24 March 2023 – Nickel prices on the SHFE jumped today, Friday, in some cases by more than 4%. LME is following suit. Stainless steel buyers must now be quick. Market prices and raw material mix show that new price bottom for stainless steel has been reached.
23 March 2023 – Things are not going well for Indian steel at the moment. It would like to have a free trade agreement with the EU, but the Carbon Border Tax CBAM could make Indian steel up to 35% more expensive to import into the EU. Trafigura CEO warns that LME nickel benchmark does not reflect reality and calls for reforms. And is the reintroduction of EU base prices for stainless steel on the horizon?
22 March 2023 – Another financial services provider sees a possible supercycle for commodities coming due to major shifts in capital flows. LME chaos is getting more and more confusing: Does everyone have a hand in it now? What will happen tomorrow? And China’s container ports: recovery on the horizon?
21 March 2023 – The markets have reacted calmly to the rescue of Credit Suisse. But the pressure that short-sellers have exerted on the market in the meantime is likely to have given them millions in profits. “Pockets of rocks” – now it seems to have hit the US financial services provider JPMorgan Chase in the case surrounding falsely declared nickel in an LME warehouse in Rotterdam. Is there more dirt hiding in the LME’s global warehouse network? And supertanker freight rates jump to over $100,000 per day – the Chinese economic engine is hungry for crude.
20 March 2023 – The commodity exchange LME does not come to rest. After several tons of material, which had been declared as nickel in a European LME certified warehouse, turned out to be simple stones, this again shakes confidence in the system of the London commodity exchange. US real estate financing becomes cheaper. After announced Swiss major bank merger markets remain calm and move sideways at the start of the week.
16 March 2023 – Benchmark prices for EU ferrochrome are rising significantly. The key stainless steel raw material increases in price by more than 15% for Q2 2023. Key chrome suppliers and producers facing problems. Rating agency raises outlook for metals and mining sector to stable. And US steelmakers can’t meet demand.
14 March 2023 – Chinese consumption is steadily increasing. In February, the granting of short-term consumer loans in China rose by more than 250%. This is likely to have already reached the local economy and to continue to increase. EU committee presents figures for raw material requirements for the energy turnaround – almost half a billion tonnes of special and stainless steels are needed to build 700,000 onshore wind turbines alone.
13 March 2023 – EU steel producers, led by a major German group, have made no really progress in decarbonising their blast furnaces since 2005. And now everything is supposed to get better? A critical look at green symbols. Canada wants to ban Russian steel and aluminium imports. And does Indonesia have a problem with nickel ore mining?
17 March 2023 – The European Commission presented its revised Critical Raw Materials Regulation on Thursday. At first glance, ferrous scrap does not appear to have made it onto the list – a setback for the EU steelmakers’ demand. Scrap markets trend higher due to tight availability in March 2023. And markets show positive after ECB interest rate decision. More rating agency raises metals and mining outlook.
16 March 2023 – Benchmark prices for EU ferrochrome are rising significantly. The key stainless steel raw material increases in price by more than 15% for Q2 2023. Key chrome suppliers and producers facing problems. Rating agency raises outlook for metals and mining sector to stable. And US steelmakers can’t meet demand.
15 March 2023 – After the merger of two Indian stainless steel companies, they seem to be urgently looking for fresh capital to refinance their debts. Has the company’s marriage brought bigger problems into the house? Indonesia is threatening nickel miners with the withdrawal of their mining licences. And Asian stock markets react positively to rising US bank shares.
14 March 2023 – Chinese consumption is steadily increasing. In February, the granting of short-term consumer loans in China rose by more than 250%. This is likely to have already reached the local economy and to continue to increase. EU committee presents figures for raw material requirements for the energy turnaround – almost half a billion tonnes of special and stainless steels are needed to build 700,000 onshore wind turbines alone.
13 March 2023 – EU steel producers, led by a major German group, have made no really progress in decarbonising their blast furnaces since 2005. And now everything is supposed to get better? A critical look at green symbols. Canada wants to ban Russian steel and aluminium imports. And does Indonesia have a problem with nickel ore mining?
10 March 2023 – A major German aluminium smelter reports it will begin the shutdown process due to high electricity costs. And good news from Germany. Rising exports, growing orders and high demand for heat pumps – good outlook for stainless steel.
9 March 2023 – The calls for a reliable trading place for nickel are getting louder after a year of nickel fiasco. US stainless steel producer raises base prices. And the EU’s plan to have its critical raw materials mined and refined in Europe could be “critical” to implement because of the prevailing conditions.
8 March 2023 – Is thyssenkrupp steel really becoming greener and cleaner? That’s a good question, since press releases spread a lot of self-praise and like to distract from important things with linguistic quibbles. The United States announces the results of anti-dumping investigations. And Taiwan is to get its own carbon border tax by 2024.
7 March 2023 – The LME cannot get out of its crisis of confidence. After the British regulator is seeking legal action against the LME, it has now also become known that a group of ten hedge funds has sued the commodity exchange for damages. Demand for steel and stainless steel from the automotive industry is rising sharply. And are EU stainless steel producers facing a growing problem with scrap supplies?
6 March 2023 – The introduction of the EU Carbon Border Tax CBAM is planned for October 2023. But nothing seems to be ready yet. Not even a final regulation has been decided yet, or a generally applicable calculation key for the calculation of CO2 emissions. FCA investigates LME nickel decision from March 2022 with an enforcement investigation. And will the EU anti-circumvention investigation on stainless steel from Indonesia via Turkey be a slap in the face for EU stainless steel producers?
3 March 2023 – The European Commission (EC) has today, 3 March 2023, published the findings of the anti-circumvention investigation R777 against stainless steel from Malaysia. The investigation concludes that circumvention of the definitive anti-dumping duty imposed on imports of certain stainless steel tube or pipe fittings, whether or not finished, originating in the People’s Republic of China has taken place via Malaysia in relation to Implementing Regulation (EU) 2017/141.
3 March 2023 – The steel shortage in the United States is now exacerbated by outages at several steelmakers. US Congressional Steel Caucus calls for strong market protections. End to Green Steel subsidies demanded: The European Commission must impose tougher conditions on EU subsidies for Green Steel and demand the conversion to CO2-neutral steel production of foreign holdings of EU steel companies.
2 March 2023 – The latest Chinese economic data are surprisingly good. This is causing demand and prices to rise. Especially for raw materials for steel and the corresponding demand, the market is very optimistic. Hydrogen in the EU only for industry? Why is the German Federal Ministry of Economics still planning to do so? EU Parliament against the use of hydrogen for end consumers. Industry should have preference.
1 March 2023 – The new US Section 232 duties of 200% affect not only primary aluminium, but also intermediate and end products made with Russian aluminium. When can nickel still be mined economically? And Chinese stainless steel rolling mills have to stop production due to a lack of primary materials.