11 October 2024 – German crude steel production has increased significantly in 2024 and could even reach the 2019 level – an important positive impulse for the German and European economy. And Asian nickel and NPI prices rose again today, Friday.
Asian nickel and NPI prices rose on Friday
Nickel prices on the Asian SHFE rose again today, Friday. The SHFE NI2410 contract rose by more than 3.6% and the SHFE NI2411 by almost 1.6%. Nickel pig iron prices also rose on Friday. Indonesian and Chinese NPI prices rose by between 1.2 and 1.5%.
Nickel prices on the European LME were also favourable at the start of trading and were already up by more than 0.8%.
German crude steel production up significantly
Even though the German Steel Federation (WV Stahl), the association of German steel manufacturers, is making every effort to downplay the significant increase in crude steel production in 2024, we are pleased to see that other media outlets have now recognised and picked up on this, which otherwise tend to sing the song of the European mills.
As we have already emphasised on several occasions, the production data from German steel mills is much better than their public relations work would have us believe.
Crude steel production in Germany could reach 2019 levels again
Based on the data published to date by WV Stahl, crude steel production in Germany is expected to grow by up to 8% in 2024 compared to the previous year. Growth rates of 7 – 8% are also expected in the rolled steel sector. With this production volume, steel mills in Germany are almost back to the level of 2019.
In the years 2021 to 2023, European steel mills were already able to post record sales of more than 230 billion euros despite a decline in crude steel production. (Source: EUROSTAT)
Important signals for the German economy
This strong increase in such a market-sensitive industry is clearly a positive sign for the European economy. It would be desirable if neither steel manufacturers nor the steel-consuming industry were to talk these important impulses out of existence.
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