7 March 2022 – Already on the spot markets and the SHFE, Chinese stainless steel prices have risen significantly on Monday by almost 8% and more than 10% respectively. Nickel is also up 12% on the Shanghai futures market. Immediately available nickel is up at least 10%, depending on the category. LME nickel and aluminium jump to new highs at the start of trading. Nickel up more than 25% and aluminium to over $4,000 per tonne.
Almost 8% up: Chinese stainless steel prices pull away
Chinese stainless steel spot prices shot up almost 8% today (Monday). SHFE stainless steel futures are also up nearly 10%.
Sanctions: LME nickel surges by more than 27%
Due to the extraordinary sanctions against Russia because of the Ukraine conflict, nickel prices for the LME select Nickel 3 Month have already risen by more than 27% today. This puts nickel at more than $37,000 per tonne. At the start of trading, Nickel c1 on the London Metal Exchange is up almost 26% and stands at around $37,800 per tonne.
Aluminium surpasses $4,000 per tonne
Aluminium prices on the LME this morning jumped above the $4,000 per tonne mark we had forecast. Again, the economic isolation of Russia can be cited as the main reason. The country is considered an important supplier of primary and secondary aluminium.
Important European economic calendar events
Monday – 7 March 2022: Germany: Industrial new orders should have risen robustly in January. The positive data is likely to keep the market stable despite the Ukraine crisis.
Tuesday – 8 March 2022: Industrial production in January should have recovered after a slight setback in the previous month.
Thursday – 10 March 2022: Interest rate decision by the European Central Bank. Interest rate moves are not expected. The ECB’s monetary policy tightening plans are currently likely to be delayed even further. “Dovish” tones from central bank chief Christine Lagarde could reduce nervousness in the corporate bond market.
- Chinese steel and stainless steel prices increase significantly
- Nickel and aluminium prices race away
- Slump in Russian raw material deliveries
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.