25 July 2022 – Not only in Europe, but also internationally, steel producers are expecting rising demand and higher prices for Q3 2022. Good market sentiment and an increase in enquiries are reported. Nickel futures up in Asia. Commodity exchange does not want to ban Norilsk Nickel from trading yet.
Steel price rise expected
European steel producers expect a significant increase in steel prices in the coming weeks. According to sources, the price is expected to rise by 8 to 10%.
Market in positive mood
Overall, the mood in the European market is clearly more positive. Stable or rising prices and good demand determine the reports. Steel bar prices, especially in Poland, are also rising, in some cases significantly.
Further increase in demand expected for late summer
Internationally, steel producers also expect a significant increase in demand in late summer 2022.
“Destocking has taken place at the user level and purchases have slowed down. Restocking will start from this quarter. Already, enquiries have increased,” manufacturers report.
SHFE nickel up, LME with small setback?
Nickel futures on the SHFE rose by more than 2% in some cases on Monday. The rise in recent days is generally attributed to a significant increase in demand for nickel products in Asia.
LME does not want to ban Norilsk Nickel for the time being
The slight nickel setback at the start of Monday’s trading can probably be explained by the statement of the London Metal Exchange (LME) on Friday. The LME had announced that it would constantly re-evaluate the sanctions against Russia due to the war in Ukraine, but that it would not see any reason to ban Norilsk Nickel products from the trading centre at the moment.
However, should the sanctions change, the LME would of course have to react according to the new situation. Currently, only the owner of Norilsk Nickel, Vladimir Potanin, is subject to Western sanctions, but not his company.
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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.
