11 May 2022 – After the corrections on the commodity markets in the last few days, prices in Asia have in some cases risen significantly again today. Nickel, aluminium, iron ore, hot-rolled coil and coke prices up. Unimpressed by the market: Asian stainless steel prices remain firm and on an upward trend.
Nickel with gains
After prices had softened somewhat in recent days, Asian nickel futures made significant gains in today’s trading, up as much as 4.5%. In particular, the continuing shortage of nickel is seen as the main reason for the price increases. Prices in the spot market are also rising by up to 2%.
Aluminium prices up
After hedge funds had slightly depressed aluminium prices at the beginning of the week, they regained their footing on Wednesday and received support from the Chinese market. Demand for aluminium in China is currently picking up again, which should continue to support prices. Aluminium futures in China rose by up to 2.7% in some cases today. Aluminium prices on the LME also started trading with price increases of up to 1.4%.
Metals strong overall
Asian futures showed their strong side today. Some iron ore (+5.3%), hot-rolled coil (+1.94%) and coke (+2.29%) futures are up significantly.
Stainless steel unimpressed
Stainless steel prices in China – on the SHFE and especially on the Chinese spot market – were unimpressed by the corrections in the base metals in recent days. They continue to remain at a high level and are trending upwards by about 2% in the futures.
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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.