30 September 2022 – The possible ban on Russian raw materials from the LME warehouses caused the prices of aluminium and nickel in particular to jump yesterday. Has someone leaked out here that was actually only intended for the insider circle of large investors? Possible EU sanctions against Russian steel slabs show once again how important it is to keep an eye on supply chains. And we draw a short summary of Stainless Steel World 2022 and say thank you!
Nickel and aluminium: Possible ban on Russian raw materials drives up prices
Yesterday, the official nickel price on the LME jumped by almost 7.9%. And aluminium also went up by about 8.7%. Both price jumps seem to have been triggered by rumours that the London Metal Exchange is considering banning Russian commodities from its trading floors.
LME tries to appease
The LME is now attempting to dispel this rumour, which seems to contain a kernel of truth, by publishing that the LME has not yet made a decision and is currently discussing a discussion paper on the subject.
Does the insider circle of major investors already know more?
After the nickel scandal in March 2022, the legitimate question arises whether there is more to the alleged rumour and whether the LME insider circle of major investors already knows more than the rest of the market. And something has leaked out here that they would have liked to keep under wraps in London.
Taiwanese stainless steel producers raise prices
Taiwanese stainless steel producers have announced rising prices for October 2022. According to their own statements, this is a reaction to higher raw material costs. This means that Taiwanese producers are also moving with the global market trend.
EC wants to introduce sanctions on Russian steel slabs
Further shortages on the general steel market are likely to be caused by the fact that the European Commission, in its latest proposal for sanctions against Russia, now also wants to impose an import ban on steel slabs. Much to the displeasure of many European reelers who continue to import slabs from Russia despite existing sanctions on Russian steel imports. [https://ec.europa.eu/commission/presscorner/detail/en/statement_22_5856]
Always keep supply chains up to date
This underlines once again our position that one must always keep one’s supply chain up to date. And it is precisely for these reasons that we monitor this for our customers in order to be able to offer alternatives at short notice.
Stainless Steel World 2022: THANK YOU!
A big thank you to all visitors of Stainless Steel World 2022 in Maastricht from 27 to 29 September. We were delighted with every visitor we had the pleasure of welcoming personally to our stand. Our résumé lets us look forward positively to the coming months.
“This was the best trade fair I have ever experienced,” said Thorsten Gerber, CEO of the Gerber Group, after the last visitor had left the stand on Thursday.
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We at the Gerber Group have been trading in stainless steel worldwide for over 20 years. We are your experts when it comes to purchasing, import, logistics and services. Information is a vital part of this. Because only then can you and we make the right decisions. Do you have any questions? Contact us now.
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.
