreased. - more

     Russia’s stainless steel imports down three percent in August from July - In August this year, Russia’s stainless steel imports totaled 30,580 mt, down by three percent compared to July and by 26.6 percent year on year, according to Russia-based SpetsStal Association. - more

     Jindal Stainless seeks developer for 300 MW solar & wind plant - Jindal Stainless Limited (JSL) is seeking partners to build 300 megawatts (MW) solar and wind capacity in states like Odisha, Haryana and Rajasthan. JSL’s managing director (MD) Abhyuday Jindal said, “We are moving forward and taking aggressive actions to decarbonise and cut carbon emissions of our present and planned capacity.” - more

     IMOA meet in-person for first time since pandemic - IMOA was pleased to welcome 142 attendees from 50 member companies to their 34th AGM in Geneva last week, during which four new members formally joined the Association. - more

   Other News

• Reuters The Day Ahead - pdf here

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $10.98/lb ($24,200/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 Wednesday and ended that session just under the 51,900 tonne level. Nickel fell sharply yesterday early, but managed to gain back most of the losses by days end. This morning it was able to recover all of Wednesday's early loss, plus a little, but has faded since. The Dollar/Euro trading ratio has been much quieter this week, compared to last, and if nickel is looking to the Euro for support, most of last weeks gains have since been lost. The feared railroad strike in the U.S. appears to have been diverted, with both parties reaching a tentative agreement last night. Typhoon Muifa is pounding the east coast of China, around Shanghai, with Cat 1 winds and rain. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $9.97/lb
  

    Wednesday's market review - Copper and aluminum fall on rate hike expectations - Copper and aluminum prices fell on Wednesday as the threat of rising interest rates weakened the outlook for economic growth and held the dollar near 20-year highs. - more

     Analysis: Industrial users flee LME nickel, deepening market fissures - The London Metal Exchange faces a struggle to regain its dominant position in global nickel trading as volumes slide and participants flee an increasingly volatile market in the wake of trade mayhem earlier this year. - more   (quote from article) "The nickel that can be delivered against the LME’s contract will this year amount to only 650,000 tonnes or around 21% of global production compared with 50% in 2012, Macquarie analyst Jim Lennon said."

• Column: Can Europe save its industrial metals production sector? - more

    Turkey's stainless steel coil imports increase in Jul y-o-y - According to the data from the Turkish Statistical Institute (TUIK), the imports of Turkey’s stainless steel coils were about 88,000 tons in July this year, a year-on-year increase of 62%. - more

     Euro area industrial output up down 2.3 percent in July from June - In July this year, seasonally-adjusted industrial production decreased by 2.3 percent in the euro area and by 1.6 percent in the EU-27, as compared with June 2022. - more

   Other News

• Reuters The Day Ahead - pdf here
• Burkina Faso Court Finds Execs at Trevali Mine Guilty of Involuntary Manslaughter - more
• Inflation Still Stubbornly High Despite Slowdown - more
  
• Financial giant Goldman Sachs begins massive layoffs - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $11.02/lb ($24,305/tonne). Indicators at 6:00 am CST today show nickel trading around $.10/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today just under the 52,500 tonne level. Nickel fell slightly yesterday and is down further today as the US Dollar strengthened, and equity markets fell on US inflation news. Ports around Shanghai remain closed today as Typhoon Muifa threatens - here is a radar of where it is located (here) and a map of where it is forecast to hit next (here) . Something to keep buyers of stainless steel fasteners awake at night. From a 2016 report "Co-opetition Analysis of Taiwan and China Fasteners Industries" we quote - "Currently, China is the largest fastener manufacturing country in the world, while the United States and European Union are the main regions with the largest fastener demand. Taiwan is the main regions with the largest fastener demand. A comparison between Taiwan and China fastener industry indicates that there are nearly 10,000 fastener makers and traders in China with more than one million employees. Taiwan has about 1,300 fastener makers and traders with  nearly30,000 employees." In the stainless steel fastener industry, nothing much has changed and U.S. manufacturers are fairly limited to producing "special parts" and/or fasteners for the government. Nearly every other stainless steel bolt, nut, washer or screw - comes from Taiwan or China. There are exceptions, of course, but it would be safe to say that if you use stainless steel fasteners in your product, a war between Taiwan and China, and potential disruptions to this supply chain due to logistical limitations or possible sanctions - would be literally devastating to the supply in the United States. Think Europe could help? Europe, like most of the rest of the world, uses metric threaded fasteners, not imperial, like the U.S. So they would have to re-tool to help - and guess who makes most of the tooling for the world. Besides, their manufacturers would be too busy trying to fill their sudden import void. No one gives those little bolts and screws much thought - until they run out of them. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $9.88/lb
  

    Tuesday's market review - Copper lurches lower after strong U.S. inflation data - Copper prices turned lower on Tuesday after U.S. inflation unexpectedly rose in August and pushed up the dollar as investors feared more hefty interest rate hikes that could curb economic growth and dampen metals demand. - more

    Taiwan's stainless steel scrap price increasing - Affected by the damage to POSCO's facilities, stainless steel prices stopped decreasing and rebounded these days. - more

    Major fire at Russia's largest nickel electrolysis workshop - Black acrid smoke is drifting for several kilometers in Monchegorsk Wednesday morning caused by the fire at Nornickel’s factory. - more

    Nickel miner Vale Indonesia signs HPAL deal with China's Huayou - Nickel miner PT Vale Indonesia on Tuesday signed an agreement with China’s Zhejiang Huayou Cobalt to build a second high-pressure acid leach (HPAL) plant to produce nickel material used in batteries to power electric vehicles. - more

    Zimasco scales down operations as Russia-Ukraine war hits global chrome demand - The ongoing Russia-Ukraine war has negatively impacted global ferrochrome demand, forcing lead local producer Zimasco to temporarily scaling down on operations. - more

   Other News

• Reuters The Day Ahead - pdf here
• Climate be damned, Asia is stocking up on filthy fuel oil to combat a looming winter gas shortage - more
• Triple-dip La Nina may further heighten supply issues in agriculture markets - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $11.11/lb  ($24,500/tonne). Indicators at 6:00 am CST today show nickel trading around $.08/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and ended that session at the 53,400 tonne level. The nickel surge continues, with the falling U.S. Dollar adding momentum. We started the month with nickel closing at $20,325/tonne and yesterday we closed at $24,500 tonne, nearly all of that increase coming in the last two sessions. Shanghai reopened last night and played catch up. Speaking of Shanghai, stainless steel futures are suddenly jumping. The good news for distributors is that over priced stainless product you still have in stock, may not be so over priced in the coming weeks. Lot of chatter about a potential railroad strike here in the U.S. in the next week. LME has decided to stay open next Monday during the Queen's funeral, although they have yet to make an official announcement. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $9.72/lb
  

    Monday's market review - Weaker dollar lifts copper as market awaits China data - Copper prices rose on Monday, supported by a weaker dollar while the market awaited data from top consumer China for a better steer on demand prospects. - more

     Column: Shanghai's nickel twist risks more market fracture -  The London Metal Exchanger's (LME) controversial suspension of its nickel contract in March didn't just impact trading in London. - more

     China’s 300 series stainless steel price goes up due to inventory decrease - The 300 series stainless steel inventory in China’s Foshan market dropped to around 100,000 tons last week. - more

• SS Futures Prices Surged above 16,000 yuan/mt and then 17,000 yuan/mt - more
• High-carbon Ferrochrome Output in August Dropped Sharply by Almost 100,000 mt, and might Fell Further in September due to Weak Demand - more
  

     POSCO Pohang Steelworks to resume producing semi-finished steel - POSCO Pohang Steelworks started producing semi-finished steel as the no.3 blast furnace, and some of its steel-making plants returned to normal. - more

     Exclusive: EU watchdog considers collateral changes to ease energy crunch - The European Union's securities watchdog said on Monday it was considering a rare move to relieve energy companies struggling to find enough cash to cover their positions. - more

     Courtesy AISI - In the week ending on September 10, 2022, domestic raw steel production was 1,723,000 net tons while the capability utilization rate was 78.2 percent. Production was 1,839,000 net tons in the week ending September 10, 2021 while the capability utilization then was 83.3 percent. - more

   Other News

• Reuters The Day Ahead - pdf here
• Railroads cut service in preparation for potential strike - more
• U.S. Heat Wave Hits Supermarkets’ Produce Sections - more
• EU is assessing if US Inflation Act in breach of WTO rules - more
• London Metal Exchange Wrestles Over Opening on Queen’s Funeral - more
  
• Indonesia Has Lost More Tropical Forest to Mining Than Anywhere - more
  
• A towering skyscraper in the central business district of Istanbul stands out as a striking example of Italian architectural design - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $10.43/lb ($22,995/tonne). Indicators at 6:00 am CST today show nickel trading around $.08/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Friday and ended the week just over the 53,500 tonne level. While all metals ended higher on Friday, nickel jumped sharply, closing at a three week high. The Euro also rose on Friday, which could account for some of the sudden optimism. The Euro is up again this morning, as is nickel, trading back above the $10/lb level. China was closed overnight for a holiday, and should return to work tonight. Interesting Indonesia article below on what Indonesia will do if it loses the WTO case. It appears that President Widodo has already commented on how he would react. Steel production for 2022 is way down in Ukraine, while stainless steel consumption is up in Russia. Vale wants to mine more nickel, while Glencore reached a new deal with one its Canadian unions. It's the middle if the month week - already - so stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $9.60/lb
  

     Friday's market review - Copper rises on weaker dollar, China demand optimism -  Prices of copper and other industrial metals rose on Friday, boosted by a weaker dollar, optimism about top metals consumer China and as persistent smelter shutdowns keep supply in check. - more

     Russia’s apparent stainless steel consumption up 3.2 percent in H1 - According to the statement made by Russia-based SpetsStal Association, in the first half of this year Russia consumed a total of 282,110 mt of stainless steel, up by 3.2 percent compared to the same period of 2021. - more

     Vale looks to leave nickel setbacks behind with growth plan - Vale SA raised its nickel output guidance as one of the top miners of the battery metal looks past recent operational setbacks to projects aimed at tapping growing demand. - more

     This is what will happen if Indonesia loses its lawsuit over nickel at the WTO - President Joko Widodo (Jokowi) said that there was a possibility that Indonesia would lose the European Union’s lawsuit at the World Trade Organization (WTO). - more

• Nickel Industries’ Indonesian nickel mine now one of 10 largest deposits in the world - more
• Can Indonesia’s electric car, battery sector have a smooth ride beyond China? - more

     Glencore reaches new deal with workers at Quebec nickel mine - Workers at Quebec’s largest nickel mine have reached a new five-year deal with owner Glencore PLC to end a strike and restart production more than 100 days after 630 union members complained about poor working conditions and excessive usage of subcontractors. - more

     For 8 months of 2022, steel production in Ukraine fell by 64.5%, to 5.2 million tons - In August 2022, Ukrainian ferrous metallurgy enterprises increased steel production by 29% compared to July to 366 thousand tons against 284 thousand tons in July. - more

   BMW bets on cylindrical battery cells for new class of EVs from 2025 - (excerpt) BMW's new generation of batteries will use more nickel and silicon and less cobalt, leading to a 20% increase in energy density, 30% faster charging and a 30% longer range than previous generations. - more

• What led PGE and Pacific Power to cut power to thousands of customers in Oregon? - more
• Thousands without power in LA after outages from storm - more
• Power Outages US live map of dead wires - more

   Other News

• Reuters The Day Ahead - pdf here
• Supply Chain Problems Are Getting Worse, Not Better, for U.S. Food Retailers - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $9.84/lb  ($21,705/tonne). Indicators at 7:25 am CST today show nickel trading $.30/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and ended that session just under the 53,600 tonne level. LME nickel is up sharply this morning, following Shanghai's lead, and besides an unexpected, and hefty, rate increase in  the EU, we are not really seeing any other reasons that might explain  the sudden move higher. There is the old standard "inventory concerns" to explain an increase, and the often given "economic concerns" to explain a decrease, but both of these are over used and rather obvious. Kind of like "he was finally able to catch his breath when he rose from the waters depths" instead of "he nearly drowned". The fire we reported on earlier apparently damaged POSCO's stainless steel production, which could benefit China - or Indonesia. Zimasco has reportedly shut down one of its plants, due to a drop in ferrochrome prices. And China markets will be closed on Monday for their Mid-Autumn Festival. Stay safe out there and have a relaxing weekend!
  
• Average price of LME traded cash nickel so far this month - $9.53/lb
  

    Thursday's market review - Aluminium, copper prices climb on worries about supply - Aluminum and copper prices marched higher on Thursday on worries that stoppages due to high energy prices or other disruptions will spur shortages. - more

     Damage to POSCO may benefit China's stainless steel exports to South Korea - South Korea's POSCO's No.2 stainless steel production line and No.2 hot rolling plant (carbon steel) in Pohang, North Gyeongsang Province, had a fire accident, limiting their production. - more

     European non-ferrous metals producers call on governments to take action on rising energy prices - The European Association of Metals (Eurometaux) has released a joint letter from 40 CEOs of European metal groups regarding rising energy prices. - more

     Zimasco shut Kwekwe plant over prices drop - Ferrochrome producer Zimbabwe Mining and Smelting Company (Zimasco) has temporarily shut down one of its Kwekwe plants, after a sharp drop in prices for the metal. - more

     China's rising steel output, improving seasonal demand set to keep prices volatile - Chinese steel prices are likely to remain volatile through September in the wake of strong seasonal demand and low inventories and rising steel production, industry sources said. - more

     Talon's Minnesota nickel project continues to expand - The Tamarack project, a joint venture between base metals junior Talon and diversified major Rio Tinto, is continuing to expand, with more thick, high-grade nickel/copper mineralisation - more

     TFR, police clamp down on ferrochrome thieves - State-owned Transnet Freight Rail (TFR) and the South African Police Service (SAPS) on September 8 undertook a joint operation in response to the spike in incidents of theft of ferrochrome being transported from mines in Mpumalanga to the coast for export. - more

   Other News

• Reuters The Day Ahead - pdf here
• ECB promises more rate hikes after unprecedented increase - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $9.68/lb  ($21,345/tonne). Indicators at 6:00 am CST today show nickel trading $.05/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday, by more than they had in the first five days of the month combined, and ended that session just below the 53,900 tonne level. We are sneaking very slowly toward the psychologically important 50,000 tonne level.  LME nickel lost a little ground yesterday, but is recovering this morning. Still has a way to go to get back to Wednesday's level. The U.S. Dollar fell yesterday, which is typically positive for London traded base metals. Stainless steel prices in China continue to edge higher, and with nickel prices flat to lower, this could imply some increase in demand. Or post summer enthusiasm. Apparently Tesla president Elon Musk is now worried about the lack of power in California, and has advised the state they need more solar and batteries in their infrastructure - provided, of course, by Mr Musk's other companies. It's kind of like if Exxon owned Ford Motors. Light news day so we leave you with it. Stay safe and have a great day!
  
• Average price of LME traded cash nickel so far this month - $9.48/lb
  

    Wednesday's market review -  Aluminium slides on strong dollar and demand outlook -  Aluminum prices dropped to a 17-month low on Wednesday and most other base metals lost ground as faltering global economic growth weakened the outlook for demand and boosted the dollar. - more

     Vale sees 44% increase in global nickel demand by 2030 - Brazilian mining company Vale said on Wednesday that global demand for nickel should increase 44% by 2030 compared to that expected for this year, due to high demand for use in batteries that power electric vehicles. - more

     China’s steel exports down 7.8% in Aug from July, down 3.9% in Jan-Aug - China’s finished steel exports amounted to 6.153 million mt in August this year, up 21.8 percent year on year, while down 7.8 percent month on month due to the slack demand in overseas markets in the given month, as announced by the Chinese customs authorities on September 7. - more

     Nornickel dividend deal to lapse as Potanin, Deripaska avoid new row - sources - A deal to cap dividends at Nornickel, the world's top palladium and refined nickel producer, will lapse at the end of this year as its co-owners avoid renewing a row which could anger the Kremlin, three sources familiar with the matter told Reuters. - more

   Other News

• Reuters The Day Ahead - pdf here
• Fastenal’s August Sales Up 21% - more
  
• Elon Musk Says More Tesla Solar & Batteries Are Needed In California Amid Record Heat Wave & Power Outages - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $9.80/lb ($21,605/tonne). Indicators at 6:00 am CST today show nickel trading unchanged . Stockpiles of nickel stored in LME licensed warehouses fell every working day this month, and started today's session just under the 54,250/tonne level. Nickel is waffling this morning, starting lower, apparently following SHFE's overnight action, and now ever so slightly higher. Indonesia's president told a delegation yesterday that Europe will likely win its complaint to the World Trade Organization against Indonesia's nickel export ban. What that means to future nickel trade remains unclear. Our newest and more expensive computer, bought late last year, equipped with the new SSD hard drive, decided to do what the new SSD hard drive is not supposed to do - and crashed Thursday evening.  Our computer guru has been, and remains on vacation, so many of our records are currently lost in a non functioning computer, hopefully not permanently. This is our first day back since last Thursday, with a new computer, and we apologize for the lack of entries the last few days. We missed our first of the month opportunity to thank our 2022 news sponsor, PA Inc, and we encourage you to visit their web site and see if they offer any services you might use. And we lost a lot of news links we had lined up for the three day holiday break. Many of them had to do with the sudden flood of news on EV battery manufacturers being built here in the U.S. and Canada, besides those being built in Indonesia and elsewhere in the world. There was also a story we thought was one of those that should make all these EV manufacturers sit up in their chairs. California, who just a few weeks ago, proclaimed they want no cars sold in that state after 2035 except EV or other zero emission technology, announced last week that they were suffering from excessive power demand due to the heat wave, and were asking 'current' EV owners not to charge their vehicles between 4 pm and 9 pm each evening. Not sure what your immediate thoughts are about that, but ours were along the line of "WTF?". 60 Minutes, just a few weeks ago, showed a replay of a story they did on how easy it would be for someone to take out huge sections of the U.S. electrical grid - with a rifle. With energy costs climbing thru the roof in Europe, how long will it be before it costs as much to charge a car multiple times to travel as far as a tank of petrol would have cost and carried you? We wonder how far hurricane evacuees in Florida or Louisiana could travel before they need to recharge and how easy that task would be, with thousands of other evacuees needing the same charge? This isn't just a western concern - China has black outs all the time, and yet, they too have provinces that have mandated a conversion to EV sales by 2035. The commercials showing electric pickups providing electricity to a house during a power outage are very cool, but if the power outage lasts longer than your truck battery does - then what? Not only is your house now dead in the water, but so is your transportation out of there. An EV without a charged battery is kind of like solar without the sun. Or a wind turbine on a windless day. As for us, we can't even keep a plugged in computer working very long, so maybe we should just sit back, shut up, and watch the world modernize. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $9.42/lb
  
• LME nickel chart - here   /   Euro/US Dollar chart - here
  

    Tuesday's market review - Aluminium at 17-month lows as strong dollar overshadows smelter cuts - Aluminum prices fell to 17-month lows on Tuesday as a strong dollar and worries over economic growth overshadowed production cuts in Europe. - more

     Analysis: Nickel meltdown puts spotlight on LME's search powers -  Stung by an epic crisis in nickel trading, the London Metal Exchange is ushering in new rules to boost transparency. - more

     European energy crisis prompts widespread steel output cuts; nickel, chrome markets watch and wait - Soaring energy costs have triggered temporary production cuts at several steel mills across Europe, including those in the stainless sector, with speculation about possible further cuts spreading among nickel and chrome market participants. - more

     Indonesia president says likely to lose WTO nickel dispute against EU - Indonesia will likely lose in its trade dispute against the European Union (EU) over the Southeast Asian country’s 2020 ban on exports of nickel ore, President Joko Widodo said on Wednesday. - more

     Stainless Steel Prices Remained Rangebound in August, and are Likely to Increase in September with Consumption Recovery and Strong Cost Support - Although domestic macro favourable policies were successively introduced in August, the continuous surge in the U.S. dollar index and the sluggish stainless steel consumption caused stainless steel futures prices to fluctuate sideways. - more

     Vale Indonesia signs $2 billion nickel project deal with Shandong Xinhai, Baowu - Nickel miner PT Vale Indonesia on Tuesday signed an investment deal with China's Shandong Xinhai Technology Co. Ltd and a unit of China Baowu Steel Group Corp. Ltd to develop a processing plant on Sulawesi island. - more

     Courtesy AISI - In the week ending on September 3, 2022, domestic raw steel production was 1,715,000 net tons while the capability utilization rate was 77.8 percent. Production was 1,858,000 net tons in the week ending September 3, 2021 while the capability utilization then was 84.2 percent. - more

   Other News

• Reuters The Day Ahead - pdf here

  Morning Stats and Prices

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $9.69/lb ($21,365/tonne). Indicators at 6:00 am CST today show nickel trading around $.24/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started the new month, just over the 54,500 tonne level. LME nickel stockpiles fell just shy of 3400 tonnes during the month of August, and cash nickel averaged just south of the $10/lb level ($21,998/tonne). Traders are in a sour mood to start September trading, and we can't see any one reason that might explain it. Shanghai fell overnight, with 'non- governmental' PMI readings falling into the contraction range. Covid is still a headline in that country, and it is possible, Taiwan shooting down a Chinese drone overnight has made traders nervous as well. Whatever the reason, the negativity has spread around to the LME. Still more stories published about the power crisis in Europe having a detrimental effect on stainless steel production. Concerns there are with cold weather coming, this crisis could easily become much worse. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $9.98/lb (August average)
  

    Wednesday's market review - Poor China demand prospects, strong dollar pressure copper  - Copper prices came under pressure on Wednesday as worries about demand in top consumer China were reinforced by weak data from the country’s factories and a firmer dollar. - more

     Stainless Steel Market Summary in China || Beijing and Washington’s moves drive the metal market in different directions. (22 Aug - 26 Aug) - Do you start to purchase as before in September this year? There are many distracting signs mixed in the stainless steel market, but we believe that the basic tone of the price will remain gloomy to a large extent, but you shall pay attention to some specifications of the 200 series and 400 series which have been through production reduction and now they are running out of stock. - more

     Italian long steel producers consider stoppages amid energy crisis - Italian long steel producers may not resume operations after their summer stoppages if buyers refuse to accept the higher steel prices, several market sources told Fastmarkets this week. - more

• Aperam stainless mill remains offline - more
• ArcelorMittal delays Spanish coil mill restart - more
  
• European steel prices continue downward trend with some mills selling below cost - more

   Toyota announcement triples US investment – report - Toyota Motor‘s latest battery announcement boosts planned investment in a new US battery plant from US$1.29 billion to $3.8 billion, partly in response to rising consumer demand for electric vehicles, the company told Reuters on Wednesday. - more

• Japan calls for $24 bln investment to boost battery competitiveness - more
• Southeast Asia Hopes to Become the Next EV Hub - more
• POSCO : builds EV battery recycling plant in Poland - more
  

   Other News

• Reuters The Day Ahead - pdf here
• Cuba seeks more electricity supply from Turkish powerships - more
  

  Economic Stats and Prices (posted in Friday edition)