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The Latest Stainless Espresso

EU CBAM: Will Indian steel become up to 35% more expensive? – Stainless Espresso

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?

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What Moves The Market

Short sellers cash in, markets ignore banks crisis – Stainless Espresso

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.

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Commodity exchange stores stones instead of nickel – Stainless Espresso

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.

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Last Week Most Read

China: Consumption clearly on the rise – Stainless Espresso

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.

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Focus On

What was going on so far in 2023

Ferrous scrap not a critical raw material in the EU after all? – Stainless Espresso

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.

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China: Consumption clearly on the rise – Stainless Espresso

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.

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Is thyssenkrupp steel really becoming greener? – Stainless Espresso

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.

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Nickel: Commodity exchange can’t get out of crisis of confidence – Stainless Espresso

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?

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EU CBAM: Nothing ready yet – Can CBAM even start in 2023?

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?

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Breaking News: Result of EU Anti-circumvention Investigation against Stainless Steel Products from Malaysia Published

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.

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US steel shortage grows, End to EU Green Steel subsidies – Stainless Espresso

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.

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Good economic data from China – Stainless Espresso

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.

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