25 October 2024 – Asian bauxite prices have risen again this week. There seems to be no end in sight to the price rally for the essential aluminium raw material. German Finance Minister Christian Lindner (FDP) is on a confrontational course with the German Chancellor. And Steel crisis in focus at EP Plenary debate: Who suffers most from these statements?
Asian bauxite prices continue to rise
Even though aluminium prices on the SHFE and LME have fallen slightly today, there is little room for downward movement due to the high cost of raw materials.
This is impressively demonstrated by the Chinese prices for imported bauxite, which have risen again this week and are now at a record 70 USD/MT CIF, an increase of more than 17% since the beginning of the year.
Australian bauxite prices up by 40% since 2022
There seems to be no end in sight to the bauxite price increase, particularly for the important bauxite suppliers Australia, Malaysia and Guinea. Australian bauxite is also particularly noteworthy here – its price has risen by around 40% since 2022.
German Finance Minister sets course for confrontation with the Federal Chancellor
German Finance Minister Christian Lindner (FDP) and FDP parliamentary group leader Christian Dürr have announced a German economic summit in the Reichstag next Tuesday and, in contrast to the planned industry summit organised by Federal Chancellor Olaf Scholz, have invited the entire spectrum of the German economy to attend.
The FDP’s focus: the business organisations that the Chancellor had ‘forgotten’ to invite to his industry summit: Employers (BDA), SMEs (DIHK), skilled trades (ZDH) and family businesses.
Scholz continues to reject demand for strong leadership
Just recently, Olaf Scholz said on German television how dissatisfied he currently is and thinks ‘it’s not good at all that things are going like this’. However, the Chancellor continues to reject boss behaviour or stricter leadership of his coalition – even though he is repeatedly called upon to do so. However, Scholz admits that it is tedious: ‘From my point of view, it is sometimes very difficult to get through all the disputes and do everything possible to achieve good results.’
Economics Minister calls for a debt-financed investment and infrastructure fund
At the same time, before leaving for India, Robert Habeck (The Greens), Scholz’s Minister of Economic Affairs, fires an unannounced broadside against the SPD and FDP and proposes a debt-financed investment and infrastructure fund – knowing full well that he will hit a brick wall with the FDP in particular. Habeck is also in dire straits after several of his economic flagship projects have already failed or are on the brink of collapse.
Thorsten Gerber, CEO of the Gerber Group, said today: ‘Mr Scholz, why don’t you finally ask the question of confidence? Your government will not achieve any more results in the short time it has left or please leave the chancellorship to your finance minister!’
Editor’s note: We would like to apologise to any of our readers who did not feel they were covered by our political topics this week, as it was time for us to take a clear stance here.
Steel crisis in focus at EP Plenary debate: Who suffers most from these statements?
We followed with great interest the debate ‘Tackling the steel crisis: boosting competitive and sustainable European steel and maintaining quality jobs’ in the EU Parliament on 23 October 2024.
We were struck by the statements made by some Members of the European Parliament, which we cannot leave uncommented – as they often seem to come directly from the PR machine and the whispers of the European steel lobby.
We have enclosed a selection of the most frequent statements and have of course also tried to improve the obviously prevailing data and information situation for you.
You are welcome to read more about this topic in our latest Stainless Cappuccino: Steel crisis in focus at EP Plenary debate: Who suffers most from these statements?
Latest news
- How the German Chancellor wilfully ignores the SME sector
- LME aluminium inventories down 33%
- Rising stainless steel prices expected in Taiwan
We at the Gerber Group have been trading in stainless steel worldwide for over 20 years. We are your experts when it comes to purchasing, import, logistics and services. Information is a vital part of this. Because only then can you and we make the right decisions. Do you have any questions? Contact us now.
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.
