6 Mai 2022 – Despite the fact that some publishers of market data had displayed incorrect LME closing prices and thus caused some unrest, nickel prices on the LME started the trading day stable. EC submits final proposal for autonomous tariff rate quotas. Chinese stainless steel producer loses appeal against European Commission. And European traders see steel prices remaining stable at a high level.
Nickel starts the trading day stable
Nickel on the London Metal Exchange (LME) had a stable start to trading today and currently stands at around $ 30,000 per tonne.
Commodity markets need reliable data
How dependent the market is on valid data was shown once again today after some publishers of market data had displayed incorrect closing prices for LME nickel on 5 May 2022.
And has also shown again how badly trust in the LME is still damaged after the nickel short squeeze debacle in March 2022.
Tip: Use more than one source
We can therefore only point out once again never to rely solely on one source as a basis for decision-making. And if there are inexplicable values in one direction or the other, be sure to assure yourself elsewhere that the available data are valid.
EC submits final proposal for Autonomous Tariff Rate Quotas
The EC has today published its final proposal for the biannual adjustment of the Autonomous Tariff Rate Quotas.
The European Union (EU) Autonomous Tariff Rate Quotas (TRQs) are designed to ensure that European industry has sufficient access to certain raw materials and goods that are not or not sufficiently available in the EU.
The Autonomous TRQs include raw materials, such as magnesium, for which EU industry is dependent on imports. There are also goods such as aluminium foil, which is currently the subject of an anti-dumping suspension on flat-rolled aluminium products from China.
Aluminium coil and sheet without own TRQ
With the final proposal to adjust the current autonomous TRQs for the next six months, the European Commission has actually already anticipated the outcome of the AD668 monitoring, as there are no aluminium coil and sheet products on the list. Aluminium foil, which is also part of the AD monitoring, has its own quota.
With regard to future demands for possible anti-dumping suspensions, this raises the question of whether these will be enforceable at all, since the Autonomous TRQs have been used by the EC to determine which raw materials and products are actually in short supply in the EU.
EU Anti-dumping: Chinese stainless steel producer loses case
A Chinese manufacturer of stainless steel pipes has suffered a defeat in the appeal proceedings before the European Court of Justice against the European Commission.
In the original proceedings, which had dragged on for more than 4 years, the plaintiff had requested a repeal of Commission Implementing Regulation (EU) 2018/330 of 5 March 2018 imposing a definitive anti-dumping duty on imports of certain seamless pipes and tubes of stainless steel originating in the People’s Republic of China.
The applicant and its lawyers had already failed in the main proceedings (2020) with their argumentation before the court.
Corrections provide more market confidence
Despite some swings in the metal markets, according to recent surveys, e.g. in Germany, Italy and the UK, traders expect only slight corrections in product prices. According to the respondents, the corrections will stabilise market confidence.
Chinese stainless steel prices remain stable
Chinese stainless steel spot prices also continued to be stable and on a rising trend today.
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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.
