7 September 2022 – The spot prices for some grades of stainless steel continued to rise in China today. And according to media reports, Western imports of Russian metals have risen by more than 70% in some cases since the outbreak of the Ukraine war – despite sanctions. Especially for raw aluminium.
Asian spot prices for stainless steel continue to rise
Today, spot prices for stainless steel rose again in China. Some grades are up by more than 2.4%. Stainless steel scrap prices also continue to rise. Stainless steel futures on the SHFE are also up about 0.8% today.
70% more Russian commodity imports since the outbreak of the Ukraine conflict?
Western imports of Russian commodities, especially nickel and aluminium, have increased by more than 70% since the outbreak of the Ukraine war, according to a recent Reuters report.
Europe imported most aluminium
An indication of how difficult it is for the West to enforce or implement sanctions against Russia. European aluminium producers in particular still imported large quantities of raw aluminium in the period from March to June 2022, according to the Reuters report. Western nickel imports peaked at more than 70% year-on-year, depending on the recipient country.
This makes the announcements of some EU aluminium producers seem strange when they claim that they would not or did not want to import any more Russian aluminium.
- Fire at major South Korean stainless steel mill
- Nickel race in China
- EU unhappy about South African scrap export ban
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