20 February 2024 – Asian prices for stainless steel scrap jumped on Tuesday. In some cases by up to 4.7%. European foreign ministers agree on joint naval mission in the Red Sea. The most modern German air defense frigate has already arrived in Greece.
Asian stainless steel scrap prices jump by almost 4.7%
Stainless steel scrap prices in China jumped significantly today, Tuesday. Scrap from the 200 series is up by more than 3.5%, 304 scrap prices in the 300 series are up by more than 3% and 316L is up by almost 4.7%. Among other things, this is likely to be a reaction to the sharp rise in EU stainless steel scrap prices, which are currently trading at a high level.
Rising prices for 400 series stainless steel
Otherwise, the Asian nickel price moved sideways today and nickel on the LME also seems to be following developments in Asia. Stainless steel prices have also remained stable, although there have been some Chinese price increases, mainly in the 400 series.
EU foreign ministers agree on Red Sea naval mission
On Monday, the EU foreign ministers were able to agree on a joint naval mission to secure trade routes in the Red Sea against repeated attacks by Yemeni Houthi rebels.
The mission Aspides, the ancient Greek word for shield, will be led by the EU member state Greece and supported by France, Germany, Italy, Denmark and the Netherlands. Germany is participating in the mission with one of its most modern warships, the frigate Hessen, which specializes in air defence.
In doing so, the Europeans are joining the measures to secure the important trade routes through the Red Sea, which have so far been mainly supported by the United States and the United Kingdom.
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