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Fire at major South Korean stainless steel mill
Fire at major South Korean stainless steel mill

6 September 2022 – Fires have broken out at a major stainless steel manufacturer in Pohang, South Korea, due to Typhoon Hinnamnor – extent of damage so far unknown. Stainless steel prices rise – Chinese manufacturers already stocking up extensively with nickel pig iron. EU steel producers shut down further blast furnaces.

Fire at major South Korean stainless steel mill

Fires have apparently broken out in a hot-rolling and stainless steel plant belonging to the South Korean stainless steel producer Posco as a result of the severe typhoon Hinnamnor. The fires at the steel plant in Pohang, North Gyeongsang could be controlled in the meantime and extinguished according to Korean media. According to the company, there were no injuries, but the damage cannot yet be estimated, partly due to the ongoing typhoon.

Stainless steel prices pick up

Asian nickel prices continued to rise today. For individual nickel contracts it goes at the SHFE up-to-date by more than 5.6% upward. In addition, the markets are reporting that pure nickel is currently in short supply and Chinese stainless steel producers are buying large quantities of nickel pig iron. This has already taken an impact on stainless steel prices. Stainless steel futures are up about 4.2% and Chinese spot market prices are up more than 3% in some cases.

European steel producers shut down further mills

Reports from Europe indicate that in particular the world’s second largest steel producer, ArcelorMittal, has announced plans to shut down further blast furnaces. Blast furnaces at the German plants in Bremen and Hamburg (partially), Germany In addition, Arcelor Mittal is said to be considering shutting down the Ukrainian blast furnace in Kryvyi Rih. According to the Group, this is due to high energy costs.

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