After falling by almost 2.5% on Monday, nickel is already picking up again today (Tuesday), gaining almost $200 per ton on the LME. And in a webinar of the Turkish Steel Exporters Association (ÇIB), the European Commission was urged to end the Safeguard measures on steel products.
Commodities: Nickel stable again
On Monday, May 10, 2021, nickel had declined, as widely reported, on profit-taking, along with other base metals.
Currently (May 11, 2021, London, 9 a.m., GMT+1), nickel is stable and has already caught back up. The nickel is quoted on the LME at about $17890 per ton. And on the Shanghai Futures Exchange at $20300 per ton. Copper and lead are also on the rise again.
Turkey: European Commission (EC) should not extend Safeguard
Speakers told a Turkish Steel Exporters Union (ÇIB) webinar on May 6, 2021, that the European Commission (EC) should better not extend the existing safeguard tariffs on steel imports. This would only lead to a worsening of the shortage of steel and stainless steel. And make steel product prices even more expensive.
A speaker referred to the Section 232 tariffs in the United States, which have led to an extreme increase in steel prices. Currently, the U.S. is one of the countries with the highest steel prices in the world.
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