22 April 2026 – Base metals briefly dipped at the start of the week before recovering ground as early as Tuesday, posting modest gains. EU stainless steel producers’ alloy surcharges for May 2026 are rising again across the dominant grades.
Base metals stabilise
After a brief pullback at the start of the week, base metals had already recovered by Tuesday. On Wednesday too, nickel, aluminium, and copper showed a positive tone – trading broadly sideways at the opening.
Nickel shows resilience
Particularly noteworthy: nickel gained around 1% in early LME trading. Since 15 April, the key stainless steel and battery raw material has been holding the $18,000/t mark – a signal of resilience in a volatile market environment.
EU alloy surcharges rise again
EU stainless steel producers have once again raised their alloy surcharges for May 2026. Increases across the dominant grades are tangible: grade 304 rises by 1.2%, grade 430 by as much as 3.3%.
The drivers are higher raw material prices for nickel and ferrochrome.
An aggravating factor is the persistently tight availability of stainless steel scrap in the EU – a structural, self-inflicted problem of the domestic producers’ own making.
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