4 Oktober 2022 – Prices for stainless steel are rising worldwide at the beginning of October. Taiwan reports price increases of more than 10% in some cases. European energy surcharges jump by more than 33%. Availability of nickel ore likely to decline due to onset of rainy season in key producing countries. And nickel on the LME with price jump at the start of trading.
Stainless steel scrap prices rise
Prices for stainless steel scrap have risen significantly again at the beginning of October. Depending on the grade and region, they are rising by up to 9%.
Taiwanese stainless steel producers raise prices
As already announced last week, Taiwanese stainless steel producers have now raised their prices significantly. In some cases, manufacturers are raising their prices for October by more than 10%.
EU stainless steel price screw tightens
But not only in Taiwan, but also in the European Union (EU), manufacturers have tightened the price screws. European energy surcharges in particular are rising steeply in some cases.
After a large manufacturer raised its energy surcharge by almost 28% last week, the next one is already increasing its surcharge by more than 33% for October.
Chinese mills stock up at NPI
According to statistical data from Asia, Chinese stainless steel mills are currently stocking up heavily on nickel pig iron (NPI), which has boosted raw material prices.
Nickel ore prices up 9% since early September
At the same time, the rainy season has begun in important nickel-producing countries, such as the Philippines and Indonesia. Prices for NPI and nickel ore had already climbed between 5.5 and 9% in recent weeks.
Rainy season reduces mining output
Experience shows that the rainy season significantly reduces the mining of nickel ores. This year, significantly more rain is also expected in key producing countries as two weather phenomena, La Nina and the Indian Ocean Dipole (IOD), are expected to occur at the same time.
Nickel price peak at +4.25%
The nickel futures on the European LME already had a first intense swing of about 4.25% upwards shortly after the start of trading on Tuesday morning.
We are therefore surprised by opinions that assume sideways movements or price declines. Considering the overall picture, we think this is wishful thinking.
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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.