5 August 2024 – Despite what we see as a consolidation of the stock markets, nickel pig iron (NPI), an important raw material for stainless steel production, is robust and continues to show a clear upward trend. And the EU CBAM authority is once again proving unwilling to reduce unnecessary bureaucracy and relieve the burden on small and medium-sized companies in the EU in particular.
NPI prices continue to rise due to robust demand
Despite what we see as a consolidation on the stock markets, nickel pig iron (NPI), an important raw material for stainless steel production, is proving robust and showing a clear upward trend. According to market sources, there has been strong demand for NPI from downstream stainless steel mills and traders in the run-up to the months of September and October, which are considered the peak season.
After nickel pig iron prices in Indonesia had already risen by more than 3% last week, high-grade NPI prices also continued to rise in China today, Monday. The trend, which has been ongoing since the beginning of July, has now led to an increase of more than 4% in China.
EU CBAM: No sign of the promised bureaucracy reduction so far
The new old EU Commission President Ursula von der Leyen had promised to cut red tape. With the Directorate-General for Taxation and Customs Union (DG TAXUD) responsible for CBAM, it has now become clear that these were most likely just empty election promises.
EU CBAM authority is uncompromising
As the Austrian Federal Ministry of Finance and the German Emissions Trading Authority (DEHSt) recently announced, DG TAXUD is uncompromisingly enforcing the obligation to report real data in the CBAM declaration, which will apply from 1 July 2024.
Unbureaucratic solutions not welcome in Brussels
The demands for an unbureaucratic solution, especially for small and medium-sized companies, and the associated possibility of being able to report CO2 emissions on import using the standard values already published by the Commission, have thus been clearly rejected by those responsible at CBAM. This is the first urgent signal for the European Parliament to remind the Commission of the promises it has made and to enforce them.
Latest news
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