10 October 2022 – The Indian government’s steel export tax is set to remain in place until 2023 and will only be reassessed in the upcoming budget. Asian nickel premiums rose sharply on Monday. And Germany is waiting for the gas price cap. Significant relief for citizens and businesses expected.
Indian steel export tax: No end in sight soon
According to Indian government circles, the Indian export tax on steel and stainless steel products of 15% will remain in place beyond 2022 and will be evaluated and assessed with the new Indian budget for 2023 at the earliest. The Indian government wants to monitor the metal market over a longer period of time before taking a decision on a possible removal or continuation of the steel export tax.
Will tax on flat rolled products stay longer?
According to Indian experts, the tax could be lifted only gradually. Moreover, they currently assume that flat-rolled steel and stainless steel products in particular could be affected for an even longer period of time.
Asian nickel premiums rise due to scarce availability
Pure nickel premiums in China jumped between 21.7% and almost 200% today (Monday), depending on the origin of the material. According to market information, traders’ stocks are currently very low and the important Jinchuan nickel is in extremely short supply.
Germany: Gas price cap to be presented
Today, Monday, the German government’s expert commission will present its plan for the planned gas price cap. There will be an official press conference at around 10.30 a.m. CEST.
The gas price cap is the core element of the German government’s €200 billion plan to ease the burden on citizens and businesses. This should bring more clarity and certainty to the German economy’s planning for the coming winter months today.
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