Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.25/lb ($15,985/tonne). Indicators at 5:40 am CST today show nickel trading around $.07/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and ended last week reading just over the 123,800 tonne level. Shanghai did not report overnight trading as China is closed until Wednesday for a national holiday. Nickel is back on the plus side of the $16,000 tonne level this morning, thanks in part to a stronger Euro. Second half of the final month of the third quarter of 2024 begins today. We could see some volatility over the next few weeks, as traders begin to close out this quarter and make their portfolio's look better. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $7.21/lb
  

    Friday's market review - Copper, aluminium, zinc hit two-week high on weak dollar - Copper prices hit a two-week high on Friday and were on track for their strongest week since July on support from a weaker ... - more

   Metals-rich Kazakhstan seeks niche in battery supply chain -  Kazakhstan aims to boost output of metals needed for electric vehicle (EV) batteries and is issuing hundreds of new exploration licences to ... - more

   Philippines Says China Firms Keen to Invest Despite Tensions - Chinese companies are still interested to invest in the Philippines despite the nations’ dispute in the South China Sea, a top Manila trade official ... - more.

   Indonesia breaks ground on first renewable energy-powered EV battery factory - Indonesia has inaugurated its first electric vehicle (EV) battery factory, which will operate entirely on renewable energy at the ... - more

   Putin’s commodities ban threat puzzles Russian firms and officials - Russian officials and managers are perplexed by President Vladimir Putin’s surprise threat to limit exports of strategic commodities in ... - more

   Other News

• China vows ‘necessary’ measures against US’ finalized tariff hikes on Chinese products - more
• The South China Sea Arbitration (The Republic of Philippines v. The People's Republic of China) - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.29/lb ($16,075/tonne). Indicators at 5:45 am CST today show nickel trading around $.07/lb  lower. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and started today just over the 123,350 tonne level. Shanghai nickel slipped to 124,100 y/t overnight. Speaking of Shanghai, Chinese markets are closed next Monday and Tuesday for their Mid Autumn Festival, also known as the Moon or Mooncake Festival. The struggle over the $16,000 tonne level continues with the sentiment leaning to the negative side. Another week is in the bag. Stay safe out there... it is Friday the 13th after all, and have a great weekend!  
• Average price of LME traded cash nickel so far this month - $7.22/lb
  

    Thursday's market review - Copper jumps nearly 2% on signs of firmer Chinese demand - Copper prices jumped to their highest in nearly two weeks on Thursday on signs of firmer demand in top metals consumer ... - more

    [SMM Analysis] Will Nickel Prices Continue to Fluctuate? Multi-Dimensional Analysis of Nickel Price Trends - SHFE nickel prices are expected to fluctuate within a range this week. To comprehensively analyze ... - more

    Nickel Flowing to Europe Shows Indonesia’s Grip on Global Supply - European makers of stainless steel are turning to Indonesia for nickel as the country’s booming output forces plants in other countries to shutter. - more

    India's Vedanta plans to expand nickel sulphate production, to tap overseas demand - Indian metals-to-oil conglomerate Vedanta plans to step up nickel and nickel sulphate production and tap rising demand ... - more

• US makes final AD determination on India’s stainless steel bars - more
  

   Vitol Hires Glencore, Trafigura Iron Ore Traders in Metals Push - Vitol Group is poaching iron ore traders from rivals Glencore Plc and Trafigura Group, as the world’s biggest oil trader ramps up its efforts to ... - more

   Kremlin says no concrete measures yet after Putin's metals exports ban proposal - President Vladimir Putin's proposal to restrict exports of Russian metals is an invitation for officials to think about it and there ... - more

   Other News

• Exploratory Testing of Stress Corrosion Cracking in Stainless Steels at Low Temperature - pdf here
• De minimis: Helping or hurting U.S. manufacturers? - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.32/lb ($16,135/tonne). Indicators at 5:50 am CST today show nickel trading around $.01/lb  higher. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today's session just under the 123,150 tonne level. Shanghai nickel rose to 124,300 y/t overnight. Nickel rose yesterday on speculation Russia's treat to restrict exports of nickel might actually matter. Russian President Putin is either trying to have it both ways or he is trying to take Indonesia's nickel strategy to the next level. Yesterday he proclaimed that Russia should consider limiting its exports of uranium. Isn't this the same guy threatening to export uranium filled nuclear weapons by firing them nearly every week? Which is it Vlady? Sharing your uranium or not? There you have it America! New strategy. No nickel leaves this country unless its part of a refrigerator door - or milk tank - or Starship or ..... ok you get the picture. And if you think we are kidding about weekly threats, here is 'today's' threat (here). Russia doesn't realize Americans are far more worried about who our next President will be, rather than worry about the noise theirs is making. Stay safe out there and have a great day!
• Average price of LME traded cash nickel so far this month - $7.22/lb
  

    Wednesday's market review - Nickel prices surge on Russia's proposed export ban - Nickel prices surged on Wednesday as major producer Russia proposed an export ban on the battery metal in retaliation ... - more

    Stainless steel plate price index - Stainless steel price August 2024 and outlook (see chart below) - more

    Primary Nickel Production Surges 35%: Which Companies Are Nailing It? - The second quarter of 2024 brought contrasting trends to the nickel industry. While primary nickel producers increased output ... - more

   Putin says Russia should consider limiting exports of uranium, titanium and nickel - Russian President Vladimir Putin said on Wednesday that Moscow should consider limiting exports of uranium, titanium and nickel... - more

• Putin Asks Government to Consider a Cap on Nickel, Uranium Exports - more

   Vedanta urges India to negotiate end to nickel sulphate duties with Japan and South Korea -  India's metals-to-oil conglomerate Vedanta has urged the government to press Japan and South Korea to change ... - more

• India to impose up to 30 per cent tariffs on some steel imports from China, Vietnam - more
• US issues final results of AD review on stainless steel bar from India - more

   Other News

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.14/lb ($15,750/tonne). Indicators at 5:40 am CST today show nickel trading around $.12/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and ended that session just under the 122,750/tonne level. Shanghai nickel rose to 123,030 overnight. The battle for the $16,000 tonne level continues. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $7.23/lb
  

    Europe flat stainless steel prices approach floor; Acerinox resumes operations - Prices for stainless steel flat products in Europe continued to show signs of weakness in August and there were even signs ... - more

    China Harnesses a Technology That Vexed the West, Unlocking a Treasure Chest - Chinese companies achieve dominance by accessing a new source of minerals the world needs for EV batteries - more

    London Metal Exchange looks to plug the liquidity drain -  It says much about the London Metal Exchange that the focal point of its trading liquidity revolves around shipping times set in the late 19th century. - more

    Shaping the Future: Unveiling the Rise in Demand for Sustainable Stainless Steel and Its Commercial Potential - Earlier this year, at the Green Steel Tech fair in Essen, Germany, Dr. Max Menzel, Head of ... - pdf here

    Another church burns in New Caledonia, spate of attacks continues - Another church has been set alight in New Caledonia, confirming a trend of arson which has already destroyed five Catholic churches and ... - more

    Courtesy AISI - In the week ending on September 7, 2024, domestic raw steel production was 1,772,000 net tons while the capability utilization rate was 79.8 percent. Production was 1,691,000 net tons in the week ending September 7, 2023 while the capability utilization then was 74.4 percent. - more

   Other News

• Program Outline For The INSG Meetings 23-24 September 2024, Lisbon - pdf here
• China Nickel Tycoon Seeks Growth in US Energy-Storage Market - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.24/lb ($15,965/tonne). Indicators at 5:50 am CST today show nickel trading around $.06/lb lower. Stockpiles of nickel stored in LME approved warehouses rose on Monday and started today's trading just over the 122,200 tonne level. Shanghai nickel slipped to 121,610 y/t overnight. The $16,000 tonne level continues to be the battleground for nickel bulls and bears to fight over. A second close below that level might send a technical signal of further declines but we see technical signals as little more than rear view mirror indicators. The Wall Street Journal carried a story yesterday "China Harnesses a Technology That Vexed the West, Unlocking a Treasure Chest" about China's success in mining Indonesia nickel. If it becomes available for non subscribers, we will link to it. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $7.26/lb
  

    Monday's market review - Copper bounces as market looks ahead to US inflation data - Copper prices bounced on Monday as hopes for stimulus in top consumer China and sliding stocks in Shanghai triggered ... - more

    Nickel & stainless: global risks bear down - Challenging factors include excess primary nickel production, China’s property slump, sluggish manufacturing output and the on-going conflicts in Ukraine and the ... - more

    US may block Indonesia nickel on forced labor issues - US Department of Labor report says China-invested industry riddled with abuse, potentially puncturing Indonesia’s EV battery aspirations - more

    U.S. imports/exports of Stainless steel - more // U.S. exports/imports of Nickel - more

    Jokowi asks Vale Indonesia to expedite completion of Pomalaa nickel smelter - President Joko “Jokowi” Widodo has asked PT Vale Indonesia (INCO) to accelerate the completion of its high-pressure acid leach ... - more

    Anglo American hired advisers to sell two nickel mines in Brazil, says country head - Anglo American, opens new tab hired financial advisers to sell two nickel mines in Brazil, the miner's country head, ... - more

    EUROFER: European steel industry and manufacturing at existential risk - The latest developments in the steel sector and across critical value chains are worrying signs of a steady deterioration, endangering ... - more

   Other News

• Yet another Canadian miner looks to exit the country, amidst curbs on Chinese investments - more
• U.S. East, Gulf Coast Dockworkers Inch Closer to October Strike - more
• How a Japanese suitor misread politics with U.S. Steel bid - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.21/lb  ($15,900/tonne). Indicators at 5:45 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and ended the week just over the 121,650 tonne level. Shanghai nickel slipped to 122,800 y/t overnight, its lowest close this year. LME nickel continues to trade just below the $16,000 tonne level, with the small bursts of energy taking nickel above that level, being beat back quickly by the bears. A stronger US Dollar is also hitting London traded commodities with negative pressure. Second work week of September begins today and ends on Friday the 13th. Wednesday is the 9/11 attack anniversary and Tuesday is the Presidential candidate debate. Fastener Index continues to slide, showing manufacturing in the U.S. continues to slow. Stay safe out there and have a great day, and week! 
  
• Average price of LME traded cash nickel so far this month - $7.29/lb
  

    Friday's market review - Copper heads for second weekly fall on global growth concerns - Copper prices were on track for a second consecutive weekly fall on Friday as concerns about global economic growth... - more

    Some nickel matte production lines have been switched to NPI driven by profits, and new projects have partially offset the decrease in production - In August 2024, Indonesia's high-grade nickel matte production ... - more

    Environment solution: New metals refinery for nickel and cobalt opens in Ohio - In a step forward for efforts to acquire the metals crucial to addressing climate change, on Monday a new plant that can extract nickel... - more

   Shutdown of ‘symbolic’ nickel plant compounds New Caledonia’s economic woes - For the past 13 years, engineer Didier Bule has maintained the machinery at the heart of New Caledonia’s Koniambo nickel plant... - more

   Other News

• Government steps up disaster-relief efforts after Typhoon Yagi pounds Hainan, Guangdong - more
• Typhoon Yagi leaves dozens dead in Vietnam, pounds infrastructure - more
• France injects 130 million euros to keep New Caledonia's economy afloat - more
• Biden decision to kill Nippon Steel deal could spark legal challenge - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.29/lb ($16,070/tonne). Indicators at 6:05 am CST today show nickel trading around $.04/lb lower. Stockpiles of nickel stored in LME licensed warehouses took a small step back on Thursday and started today's session just over the 121,700 tonne level. Shanghai nickel rose to 123,920 y/t overnight. The battle line has been set at the $16,000 tonne level, with the bulls trying hard to stop the week long slide in prices. And that is it for the first week of September 2024. Stay safe out there and have a restful - or exciting - weekend!
  
• Average price of LME traded cash nickel so far this month - $7.32/lb
  

    Thursday's market review - Most base metals fall - Prices of most industrial metals fell on Thursday, pressured by a dim demand outlook following the recent weak economic data globally, including in top consumer ... - more

    Nickel illustrates China conundrum on critical minerals - Nickel offers a case study of the complex challenges the world faces in ramping up the use of minerals needed to drive the global clean energy transition.  - more

   NAB revises commodity forecasts - With iron ore prices falling to near two-year lows on Thursday, the National Australia Bank has updated its forecasts for commodity prices for the next year and beyond. - more

    India's stainless steel industry set for 8-9% annual growth: Jindal Stainless CEO - Abhyuday Jindal, Managing Director of Jindal Stainless, India's largest stainless steel producer, expects the country's stainless ... - more

    Large molybdenum deposit discovered in north China - A large deposit with estimated reserves of 100 million tonnes of molybdenum ores has been found in north China's Inner Mongolia Autonomous Region - more

• CISA: Steel market may improve in Sept-Oct, but outputs need to be limited - more

    Indonesia's president urges developed nations to invest in green economy -  Indonesia President Joko Widodo on Thursday urged developed nations to invest in energy transition and climate solutions in the ... - more

• Why Indonesia’s Antam Wants to Acquire a Chinese Nickel Smelter - more

   Other News

• Immigrant talent in the US labor force - more
• Building a modern mining company: Interview with Neal Froneman - more
• USW Files Petitions Seeking Duties on Corrosion-Resistant Steel Imports - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.32/lb ($16,140/tonne). Indicators at 5:40 am CST today show nickel trading around $.07/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and registered just over the 121,750 tonne level by days end. Shanghai nickel slumped to 123,450 y/t overnight. And just like that, nickel is trading below the $16,000 tonne level, having closed at the $17,000 tonne level last Thursday. If one were new to the nickel industry, they might refer to this as a spectacular fall, but the veterans have seen worse. We tend to refer to this as market volatility. Makes one wonder if the whole bullish run to end the month of August was merely to 'cook the books' among trading firms, who wanted to make nickel look a little more attractive as an investment than it has turned out to be this year. Regardless, we have not seen the market close in the $15,000's since one week in late July. At the moment, nickel is trading just a few hundred dollars per tonne over the 2024 low, so we expect the bulls to wake up soon. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $7.37/lb
  

    Wednesday's market review - Copper steadies after hitting three-week low on global growth worries - Three-month copper on the London Metal Exchange was up 0.3% at $8,979 per metric ton by 1415 GMT ... - more

    China's stainless steel futures experience modest trend last week, predicting volatility in short term - China's stainless steel futures market experienced a modest uptick last week, with the main contract climbing ... - more

• MEPS podcast: Chinese steel prices lowest since 2017 -  more

   Manufacturing production hits 4-year low: August PMI - Increasing inventories and cratering demand are creating “one of the most worrying signals witnessed since the global financial crisis,” according to S&P. - more

   Other News

• Trafigura extends notice period in traders contracts to 6-month minimum, sources say - more
• Steel plays a capital role in Indonesia’s new city, Nusantara - more
• EU Responders Say it's Unsafe to Tow Burning Oil Tanker in Red Sea - more
• U.S. Steel warns Nippon deal failure could put thousands of jobs at risk - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.48/lb ($16,500/tonne). Indicators at 5:40 am CST today show nickel trading around $.07/lb  lower. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Tuesday and started today reading just over the 121,200 tonne level. Shanghai nickel fell to 125,500 y/t overnight. Nickel continues to slide this morning with a stronger Euro not offering much assistance yet. Worldwide Purchasing Manufacturing Indexes (PMI) did little to ease global slowdown concerns. While China's fell further, the U.S. reading rose, although it too stayed well below the growth point of 50+ (posted here). POSCO is suspending plans to build a battery materials factory in Korea because of the slowdown in the EV industry. Stay safe out there and have a great hump day! 
• Average price of LME traded cash nickel so far this month - $7.42/lb
  

    Tuesday's market review - Copper stumbles to two-week low on Chinese demand fears - Three-month copper on the London Metal Exchange slid 2.3% to $8,975 a metric ton in official open-outcry trading ... - more

    China's stainless steel market might still face uncertainty as peak season approaches - Last week, China's nickel and stainless steel futures showed a slight upward trend amid volatility, with the spot market ... - more

    The commodity supercycle revisited - A “commodity supercycle” is a period of consistent price increases lasting more than five years, and in some cases, decades. The Bank of Canada defines it as an “extended ... - more

    Chinese metallurgists expect an increase in demand for steel in the last quarter of this year - The largest metallurgical company in China believes that the market situation in the third quarter of this year is not ... - more

• China’s steel sector PMI down to 40.4 percent in August - more

   Other News

• Border crackdown: Canada turning away more foreigners - more
• New Caledonia’s pro-independence movement split in two after controversial Congress - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.61/lb ($16,770/tonne) and Monday's at $7.56/lb   ($16,675/tonne). Indicators at 5:40 am CST today show nickel trading around $.08/lb  lower. Stockpiles of nickel stored in LME licensed warehouses rose on Friday to just over the 119,300 tonne level and on Monday, they backtracked to just under that same level. Shanghai nickel fell to 127,760 y/t on Monday and recovered partially to 128,810 y/t  overnight. If bullish traders hoped to get a jump on the typically bullish September, they have given back much of their August gains already and the second trading day isn't even over yet. Will be curious to see how the market reacts when North American traders enter the fray. It's a new month and we are now in meteorological fall. Astronomical fall won't begin until the 23rd this year. Stay safe out there and have a great month! 
• Average price of LME traded cash nickel so far this month - $7.37/lb (avg August)
  

    Friday's market review - Copper claws higher on China hopes, set for monthly gain - Copper prices gained on Friday on optimism about more government support for the economy of top metals consumer China... - more

• Monday's market review - Aluminium hits 2-week low on weak Chinese data, momentum signals reverse - more

    US stainless coil prices near bottom of cycle - Hot and cold rolled stainless steel coil prices in the United States will continue to move down with the mills’ published alloy surcharges in September. - more

    India's finished stainless steel products exports fall in H1 2024 - According to statistics, India's exports of finished stainless steel products totaled around 355,000 tons in the first half of 2024, falling by 6% ... - more

   SunSirs: The Nickel Market Fluctuated in August - According to the monitoring of nickel prices by SunSirs, as of the end of the month, spot nickel was quoted at 131,666 RMB/ton, a monthly decrease of ... - more

    Walsin Lihwa raises stainless steel export price for Sep - Walsin Lihwa, a stainless steel wire rod and cable manufacturer in Taiwan, maintained the price of 200 series, 300 series, and 400 series products ... - more

    In New Caledonia, the iconic KNS nickel factory closes its doors - It was the flagship project for the development of northern New Caledonia. But due to a lack of buyers, Koniambo Nickel SAS ceased its activity... - more

    Zambia to launch state investment firm for critical minerals - The proposed special purpose vehicle (SPV) is expected to be instrumental in Zambia's investment in critical minerals. - more

   Other News

• Roch Wamytan replaced - Major shift at New Caledonia’s Congress - more
• Russia Warns Kremlin Changing Nuclear War Policy in Response to West - more
• US dollar crisis coming soon, to crash economy and send consumer prices soaring, says Peter Schiff - more

  Economic Stats and Prices (posted in Friday edition)