27 May 2022 – Cold-rolled stainless steel consumption is expected to increase by more than 4% globally in 2022. Demand for stainless steel remains high worldwide, according to the ISSF’s latest forecast. Nickel demand is expected to increase by 9 to 12% for stainless steel alone. Some of the Asian base metals are rising significantly today. LME starts the trading day on a positive note. And German companies with positive business situation.
Global stainless steel demand continues to grow significantly
The current forecast of the International Stainless Steel Forum (ISSF) sees consumption for stainless steel continuing to grow significantly by 3.6% in 2022 and by 3.2% in 2023.
Cold-rolled stainless steel consumption to increase by more than 4% worldwide
Especially for cold rolled stainless steel products (SSCR), the ISSF sees a large growth potential of more than 4% in 2022.
Nickel demand increases strongly
The Russian group Nornickel is also convinced of this, currently predicting an increase in primary nickel consumption for stainless steel of 9 to 12%.
Base Metals in Asia mostly up
Some of the Asian base metals have risen strongly today. Nickel is up by up to 4%. Aluminium rises by 1.22%, copper by 1%. Stainless steel and HRC futures rise by up to 1.8%, iron ore by more than 4.4%, coke by 4%.
LME starts positively
The European base metals also start today’s trading session in positive territory. After nickel had already risen in price yesterday, it is currently also up by about 1.3%. Aluminium, copper and zinc are up between 0.6 and 1.1%.
German companies with positive business situation
According to a recent report by Deutsche Bank, many CFOs of large German companies see an overall positive business situation. Demand is robust and the passing on of higher costs has so far been largely unproblematic. A recession is not expected soon. Full order books and low inventories should continue to support production, according to the companies.
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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.
