The week starts with subdued metals on the spot markets. Malaysia extends the lockdown again. While Australia reports records in iron ore exports, India is running out of ore – and is discussing an export ban on steel. And the European Commission officially confirms Safeguard extension for 3 years.
Metals on the spot markets restrained – stainless steel started positively
The metals on the spot markets have started the week rather restrained. But the stainless steel values show up with positive trends.
Iron ores: record exports but scarce availability
While commodity exports in Australia are growing significantly and export revenues from the sale of iron ore are expected to increase by 45% to approximately $113 billion in 2021, raw materials are running out elsewhere.
China reports the lowest port inventories of iron ores in 8 months. And in India, major manufacturers from the steel and iron industry are currently reporting shortages of this important raw material.
Source: newindianexpress.com, newindianexpress.com
Malaysia lockdown extension
The Malaysian government has announced that it will extend the Covid19-related lockdown beyond 28 June 2021.
Indian associations call for export ban on steel
As already reported yesterday, there are calls in India to impose an export ban on certain product groups, including steel, pig iron, cement, aluminium and copper. The background to this is the sharp rise in prices, which threaten the existence of small and medium-sized enterprises in India in particular. Already a considerable number of associations and associations are calling on the Indian government to take action on commodity prices.
Among other things, China and Russia have already reacted to the sharp rise in raw material prices and tried to keep dedicated metal products on the domestic markets with taxes and tariffs.
EU officially extends safeguard measures by 3 years
The European Commission has officially extended the existing safeguard measures on various steel products by 3 years as of 1 July 2021. Of course, we will continue to keep you informed in this regard.
- Stainless Espresso: Is the steel export ban also coming in India?
- Stainless Espresso: Russian export tax on metals confirmed
- Stainless Espresso: US steelmakers with 164 days of maintenance work
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