4 November 2022 – According to media reports, prices for stainless steel products originating in the EU have risen again. Rising prices are reported from Italy in particular, but also from France and Spain. Strong ferrochrome demand expected for November and December. And nickel stocks on the LME have continued to fall.
Ferrochrome demand for stainless steel remains high
Asian demand for ferrochrome was high in October, according to media reports. Chrome ore prices rose accordingly. For November and December, analysts also see strong demand for ferrochrome products, which will keep supply tight.
Ferrochrome prices strengthened by the end of the year?
Thus, further media reports concur with our current opinion that, especially in view of the strikes in South Africa, and the strong demand from Asia, the tight availability of chrome ore and ferrochrome will continue in November and should support ferrochrome prices until the end of the year.
Nickel inventories fall further
After falling by around 6% on the LME yesterday, the nickel price has already started trading positively again today (+2.5%). Nickel futures on the SHFE were resilient today.
Nickel price approx. 7% higher than in October
Compared to the previous month (MoM), nickel continues to show a clear upward trend and has already gained almost 7% compared to the previous month. The historically low LME nickel inventories also continue to fall and are currently almost 2% lower than last month.
Italian stainless steel tube producer raises prices
A major Italian producer of stainless steel tubes has raised prices between $200 to $300 per tonne, depending on the use, grade and thickness, according to market information. And price increases for stainless steel products are also reported from other regions, e.g. France and Spain. The background here is high production and raw material costs.
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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.
