18 February 2022 – Steel prices in Asia continue to rise sharply for March. Many steel traders and consumers urgently need to restock empty warehouses. Base metal futures continue to rise on the SHFE and LME. Nickel in particular continues to be in strong demand.
Broad steel price increases in Asia for March 2022
Many steel producers in Asia have already announced price increases for March 2022. One example is the Taiwanese producer China Steel, where prices are expected to rise by up to 2.5% on average. Increased input costs, but especially the high demand after the Chinese New Year and empty stocks at traders and consumers are causing prices to rise.
Base metals continue to rise
The six base metals nickel, aluminium, copper, lead, zinc and tin closed higher on the SHFE. Most other ferrous and non-ferrous commodity futures on China’s SHFE are also rallying as inventories continue to fall. In particular, prices for nickel (SHFE ni2203), which is becoming increasingly scarce, rose again by more than 2.7%.
LME nickel, aluminium, copper and zinc continue to rise
Nickel, aluminium, copper and zinc continued to rise at the start of trading on the LME today. Here, too, tight availability, political tensions and rising energy costs are driving prices. Nickel is up more than 3% at the start of trading. Aluminium is up by more than 1.1%, copper is back above the $10,000 per tonne mark with a slight increase of 1% and zinc is up by just under 1.8%.
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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.