9 May 2022 – Despite an expected drop in demand in Russia and Ukraine, the outlook for steel and stainless steel in 2022 remains positive and overall demand is expected to remain at last year’s level. Is the commodity market getting an alternative to nickel trading on the LME? Italian importer loses aluminium anti-dumping case.
Stainless Outlook: Overall demand to remain at previous year’s level
Global stainless steel prices continue to hold firm. Demand is high and especially in the United States, stainless steel producers cannot keep up with production.
Taiwanese stainless steel producers have raised alloy surcharges for the 316 series for the fourth month in a row. Overall, the outlook for Taiwanese stainless steel prices remains firm and stable in May.
In China, stainless steel spot prices not only ended last week stable, but also started the new week equally firm.
Ukraine and Russia
Despite an expected decline in demand in Russia and Ukraine in 2022, overall global demand for steel is expected to remain at the previous year’s level.
Another indication of this developments are the currently published figures of the major steel producers, especially stainless steel producers. The shares of these companies closed with substantial gains at the end of last week.
Alternatives to LME nickel?
According to market information, after the nickel debacle on the London Metal Exchange (LME), the first exploratory talks are now being held for possible new marketplaces. In particular, they want to address nickel traders and investors who have lost confidence in the LME.
Whether this can succeed remains to be seen. Many alternatives, especially those that do not belong significantly to the big international investment banks and financial service providers, are rare.
EU: Italian importer loses aluminium anti-dumping case
An Italian aluminium importer had sued the European Court of Justice in November 2021 against the European Union’s anti-dumping measure imposed on Chinese aluminium extrusions in March 2021, and their lawyers had asked for the measure to be lifted.
The court has now dismissed the action as inadmissible, as the applicant and its lawyers failed to prove that the applicant was individually affected by the regulation.
- Nickel stable at the start of the trading day
- Fed raises interest rates – markets and base metals react positively
- Hedge funds try to push down commodity prices
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.