LME nickel

The prices for steel and stainless steel scrap in China dropped in line with HRC steel prices at the Shanghai Futures Exchange last week and are now hovering around those levels.

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Slowing construction activity in northern China due to unseasonal weather have cut demand for steel products, while persistently tight liquidity in the new year has constrained traders’ restocking.

The price of Chinese ferro-chrome continues hovering around CNY 10,950 ($1,751) per metric ton for the fifth day in a row. The price of Chinese ferro-moly was unchanged at CNY 87,000 ($13,909) per metric ton.

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After three essentially changeless days, the Allegheny Ludlum 316 stainless surcharge dropped 6.7% on Tuesday to $0.94 per pound. The price of Chinese primary nickel rose 2.2% to CNY 107,500 ($17,186) per metric ton after a two-day drop. The price of Chinese 316 stainless coil held steady at CNY 23,700 ($3,789) per metric ton. The price of Chinese 304 stainless coil saw little movement at CNY 16,700 ($2,670) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 12,950 ($2,070) per metric ton.

The nickel spot price weakened by 0.2% on the LME, settling at $14,370 per metric ton. On the LME, the 3-month price of nickel declined 0.2% to $14,425 per metric ton. The Indian nickel cash price held steady around INR 910.00 ($14.81) per kilogram.

US single-family home price appreciation slowed to its weakest level more than 2 years in November as lean inventories and tight lending standards limited housing market activity, according to a closely watched survey released on Tuesday.

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The S&P/Case Shiller composite index of 20 metropolitan areas gained 4.3% in November from the prior year, the slowest since October 2012 although it matched analyst expectations. This compared with a 4.5% annual increase in October.

On the LME, the spot price of nickel fell 2.1% to $14,400 per metric ton. On the LME, the 3-month price of nickel declined 2% to $14,450 per metric ton.

It was recently reported that China may swing back to being a net importer of refined nickel as benchmark prices in London dropped below those in Shanghai for the first time in almost 3 years.

The Indian nickel cash price showed little movement on Monday, hovering around INR 910.70 ($14.82) per kilogram.

The price of Chinese primary nickel saw a 2.8% drop on Monday, January 26, landing at CNY 105,200 ($16,767) per metric ton and making it the biggest mover of the day. The price of Chinese 304 stainless steel scrap saw little movement at CNY 9,350 ($1,490) per metric ton. The price of Chinese 316 stainless steel scrap was unchanged at CNY 12,950 ($2,064) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,700 ($2,662) per metric ton. The price of Chinese 316 stainless coil held steady at CNY 23,700 ($3,777) per metric ton.

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For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 10,950 ($1,745) per metric ton. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining around CNY 87,000 ($13,866) per metric ton.

Mick Davis, who built Xstrata Plc into one of the world’s biggest mining companies, is trying to do it again.

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Davis, a 56-year-old South African, is considering a bid for the nickel business of Vale SA, the world’s top producer, according to people with knowledge of the situation. Davis’s investment vehicle X2 Resources values Vale’s nickel business at $5 billion to $7 billion, said two of the people, who asked Bloomberg Businessweek not to be identified because the negotiations are private.

Through a decade of 40 mergers and expansions, the onetime cricket umpire Davis increased Xstrata’s market value more than 80 times to $50 billion, and became the world’s biggest exporter of power-station coal. After it agreed to be acquired in 2012 by its largest shareholder Glencore International Plc in a $30 billion deal, Davis was to lead the combined company. The power-sharing agreement collapsed when Glencore Chief Executive Officer Ivan Glasenberg demanded the title.

The cash price of primary Indian nickel fell 2.5% on Friday, January 23 to INR 910.30 ($14.80) per kilogram, making it the day’s biggest mover. The 3-month price of nickel closed at $14,750 per metric ton. Following a couple days of improvement, the metal’s price weakened by 0.7% on the LME. The spot price of nickel declined 0.3% on the LME to $14,715 per metric ton, after two days of improvement.

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Chinese stainless steel closed mixed last Friday. The price of Chinese ferro-chrome held steady at CNY 10,950 ($1,764) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 87,000 ($14,017) per metric ton.

Following a couple days of improvement, the price of Chinese primary nickel weakened by 1.9%. Prices closed at CNY 108,200 ($17,433) per metric ton. The Allegheny Ludlum 316 stainless surcharge saw essentially no change for the fifth day in a row, remaining around $1.01 per pound. The price of Chinese 316 stainless coil was unchanged at CNY 23,700 ($3,818) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,700 ($2,691) per metric ton for the fifth day in a row. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 12,950 ($2,086) per metric ton.

After a rough time last week, nickel and stainless steel righted their commodity metals ship on the London Metal Exchange.

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The big news is still form Xstrata CEO Mick Davis and his investment vehicle, X2 Resources, attempting to buy Vale SA‘s nickel assets.

The week’s biggest mover on the weekly Stainless MMI® was the nickel spot price, which saw a 1.1% increase on the LME to $14,715 per metric ton. This comes on the heels of a 5.8% decline the week prior. The nickel 3-month price rose 0.9% on the LME to $14,750 per metric ton after falling 5.8% during the previous week. The cash price of primary Indian nickel stayed essentially flat at INR 910.30 ($14.80) per kilogram.

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Chinese stainless steel prices were mixed for the week. At CNY 10,950 ($1,764) per metric ton, the price of Chinese ferro-chrome did not change since the previous week. At CNY 87,000 ($14,017) per metric ton, the week finished with no movement for Chinese ferro-moly.

The price of Chinese primary nickel rose 0.7% to CNY 108,200 ($17,433) per metric ton after falling 3.5% during the previous week. Closing at CNY 9,350 ($1,506) per metric ton, Chinese 304 stainless steel scrap remained unchanged for the week. Following a steady week, prices for Chinese 316 stainless steel scrap closed flat at CNY 12,950 ($2,086) per metric ton. Chinese 304 stainless coil prices held steady from the previous week at CNY 16,700 ($2,691) per metric ton. Chinese 316 stainless coil traded sideways last week, hovering around CNY 23,700 ($3,818) per metric ton.

At KRW 4.2 million ($3,881) per metric ton, the price of Korean 304 stainless coil did not change since the previous week. Korean 430 stainless steel coil remained essentially flat from the previous week at KRW 2.6 million ($2,376) per metric ton. The Allegheny Ludlum 304 stainless surcharge remained steady from the previous week at $0.76 per pound. Closing at $1.01 per pound, the Allegheny Ludlum 316 stainless surcharge remained unchanged for the week.

The Stainless MMI® collects and weights 14 global stainless steel and raw material price points to provide a unique view into stainless steel price trends. For more information on the Stainless MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

Falling metal prices are being more than offset by the ruble’s slide, allowing Russia’s Norilsk Nickel to maintain margins despite lower foreign currency earnings, its chief executive told The Moscow Times.

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CEO and co-owner Vladimir Potanin, Russia’s eighth-richest man with a $12.6 billion fortune from the world’s largest nickel and palladium miner, said if metal prices remained at current levels, Norilsk’s 2015 foreign currency revenues would decline from a year earlier to $10 billion.

But he said lower metal prices would not affect the company’s earnings before interest, tax and depreciation (EBITDA) margin, which would exceed 40% this year. He did not provide data for 2014.

Rising 1.9% to close at INR 933.90 ($15.17) per kilogram, the cash price of primary Indian nickel experienced the biggest change for Thursday, January 22. The 3-month price of nickel increased 1.7% on the LME , ending at $14,850 per metric ton. For the fifth day since Friday, January 16, the climb has accelerated. After rising 1.5%, prices settled at $14,760 per metric ton, driving an accelerated rise since Friday, January 16. Today marks the fifth day in a row of improvement for the spot price of nickelon the LME.

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Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 10,950 ($1,763) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 87,000 ($14,006) per metric ton.

The price of Chinese primary nickel gained 1.0% to finish at CNY 110,300 ($17,757) per metric ton. The Allegheny Ludlum 316 stainless surcharge remained essentially flat at $1.01 per pound. The price of Chinese 316 stainless coil saw little movement at CNY 23,700 ($3,815) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,700 ($2,689) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 12,950 ($2,085) per metric ton.

BHP Billiton said yesterday it was likely to book an after-tax impairment of $200 million to $350 million in its February half-year financial statement as the result of “operational decisions” made after the Nickel West sale process was pulled last November.

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It is understood BHP’s sudden decision to suspend development work at its high-grade Venus nickel project and cancel some improvement works at the Kwinana refinery will be factored in to the impairment. The company is also likely to write down the value of its Leinster operations to factor in the 2013 closure of its Perseverance underground mine on safety grounds.

Including the latest impairments, BHP has now written off more than $5.5 billion from the value of Nickel West since the global financial crisis crunched nickel prices in 2008, or about $4 billion on an after-tax basis. Nickel West was the centerpiece of BHP’s $9.2 billion acquisition of WMC in 2005.

The Indian nickel cash price rose 1.8% on Wednesday, January 21, making it the day’s biggest mover. After two days of falling prices, it closed at INR 916.90 ($14.87) per kilogram. On the LME, the nickel 3-month price inched up 1.2% to $14,595 per metric ton. On the LME, the spot price of nickel rose 1.1% to $14,535 per metric ton.

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Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome was unchanged at CNY 10,950 ($1,762) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 87,000 ($14,000) per metric ton.

After a 1.1% increase, the price of Chinese primary nickel finished the day at CNY 109,200 ($17,572) per metric ton. The Allegheny Ludlum 316 stainless surcharge saw little movement at $1.01 per pound. The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 23,700 ($3,814) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat at CNY 16,700 ($2,687) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 12,950 ($2,084) per metric ton for the fifth day in a row.

Australian nickel miners Western Areas and Panoramic Resources have shrugged off the sluggish nickel price with respective pieces of good news, the Australian reported.

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Western Areas flagged a big improvement in its guidance for 2015 and Pan­oramic surged thanks to a new discovery.

Western Areas said production costs at its high-grade Flying Fox and Spotted Quoll mines in Western Australia had fallen to their lowest in 4 years, clearing the way for the company to upgrade its guidance at its half-year result.

Each pound of nickel produced by Western Areas cost the company $2.23, compared with its guidance for the full year of between $2.70 and $2.80 a pound. Panoramic, meanwhile, enjoyed a share price surge after it announced a high-grade nickel discovery to the south of its Lanfranchi nickel mine, also in Western Australia.

The cash price of primary Indian nickel saw a 1.0% drop on Tuesday, January 20, landing at INR 900.30 ($14.60) per kilogram and making it the biggest mover of the day. The nickel spot price is back up, rising by 0.1% on the LME on Tuesday to close at $14,375 per metric ton. After dropping for two days on the LME, the 3-month price of nickel flattened at $14,425.

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Chinese stainless steel closed mixed on Tuesday. The price of Chinese ferro-chrome held steady at CNY 10,950 ($1,761) per metric ton. Chinese ferro-moly stayed flat at around CNY 87,000 ($13,993) per metric ton.

The price of Chinese primary nickel closed at CNY 108,000 ($17,371) per metric ton. Following a couple days of improvement, the metal’s price weakened by 0.6%. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 23,700 ($3,812) per metric ton. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 16,700 ($2,686) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 12,950 ($2,083) per metric ton.

China may swing back to being a net importer of refined nickel as benchmark prices in London dropped below those in Shanghai for the first time in almost 3 years.

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“Nickel prices in China have been more resilient than those in the overseas market,” Celia Wang, an analyst at Beijing Antaike Information Development Co., told Bloomberg News. “Supply is getting gradually tighter in China, so imports will rise in the coming months as the price gap narrows.”

The spot price in China rose 1% since the end of October on January 15th versus a 7.7% loss on LME contracts. That made it profitable for Chinese traders to import and sell the metal domestically. Net imports were 792 metric tons in November compared with net exports from August to October, according to the latest data available from the country’s customs agency.

Dropping 1.4% on the LME, the nickel 3-month price was the biggest mover on Monday, January 19, closing at $14,425 per metric ton. On the LME, the spot price of nickel fell 1.3% to $14,355 per metric ton. The Indian nickel cash price declined 0.1% to INR 909.00 ($14.69) per kilogram.

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Chinese stainless steel prices were mixed for the day. Chinese ferro-chrome saw little change in its price last Friday at CNY 10,950 ($1,764) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 87,000 ($14,014) per metric ton.

The price of Chinese primary nickel inched up 1.1% to CNY 108,700 ($17,510) per metric ton. For the fifth day in a row, the Allegheny Ludlum 316 stainless surcharge remained essentially flat at $1.01 per pound. The price of Chinese 316 stainless coil was unchanged at CNY 23,700 ($3,818) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,700 ($2,690) per metric ton for the fifth day in a row. The price of Chinese 316 stainless steel scrap remained steady at CNY 12,950 ($2,086) per metric ton.

Global output of nickel is still outstripping demand, leading to a big weekly loss on the London Metal Exchange this week for the alloying metal in stainless steel.

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Its fall this week has erased much of what it gained early in the new year in a short rally.

The week’s biggest mover on the weekly Stainless MMI® was the Indian nickel cash price, which saw a 7.8% decline to INR 910.00 ($14.68) per kilogram. This comes on the heels of a 1.5% increase the week before. The 3-month price of nickel fell 5.8% on the LME to $14,625 per metric ton after rising 4.1% the week before. Following a 4.0% increase in the week prior, the nickel spot price fell 5.8% on the LME last week to $14,550 per metric ton.

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Chinese stainless steel prices were mixed for the week. The price of Chinese ferro-moly declined 1.1% over the past week, settling at CNY 87,000 ($14,068) per metric ton. The price of Chinese ferro-chrome rose 0.5% to CNY 10,950 ($1,771) per metric ton after falling 0.5% during the previous week.

The price of Chinese primary nickel fell 3.5% to CNY 107,500 ($17,383) per metric ton after rising 2.5% the week before. Chinese 304 stainless steel scrap saw a 3.1% drop-off this week to end at CNY 9,350 ($1,512) per metric ton. Chinese 316 stainless steel scrap prices were off slightly at CNY 12,950 ($2,094) per metric ton, down from CNY 13,150 ($2,117) a week ago. At CNY 16,700 ($2,700) per metric ton, the week finished with no movement for Chinese 304 stainless coil. At CNY 23,700 ($3,832) per metric ton, the price of Chinese 316 stainless coil did not change since the previous week.

Korean 304 stainless coil traded sideways last week, hovering around KRW 4.2 million ($3,881) per metric ton. Prices for Korean 430 stainless steel coil remained constant, closing the week at KRW 2.6 million ($2,376) per metric ton. At $0.76 per pound, the Allegheny Ludlum 304 stainless surcharge remained essentially flat. The Allegheny Ludlum 316 stainless surcharge traded sideways last week, hovering around $1.01 per pound.

The Stainless MMI® collects and weights 14 global stainless steel and raw material price points to provide a unique view into stainless steel price trends. For more information on the Stainless MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

Nickel fell on the London Metal Exchange for a 5th straight month after data showed global output beat demand.

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The surplus narrowed to 3,000 metric tons in November from 13,000 tons the previous month, the International Nickel Study Group said in an e-mailed report Monday. HSBC Holdings Plc cut its price forecast for the metal by 11 percent, citing increasing ore supplies from the Philippines.

The spot price of nickel weakened by 1.5% on the LME, settling at $14,550 per metric ton. The nickel 3-month price saw a 1.5% decline on the LME to $14,625 per metric ton. The cash price of primary Indian nickel inched up 0.9% to INR 910.00 ($14.68) per kilogram.

“The market may be disappointed that it is taking so long to shift from surplus to deficit,” Nic Brown, head of commodity research at Natixis in London, told Bloomberg News by e-mail.

Nickel for delivery in three months fell 1.7 percent to $14,535 a ton by 3:45 p.m. on the London Metal Exchange, after climbing 3.3 percent in the previous two sessions.

Rising 2.5% to close at CNY 107,500 ($17,383) per metric ton, the price of Chinese primary nickel experienced the biggest change for Friday, January 16. Chinese 304 stainless steel scrap saw little change in its price last Friday at CNY 9,350 ($1,512) per metric ton. Chinese 316 stainless steel scrap held its value last Friday at CNY 12,950 ($2,094) per metric ton. The price of Chinese 304 stainless coil held steady at CNY 16,700 ($2,700) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 23,700 ($3,832) per metric ton.

* Get the complete prices every day on the MetalMiner IndX℠

At CNY 10,950 ($1,771) per metric ton, the price of Chinese ferro-chrome was essentially unchanged. The price of Chinese ferro-moly held steady at CNY 87,000 ($14,068) per metric ton.

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