Spot price of nickel chloride on April 1, 2020

[7.16 Morning Meeting Minutes] US June CPI rose 3.5% YoY, compared to the expected 3.8% increase and the previous 4.2% rise. US June CPI fell 0.4% MoM, versus the expected 0.1% decline and the previous 0.5% increase. After the release of US June CPI data, traders pushed back their expectations for US Fed interest rate hikes to October. The most-traded SHFE nickel 2609 contract drifted lower in morning trading, closing down 0.43% at 128,870 yuan/mt at the end of the morning session. US inflation cooled significantly in June, with the unadjusted core CPI rising 2.6% YoY, below the expected 2.8% and the previous 2.9%. The cooling inflation further pushed back market expectations for US Fed rate hikes, and the US dollar extended its decline. In the short term, nickel prices may see a rebound, with the most-traded SHFE nickel contract price range between 127,000-133,000 yuan/mt.

A written parliamentary question posed to the European Commission asked: "What monetisable compensation does the Commission envisage for downstream producers whose embedded costs originate upstream, and who do not qualify for the decarbonisation fund?" Commissioner Hoekstra's July 14 response offered no direct answer, pointing instead to the Temporary Decarbonisation Fund — designed primarily for large EU ETS installations — with a vague note that it "may also decrease associated downstream costs," with no obligation, guarantee, or figure attached. Critics note that large integrated steelmakers benefit from multiple layers of protection including tariffs, quotas, free ETS allowances, and decarbonisation funding, while import-dependent SMEs and downstream processors face rising procurement costs, CBAM obligations, quota cuts exceeding 45%, and heavy administrative burdens — with no cumulative impact assessment ever published by the Commission. Meanwhile, steel import quota data remains poorly updated, with the Commission confirming it will update TRQs only once daily with no real-time data, and declining to recognize the "Total awaiting allocation" figure as legally binding.

Finland-based stainless steel producer Outokumpu has awarded Primetals Technologies an order to upgrade a ladle treatment stand at its Calvert, Alabama plant to a 180mt twin ladle furnace, with startup scheduled for March 2028. Replacing equipment commissioned in 2012, the new furnace will provide electrical heating following the AOD converter, improving temperature control, process flexibility, and productivity while reducing energy consumption and carbon footprint, utilizing the existing plant layout and foundations. The scope covers mechanical and electrical equipment, automated argon lancing, hydraulic systems, Level 1 automation, and the Primetals Melt Expert electrode control system. Outokumpu's Calvert facility currently melts up to 100% stainless steel scrap in a 160mt electric arc furnace before processing in a 180mt AOD converter, with two ladle treatment stands and a single-strand slab caster.