Headlines & leaders - (Bloomberg) China’s Stocks Fall Most in 4
Months After Xia Sees Tight Policies in 2012 // China Says Rift on Kyoto
Risks Destroying UN Climate Talks // China Lifts Electricity Prices, Caps
Coal Costs Amid Power Profit Squeeze // Korea’s Output Slips as Indian
Growth Cools to Slowest Since ’09: Economy // Fed, Five Central Banks
Lower Interest Rate on Dollar Swaps // Euro Ministers Bid for Bigger IMF
Role as Fund Falls Short // Stocks Rise as China Cuts Bank Reserve Ratio
// German 1-Year Government Note Yield Falls Below Zero, First Time on Record
// European Stocks Rally After Central Banks Ease Dollar Funding // Announced
U.S. Job Cuts Drop 13% From Year Ago to 42,474, Challenger Says // Chicago
Purchasing Index Rises to 62.6 // Stocks Extend Biggest 3-Day Gain Since
’09
The Euro is trading nearly 1% higher against the US Dollar, and off earlier
highs. NYMEX crude is up 1.1% and trading at $100.89/barrel. Gold is up nearly
1.9% and silver is up 3%. Base metals ended their session higher as well.
Indicator charts show nickel trading lower thru a quiet midday session, until
the central banks announced their rate cut, and then nickel was off to the
races, before giving back some gains late. After trading as low as around
$7.55/lb and as high as nearly $8.15/lb, Dow Jones reports three month nickel
closed the last day of the month at
$7.94/lb. Stockpiles of nickel
stored in LME approved warehouses rose for the eighth time in the last nine
sessions and now total just under 90,400 tonnes. This is the first time the
warehouses have recorded over 90,000 tonnes since October 18th. Metals trading
was a tale of two halves today. The first half of LME's trading session,
was one of continued uncertainty and for nickel, lower prices on a lower
Euro. Then China lower interest rates which was followed by news that global
central banks were lowering dollar swap rates in an effort to provide more
liquidity to banks. Whether the move works or not remains to be seen, but
investors jumped on the news, and the Euro leapt against the US Dollar and
the second half of the LME trading session caught fire. Traders are apparently
too busy trying to get their piece of this pie to worry about 'why' the central
banks took such an extreme measure, or 'why' China is forced to cut their
interest rate. Then again, the 21st century has proven to be far different
than the 20th, and what would have seemed outrageous just a few years ago,
is now deemed typical. The rates country's are paying to borrow money in
Europe is deemed merely concerning today, where just a few months ago, they
were simply unimaginable and laughable. At the moment, the Dow is up 400
points.
Vital Signs: New Home Sales Stuck at Low Level -
more
Nickel falls
to lowest level in nearly two years - Nickel prices fell to their lowest
level in nearly two years on Wednesday, tracking a slide in base metals,
as concerns about the euro zone debt crisis and the outlook for economic
growth weighed on the demand outlook for metals. -
more
Deripaska files
suit against Potanin in Swiss court - Oleg Deripaska, the head of Russian
aluminum giant RusAl and a core shareholder in Norilsk Nickel, has filed
suit in a Swiss court against another Norilsk shareholder, Vladimir Potanin,
concerning possible money laundering during Norilsk's buyback program, Deripaska
told Swiss ECO magazine late on Tuesday. -
more
The Horrible Reputation
of Canada’s Mining Sector – by Stan Sudol - The future of mining
has never been brighter, yet its image among the general population seems
to have plunged lower than the famous Kidd Creek mine in Timmins, Ontario
– the world’s deepest base metal operation. -
more
Mining in the UP,
what does the state get in return? - Drilling continues in Michigan's Upper
Peninsula for potentially valuable ore deposits after a judge turned down
a request from environmental groups to stop the mine's development. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:05 am CST show 3 month nickel trading around $.05/lb
lower but climbing,
with other London traded base metals mixed. The Euro is trading over 1/10
of 1% lower against the US Dollar this morning. NYMEX crude futures are flat
and at $99.79/barrel. Gold is up 1-1/4% and silver is higher by 1.6%. In
overnight trading, Asian markets ended lower, with China off 3-1/3%. European
markets are trading higher this morning on news that China’s central
bank said it would lower banks’ reserve-requirement ratio in an attempt
to boost the economy. US markets welcomed the news as well and futures point
higher. Nickel inventories grew for a seventh consecutive session on Tuesday.
Bloomberg morning - Copper Falls for Second Day as S&P Cuts Banks’
Credit Ratings -
more
LME Morning - China cuts reserve ratios but eurozone worries cap base metal
prices -
more
Reuters - Copper pares losses after China cuts reserve ratio -
more
Ed Meir is back with his daily report and now representing FC Stone - Markets
rallied sharply on Monday, with copper leading the surge in metals as prices
closed the session with a whopping $265/ton gain, its best daily gain in
a month. Sharp advances were also noted in energy and precious metals, while
in the equity markets, the Dow finished with almost a 300 point gain on reports
of record Thanksgiving Day sales. The infamous “Black Friday” weekend
contained more than its fair share of shopping horror stories as well, such
as the one of a Los Angeles woman getting arrested for pepper-spraying customers
as she attempted to get her hands on a discounted X-box at her local Walmart.
(For what it is worth, the woman is not being charged, as she apparently
was acting in self defense, but we wonder if the unsuspecting Chinese worker
assembling her particular unit will ever be told that that people in aisle
7 were actually fighting over the fruits of his labor). Thanksgiving Day
sales aside, we have to admit that we were baffled by yesterday’s advance,
as we felt it was based more on wishful thinking (or perhaps too much turkey
stuffing) as opposed to anything concrete coming out of Europe. The firmer
tone was evident early in the day on reports that the IMF would make a massive
E600 billion loan to Italy, but the Fund quickly shot that story down. In
fact, one astute economist pointed out that the IMF does not even have 600
billion Euros to lend. ...Right now, metals are mostly mixed, recouping earlier
losses, but trading remains very quiet. Energy prices are up by some $.60/barrel,
with the Euro at $1.3380, basically where we were at this time yesterday.
US stocks are expected to open up as well, with the Dow pointing to a 90
point opening advance. .... Nickel is at $17,136, down $44; our charts suggest
that we are on track to hit the September low of $16,800 (red line).
(MBN) Posco keeps December stainless price unchanged
(PR) JSL Stainless Ltd has informed BSE that the members at the Extra Ordinary
General Meeting (EGM) of the Company held on November 30, 2011, inter alia,
have transacted the following: 1. Appointment of Mr. Ramesh R. Nair as Director
of the Company. 2. Appointment and remuneration of Mr. Ramesh R. Nair as
President & Executive Director of the Company for a period of five years
w.e.f. November 03, 2011.
Little known about deep sea mining impact, says International Seabed Authority
-
more
(SSY) Preliminary October data from the American Iron and Steel Institute
show that US steel imports fell for a fifth consecutive month, down 3%
month-on-month to 1.9 Mt, the lowest monthly level since February. However,
this is still 16% higher than the year-ago level.
(Interfax) About half of China's iron ore miners have suspended production
in the face of dwindling profit margins due to the low price of imported
ore, an analyst told Interfax Nov. 30.
Australia's
Western Areas in short-term nickel pact with Jinchuan - Western Areas,
Australia's third-largest nickel miner, will sell China's Jinchuan Group
up to 15,000 tonnes of nickel in concentrate over a one-year period starting
next March, Western Areas said on Wednesday.
- more
Service Center Shipments
Show Double-Digit Increase in October - October service center shipments
of steel and aluminum returned to double-digit rates of increase in the United
States, according to the latest data from the Metals Service Center Institute,
Rolling Meadows, Ill. Canadian shipments grew at a slightly slower rate.
-
more
Operations back
to normal at Xstrata Nickel - The safety pauses implemented at Xstrata Nickel's
Fraser and Nickel Rim mines last week are over and all shifts of employees
have reported back to work, say both the company and the union. -
more
Liberty Mines gets
approval to fix tailings pond; plans to restart production - Nickel producer
Liberty Mines Inc. has received approval from Ontario Ministry of Natural
Resources to repair its tailings pond facility near Timmins, Ont. -
more
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Headlines & leaders - (Bloomberg) Goldman Ends Bet on China Stocks as
Growth Estimates Cut by UBS, Citigroup // Speculators Reduce Bullish Holdings
to Lowest Since July 2009: Commodities // China’s Stocks Rise Most in
Two Weeks on Government Support Speculation // Rate Cuts Beckon From Thailand
to Philippines as Europe Crimps Asia Growth // Asia Stocks Pare Monthly Loss
on Valuations, Euro Crisis Meeting // ECB Fails to Fully Offset Bonds Purchased
Under Program to Finance EU Debt // Italy Pays More Than 7% at Bond Auction
// World Headed for 10th Warmest Year on Record, UN Agency Says // King Says
U.K. Must Have Contingency Plan as Euro Risks Rise // European Stocks Rise
as Ministers Debate Insuring Bond Issuance // American Airlines Parent AMR
Corp. Files for Bankruptcy // Pimco’s Gross Says Europe Won’t Escape
Its Debt ‘Straitjacket’ for Years // U.S. Consumer Confidence Rises
Most Since ’03 // Stocks in U.S., Commodities Advance as Treasuries
Drop on Confidence Data
The Euro is now trading less than 1/10 of 1% higher against the US Dollar.
NYMEX crude is up nearly 1-3/4% and trading at $99.91/barrel. Gold is up
1/4 of 1% while silver is over 4/10 of 1% lower. Base metals ended the session
mostly lower. Indicator charts show nickel fell early, recouped its losses
quickly, then began a slow downward trend, before going sideways the last
few hours. For the day, Dow Jones reports three month nickel ended the session
at $7.73/lb. Stockpiles of nickel
stored in LME approved warehouses rose on Monday and now total just under
89,800 tonnes. US equity markets are higher on a stunning report that consumer
confidence jumped much higher than expected in November. European equity
and credit markets sending mixed symbols.
Chloride stress corrosion cracking in austenitic stainless steel - Assessing
susceptibility and structural integrity -
more
Commodity/Economic Articles and Comments
(Dow Jones) -Finnish utility Fortum Oyj is demanding compensation from
Finland-based Talvivaara Mining Co. PLC, claiming the nickel mining company's
use of water from Oulu River, in northern Finland, is causing hydropower
losses of several hundred thousand euros a year, public broadcaster YLE reports
on its website Tuesday.
How to Create Middle-Class Jobs in 435 Steps -
more
U.S. Shoppers Seek Sales, European Leaders Seek Solutions -
more
The Failure to Forecast the Great Recession -
more
The Con Man’s Lament: Equity vs Commodity Firms -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:00 am CST show 3 month nickel trading around $.05/lb
lower, with other
London traded base metals lower as well. The Euro is trading nearly 2/10
of 1% higher against the US Dollar. NYMEX crude futures are up 1/4 of 1%
and trading at $98.47/barrel. Gold is up slightly, while silver is down over
1%. In overnight trading, Asian markets ended higher, with China up 1-1/3%.
European markets are trading higher this morning and futures show Wall Street
could open higher as well. Nickel stockpiles grew for a sixth consecutive
session.
LME Morning - Metals erratic as covering rally hits buffers, wider market
doubts prevail -
more
Reuters - Copper steadies as traders eye euro zone meet -
more
Leeb on Commodity Markets, Copper, Rare Earths -
more
(Yieh) China Steel Corp. (CSC), the largest steelmaker in Taiwan released
the list prices for next January and February on November 24th. The company
decided to cut the list prices of hot rolled (HR) and cold rolled (CR) steel
by NT$1,800~NT$1,900/ton average.
(Interfax) Difficulties are set to continue next year for China's steel pipe
industry, with worsening overcapacity keeping profit margins under pressure,
an analyst told Interfax Nov. 29.
Vale Plans to Invest $21.4 Billion in 2012 Amid 'Hurdles' -
more
Outlook: Recent U.S. Performance Stronger, But Not a 'Significant Improvement'
-
more
Global Stainless
Steel Market Upturn Likely in Early 2012 - All the leading stainless steel
producers in the United States have announced increases to basis values -
or reduced discounts - for flat products, effective for January deliveries.
- more
China Cr Ore Imports
Slightly Up; October 2011 = 874,619 tons, up 1.4% from September; constant
and steady from South Africa and Oman = According to China's customs statistics,
imports of chrome ore to China during January - October 2011 as well as in
the single month of October were as per the table attached hereto. -
more
Courtesy AISI - In
the week ending November 26, 2011, domestic raw steel production was 1,815,000
net tons while the capability utilization rate was 73.3 percent. Production
was 1,651,000 tons in the week ending November 26, 2010, while the capability
utilization then was 68.3 percent. The current week production represents
a 9.9 percent increase from the same period in the previous year. Production
for the week ending November 26, 2011 is down 3.1 percent from the previous
week ending November 19, 2011 when production was 1,873,000 tons and the
rate of capability utilization was 75.6 percent.
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Headlines & leaders - (Bloomberg) China Profit Growth Slow on Property
Curbs // EU Demand for Climate Pledge From Japan, Russia Raises Hurdle at
UN Talks // China’s Benchmark Stock Index Climbs on Fiscal Outlook,
U.S. Retail Sales // Real-Estate Risks Overshadow China’s Economic
Prospects, OECD Report Shows // Raw Materials Topping Equities With Economic
Expansion Intact: Commodities // Merkel Favors Fast-Track EU Treaty Change
// OECD Cuts Growth Forecasts, Blames Euro Crisis // Belgian 10-Year Bonds
Extend Advance as Nation Auctions $2.68 Billion Debt // Banks Step Up Warnings
on Euro Breakup // European Stocks Rise as Euro-Area Leaders Boost Efforts
to Contain Crisis // Thanksgiving Weekend Sales Set Record // Secret Fed
Loans Gave Banks Undisclosed $13B // Household Debt Falls by 0.6% in Third
Quarter // Fewer New Homes Purchased Than Forecast // Stocks Advance on Europe
Outlook
The Euro continues to trade higher against the US Dollar, but now less than
6/10 of 1% as early morning enthusiasm for a debt crisis resolution wanes.
NYMEX crude is up 9/10 of 1% and trading at $97.675/barrel, well off earlier
highs. Gold is up over 1.7% and silver is higher by nearly 3-1/2%. Base metals
ended the session higher. INdicator charts show nickel jumped early, fell
back, spent much of the day trading within a trend, before giving up some
gains late. For the day, Dow Jones reports three month nickel closed at
$7.79/lb, up 10 cents a pound
from Friday's 2011 record low close. Stockpiles of nickel stored in LME licensed
warehouses rose for a fifth consecutive session and now total just shy of
the 89,100 tonne level. After forecasting for months that nickel stockpiles
should be growing, the analysts may be finally right. In the last seven sessions,
we have witnessed nickel stockpiles held in LME warehouses grow by 5,874
tonnes, or around 6-1/2%. US futures were up over 250 points this morning
on rumors the IMF was preparing a bailout for Italy. And while the IMF denied
the report, Barry Ritholtz of the Big Picture blog noted "But that small
detail is of no consequence to traders hungry for some green on the screen
after November saw $4.7 trillion wiped out from global equity values." After
a summer that went nowhere fast, October was a big month for investors and
so far, November has turned out to be a bust. After watching the bears win
last week, traders are hoping the bull takes the market charging into December.
The Dow is up nearly 300 points at the moment, and shows no sign of giving
the gains back.
Reuters - Indonesia's Aneka Tambang Tbk sees ferronickel output at 18,000
tonnes this year and next, unchanged from last year, though expects
benchmark nickel prices to pick up to average $20,000 a tonne in 2012 on
an economic recovery.
DJ Norilsk: To Spend $2.1B On Modernizing Power Stations Until 2025 -
more
Number of the Week: Germany, France Not Immune to Debt Problems -
more
No, Black Friday Sales Were Not Up 16% (not even 6%) -
more
Munali Nickel could
re-open ‘soon’ - Jinchuan majority-owned Munali Nickel Mine in
Zambia could resume operations by mid-January 2012. -
more
Vale's 2012 iron
ore target slows on Q3 rate, capex cut - Brazil's Vale said Monday it expects
iron ore output of 312 million mt next year, slowing from the 319.9 million
mt rate it had in the previous 12 months to end-September, while it reduced
its budget for capital expenditure to more closely meet actual spending.
-
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:10 am CST show 3 month nickel trading around $.14/lb
higher, with all London
traded base metals higher this morning. The Euro is currently trading over
9/10 of 1% higher against the US Dollar. NYMEX crude futures are up over
3% and at $99.76/barrel. Gold is up nearly 2% while silver is higher by 3.2%.
In overnight trading Asian markets ended higher, with China up slightly.
European markets are trading higher this morning and US futures show Wall
Street will open much higher. Nickel inventories grew on Friday.
Bloomberg morning - Copper Advances the Most in Two Weeks on Record-High
Holiday Sales in U.S. -
more
LME Morning - Copper jumps 3 pct, mood boosted by eurozone resolution hopes
-
more
Reuters - Copper up on EU hopes but rebound seen as fragile -
more
(WSJ) BHP Billiton today said that it has appointed Graham Kerr, recently
head of its diamonds unit, to succeed Alex Vanselow as chief financial officer
when the latter retires at the end of February.
(Interfax) Privately-owned Zhejiang Zhenlian Non-Ferrous Metals Co. Ltd.
(Zhenlian) announced Nov. 25 that it signed a long-term strategic cooperation
agreement with a Filipino miner under which it will provide exploration
technology and expertise in return for at least two million tons of nickel
ore per year at reduced prices
(AM) Technology giant Samsung Group is in talks with emerging miner Metals
X to invest in a $2.2 billion nickel project near the meeting of the WA,
NT, and SA borders.
(Reuters) Indonesia's Antam sees nickel price recovery in 2012
(Yieh) Mr. Marius Kloppers, the Chief Executive of BHP Billiton said on Monday
that China’s steel production would remain at low level in the short
term and the decreasing iron ore prices have reflected the country’s
declining steel output.
China Nickel
Pig Iron Producers Cut Output; Outlook Bearish - Chinese nickel pig iron
producers are reducing output tracking thinner demand from stainless steel
makers due to lower refined nickel prices amid persistent worries over the
euro-zone debt crisis. -
more
Posco Stainless
Steel Production to Reach Record on Emerging Market Demand - Posco , the
world’s biggest maker of stainless steel, will report record production
this year, saying it expects to maintain that pace in 2012 supported by demand
from emerging markets. -
more
Japan SUS Scrap
Exports To China; Difficulties Looming = Stainless steel production curtailment
in China and improved profitability of NPI smelters = Exports of SUS scraps
from Japan this year have so far been steadily increasing. During the first
nine months, 13,683 tons were exported, up by about 30% compared to the same
period in 2010. -
more
Japan Crude SUS
Production By Mill; September 2011 = Year-on-year comparison during the first
nine months shows increase by 3.4% = Crude stainless steel production in
September 2011 by Japanese stainless steel mills was 290,687 tons, down 8.0%
from 316,062 recorded in August 2011. -
more
Brazil's Vale board
appoints Tito Martins as CFO - Brazilian iron ore miner Vale appointed its
long-serving executive Tito Martins to the post of chief financial officer
(CFO) on Thursday, according to the minutes of its board meeting. -
more
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Wednesday, November 23
US markets
will be closed on Thursday for Thanksgiving holiday. Our next update will
be posted Monday November 28th. Thank you and have a safe and relaxing
(holiday for many of you) weekend.
Headlines & leaders - (Bloomberg) China Sees Manufacturing Slowdown as
Rupee Stokes India Inflation: Economy // China Shunning Biggest Ore Ships
Shows $2.3 Billion Vale Mistake: Freight // China’s Stocks Drop for
Sixth Day, Index’s Longest Losing Streak Since May // German Bond Auction
Falls Short of Target as Euro Crisis Deters Investors // Greece Faces Last
Opportunity to Remain in Euro Region, Central Bank Says // Euro Tumbles to
Lowest in Six Weeks Versus Dollar on Stagnation Prospects // German Auction
‘Disaster’ Stirs Crisis Contagion Concern; Bonds, Euro Fall //
European Stocks Retreat for Fifth Day as German Bond Auction Misses Target
// Fed Seeks to Bolster Confidence in 31 Largest U.S. Banks With Stress Tests
// Consumer Spending Slows as Holidays Begin // Stocks, Commodities Slump
as European Bond Risk Climbs to Record on Crisis
The Euro is trading over 1% lower against the US Dollar at the moment. NYMEX
crude is down 1-1/2% and trading at $96.56/barrel. Gold is down nearly 1/10
of 1% and silver is off 2.2%. Base metals ended their session lower as well.
Indicator charts show nickel spent about 3/4 of the day in a freefall, and
tamed somewhat in the last quarter. For the day, Dow Jones reports three
month nickel closed at $7.72/lb
, its lowest
close since February 2010. Stockpiles of nickel stored in LME warehouses
rose for a second consecutive session and 6th time this month and now total
just under 86,300 tonnes. We started the month at 86,676 tonnes. There wasn't
much positive economic news to cheer about - from any quarter of the globe.
HSBC’s preliminary China manufacturing survey dropped to a 32-month
low in November, a German debt auction was poorly received, and jobless claims
in the US rose. Nickel got beat up harder than many of its LME traded
counterparts, but all lost at least 1% of their value as the Euro was hit
hard, and PMI news from China sparked demand fears.
Economists React: What Do GDP Revisions Mean for Future? -
more
Banks Pressing for Foreclosure Settlement Before Investigation -
more
Cliffs wants to
ship to China - A plan to sell chromite concentrate from the Ring of Fire
area to Asian refineries has raised concerns in Northern Ontario. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:00 am CST show 3 month nickel trading around $.19/lb
lower, with all London
traded base metals lower as well. The Euro is down over 9/10 of 1% against
the US Dollar. NYMEX crude futures are off 1.8% and trading at $96.25/barrel.
Gold is up 1-1/3% and silver is higher by more than 3-1/2%. In overnight
trading, Asian markets ended lower, with China off nearly 1%. European markets
are trading lower this morning and US futures signal a lower opening for
Wall Street as well. Nickel stockpiles grew for a second session on Tuesday.
LME Morning - Base metals hit fresh lows on mixed data, eurozone bond dispute
-
more
Reuters - Copper hits one-month low on slowdown woes -
more
Reports
US Imports of Stainless Steel Mill Products -
more
(SSY) Japanese iron ore imports fell for a second consecutive month in October,
down 0.9 Mt or 8% on September to 10.6 Mt, compared with 11.2 Mt from the
year-ago level, according to trade statistics from the country's Ministry
of Finance.
(Australia) The government has admitted slower wages growth from measures
imposed alongside the mining tax -
more
(ATA) The American Trucking Associations' advance seasonally adjusted (SA)
For-Hire Truck Tonnage Index increased 0.5% in October after rising a revised
1.5% in September 2011. September's increase was slightly less than the 1.6%
gain ATA reported on October 25, 2011. The latest gain put the SA index at
116.3 (2000=100) in October, up from the September level of 115.8.
Barcap
dominant in LME nickel, shorts cover -traders - Barclays Capital is holding
a dominant long position in the London nickel market, contributing to higher
nearby prices on the back of unseasonal Chinese demand, and this is forcing
shorts into expensive covering, trading sources said. -
more
European stainless
steel surcharges down for December - European stainless steel surcharges
for December will be lower, producers said Wednesday, as prices for raw materials
remain weak and concerns over the European sovereign debt crisis have continued
to trouble global markets. -
more
Xstrata Nickel
sends workers home for 'safety pause' - Hundreds of employees at Xstrata
Nickel's Fraser and Nickel Rim South mines were sent home from the job Monday
for what the company is calling a "short safety pause" after an increase
in safety incidents at the two operations. -
more
Munali Nickel of
Zambia to Resume Output in January, Times Says - Zambia’s Munali nickel
mine, operated by Albidon Ltd. (ALB), will resume production in mid-January
after operations were halted earlier this month, the Times of Zambia reported,
citing the Mineworkers Union of Zambia. -
more
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Headlines & leaders - (Bloomberg) China’s Car Demand May Rise as
Much as 10% Next Year, Manufacturers Say // China’s Stocks Drop for
Fifth Day on Property Investment Slowdown Concerns // World Bank Sees Soft
Landing for China as Asia Withstands Europe: Economy // Rupee Plunges to
Record as India RBI Weighs Options to Stem Currency Drop // Asia Stocks Rise,
Snapping 5-Day Loss Streak, on U.S. Ratings, Weaker Yen // Germany Has No
Alternative to Current Debt-Crisis Policy, Merkel Ally Says // Spain’s
Borrowing Costs Surge in First Treasury-Bill Sale Since Election // U.K.
Budget Deficit Narrows as Osborne Trims Government Spending: Economy // Germans
Rescue Europe’s Christmas With Biggest Spending Increase: Retail //
European Stocks Drop as Euro Area Borrowing Costs Rise; Commerzbank Slumps
// Wall Street Unoccupied With 200,000 Job Cuts // Supercommittee Failure
Poses Threat to U.S. Recovery // Economy in U.S. Expands Less Than Estimated
as Companies Cut Inventories // Payrolls Gained in 39 U.S. States in October,
Led by Illinois, California // U.S. Stocks Pare Losses; IMF Revamps Program
The Euro is now trading 2/10 of 1% higher against the US Dollar. NYMEX crude
is up more than 1-1/2% and trading at $98.41/barrel. Gold is up nearly 1-1/2%
and silver is up 3.9%. Base metals ended the session mostly higher. Indicator
charts show nickel traded choppy today, with three mountain peaks, and ending
with a large sell off and valley. For the day, Dow Jones reports three month
nickel closed at $7.96/lb. Traders are trying
very hard to keep above the $8/lb level. Stockpiles of nickel store in LME
approved warehouses took a huge jump on Monday and now total just under the
86,000 tonne level. About an hour before the opening of US markets, the U.S.
Commerce Department reported that the third quarter GDP did not grow quite
as fast as they had earlier forecast. Their revised reading dropped from
2-1/2 to 2%. The Dow just recently went positive, after witnessing a steep
drop mid-morning. Little news. but traders nerves appear to be seriously
frayed.
Consumers May Be Spending More, but They’re Not Happy About It -
more
U.S. Could Be Facing Another Year of Uncertainty -
more
Uptick in Household Income: Trend or Hiccup? -
more
Buffett-Ducking Billionaires Avoid Reporting Cash Gains to IRS -
more
Michele Bachmann says Bush, GOP embraced 'bailout socialism' -
more
Nickel Dominant Position
Will Support Prices, Agricole Says - Nickel, the worst performer on the London
Metal Exchange this year, may find support from the so- called dominant position
of 80 percent to 89 percent, according to Credit Agricole SA. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:00 am CST show 3 month nickel trading around $.03/lb
higher in choppy trading,
with other London traded base metals higher as well. The Euro is currently
trading 4/10 of 1% higher against the US Dollar. NYMEX crude futures are
up 1-1/4% and trading at $98.14/barrel. Gold is up nearly 9/10 of 1% and
silver is up only slightly. In overnight trading, Asian markets ended slightly
higher, with China unchanged. European markets are trading slightly higher
this morning, and US futures give no signal on which way Wall Street may
move this morning. Nickel inventories took a big leap on Monday.
LME Morning - Metals steadier but pull back from highs with financials -
more
Reuters - Copper bounces after 3-day fall, physical demand supports -
more
ThyssenKrupp Nirosta December Stainless Steel Surcharge -
more
Allegheny Ludlum December Stainless Steel Surcharge -
more
AK Steel December Stainless Steel Surcharge -
pdf here
Commodity/Economic Comments
(Yieh) According to statistics released by China’s customs, China exported
100,029 tons of stainless steel flat products in October, down by almost
one-third in comparison of 149,190 tons in September.
(Interfax) China accounted for 44.1 percent of global crude steel output
in October, according to monthly production figures released by the World
Steel Association (WSA) Nov. 21.
China's economy may cool, hard landing ruled out -
more
(Reuters) Global and Chinese crude steel production slowed in October to
their lowest levels in 10 months, as a gloomier economic outlook forced many
steelmakers to cut production to tackle weakening demand and falling steel
prices, data showed on Monday.
(SM) According to the American Forest & Paper Association's October 2011
Printing-Writing Paper Report, total printing-writing paper shipments decreased
4% in October compared to October 2010.
(MBN) China's nickel ore imports retreat from record high
Outokumpu CEO
sees European stainless sector cuts - The European stainless steel industry
needs consolidation and capacity cuts to cope with a dearth of big orders,
lower prices and imports from Asia, the chief executive of Finland's Outokumpu
Oyj said. -
more
Nickel Asia,
China's Baosteel sign nickel supply deal - The Philippines’ largest
nickel producer, Nickel Asia Corp., on Tuesday said it had signed a deal
to supply close to 2 million wet metric tons (WMT) of lateritic nickel ore
to China's Baosteel Resources Co. Ltd. next year. -
more
RAMU NiCo releases
sustainability report for possible mine in PNG - The Chinese owned nickel
producer RAMU NiCo has released a second sustainability report on its
yet-to-be-commissioned mine at Kurumbukari in Papua New Guinea. -
more
Iron Ore Set
for ‘Another Belting’ as Demand Slows in World’s Biggest User
- Iron ore, which has surged 24 percent this month, may resume a decline
as steelmakers in China, the world’s biggest consumer, restrict output
due to falling demand, according to Peter Arden, an analyst at Ord Minnett
Ltd. -
more
Vale CEO Proposes
Management Changes, Tito Martins May Be Finance Officer - Vale SA Chief Executive
Officer Murilo Ferreira will propose appointing Tito Martins as chief financial
officer in a management reshuffle that replaces three executive directors
at the world’s biggest iron ore exporter. ale SA Chief Executive Officer
Murilo Ferreira will propose appointing Tito Martins as chief financial officer
in a management reshuffle that replaces three executive directors at the
world’s biggest iron ore exporter. -
more
Courtesy AISI - In
the week ending November 19, 2011, domestic raw steel production was 1,873,000
net tons while the capability utilization rate was 75.6 percent. Production
was 1,651,000 tons in the week ending November 19, 2010, while the capability
utilization then was 68.3 percent. The current week production represents
a 13.4 percent increase from the same period in the previous year. Production
for the week ending November 19, 2011 is up 2.0 percent from the previous
week ending November 12, 2011 when production was 1,836,000 tons and the
rate of capability utilization was 74.1 percent.
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Headlines & leaders - (Bloomberg) China Plays Down Sea Disputes to Woo
Asian Nations from U.S. ‘Siren Song’ // China’s Stocks Drop,
Extending Biggest Weekly Loss in Month; Green Retreats // Japanese Exports
Decline as China Sees Prolonged Global Slowdown: Economy // Thailand Says
GDP May Shrink 3.7% on Floods, Adding to Case for Rate Cut // No Profit Recession
for Europe as Analysts Estimate 10% Jump in 2012 Net // Hedge Funds Cut Bullish
Bets by Most in Seven Weeks on Europe: Commodities // European Stocks Tumble
Amid U.S. Budget Concern; Banks Retreat // U.S. Debt Supercommittee Ready
to Announce Failure // Low U.S. Birth Rate May Prolong Housing Slump //
AT&T Tells Customers of ‘Systematic’ Hack Attempt // Existing
Homes Sales Unexpectedly Rise 1.4% // MF Global Shortfall May Exceed $1.2B:
Trustee // Stocks Fall, Treasuries Rise on Outlook for Deficit Talks; Euro
Pares Loss
The Euro is now trading a little over 1/10 of 1% lower against the US Dollar.
NYMEX crude is off nearly 1.8% and trading at $95.93/barrel. Gold is down
nearly 2.9% and silver is off over 4.3%. Base metals ended the session mostly
lower. Indicator chart s show nickel traded choppy today, and ended about
where trading opened. For the day, Dow Jones reports three month nickel closed
at $8.06/lb, making it the LME's
only gainer for the day. Stockpiles of nickel stored in LME approved warehouses
fell on Friday and now total just under 83,950 tonnes. World markets are,
for the most part, much lower today as traders send a strong signal of
disapproval to world governments on fiscal irresponsibility. Over the weekend,
it became increasingly clear that the US House and Senate Super Committee
could not agree on a plan to cut the deficit and debt. With European debt
problems dragging that region into a second recession, traders do not want
to see anymore potential drags being put on a staggering, but recovering,
US economy. We are not exactly sure why the market is reacting the way it
is. If anyone really thought six Republicans and six Democrats could agree
on something this monumental in such a short period of time, especially in
today's nasty political environment, they need to wake up.
Belief in American Exceptionalism Waning, Poll Finds -
more
Examining the big lie: How the facts of the economic crisis stack up -
more
Why doing nothing yields $7.1 trillion in deficit cuts -
more
October
2011 Crude Steel Production - World crude steel production for the 64 countries
reporting to the World Steel Association (worldsteel) was 124 million metric
tons (mmt) in October 2011. This is 6.2% higher than October 2010. -
more
All Steel Product
Prices Fall As European Economic Turmoil Persists - Global economic uncertainty
is causing steel consumption to slow in Europe. Moreover, buyers are reluctant
to place forward orders on the mills, given the current financial climate.
- more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:05am CST show 3 month nickel trading around $.03/lb
higher, with most other
London traded base metals lower. The Euro is trading nearly 1/2 of 1% lower
against the US Dollar at the moment. NYMEX crude futures are down nearly
1/2% and trading at $96.52/barrel. Gold is down more than 1% and silver is
off nearly 3.3%. In overnight trading, Asian markets ended lower, with China
up slightly. European markets are trading much lower this morning, and US
futures imply a triple digit lower opening for Wall Street as the 'super
committee' is set to announce it can not find a budget compromise. Nickel
stockpiles fell on Friday.
LME Morning - Metals crumble as global economic fundamentals deteriorate,
copper hits one-month low -
more
Reuters - Copper hits near month low as debt woes spiral -
more
(MBN) Jinchuan cuts nickel price to two-year low as market weakens
China Imports and Exports of Base Metals in October 2011 -
more
North American Stainless Price Announcement -
more
Ramu NiCo: Mine
nearing operations - Ramu NiCo’s second sustainability report has been
released. The report presented a world-class nickel project in Kurumbukari
(mine) with its pipeline and the processing plant on the coast at Basamuk
Bay in Madang province. The mine is moving towards full commissioning. -
more
Norilsk looking at
Cuba for expansion - Russian mining giant OAO Norilsk Nickel told investors
it is looking at Cuba and other countries for expansion, as part of a plan
to invest $300 million by 2025 to explore for nickel in areas it hasn’t
been active yet. -
more
Japan Imported
Ferroalloys Market Report; November 15, 2011 = Excessively high inventories
in China has been surfaced by steel output cut = Market outlook in Japan
of the imported ferroalloys as of November 15, 2011 is as follows: -
more
US anti-dumping order
of stainless steel may be lifted - The United States International Commission
on Trade (USITC) is considering lifting a current anti-dumping duty order
against certain stainless steel imports from the Philippines, Malaysia, and
Italy ahead of the measure’s expiration next month, the agency said
in federal register notice dated Nov. 1. -
more
Morning Nickel
Inventory and Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Headlines & leaders - (Bloomberg) China Home Prices Fall Most This Year
as Curbs Drag Down Shanghai, Wenzhou // China Trade Surplus May Be Gone in
Two Years, Central Bank Adviser Li Says // Draghi Urges Action on Debt-Crisis
Agreements While ECB Focuses on Prices // Portugal Heading for
‘Shock’ Year // Gross Says Europe Is Top Risk to the U.S. Economy
// Euro Rescue Plan Falling Short Renews Franco-German Spat Over Role of
ECB // Stocks in Europe Decline as France, Germany Differ on ECB’s Role
in Crisis // U.S. Economy Growing at Fastest Pace of ‘11 // Leading
Economic Indicators in U.S. Climb
The Euro is still trading higher against the US Dollar, but only by less
than 1/2 of 1% at the moment. NYMEX crude is trading 1-1/25 lower and at
$97.32/barrel. Gold is off 2/10 of 1% while silver is up 1-1/4%. Base metals
ended the session mixed, with copper and nickel backtracking. Indicator charts
show nickel make an early morning run, but spent most of the day in a decline.
For the day and week, Dow Jones reports three month nickel closed at
$8.01/lb
. Stockpiles
of nickel stored in LME approved warehouses took a big jump on Thursday and
now total over 84,700 tonnes. No good answers coming from Europe has the
market still nervous, while the economic news from the US is better than
it has been in awhile. While one Federal Reserve office puts the odds
of a early 2012 recession at greater than 50%, another says we have escaped
another recession. Europe adds a big question mark, with the US Congress
adding another. The only thing we can report for sure is that the business
week if over for much of the world, so we hope you all have a nice weekend!
North European
Steel Prices Under Pressure From All Sides - Demand for steel products typically
drops away during the fourth quarter as end-users and stockists attempt to
minimize their inventories for the year-end. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:00 am CST show 3 month nickel trading around $.03/lb
higher, with other
London traded base metals trading higher. The Euro is up nearly 1% against
the US Dollar, after the ECB intervened this morning by buying the sovereign
debt of so-called “periphery countries” in the EU. NYMEX crude
futures are up over 1.1% and at $99.93/barrel. Gold is up 3/4 of 1% and silver
is up 1-1/4%. In overnight trading, Asian markets ended lower, with China
down 2.1%. European markets are trading slightly higher this morning and
futures point to a much higher opening for US markets. Nickel stockpiles
grew on Thursday.
LME Morning - Bargain-hunting lifts prices, short-covering expected this
PM -
more
Reuters - Copper steadies on weak dollar, debt fears weigh -
more
The
$200,000-a-Year Mine Worker - One of the fastest-growing costs in the global
mining industry are workers like James Dinnison: the 25-year-old high-school
dropout from Western Australia makes $200,000 a year running drills in
underground mines to extract gold and other minerals. -
more
Metal output
cuts back on the menu - Sharp falls in industrial metals prices from August
have sparked talk of production cutbacks, particularly in aluminium, nickel
and zinc, and although markets have since steadied, some high-cost producers
are still feeling the pain. -
more
Australia's
Spotted Quoll nickel mine begins underground operations - Australian nickel
producer Western Areas said Friday it has produced the first parcel of high
grade nickel ore from its Spotted Quoll stage-one underground mine, two months
ahead of an original December schedule. -
more
Norilsk to Pursue
RusAl - Norilsk Nickel may resume its efforts to buy back a 25 percent stake
owned by United Company RusAl, UBS said. -
more
Morning Nickel
Inventory and Price Statistics & Figures
London Metal Exchange inventory figures/changes - (for today's
figures see MF Global report above)
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Headlines & leaders - (Bloomberg) China Vows to Open Economy More 10
Years After Joining WTO, Official Says // China’s Home Price Slide Has
Analysts Betting on Government Policy Change // China Indicator Shows Economy
Maintaining Momentum, Conference Board Says // China’s Stocks Decline
to 3-Week Low on Central Bank Monetary Report, IPOs // Most Asia Stocks Fall
as China Says Can’t Ease, Fitch Warns on Contagion // Spain’s Salgado
Cuts GDP Forecast, Says Too Early to Know Regions’ Deficit // U.K. Retail
Sales Unexpectedly Rise 0.6% as Stores Offer Bigger Discounts // IMF Europe
Chief Antonio Borges Quits One Year Into Job Amid Debt Crisis // King’s
Alarm Stokes BOE Stimulus Suspense as Europe’s Debt Turmoil Rages //
Greece to Start Debt-Swap Talks Tomorrow // European Stocks Drop as Lower
Spanish Bond Demand Fuels Concern // General Maritime Files for Bankruptcy
Protection With $1.4 Billion in Debt // Initial U.S. Jobless Claims Fall
to 7-Month Low // U.S. Stocks Decline on Europe Concern
The Euro is trading only slightly higher against the US Dollar at the moment.
NYMEX crude is down 3% and trading at $99.56/barrel. Gold is down 2-3/4%
and silver is down a whooping 7-1/3%. Base metals also ended lower, but not
hit nearly as hard as precious metals. Indicator charts show opened lower
and despite an early afternoon charge, was unable to break even. For the
day, Dow Jones reports three month nickel ended lower at
$8.21/lb. Stockpiles of nickel
stored in LME warehouses fell again on Wednesday and now total just over
83,200 tonnes. Sucden's day old nickel chart is back
(here). Reports of lower jobless claims helped the Dow
go higher this morning, but European pressure is presently proving to be
too much and the Dow is down over 150 points and below 11,800, a range it
has spent a very long time trading around. AK Steel joined Allegheny and
ThyssenKrupp in raising stainless steel prices. It is nice to know that someone
in the industry has figured out a way to make money, while the rest of us
scramble to unload over priced inventory. Someone is doing the Percy
Dance!!
What Moly Oxide
and Ferrochrome Prices Tell Us About the Current Stainless Steel Outlook
- If Italy’s role in the European debt crisis is to have any tangible
effect on the metals markets, it has already appeared on the European stainless
steel front. - more
AK Steel Announces
Stainless Steel Price Increase - AK Steel said today that it will increase
base prices for all 200, 300 and 400 series flat rolled stainless steel products,
effective with shipments on January 1, 2012. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:10 am CST show 3 month nickel trading around $.14/lb
lower, with other
London traded base metals lower as well. The Euro is presently trading a
little over 1/10 of 1% higher against the US Dollar. NYMEX crude is down
over 1-1/2% and trading at $101.04/barrel. Gold is down 6/10 of 1% and silver
is down over 1.4%. In overnight trading, Asian markets ended lower, with
China off 3/10 of 1%. European markets are trading lower this morning, on
news French and Spanish borrowing costs are rising. And US futures show Wall
Street, which fell like a rock late yesterday on a Fitch European warning,
is lower at the moment. Nickel inventories fell on Wednesday, but never fear,
the WBMS reports the nickel market has been in a surplus the first nine months
of 2011. That 53,292 tonnes that have disappeared from LME warehouses since
the first of the year - merely an allusion. And Allegheny and ThyssenKrupp
have chosen to raise base stainless steel prices as the cost of nickel continues
to slide.
(Dow Jones) The global nickel market was in surplus by 8,000 metric tons
in the first nine months of the year, the World Bureau of Metal Statistics
said Wednesday.
(Yieh) According to data, Japan produced 251,782 tons of hot rolled (HR)
stainless steel in September, up by 0.3% from August. Among them, 120,276
tons were chrome based stainless steel, down by 3.5%; 131,506 tons were nickel
based stainless steel, surged by 4.1%; others were 8,789 tons, increased
by 42.3%, all compared to that in a month earlier.
(SM) The American Forest & Paper Association released its October 2011
U. S. Containerboard Statistics Report today. Containerboard production was
flat decreasing just 0.1% when compared to September 2011, however, the month
over month average daily production, was down 3.3%.
Industrial Production Expands 0.7% in October -
more
ATI Allegheny Ludlum
Releases Sheet Price Announcement - Effective with shipments Monday, January
2, 2012, ATI Allegheny Ludlum is increasing base prices by approximately
10%-16% for stainless cold-rolled and hot-rolled sheet and strip, tubular-quality
sheet and strip, continuous-mill-plate products, and emission-control alloys.
- pdf here
ThyssenKrupp Stainless
North America - Effective with shipments January 2nd, 2012 the ThyssenKrupp
Stainless North America companies will increase prices on all 200, 300, and
400 series cold rolled stainless steel products. Prices for all 200, 300
and 400 series cold rolled products will be increased by reducing discounts
by four points.
Outlook Of Ferrochrome
Market In 2012 By Xstrata = Focus on export restriction of chrome ore by
South Africa = Mr. Jeff McLaughlan, Marketing Director of Xstrata Alloys
and Mr. Stuart Cutler from Glencore (a Swiss company), the sales agent for
Xstrata were visiting Japan, and had an interview with our pressman (Mr.
Saito) on the 8th of November at the Imperial Hotel, Tokyo. -
more
Talvivaara sees
2012 nickel production up 56-87 pct - Finnish miner Talvivaara plans to increase
its production of nickel in 2012 to 25,000-30,000 tonnes from the 16,000
tonnes forecast for this year, the company said on Thursday. -
more
October Shipments
Resume Double Digit Growth in the U.S. - October service center shipments
returned to double digit rates of increase in the U.S. Canadian shipments
grew at a slightly slower rate than last month. -
more
Morning Nickel
Inventory and Price Statistics & Figures
London Metal Exchange inventory figures/changes - (for today's
figures see MF Global report above)
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Headlines & leaders - (Bloomberg) China Mobile Targets 10 Million
‘Wireless City’ Data Plan Users This Year // U.S. Marines to Be
Deployed in Australia // China Development Bank Said to Delay $500 Million
Loan as Fund Costs Rise // Euro Reaches Five-Week Low as EU’s Barroso
Says Debt Crisis Is ‘Systemic’ // U.K. Youth Unemployment Climbs
Above 1 Million for First Time Since 1992 // Papademos Seeks Vote of Confidence
in Greek Parliament to Save Euro Status // Australia, New Zealand Dollars
Drop for Third Day on European Debt Concern // King Says U.K. Growth Is Stalling
as Bank of England Signals More Stimulus // European Stocks Are Unchanged
as Monti Takes Office to Fight Italian Debt // Target Profit Tops Analysts’
Estimates as Credit Card Unit Gains // Citigroup May Cut 3,000 Jobs as Pandit
Trims Costs // Industrial Production Rises More Than Forecast // Stocks,
Euro Decline on Debt-Contagion Concern as Crude Oil Exceeds $100
The Euro is now trading just over 1/10 of 1% lower against the US Dollar.
NYMEX crude is up over 2% and trading over $100 at $101.44/barrel. Gold is
down 2/3 of 1% and silver is off 2%. Base metals ended their session higher,
but for the most part, subdued. Indicator charts show nickel bounced hard
off yesterday's 2011 record close and after a slow start, jumped higher as
the Euro made a comeback. For the day, Dow jones reports three month nickel
ended at $8.23/lb
. The only
other close below the $8/lb threshold this year, saw a much bigger bounce
the day after. Stockpiles of nickel stored in LME warehouses fell slightly
on Tuesday and now total just under 83,600 tonnes. Sucden's day old chart
attempts to show nickel trading thru yesterday
(chart here). Now you know why we quit linking to it.
The International Nickel Study Group advised in its monthly report today
that it estimated the refined market in a 6.5 Kt deficit for 2011. Yet even
INSG puts third quarter figures on the surplus side. If true, the daily LME
stock figures are becoming about as meaningless as other fundamental barometers
have become.
Amid ‘Rational Exuberance,’ Lean Holiday Shopping Season -
more
Chance of 2012 U.S. recession tops 50 percent: Fed paper -
more
‘Nickel
mine production climbs 25% to 172.4Kt y/y’ - LME prices were broadly
lower across the complex on Tuesday, as concerns over the Euro debt crisis
were driven higher by a broad sell-off across the region’s bond markets.
- more
Cliffs outlines
plans for processing plant - Sudbury wants a ferrochrome facility. This was
made clear to Mayor Marianne Matichuk at the Cliffs Natural Resources open
house in Capreol on Tuesday. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:05 am CST show 3 month nickel trading around $.06/lb
higher, with other
London traded base metals mixed and mostly quiet. The Euro is down 1/3 of
1% against the US Dollar. NYMEX crude futures are down over 1/10 of 1% and
trading at $99.23/barrel. Gold is down 4/10 of 1% while silver is lower by
7/10 of 1%. In overnight trading, Asian markets ended lower, with China down
nearly 2-3/4%. European markets are trading lower this morning, and US futures
are lower at the moment. Nickel stockpiles fell slightly on Tuesday.
Reuters Morning - Euro zone debt concerns weigh on copper
- more
(Reuters) Nickel market in 6,300 T deficit Jan-Sept'11-INSG
(Yieh) Nippon Steel & Sumikin Stainless Corp., the largest stainless
steel manufacture in Japan announced to cut the domestic prices of 300 series
stainless steel products by ?10,000/ton for December deliveries, reaching
the lowest level since August, 2011.
(Interfax) China's crude steel output slipped 3.58 percent month-on-month
in October to 54.67 million tons on soft home demand and factory maintenance,
reflecting slower growth in the world's second largest economy, according
to figures released by Shanghai-based Mysteel Information on Oct. 10.
(MBN) Taigang cuts stainless export prices on sluggish demand
Talvivaara Says
Nickel Mine to Stay Open as Cuts Pollution - Talvivaara Mining Co. said its
mine in Finland already has approval to keep operating from regional authorities
after Environment Minister Ville Niinistoe told a state broadcaster today
the site must “quickly” cut pollution. -
more
Fox up on $30m
Chinese offtake deal - Shares in nickel play Fox Resources jumped after the
company flagged a $30 million funding and offtake deal with the Chinese to
restart its Radio Hill and Sholl nickel/copper bacterial heap leaching project
in the Pilbara. -
more
Norilsk Declines
to 13-Month Low as Nickel Drops as EU Woes - OAO GMK Norilsk Nickel, the
world’s largest producer of the metal, fell to its lowest level in 13
months in New York as concern that the European debt crisis will cut demand
for commodities pushed down nickel prices. -
more
Business Backslides
- In their recent third-quarter conference calls with analysts and investors,
most steel and aluminum suppliers reported declines in sales and earnings
compared with the second quarter.
- more
China's Steel Export
And Import In October = Export showed 3,820,000 tons, down 9.3% from the
previous month - According to an information obtained by a source, China's
steel export in October was 3,820 thousand tons (except ingots and semi-finished
products), down 9.3% from the previous month, and up 33.6% from the same
month last year. -
more
China's Steel Production In October = It showed 73,070,000 tons, down 4.3%
from the previous month - According to an information obtained by a source,
China's production quantity of steel products in October was 73,070 thousand
tons, down 4.3% from the previous month for 2 months in a row. -
more
Morning Nickel
Inventory and Price Statistics & Figures
London Metal Exchange inventory figures/changes - (for today's
figures see MF Global report above)
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Headlines & leaders - (Bloomberg) Speculators Lift Bullish Raw-Material
Bets to Seven-Week High: Commodities // China’s Central Bank Sells One-Year
Bills at Lower Rate for Second Week // Euro Weakens as Spanish Yields Climb
at Auction; European Stocks Decline // European Growth Fails to Accelerate
in Third Quarter as Debt Slows Demand // German Growth Accelerates on Stronger
Consumer Spending as France Rebounds // German Investor Confidence Falls
to Three-Year Low on Recession Concerns // European Stocks Drop as Monti
Struggles to Win Backing in Italy // Home Depot Raises Profit Forecast as
Third-Quarter Earnings Beat Estimates // Wal-Mart Falls After Profit Trails
Estimates // New York Police Evict Occupy Wall Street Protesters // Fisher:
Regulators Should Split ‘Behemoth’ Banks // U.S. Stocks Advance;
Technology Rallies
The Euro continues to trade lower against the US Dollar, now by 7/10 of 1%.
NYMEX crude is up nearly 1% and trading at $99.09/barrel. Gold is up slightly
while silver is up 1%. Base metals ended the session lower. Indicator charts
show nickel fell early, then jumped on positive economic news from the US,
but then collapsed late. Dow Jones reports three month nickel closed at a
new 2011 low, $7.96/lb. Stockpiles of nickel
stored in LME warehouses fell on Monday and now total just under 83,700 tonnes.
Markets appeared to be heading for a free fall early as Italian and Spanish
borrowing costs soared. Even the San Francisco Federal Reserve Bank added
fuel to the fire with a forecast that put the odds of an early 2012 recession
at better than 50%. But before markets could open in the US, retail sales
figures came out much better than expected for the month of October, and
at the moment, traders are shrugging off the San Fran Fed and driving the
market higher. Nickel made a bounce when the retail sales figures were released
but the European pressure was too strong and nickel fell to close at a new
2011 record low. Nickel has only spent one other day closing below $8/lb
this year, so we could potentially see a bounce tomorrow. We put the
odds of that happening at a little over 50%. Sheesh - we should work for
the Fed!
(WSJ) Output from euro-zone factories fell in September at its fastest rate
in two and a half years, underscoring the threat of recession in the 17-nation
currency bloc. Industrial output fell 2.0% in September from August, more
than reversing the prior month’s gain of 1.4% and marking the biggest
drop since February 2009.
A State-by-State Look at Long Road to Jobs Recovery -
more
Which States Would Be Hit Hardest by EU Recession? -
more
San Francisco Fed Warns of High Recession Risk for U.S.
- more
Europe stainless
steel industry faces big cuts-SMR - Europe's stainless steel industry will
see major curtailment of production between this year and next as private
equity and other new investors get involved, the managing director of steel
consultancy SMR told Reuters. -
more
‘High
costs, low prices hit ferrochrome producers’ - South African ferrochrome
makers are being squeezed by rising production costs and some are already
selling at a loss, the CEO of Hernic Ferrochrome, a unit of Japan's Mitsubishi
Corporation told Reuters on Tuesday. -
more
Nisshin Steel and
Nippon Metal to Merge - Nisshin Steel and Nippon Metal Industry on Tuesday
announced plans to merge in a deal that would create the second-largest maker
of stainless steel in Japan. -
more
Russia's Norilsk
to borrow up to 70 bln rbls from Sberbank - Russia's Norilsk Nickel plans
to borrow up to 70 billion roubles ($2.3 billion) in loans from the country's
top lender Sberbank , the miner said on Tuesday. -
more
Albidon Battles
to Resuscitate Ops - Albidon-owned Munali Nickel Mine, which has suspended
operations in Mazabuka, says it will use available resources to restructure
and make the firm more efficient. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:10 am CST show 3 month nickel trading around $.09/lb
lower, with other
LME traded base metals also mostly lower. The Euro is trading nearly 6/10
of 1% lower against the US Dollar. NYMEX crude futures are trading 1/4 of
1% lower and at $97.90.barrel. Gold is down 1/2 of 1% and silver is up slightly
at the moment. In overnight trading, Asian markets ended lower with China
down 2/10 of 1%. European markets are trading lower this morning as Italian
and Spanish bonds rise. US futures show Wall Street could open triple digit
lower. Nickel inventories fell on Monday. So far it's been a slow news day
in metals.
LME Morning - Base metals track lower, rally runs out of steam on growing
economic concerns -
more
Finnish minister
urges Talvivaara to clean waste waters - The Finnish environment minister
urged miner Talvivaara to improve waste water purification swiftly or its
production could be halted. -
more
China Mo Trade Balance
September 2011; Import Surplus = Exports 1.46 million lbs, imports 1.77 million
lbs = China's trade balance of molybdenum in September, 2011 was import surplus,
i.e., on molybdenum metal content basis, exports: 1.46 million pounds, imports:
1.77 million pounds -
more
Courtesy AISI - In
the week ending November 12, 2011, domestic raw steel production was 1,836,000
net tons while the capability utilization rate was 74.1 percent. Production
was 1,651,000 tons in the week ending November 12, 2010, while the capability
utilization then was 68.3 percent. The current week production represents
an 11.2 percent increase from the same period in the previous year. Production
for the week ending November 12, 2011 is up 2.6 percent from the previous
week ending November 5, 2011 when production was 1,789,000 tons and the rate
of capability utilization was 72.2 percent.
Morning Nickel
Inventory and Price Statistics & Figures
London Metal Exchange inventory figures/changes - (for today's
figures see MF Global report above)
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Headlines & leaders - (Bloomberg) China ‘Ready’ to Allow Foreign
Firms to Sell Stock, Exchange Official Says // ‘Enough’s Enough’
on Undervalued Yuan: Obama // Bank of America to Sell About 10.4 Billion
China Construction Bank Shares // Japan Economy Expands at 6% Pace as Exports
Drive Post-Earthquake Recovery // Merkel Urges EU Overhaul With Closer Political
Ties // Italy’s Five-Year Borrowing Costs Rise to 6.29% at 3 Billion-Euro
Auction // Russian Growth Accelerated in Third Quarter for First Time Since
Last Year // Germany Widens Probe Into Neo-Nazi Cell Linked to ‘New
Form’ of Terrorism // European Stocks Decline as Borrowing Costs Rise;
Banks Retreat // Fewer Treasury Bills Means 0% Rates to Persist // Lowe’s
Profit Beats Analysts’ Estimates // Home Prices in U.S. May Drop 8%,
Pimco’s Simon Says: Tom Keene // Wheat Shippers Battle for Sales as
Global Grain Glut Expands: Commodities // Stocks Decline on Europe Contagion
Concern
The Euro is now trading nearly 1% lower against the US Dollar. NYMEX crude
is down over 1.1% and trading at $97.87/barrel. Gold is down 2/3 of 1% while
silver is off 1.8%. Base metals ended the session mixed and mostly higher.
Indicator charts for nickel and most looked like the back half of a ski resort
- a long downhill slide. The difference between a gainer - or a loser - was
how high it opened initially. Dow Jones reports three month nickel did not
open with the enthusiasm of some of the others and saw a close of
$8.06/lb
. That
is the second lowest close for nickel since February 2011. Stockpiles of
nickel stored in LME approved warehouses fell on Friday, after two days of
gains, and now total just under 83,900 tonnes. World markets turned sour
on higher borrowing costs for Italy and economic data from Europe hinting
another recession may be in store for the EU. German chancellor Angela Merkel
told members of a party convention today that the EU debt crisis "maybe
Europe’s most difficult hours since World War II."
(Reuters) Nisshin Steel, a stainless steelmaker, said on Monday there is
no truth in a Nikkei business daily report that it and Nippon Metal Industry
Co are in talks to merge operations. The paper said on Monday the two firms
are in talks to merge their operations to become Japan's No.2 stainless steel
maker after Nippon Steel Corp.
Congress: Trading stock on inside information? -
more
Number of the Week: What If Rest of World Had as Many Cars as U.S.? -
more
Supercommittee Failure Could Throttle Holiday Spending -
more
Xstrata says
alloys strikes have not yet hit clients - Diversified miner Xstrata said
on Monday that customer deliveries have not been hit by three weeks of strikes
at ferrochrome operations in South Africa's North West Province. -
more
Russia's Norilsk
says wins court case over buyback - Norilsk Nickel, the world's largest nickel
and palladium producer, said on Monday that it has successfully defeated
all claims made by UC RUSAL against it in a court in the Caribbean's St.
Christopher & Nevis. -
more
Finnish police
probe Talvivaara waste water problems - Finnish police are probing whether
miner Talvivaara committed a crime when discharging waste water with high
levels of sodium, sulphate and manganese into lakes near its nickel mine
in eastern Finland. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:10 am CST show 3 month nickel trading around $.03/lb
higher, with other
London traded base metals mixed. The Euro is currently trading 3/4 of 1%
lower against the US Dollar. NYMEX crude futures are lower by nearly 8/10
of 1% and trading at $98.22/barrel. Gold is down 2/3 of 1% and silver is
lower by more than 1.1%. In overnight trading, Asian markets ended higher,
with China up 2%. European markets are trading lower this morning, while
US futures show Wall Street is unsure which direction it will trade today.
Nickel stockpiles fell on Friday.
LME Morning - Relief rally continues on brighter market optimism, higher
risk appetite -
more
Reuters - Copper rallies as euro zone hopes dominate -
more
BHP Presentation at Deutsche Bank BRICS Metals & Mining Conference -
more
Commodity/Economic Comments
(Yieh) Reportedly, South Korea’s top steelmaker Posco has made a decision
to sell stainless steel products from stock to end users and designated steel
service centers.
(Interfax) China's refined copper output inched down 2.1 percent month-on-month
in October to 469,000 tons on weak domestic demand, according to figures
released by the National Bureau of Statistics (NBS) Nov. 9.
Nickel Surplus May
Jump to Most in 4 Years as Demand Slows, Sumitomo Says - A global nickel
surplus may soar in 2012 to the highest in four years as Europe’s debt
crisis and a sluggish U.S. economy cuts demand, said Japan’s top producer.
-
more
Fire hits
New Caledonia Koniambo nickel project; no delays - The development timetable
for the giant Koniambo nickel project under construction in New Caledonia
was unaffected by a weekend fire that destroyed its administrative offices,
joint venture partner Xstrata and a project safety official said on Monday.
-
more
FACTBOX-Metal
output cuts back on the menu? - The sharp fall in industrial metals
prices since August has sparked talk of production cutbacks, particularly
in aluminium, nickel and zinc, where some high-cost producers are already
feeling the pain. -
more
Japanese Mills Holding
Out For Price Of Ni-system Cold Stainless Sheets = They are holding out at
the $3,000 C&F level - The export price of nickel-system cold-rolled
stainless steel sheets in the Asian area dipped below the $3,000 C&F
mark to the level of $2,900 C&F which dropped by $200 or so from one
month before. -
more
Mn/Cr Ores Quayside
Stocks In China; A Sign Of Further Increase = Mn ore 3.76 million tons and
Cr ore 3.22 million tons as of end-October = China's local media have reported
that the total quantity of stocks of manganese and chrome ores at quayside
in China were, as of October 31, 2011, 3.76 million tons of manganese ores
and 3.22 million tons of chrome ores, showing a sign of further increase.
Details of the stocks by port are as per the tables 1 and 2 attached hereto.
-
more
Morning Nickel
Inventory and Price Statistics & Figures
London Metal Exchange inventory figures/changes - (for today's
figures see MF Global report above)
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Friday, November 11
On this 11-11-11
U.S Veteran's Day, the author of this website would like to thank those readers
who have served, and who might still be serving, in the US Armed Forces.
We also acknowledge, and express our deepest appreciation to veteran's of
other countries who have served alongside our troops. Whether you saw
combat or not, while in uniform, we thank you for your service!!
Headlines & leaders - (Bloomberg) U.S. Should Learn From China, Not Fear
Its Rise: Jonathan Alter // Rats Feeding on Trash Increase Threat of Disease
in Flood-Stricken Bangkok // Europe Rebuked Over Crisis by Asia-Pacific Nations
Seeing Expansion Weaken // China’s Stocks Post Weekly Decline on Economic
Growth Concern, IPO Outlook // ECB as Last-Resort Lender Will End Crisis:
Silva // Merkel’s Greek Strategy Risks Backfiring as Euro’s Exit
Routes Are Mapped // U.K. Top Fund Manager Sees Europe Recession // Italy
Senate Passes Budget Measures, Makes Way for Berlusconi Exit // European
Stocks Advance, Erasing Weekly Loss, After Italian Senate Vote // No Sign
of U.S. Slump as Machine Makers Outperform // Disney Earnings Beat Estimates
on Parks, Cable // US Stocks Gain as Europe Acts on Debt Crisis
The Euro is up 1.1% against the US Dollar at the moment. NYMEX crude is up
8/10 of 1% and trading at $98.55/barrel. Gold is up 1-2/3% and silver higher
by more than 2.1%. Base metals ended the day mostly higher. Indicator charts
show nickel trading was very volatile today, opening higher, falling into
negative territory, then seeing a huge gain as US markets opened higher,
but then collapsing late. For the day, Dow jones reports three month nickel
ended the day at $8.20/lb. Stockpiles of nickel
stored in LME approved warehouses rose for a second straight day and now
total just under 84,200 tonnes. Cancelled warrants, that spent most of summer
and fall well above the 5% range, have now registered a second day below
the 3% threshold. traders apparently believe we backed way off from the 'brink'
today, with the US Dow up nearly 2-1/2% and the German DAX ending over 3%
higher. Thomson Reuters/University of Michigan’s preliminary index of
consumer sentiment jumped to 64.2 in November from 60.9 in October, its best
reading since June. It has been another week on Wall Street where investors
saw wild swings, while nickel saw early week gains, disappear by weeks end.
Other base metals held onto their gains today, so don't count nickel out
yet.
Indicators at 7:00 am CST show 3 month nickel trading around $.05/lb
higher, with most London
traded base metals trading higher this morning. The Euro is trading 3/10
of 1% higher against the US Dollar. NYMEX crude is up over 1/10 of 1% and
trading at $97.89/barrel. Gold is up 3/4 of 1% and silver is down more than
1/10 of 1%. In overnight trading, Asian markets ended lower, with China down
nearly 2/10 of 1%. European markets are trading higher this morning and US
futures show Wall Street may be looking at a second bullish day. Nickel
stockpiles took a big jump on Thursday.
LME Morning - Metals stable, see less volume but more volatility anticipated
ahead of weekend -
more
Reuters - Copper steady, Europe debt crisis fears remain -
more
Reports
US Imports of Stainless Steel Mill Products -
more
MF Global Morning Comments - 11/11 I am not sure how much longer this
email will be in effect, but before it is pulled, I wanted to thank the many
readers who have been reading my daily reports over the past eight years.
Your kind remarks and appreciation for my work over this time made my job
only easier. I hope to resurface shortly, but in the meantime, I can be reached
at edwmeir(at)aol.com. I wish you all the best in the year ahead. Best Regards,
Edward Meir
(Yieh) According to statistics released by the Specialty Steel Industry of
North America (SSINA), the US imported 68,582 tons of stainless steel in
August, surged by 10.4% in comparison of 62,118 tons in the same period of
last year.
(Interfax) Ningxia Hengshun Smelter Group plans to set up a $7 billion nickel
smelter in Indonesia, continuing a trend for Chinese producers establishing
processing facilities in the nickel-rich country to avoid upcoming export
restrictions on low-grade ore.
(Interfax) Baoshan Iron & Steel Co. Ltd. (Baosteel), the Shanghai Stock
Exchange-listed subsidiary of leading Chinese steelmaker Baosteel Group,
will cut ex-works prices for major steel products in December, the firm announced
Nov. 11.
Albidon suspends
operations at Munali nickel indefinitely - Base metals miner Albidon’s
difficulties deepened on Friday, as the miner temporarily suspended operations
at its Munali nickel mine, in Zambia. -
more
Palmer refinery
threatens carbon tax legal stoush - A north Queensland nickel refinery, owned
by billionaire mining magnate Clive Palmer, says it may be forced to take
the Federal Government to court over the new carbon tax. -
more
Miners' warm
glow from China marred by Europe - Far away from the anguish of Europe's
debt contagion, the Chinese economy has been chugging along nicely - much
to the relief of the resource sector, which has its fortunes tied to the
''hungry dragon''. -
more
Korea's
Exports/Imports Of Ferroalloys; September 2011 = Imports: 72,858 tons, Exports:
25,447 tons; both largely decreased = According to Korea's trade statistics,
exports and imports of ferroalloys during January - September, 2011 as well
as in the single month of September were as per the tables attached hereto.
-
more
Morning Nickel
Inventory and Price Statistics & Figures
London Metal Exchange inventory figures/changes - (for today's
figures see MF Global report above)
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Headlines & leaders - (Bloomberg) Solar Glut to Worsen After Prices Plunge
93% on Rising Supply: Commodities // China’s Exports Rise at Slowest
Pace in Two Years as Europe Crisis Deepens // China’s Stocks Fall Most
in Three Weeks on Slowing Exports, Europe Crisis // Indonesia Unexpectedly
Cuts Rate Half a Percentage Point to Shield Growth // EU Bailout Fund Stumbles
Amid Bond Losses Clash // Italy Sells Bills at Highest Rate in 14-Years //
EU Lowers Euro-Region Growth Forecasts // European Stocks Decline as French
Bond Yields Surge; Banks Retreat // Alabama’s Jefferson County in Biggest
Municipal Bankruptcy // Trade Deficit in U.S. Narrowed 4% to $43.1B // Jobless
Claims Fall to Lowest in Seven Months // Stocks, Euro Advance as Greece Names
Premier
The Euro is trading over 1/2 of 1% higher against the US Dollar. NYMEX crude
is up 2.2% and trading at $97.86/barrel. Gold is down nearly 3/4 of 1% and
silver is lower by 1/4 of 1%. Base metals ended the session mostly lower.
Indicator charts show nickel opened lower, climbed quickly and then, except
for a French scare, that turned out to be a S & P technical glitch, nickel
held onto most of its early gains. For the day, Dow Jones reports three month
nickel closed at $8.23/lb
. Stockpiles
of nickel stored in LME authorized warehouses rose for only the second time
this month and now total just under 83,300 tonnes. The world apparently has
pulled back from the 'brink' once again, and except for a brief hitch in
the system, when France's rating came into question, US markets are reacting
positively. European markets did not fair as well, after the European Commission
said it could not rule out the possibility that the EU was heading into a
"deep, prolonged" recession. China' foreign trade in October dropped 8.3%
from September, while US exports set a record in September. Weekly jobless
claims in the US are down, while monthly foreclosure activity rose 7% in
October. Yields on Italy’s 10-year note fell below the 7% 'brink' level,
and Greece chose a new leader.
Reuters - Copper falls, awaits clarity on euro zone crisis -
more
Commodity/Economic Articles and Comments
(Dow Jones) U.S. nickel imports rose 5.3% in September from last month, and
was up 20.5% from the previous year, the Commerce Department reported Thursday.
Drilling Down on Bernanke’s Inflation Record -
more
Eurozone Crisis: Here Are the Options, Now Choose -
more
Sweden’s Tough Love of Banks is World Model -
more
Big Banks Plead with Customers Not to Move Their Money -
more
Indicators at 7:00 am CST show 3 month nickel trading around $.08/lb
lower, with other
base metals trading mixed. The Euro is trading up 2/3 of 1% against the US
Dollar. NYMEX crude is up nearly 1.9% and trading at $97.51/barrel. Gold
is up 1/10 of 1% while silver is down 4/10 of 1%. In overnight trading, Asian
markets ended lower, with China off 1.9%. European markets are trading higher
this morning, and US futures show Wall Street could start re-capturing some
of yesterday's losses. Nickel inventories rose for only the second time this
month on Wednesday.
Bloomberg morning - Copper Drops to Two-Week Low as EU Cuts Forecast for
Growth in Euro Area -
more
LME Morning - Weak euro, Italian debt woes keep most metals near lows -
more
Reuters - Copper falls as euro zone tensions rise -
more
Reports
SSINA Releases Market Data for August 2011 -
pdf here
MF Global Morning Comments - Oct 31st appears to have been the last
report as MF Global filed for bankruptcy earlier that morning, and lost its
ability to trade on the London Metal Exchange on November 1st.
(Interfax) China's iron ore imports declined 17.55 percent on a monthly basis
in October to 49.94 million tons, according to preliminary data released
by the General Administration of Customs (GAC) Nov. 10.
First Quantum Sees December Kevitsa Nickel Mine Pre-commissioning -
more
(CBN) China's electrolytic nickel output in Oct jumps 67.2% on-year
(China) China's Oct foreign trade drops 8.3% from Sept -
more
China may live with power shortages this winter -
more
Natura stands
in the way of Anglo American and its nickel dreams - “Nature
conservationists are vigilantly monitoring the exploration of ore body in
northern Finland. -
more
Carbon tax ruling
angers Qld Nickel - Australian-owned metals manufacturer Queensland Nickel
is angry that the federal government turned down its application for carbon
tax compensation while it approved multi-million dollar payouts to international
giants. -
more
Japan Nickel-Alloyed
SUS Scrap Price Falls Further By Yen5,000/Ton = Purchase price of major stainless
steel mills at 130,000 - 135,000/ton = Purchase price of major stainless
steel mills for nickel-alloyed stainless steel scraps (new clippings) in
November 2011 was lowered by Yen5,000/ton to Yen135,000/ton delivered. -
more
Morning Nickel
Inventory and Price Statistics & Figures
London Metal Exchange inventory figures/changes - (for today's
figures see MF Global report above)
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Headlines & leaders - (Bloomberg) Ackman to Lose ‘a Lot of Money’
on Hong Kong Currency-Peg Bet, Tsang Says // Slowing China Inflation Gives
Scope for Stimulus as Industry Output Cools // China Passenger-Vehicle Sales
Slow After Deliveries of Minivans Fall 18% // Italian Yields Top 7% as LCH
Raises Margin, Berlusconi Offers to Resign // HSBC Raises U.S. Bad Loan
Provisions // Italy’s Political Woes Spell ‘Nightmare’ for
BNP, Agricole // European Stocks Slide as Italy Bond Yields Climb to Record;
HSBC Retreats // Schaeuble Said to Tell Lawmakers Italy Should Seek Aid From
EFSF If Needed // Goldman Sachs Traders Lost Money 21 Days in Third Quarter,
Most Since ’08 // Lagarde Warns of ‘Lost Decade’ for Global
Economy // Home Prices Decline in Almost Three-Fourths of U.S. Cities on
Slow Economy // U.S. Wholesale Inventories Fall as Sales RiseStocks, Euro
Decline as Italian Bond Yields Reach Record on Margin Calls
The Euro is now trading 1-2/3% lower against the US Dollar. NYMEX crude is
up 1/2 of 1% and trading at $97.29/barrel. Gold is up more than 1/4 of 1%
and silver is down 1.1%. Base metals ended the session lower, with a nose
diving Euro hard to battle. Indicator charts show fell hard early, then spent
much of the afternoon drifting. For the day, Dow Jones reports three month
nickel ended the session at $8.19/lb. Stockpiles of nickel
stored in LME warehouses fell for the sixth consecutive session and now total
just over 83,150 tonnes. Italy is back in the forefront of traders minds
today as the cost for Italy to borrow money jumps above the 7% level. Markets
welcomed news that Italy's prime minister Silvio Berlusconi would resign
after the 2012 budget was passed, but the certainty of a resignation leaves
the uncertainty of who will come next. Markets may have disliked Berlusconi,
but after holding the office three times, for a total of 11 years, they had
a fair idea how he would react to a situation. This constant barrage of the
term 'the brink' is also starting to wear on the markets. Everyone keeps
talking about how close we are to the brink. No one seems to know exactly
where the brink is and exactly what happens if we cross it. According to
the media, and some analysts, we keep coming close, like today, but as we
back away for a few days, the market sighs relief and inches higher. Yesterday,
we had the perception of backing away, and today, we see that was only a
mirage. Tomorrow, all will be well, or once again, we will be 'near the brink'.
Bonds, Antam Bonds: Gold Miner Eyes Rp 1.5t in Debt -
more
Small Business: A Good Worker Is Hard to Find -
more
Vital Signs: Four Unemployed for Each Job Opening -
more
Fed’s Plosser: Wrong to Allow Inflation to Rise to Cut Unemployment
-
more
Court shortens
list of documents Norilsk Nickel to submit to Rusal - An appeals court has
partially held for an appeal filed by MMC Norilsk Nickel and shortened the
list of documents that the company must submit to its minority shareholder
Rusal, the court told the Russian Legal Information Agency (RAPSI). -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:00 am CST show 3 month nickel trading around $.05/lb
lower, with other
base metals trading lower as well. The Euro is trading 1.4% lower against
the US Dollar this morning. NYMEX crude is down 1-1/2% and trading at
$95.35/barrel. Gold is up over 1/2 of 1% and silver is lower by nearly 2/10
of 1%. In overnight trading, Asian markets ended higher, with China up nearly
9/10 of 1%. European markets are trading lower this morning, and US futures
are much lower at teh moment. Nickel stockpiles fell on Tuesday. Markets
are lower after LCH.Clearnet raised its margin requirements for Italy’s
government debt.
LME Morning - Metals retreat to minus column, equities and euro soften -
more
Reuters - Copper drops on Italian debt worries
- more
MF Global Morning Comments - Oct 31st appears to have been the last
report as MF Global filed for bankruptcy earlier that morning, and lost its
ability to trade on the London Metal Exchange on November 1st.
(Dow Jones) Russia Jan-Sep Nickel Exports Down 33.1% On Year At 116,300 Tons
(MBNA) Jinchuan nickel prices plunge to lowest in nearly two years
Baoshan Iron & Steel Co., Ltd. : Outstanding growth on sales of Nickel-based
thermal resistant alloy products... -
more
China inflation eases to 5.5%, policy change caution urged -
more
Japan SUS Products
Exports Rally; September 2011 = Up by 11% from August to more than 100,000
tons, increases to China, Taiwan, while decrease to Korea = Japan Iron and
Steel Federation compiled the Trade Statistics released from the Treasury
Department into the table as attached hereto with regard to Japan's exports
of stainless steel products during September 2011. -
more
Talvivaara revises
nickel production target for year - In response to the volatile and uncertain
market environment and decline in nickel prices, Talvivaara Mining Company's
short term focus has shifted from maximising production volume to optimising
profitability. -
more
Success of Nickel
Chrome Molten Iron in Shaft Furnace - TISCO trial production for metallurgy
de-dust ash recycling project has got a major breakthrough. On October 6th,
the first heat of nickel chrome molten iron was successfully smelted; via
examining all the indexes reach the project goals. -
more
Chinese Company
Considering $7 Billion Nickel Smelter in Indonesia - Chinese diversified
business group Ning Xia Hengshun Group is considering building a $7 billion
nickel smelter in Indonesia, according to a report. -
more
Australia's
Poseidon proposes restart of Mt Windarra nickel mine - Poseidon Nickel is
proposing to restart operations at the existing Mount Windarra nickel mine
in Western Australia at a production rate of 500,000 mt/year of ore over
an initial mine life of six years. -
more
15 years on, Twiggy Forrest returns to nickel - A company chaired by Australian
iron ore magnate Andrew "Twiggy" Forrest wants to reopen a nickel mine in
Western Australia shut more than 15 years ago. -
more
Morning Nickel
Inventory and Price Statistics & Figures
London Metal Exchange inventory figures/changes - (for today's
figures see MF Global report above)
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Headlines & leaders - (Bloomberg) Hong Kong Entered Recession in Last
Quarter, Most Accurate Forecaster Says // China Home Prices to Fall by 10%-30%
Next Year, Impact GDP, Barclays Says // China’s Stocks Drop for Second
Day, Led by Developers, Railway Companies // Drought-Damaged U.S. Corn Crop
Pressuring Global Food Supply: Commodities // Asia-Pacific Office Rents Increase
at Double the Global Pace // Toyota Scraps Estimates After Thai Floods //
European Banks Selling Sovereign Bond Holdings Threatens to Worsen Crisis
// Italian Government Bonds Advance, Bunds Drop, Before Berlusconi Vote Test
// European Stocks Rebound From Two-Day Slide as Vodafone Rallies // Citi,
JPMorgan May Face Highest Basel Surcharges // Job Openings in U.S. Rise to
Three-Year High // Most Solar Makers Will Disappear by 2015: Trina CEO //
Berlusconi Lacks Majority in Budget Vote // U.S. Stocks Erase Drop as Technology,
Financial Shares Advance
The Euro is currently trading over 1/3 of 1% higher against the US Dollar.
NYMEX crude is up nearly 1% and trading at $96.44/barrel. Gold is up nearly
1/4 of 1% and silver is up over 3/4 of 1%. Base metals ended the session
mostly quiet and mixed. Indicator charts show nickel opened higher, but spent
the entire session in a gradual stair step decline. For the day, Dow Jones
reports three month nickel closed at $8.32/lb
. Stockpiles
of nickel stored in LME licensed warehouses fell hard on Monday and now show
a total just under 83,650 tonnes. This has been a rough year for leaders
of countries bordering the Mediterranean Sea. First came the Arab Spring,
now the Club Med Fall. Greece's Papandreou is out, and now Italy's Berlusconi
could be under threat. Markets were fairly certain this morning that Italian
Prime Minister Silvio Berlusconi would not be around much longer, but
as the morning progressed, traders began to consider the odds that this leader,
who has already survived 52 no confidence votes, might just survive another.
Today's nickel close is its lowest since late September, and inventory levels
haven't been this low since February 2009. And the highly forecast and
anticipated 'surplus' of nickel continues to evade the market.
Consumer borrowing grows in September, but credit card use falls -
more
Chemicals from
mine contaminate lake - The fog clears on Salminen, a wilderness lake near
the Talvivaara nickel mine in the eastern community of Sotkamo. The picturesque
landscape could be straight out of a nature book, but the smell on the shore
suggests that the lake is not in good shape. -
more
Inflation busting
steel costs plague China's construction industry - Steel costs for the Chinese
construction sector will increase at three times the rate of inflation this
year. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:05 am CST show 3 month nickel trading around $.05/lb
lower, with other
London traded base metals mixed and mostly higher. The Euro is trading over
1/10 of 1% higher against the US Dollar at the moment. NYMEX crude futures
are up 9/10 of 1% and trading at $96.37/barrel. Gold is down 3/10 of 1% and
silver is off 1/2 of 1%. In overnight trading, Asian markets ended lower,
with China down 3/10 of 1%. European markets are trading higher this morning
as traders bet Italian Prime Minister Silvio Berlusconi could be on his way
out. US futures are higher as well. Nickel stockpiles took a big hit on Monday.
LME Morning - Metals tentative, risk appetite limited ahead of Italian budget
vote -
more
Reuters - Copper steadies ahead of crucial vote in Italy -
more
MF Global Morning Comments - Oct 31st appears to have been the last
report as MF Global filed for bankruptcy earlier that morning, and lost its
ability to trade on the London Metal Exchange on November 1st.
(Interfax) China's Ministry of Industry and Information on Nov. 8 released
the 12th Five-Year Plan (2011-2015) for the country's iron and steel industry,
which focuses on improving industry structure and locking down raw material
supplies.
China to increase domestic supply of iron ore -
more
Karnataka auctions: Steel mills irked at high ore prices -
more
Cass October Freight Index Shows Volumes Down, Expenditures Up -
more
Small-Business Confidence Ticks Upward: Still Weighed Down by Dominant Negative
Forecast -
more
October LME
Nickel Average Declines To US$8.6/lb = The lowest during the month was US$8.2/lb;
inventory continued to decline to below 87,000 tons = The average prices
of LME nickel in October have been given, i.e. US$18,886.43/ton for cash
seller's settlement (US$8.567/lb) and US$18,925.95/ton (US$8.585/lb) for
3 months seller's. -
more
Carbon tax
inevitable for SA's polluters - "In this environment, the government’s
carbon tax scheme is another impost that will undermine business confidence
and competitiveness…" -
more
Courtesy AISI - In
the week ending November 5, 2011, domestic raw steel production was 1,789,000
net tons while the capability utilization rate was 72.2 percent. Production
was 1,644,000 tons in the week ending November 5, 2010, while the capability
utilization then was 68.0 percent. The current week production represents
a 8.8 percent increase from the same period in the previous year. Production
for the week ending November 5, 2011 is down 0.4 percent from the previous
week ending October 29, 2011 when production was 1,796,000 tons and the rate
of capability utilization was 72.5 percent.
Morning Nickel
Inventory and Price Statistics & Figures
London Metal Exchange inventory figures/changes - (for today's
figures see MF Global report above)
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Headlines & leaders - (Bloomberg) World Dodges Recession With China-U.S.
Buoy // China Frauds May Fit Panics, Crashes Model, Societe Generale’s
Grice Says // China Stocks Drop Most in Two Weeks on Slumping Auto Sales,
Property Curbs // Greece Will Form National Unity Government to Secure EU
Emergency Payment // Italy Leads Surge in Europe Sovereign Default Risk Amid
Berlusconi Concern // European Stocks Decline for Second Straight Day; Carrefour,
PostNL Retreat // Unloved Treasury Notes Become New Favorite // U.S. Stocks
Fall as Investors Weigh Political Changes in European Nations
The Euro is now trading over 1/3 of 1% lower against the US Dollar. NYMEX
crude is up over 8/10 of 1% and trading at $95.02/barrel. Gold is up 1.8%
and silver is higher by a little more than that. Except for zinc, London
traded base metals closed lower. Indicator charts show nickel fell early
and traded choppy within a $250 tonne range most of the rest of the session.
For the day, Dow Jones reports three month nickel ended its session at
$8.48/lb
. Stockpiles
of nickel stored in LME warehouses fell on Friday and now total just over
the 85,050 level. Bears shifted their nervous attention to Italy today, as
traders began to wonder if the European bleeding would ever end. US lawmakers
have to welcome all this attention on Europe as it continues to divert attention
from their own incompetent inability to make a dent in US deficit spending,
or kickstart the economy out of low gear. Safe haven buying sent gold and
silver higher today which is good for gold investors and owners, but sends
a negative message about how some see the overall world economy.
Barclays Capital metals analyst Gayle Berry - "With the European political
quagmire seemingly worsening over the weekend and Italian bond yields rising,
concerns over the potential for the global economy to slip into recession
are building again."
Number of the Week: Vacant Homes and New Households -
more
Economists Forecast Longer, Deeper Euro Zone Recession -
more
Economists React: ‘Mixed’ Economic Soup After Jobs Report -
more
What caused the financial crisis? The Big Lie goes viral -
more
Russia Nickel Export
Tax to Be $2,117.80 a Ton, Government Says - Russia’s tax on nickel
exports will be $2,117.80 a metric ton starting from Dec. 5, the government
said on its website. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:00 am CST show 3 month nickel trading around $.06/lb
lower, with most
London traded base metals trading quietly lower. The Euro is trading nearly
2/10 of 1% lower against the US Dollar. NYMEX crude futures are up 3/10 of
1% and at $94.53/barrel. Gold is up 1.3% and silver is higher by just over
1%. In overnight trading, Asian markets ended their trading session lower,
with China down 1%. European trading is lower, and US futures imply a potentially
lower opening for Wall Street. Nickel stockpiles fell on Friday and Dow Jones
reports three month nickel ended Friday's session at
$8.57/lb
.
LME Morning - Base metals remain bearish on slew of poor news, data -
more
MF Global Morning Comments - Oct 31st appears to have been the last
report as MF Global filed for bankruptcy earlier that morning, and lost its
ability to trade on the London Metal Exchange on November 1st.
MNP - With little fanfare or fuss, Canadian nickel miner First Quantum Resources
has already capped off the first month of production from its Ravensthorpe
plant in Western Australia’s Great Southern region, a little more than
18 months after buying it from BHP Billiton.
(Yieh) Because of the decreasing demand for stainless steel, the leading
ferrochrome plants in South Africa decided to cut the output in the third
quarter of this year.
(Interfax) Steel mills in China have started selling off inventories as end-users
buy up the metal in anticipation of prices rising through to the end of the
year, an analyst told Interfax Nov. 7.
(Dow Jones) Russia's Nickel Export Duty $2,117.8/Ton As Of Dec 5
Palmer conflict of interest claim dismissed -
more
Mirabela Deal
Seen With Minmetals Chasing South American Nickel: Real M&A - Minmetals
Resources Ltd., backed by China’s biggest metals trader, is transforming
companies from Mirabela Nickel Ltd. (MBN) to Alumina Ltd. into takeover targets
as it eyes $7 billion of nickel, bauxite and alumina deals. -
more
japan: Imported
Ferroalloys Market Report October 31, 2011 = Reflecting historically the
highest yen, and fears for slowdown of Chinese steel demand = Market outlook
in Japan of the imported ferroalloys as of October 31, 2011 is as follows:
-
more
MF Global fallout
slows London Metal Exchange trade - Trading on the London Metal Exchange
(LME) was slow on Monday partly because positions of the British unit of
MF Global had not been transferred to new brokers a week after the U.S. firm
filed for bankruptcy protection, traders said. -
more
Morning Nickel
Inventory and Price Statistics & Figures
London Metal Exchange inventory figures/changes - (for today's
figures see MF Global report above)
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Friday, November 4
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:00 am CST show 3 month nickel trading around $.15/lb
higher, with all London
traded base metals presently higher. The Euro is trading over 1/10 of 1%
higher against the US Dollar. NYMEX crude futures are up 2/3 of 1% and trading
at $94.70/barrel. Gold is down 1/3 of 1% and silver is off more than 1/2
of 1%. In overnight trading, Asian markets ended the day higher, with China
up 7/10 of 1%. European markets are trading slightly higher and US futures
have yet to decide a direction. Nickel stockpiles fell on Thursday and now
total just under the 85,500 tonne level. US markets are awaiting October
payroll results to be released today, and the world is waiting nervously
for the next shoe to drop in Europe.
We are traveling today so no afternoon update. Have a safe and relaxing weekend.
LME Morning - Base metals increase but remain at the mercy of the eurozone
- more
MF Global Morning Comments - Oct 31st appears to have been the last
report as MF Global filed for bankruptcy earlier that morning, and lost its
ability to trade on the London Metal Exchange on November 1st.
(Yieh) According to statistics released by the Japan Iron and Steel Federation
(JISF), Japan exported 107,297 tons of stainless steel products in September,
soared by 10.7% from 96,895 tons in August and increased by 7.7% year on
year.
(SBB) Small-scale and privately-owned stainless steel producers in China
are said to have started restraining production due to poor demand ...
(Interfax) Two leading state-owned steelmakers plan to consolidate iron ore
resources in north China's Hebei Province, creating Asia's largest production
base for the steelmaking ingredient and providing a model for further industry
consolidation.
(China) Foreign trade tops $3t, bumpy road ahead -
more
Huge nickel deposit
discovered in Lapland - The discovery north of Sodankylä may be the
largest in Europe. A challenge is however that the deposit is located in
a nature conservation area. -
more
Aperam
Posts Third-Quarter Loss as Stainless-Steel Demand Wanes - Aperam, the
stainless-steel producer spun off by ArcelorMittal, posted a third-quarter
loss after it sold less metal and prices fell. -
more
Morning Nickel
Inventory and Price Statistics & Figures
London Metal Exchange inventory figures/changes - (for today's
figures see MF Global report above)
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Headlines & leaders - (Bloomberg) China Non-Manufacturing Industries
Expand at Slower Pace as Property Cools // China Record Corn Crop Still Failing
to Meet Demand for Feed: Commodities // China’s Stocks Rise as Signs
of Economic Slowdown Spur Easing Speculation // India Food Inflation Quickens
to Nine-Month High on Vegetables, Milk Costs // Euro’s Leaders Question
Greek Membership // Draghi May Resist Stimulus Call Amid Greek Crisis //
Draghi Says Europe Is Heading Toward a ‘Mild Recession’ as Economies
Slow // ECB Unexpectedly Lowers Rate to 1.25% as Draghi Signals No Debt Backstops
// European Stocks Advance on ECB Interest Rate Cut and Optimism Over Greece
// No U.S. Recession Signaled in Dividend Swaps // Recession Drives Americans
to Poor Neighborhoods // ISM Services Index Falls Slightly // Bernanke Gives
Push to Further Stimulus as Officials Lower Growth Outlook // Stocks, Commodities
Rise on ECB Rate Cut
The Euro is presently trading 1/4 of 1% higher against the US Dollar, after
a volatile morning of trading. NYMEX crude is up nearly 2% and trading at
$94.30/barrel. Gold is up nearly 1-1/2% and silver is up nearly 1/2 of 1%.
Base metals ended the session mostly higher, except for nickel. Indicator
charts show nickel was trading higher and trending higher when it suddenly
took a dive and never recovered. For the day, Dow Jones reports three month
nickel closed at $8.35/lb
. Stockpiles
of nickel stored in LME warehouses fell yesterday and now total just under
86,000 tonnes. Nickel appeared to be affected by multiple variables today,
nearly all negative. The Euro started out positive against the US Dollar,
then fell, and later recovered. The new President at the European Central
Bank, Mario Draghi, took the market by surprise announcing an internet rate
cut and warned of a mild recession coming for Europe. First time jobless
claims were down in the US but the Institute for Supply Management’s
index of non-manufacturing businesses unexpectedly fell in October. Then
Prime Minister George A. Papandreou of Greece suddenly called off his plans
for a public referendum, and a dizzy market rose. Then First Quantum announced
it would produce enough nickel in 2012 to be a top 10 producer. That kind
of talk does not bode well for those who have been watching inventory numbers
fall, while at the same time discarding the analysts who keep predicting
a surplus in the near future. That 'near future' for many analysts was the
fourth quarter of 2011 which is close to being half over and any surplus
developing is so far, being disguised.
Obama Wrote 5% Fewer Rules Than Bush While Costing Business
- more
First Quantum
to be among world's top 10 nickel producers by mid 2012 - First Quantum Minerals
Ltd. expects to be among the world's top 10 nickel producers by mid 2012
after its projects in Australia and Finland begin commercial operation. -
more
Outotec signs
ferrochrome plant delivery agreement with TISCO joint venture in China -
Outotec has agreed with Shanxi Taigang Wanbang Furnace Charge Co. Ltd., a
joint venture between Shanxi Jinzhong Industrial Trading Co. Ltd. and the
world's largest stainless steel producer, Taiyuan Iron and Steel Co. Ltd.
(referred to as TISCO), on the design and delivery of a new ferrochrome plant
based on Outotec's proprietary technology to Jinzhong, China. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:10 am CST show 3 month nickel trading around $.08/lb
higher, with other
London traded base metals mostly higher, but quiet. The Euro is up over 4/10
of 1% against the US Dollar, and giving commodity trading a boost this morning.
NYMEX crude futures are up over 1/2 of 1% and trading at $93.00/barrel. Gold
is up 1% and silver up over 1.1%. In overnight trading, Asian markets ended
lower, with China up slightly. European markets are trading higher, with
Wall Street futures implying a higher opening as well. Nickel stockpiles
fell on Wednesday. Dollar is weaker this morning as the Wall Street Journal
suggests "The dollar weakened broadly, as the suggestion of more monetary
stimulus by the Federal Reserve counterbalanced worries that Europe's debt
crisis may spin out of control."
LME Morning - Metals mostly lower, trading volatile as eurozone instability
continues -
more
Reuters Metals - Copper down on Greek default worries -
more
MF Global Morning Comments - Oct 31st appears to have been the last
report as MF Global filed for bankruptcy earlier that morning, and lost its
ability to trade on the London Metal Exchange on November 1st.
(Interfax) China's demand for scrap steel is set to grow strongly over the
next five years, and the country's reliance on imports will last another
15 years, executives said at a conference in Shanghai Nov. 2.
(SN) Steel import permit applications totaled 2,192,000 net tons for the
month of October, a 3% decrease from the 2,269,000 permit tons recorded in
September according to the latest report from AISI.
(SBB) Chinese nickel pig iron demand wanes, prices dip
HudBay Minerals sees Q3 loss widen to $41.1M; revenue soars to $212M -
more
Royal Nickel moves ahead with Dumont project after prefeasibility study -
more
SKRIN - Russia boosts stainless sheet output 3.6%, Production of stainless
rolled products in Russia increased by 3.6%
Euro Steadies as Greek Government Dissent Grows -
more
Stainless Steel
& Special Alloys Committee: Stainless production falls short of expectations
- The scale of China’s stainless steel scrap usage will remain dependent
on the LME nickel price, according to the guest speaker at the BIR Stainless
Steel & Special Alloys Round-Table in Munich. -
more
Opt for safe haven
gold over crude, nickel: Experts - News of the Greek referendum has reversed
flows in financial markets world over. Therefore, the general sentiment in
the market is to short commodities, except for the safe haven gold. -
more
Aperam Posts
Third-Quarter Loss as Stainless-Steel Demand Wanes - Aperam, the stainless-steel
producer spun off by ArcelorMittal, posted a third-quarter loss after it
sold less metal and prices fell. -
more
Courtesy AISI - In
the week ending October 29, 2011, domestic raw steel production was 1,796,000
net tons while the capability utilization rate was 72.5 percent. Production
was 1,629,000 tons in the week ending October 29, 2010, while the capability
utilization then was 67.3 percent. The current week production represents
a 10.3 percent increase from the same period in the previous year. Production
for the week ending October 29, 2011 is up 0.8 percent from the previous
week ending October 22, 2011 when production was 1,782,000 tons and the rate
of capability utilization was 71.9 percent.
Morning Nickel
Inventory and Price Statistics & Figures
London Metal Exchange inventory figures/changes - (for today's
figures see MF Global report above)
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Headlines & leaders - (Bloomberg) Tepco Detects Nuclear Fission at Fukushima
Station // Greek Referendum on Bailout Will Hinder IMF-EU Aid Payment, De
Jager Says // EU Leaders Will Tell Papandreou No Alternative to Cuts // Euro-Area
Manufacturing Production Contracts // German Unemployment Unexpectedly Rises
First Time in More Than Two Years // European Stocks Rise Before Fed Meeting;
Randgold, Next Shares Lead Gains // Fed Sees ‘Downside Risks’;
Leaves Policy Unchanged // Top Gold Forecasters See Bullion Rallying to Record
by March: Commodities // Michigan Surpassing 48 States Shows Autos Drive
U.S. Manufacturing Rebound // U.S. Stocks Rise Amid Jobs Data
The Euro is now trading over 1/10 of 1% higher against the US Dollar. NYMEX
crude is now up 2/3 of 1% and trading at $92.81/barrel. Gold is up nearly
1% and silver is up 2.1%. Base metals ended the session higher, but mostly
off earlier highs. Indicator charts show nickel opened higher early, and
spent the day slowly giving up gains. For the day, Dow Jones reports three
month nickel ended the session at $8.43/lb
. Stockpiles
of nickel stored in LME warehouses around the world fell on Tuesday and now
total just over 86,500 tonnes. Markets are bouncing back after two down days
and only time will tel if it is anymore than a relief rally.
Europe Shouldn’t Count on a Chinese Bailout -
more
Thyssen sounds
out pvt equity on stainless -sources - Germany's biggest steelmaker ThyssenKrupp
AG invited private equity buyers to a roadshow about a sale of its stainless
business, two sources familiar with the matter said on Wednesday. -
more
Record High Levels
of Stainless Steel Predicted for 2011 and 2012 - Total world crude stainless
steel production for 2011 is predicted to be 32.5 million tonnes. This would
be an all-time high tonnage, 4.5 percent greater than the previous record,
set last year. -
more
Scrap yard owner,
3 others charged in metal theft scheme - A Lawrenceville scrap yard
owner and three others were charged after state police said they successfully
schemed to steal thousands of pounds of nickel from Allegheny Ludlum and
sell it to companies across the country. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:00 am CST show 3 month nickel trading around $.11/lb
higher, and off earlier
highs, with all London traded base metals trading higher this morning. The
Euro is trading over 1/2 of 1% higher against the US Dollar this morning.
NYMEX crude futures are up nearly 9/10 of 1% and trading at $93.00/barrel.
Gold is up 2/3 of 1% and silver is up more than 1.1%. In overnight trading,
Asian markets ended higher, with China up 1-2/3%. European markets are trading
higher this morning, and US futures imply Wall Street may open higher as
well. Nickel stockpiles fell yesterday.
MF Global Morning Comments - Oct 31st may have been the last report
as MF Global filed for bankruptcy earlier that morning, and lost its ability
to trade on the London Metal Exchange on November 1st.
(Interfax) China has reduced export quotas on tungsten, antimony, molybdenum,
tin and silver for 2012, the Ministry of Commerce (MOFCOM) said Oct. 31.
(MSS) Production of stainless rolled products in Russia increased by 3.6%
Challenger, Gray & Christmas - Job cuts plummet in October to 42,759.
Is this trend likely to continue?
China's stainless
steel output up 12.8 percent in Jan-Sept - China's stainless steel production
for the first nine months of 2011 amounted to 9.37 million mt, increasing
by 12.8 percent compared to the same period of 2010, according to the data
released by the Stainless Steel Council of the China Special Steel Enterprise
Association (CSSC) on October 27. -
more
Finnish union
threatens to expand strike to Nokia - A Finnish white collar workers' union
said on Wednesday it may expand an ongoing strike next week to include maker
Nokia , a move that could slow operations at the Finnish mobile phone company.
-
more
Norilsk: May
Launch Nickel JV With BHP Billiton In Australia - Russian mining giant OAO
Norilsk Nickel may create a nickel-focused joint venture with BHP Billiton
Ltd. (BHP.AU) in Australia, a Norilsk executive said Wednesday. -
more
Dispute between
major Russian metal producers to be heard on Nov. 8 - An arbitration court
of appeal in Siberia shelved the hearing of an appeal filed by MMC Norilsk
Nickel against a lower-court's order to submit business documents to MMC's
minority shareholder Rusal, the court told the Russian Legal Information
Agency on Wednesday. -
more
Lawrenceville scrap
yard owner charged with buying stolen nickel - A Lawrenceville scrap yard
owner was accused on Tuesday of buying nickel that three men allegedly stole
last week from the ATI/Allegheny Ludlum steel mill in Harrison. -
more
Morning Nickel
Inventory and Price Statistics & Figures
London Metal Exchange inventory figures/changes - (for today's
figures see MF Global report above)
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.Contact
us
Headlines & leaders - (Bloomberg) China PMI Drops to Lowest in Almost
3 Years // Most China Stocks Drop on Manufacturing Slowdown; Anhui Conch,
Poly Slump // ‘Mob Rule’ Threatens Bangkok’s Business Areas
With Floods, Governor Says // Nomura Posts First Loss in Two Years // Asian
Stocks Decline on Slower China Manufacturing, European Debt Concerns //
Papandreou Asks Greeks to Back EU Debt Accord in Vote // Credit Suisse Plans
1,500 More Job Cuts After Loss at Securities Division // U.K. Third Quarter
Growth Rebounds Before Crisis // European Stocks Sink as Greece’s Government
Calls Referendum; Banks Tumble // Citigroup No. 1 in Picking Financial Stocks
// Default Risk in Europe Rises for U.S. Banks as Swaps Soar to $518 Billion
// ISM Index of U.S. Manufacturing Falls // Bernanke: Housing Hinges on
Refinancing // Stocks, Euro Decline on Greek Referendum
The Euro is trading just over 1-1/4% lower against the US Dollar at the moment.
NYMEX crude is down 3% and trading at $90.38/barrel. Gold is off more than
1/3 of 1% while silver is lower by more than 3.8%. Base metals fell today,
unable to handle the second day of large drops in the Euro. Indicator charts
show nickel opened lower, slid hard for the first half of the session, and
slid much softer for the latter half. For the day, Dow Joes reports three
month nickel ended the session at $8.44/lb
. Stockpiles
of nickel stored in LME approved warehouses grew on Monday and now total
just over 86,650 tonnes. An announcement by Prime Minister George Papandreou
of Greece to hold a public referendum on the Greece bailout took world markets
completely by surprise. The entire sovereign debt crisis bailout plan is
now under threat of having its legs cut off before it even starts the race.
Markets were starting to have their doubts about the whole rescue plan yesterday
and today's announcement, seemed to justify the earlier concerns. German
and French stock markets were hit especially hard, down 5% and 5.7% respectively.
The Dow has been trading over 200 points lower most of the morning. Meanwhile
metals got whacked on future economic uncertainty, slowdown's in both Chinese
and US manufacturing in October, and very volatile Euro.
High Prices Cut
Chinese Imports of Stainless Steel - The high price of Nickel on the London
Metal Exchange (LME) has led to decline in Chinese stainless steel scrap
imports, and the exponential growth of its own nickel pig iron production,
according to Sven Tollin, Chief Statistician at the Portugal-based International
Nickel Study Group (INSG). - more
Panama Approves
First Specialized Vessel for Carriage of Nickel Ore - A new vessel being
built at Japanese shipyard Naikai Zosen Corporation for shipowner Nissho
Shipping Co., Ltd. became the first vessel to receive approval from the Panama
Maritime Authority -
more
Steel Prices
Decline In All Regions Of The World During October - In the US, flat products
transaction prices fell in October despite the fact that the domestic mills
had proposed further rises for the fourth quarter, on top of those noted
last month. -
more
Morning
Briefing(8:00 AM CST
is 1PM in London)
Indicators at 7:00 am CST show 3 month nickel trading around $.34/lb
lower, with all London
traded base metals lower. The Euro is trading 1-1/3% lower against the US
Dollar. NYMEX crude futures are down 2-2/3% and trading at $90.72/barrel.
Gold is down nearly 1.3% and silver is lower by 3.7%. In overnight trading,
Asian markets ended lower, with China up slightly. European markets are trading
much lower this morning, while US futures imply a triple digit lower opening
for Wall Street. Nickel inventories rose on Monday. Markets are reacting
negatively to a lower China PMI reading and a surprise move Greek Prime Minister
George Papandreou to call a public referendum on its bailout package.
LME Morning - Negative Chinese data, Greek referendum weigh on base metals
-
more
Reports
ISSF - New data stainless steel demand index and stock cycle review available
-
more
MF Global Morning Comments - Oct 31st may have been the last report
as MF Global filed for bankruptcy earlier that morning, and lost its ability
to trade on the London Metal Exchange on November 1st.
(Macquarie) Having fallen steadily for most of this year, the LME nickel
price stabilised over the past month and at one stage rose more than 10%
above the recent low. The relationship between prices and the
“fundamentals” appears at odds this year, with prices falling despite
ongoing falls in LME stocks this year (by over 50kt YTD). The recent price
rally, which appears to reflect short covering, came at a time when we are
hearing of a deteriorating demand outlook from the stainless steel industry.
In addition, preliminary numbers suggest a sharp rise in nickel production
in 3Q11 to an estimated 418kt, up 17% YoY and 12% QoQ. The production rise
took place despite ongoing delays in the big Greenfield nickel projects and
an apparent stalling of Chinese nickel pig iron production growth. The near-term
outlook appears bleak.
(Interfax) China's largest steelmaker, Baoshan Iron & Steel Co. Ltd.
(Baosteel), is in talks with Brazilian iron ore giant Vale SA over a new
pricing system for the fourth quarter (Q4) based on average spot prices instead
of quarterly contracts, a source with Baosteel confirmed to Interfax Nov.
1.
3 Men Arrested In Nickel Theft At Local Steel Plant -
more
Survey: Uncertainty Continues to Dominate U.S. Outlook -
more
MF Global Suspended
From LME Trading, CME Clearing After Bankruptcy Filing - MF Global Holdings
Ltd. (MF), the holding company that filed for bankruptcy protection, was
suspended from trading on the London Metal Exchange. -
more
Another Australian
nickel mine on block as metal price slips - Australian miner Kagara Ltd said
on Tuesday it was talking to potential buyers for its nickel mine, the latest
in a series of sales which could lead to further consolidation in the local
sector as global prices for the metal falter. -
more
Chinese commodity
demand nears short-term peak - Chinese demand for commodities may be approaching
a short-term peak, according to analysts at RBC Capital Markets. -
more
Russia Norilsk
plans $35 bln in investments to 2025 - The board of Russian miner Norilsk
Nickel has approved a strategy that envisages investing $35 billion in 2011-2025
to expand its resource base and raise output, Norilsk said on Thursday. -
more
China Iron Ore Imports
at Cheapest Compared With Local Supplies in 3 Years - Iron ore imports into
China fell to the cheapest compared with the local price of the steel-making
ingredient in at least three years. -
more
Morning Nickel
Inventory and Price Statistics & Figures
London Metal Exchange inventory figures/changes - (for today's
figures see MF Global report above)
Today's almost official prices
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LME official prices
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Trading"...pdf here "The ABCs of a Metals Exchange"
...pdf here(Molybdenum
prices are for molybdenum oxide, an ingredient and major price factor in
316 stainless) (all ton listings are metric tons = 2204.622 pounds ) Updated
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Daily
Nickel/Stainless Steel Wrap-up
(
Commodity/Economic Articles and Comments
Nickel falls
to lowest level in nearly two years - Nickel prices fell to their lowest
level in nearly two years on Wednesday, tracking a slide in base metals,
as concerns about the euro zone debt crisis and the outlook for economic
growth weighed on the demand outlook for metals. -
Deripaska files
suit against Potanin in Swiss court - Oleg Deripaska, the head of Russian
aluminum giant RusAl and a core shareholder in Norilsk Nickel, has filed
suit in a Swiss court against another Norilsk shareholder, Vladimir Potanin,
concerning possible money laundering during Norilsk's buyback program, Deripaska
told Swiss ECO magazine late on Tuesday. -
The Horrible Reputation
of Canada’s Mining Sector – by Stan Sudol - The future of mining
has never been brighter, yet its image among the general population seems
to have plunged lower than the famous Kidd Creek mine in Timmins, Ontario
– the world’s deepest base metal operation. -
Mining in the UP,
what does the state get in return? - Drilling continues in Michigan's Upper
Peninsula for potentially valuable ore deposits after a judge turned down
a request from environmental groups to stop the mine's development. -
lower but climbing,
with other London traded base metals mixed. The Euro is trading over 1/10
of 1% lower against the US Dollar this morning. NYMEX crude futures are flat
and at $99.79/barrel. Gold is up 1-1/4% and silver is higher by 1.6%. In
overnight trading, Asian markets ended lower, with China off 3-1/3%. European
markets are trading higher this morning on news that China’s central
bank said it would lower banks’ reserve-requirement ratio in an attempt
to boost the economy. US markets welcomed the news as well and futures point
higher. Nickel inventories grew for a seventh consecutive session on Tuesday.
Reports
Australia's
Western Areas in short-term nickel pact with Jinchuan - Western Areas,
Australia's third-largest nickel miner, will sell China's Jinchuan Group
up to 15,000 tonnes of nickel in concentrate over a one-year period starting
next March, Western Areas said on Wednesday.
-
Morning Nickel
Inventory and Price Statistics & Figures
Global Stainless
Steel Market Upturn Likely in Early 2012 - All the leading stainless steel
producers in the United States have announced increases to basis values -
or reduced discounts - for flat products, effective for January deliveries.
- 
China Cr Ore Imports
Slightly Up; October 2011 = 874,619 tons, up 1.4% from September; constant
and steady from South Africa and Oman = According to China's customs statistics,
imports of chrome ore to China during January - October 2011 as well as in
the single month of October were as per the table attached hereto. -
Munali Nickel could
re-open ‘soon’ - Jinchuan majority-owned Munali Nickel Mine in
Zambia could resume operations by mid-January 2012. -
Vale's 2012 iron
ore target slows on Q3 rate, capex cut - Brazil's Vale said Monday it expects
iron ore output of 312 million mt next year, slowing from the 319.9 million
mt rate it had in the previous 12 months to end-September, while it reduced
its budget for capital expenditure to more closely meet actual spending.
-
Posco Stainless
Steel Production to Reach Record on Emerging Market Demand - Posco , the
world’s biggest maker of stainless steel, will report record production
this year, saying it expects to maintain that pace in 2012 supported by demand
from emerging markets. -
Japan SUS Scrap
Exports To China; Difficulties Looming = Stainless steel production curtailment
in China and improved profitability of NPI smelters = Exports of SUS scraps
from Japan this year have so far been steadily increasing. During the first
nine months, 13,683 tons were exported, up by about 30% compared to the same
period in 2010. -
US markets
will be closed on Thursday for Thanksgiving holiday. Our next update will
be posted Monday November 28th. Thank you and have a safe and relaxing
(holiday for many of you) weekend.
Barcap
dominant in LME nickel, shorts cover -traders - Barclays Capital is holding
a dominant long position in the London nickel market, contributing to higher
nearby prices on the back of unseasonal Chinese demand, and this is forcing
shorts into expensive covering, trading sources said. -
European stainless
steel surcharges down for December - European stainless steel surcharges
for December will be lower, producers said Wednesday, as prices for raw materials
remain weak and concerns over the European sovereign debt crisis have continued
to trouble global markets. -
Outokumpu CEO
sees European stainless sector cuts - The European stainless steel industry
needs consolidation and capacity cuts to cope with a dearth of big orders,
lower prices and imports from Asia, the chief executive of Finland's Outokumpu
Oyj said. -
Nickel Asia,
China's Baosteel sign nickel supply deal - The Philippines’ largest
nickel producer, Nickel Asia Corp., on Tuesday said it had signed a deal
to supply close to 2 million wet metric tons (WMT) of lateritic nickel ore
to China's Baosteel Resources Co. Ltd. next year. -
RAMU NiCo releases
sustainability report for possible mine in PNG - The Chinese owned nickel
producer RAMU NiCo has released a second sustainability report on its
yet-to-be-commissioned mine at Kurumbukari in Papua New Guinea. -
Norilsk looking at
Cuba for expansion - Russian mining giant OAO Norilsk Nickel told investors
it is looking at Cuba and other countries for expansion, as part of a plan
to invest $300 million by 2025 to explore for nickel in areas it hasn’t
been active yet. -
‘High
costs, low prices hit ferrochrome producers’ - South African ferrochrome
makers are being squeezed by rising production costs and some are already
selling at a loss, the CEO of Hernic Ferrochrome, a unit of Japan's Mitsubishi
Corporation told Reuters on Tuesday. -
Fire hits
New Caledonia Koniambo nickel project; no delays - The development timetable
for the giant Koniambo nickel project under construction in New Caledonia
was unaffected by a weekend fire that destroyed its administrative offices,
joint venture partner Xstrata and a project safety official said on Monday.
-
Chinese Company
Considering $7 Billion Nickel Smelter in Indonesia - Chinese diversified
business group Ning Xia Hengshun Group is considering building a $7 billion
nickel smelter in Indonesia, according to a report. -
Aperam
Posts Third-Quarter Loss as Stainless-Steel Demand Wanes - Aperam, the
stainless-steel producer spun off by ArcelorMittal, posted a third-quarter
loss after it sold less metal and prices fell. -
Thyssen sounds
out pvt equity on stainless -sources - Germany's biggest steelmaker ThyssenKrupp
AG invited private equity buyers to a roadshow about a sale of its stainless
business, two sources familiar with the matter said on Wednesday. -
