1 November 2023 – Kazakhstan has extended its scrap export ban again and now also includes stainless steel scrap in an export ban. India sees its scrap supply at risk. And what is the nickel doing?
Kazakhstan extends export ban on scrap – includes stainless steel scrap
Kazakhstan has extended its scrap export ban by another six months. The extension will come into effect on 7 November 2023 and is expected to last at least 6 months. The renewed extension of the scrap export ban now explicitly includes stainless steel scrap in addition to copper, aluminium, lead and ferrous waste and scrap.
India faces major problems with stainless steel scrap supply
Indian stainless steel producers see major problems ahead in the supply of stainless steel scrap if the expansion of production and the expected increase in demand goes ahead as planned. The main concern is seen to be the growing protectionism in scrap that many countries, such as the United Arab Emirates and Kazakhstan, have already introduced or are trying to enforce, like the European Union, on exports of the important raw material.
What is nickel actually doing?
After a possible surplus in nickel production had recently put pressure on the prices of the EV raw material, this should have only minimal to no effect on stainless steel prices. Especially in the European Union and the United States, but also in India and other Asian countries, more and more stainless steel scrap is needed.
In the European Union alone, the scrap share of EAF stainless steel producers in the hot-rolled and cold-rolled coil and sheet sector is more than 90%, in some cases even more than 98%.
More competition in the scrap market
The scrap protectionism in many countries and the already scarce availability should not only ensure more competition on the scrap market, but also support stainless steel prices.
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