8 July 2024 – A major Southeast Asian stainless steel manufacturer has announced price increases. The Japanese economy is on course for growth. And the LME suspends two nickel brands from Finnish producer Norilsk Nickel Harjavalta Oy.
Stainless steel prices rise in South East Asia
A significant stainless steel producer in Southeast Asia raised its export prices last week due to continued strong demand, particularly from China. A few days ago, a Chinese stainless steel plant also began extensive maintenance work on its facilities. It is assumed that this will result in a loss of production of several tens of thousands of tonnes of 300 series stainless steel.
Japan: on course for growth
The mood in Japan’s economy is better than it has been for two years: according to the Tankan report from the Bank of Japan, the index for the manufacturing industry rose from 11 points in March to 13 points in June and remained at a high level for services at 33 points compared to 34 points in the first quarter.
In addition, companies in both sectors are planning to increase their capital expenditure this year from the original level of just 4% to over 11%.
Industrial production rises by 2.8%
Industrial production in May rose by 2.8 per cent month-on-month and retail sales increased by 1.7 per cent. According to analysts, Japan appears to have returned to growth.
LME suspends two Finnish nickel brands
The LME commodity exchange has announced that it will suspend two Finnish nickel brands from Nornickel. From October, these will no longer be traded on the LME. These are so-called nickel briquettes and nickel cathodes. Neither Nornickel nor the LME have yet provided any information on the background to this measure. The nickel plant affected by the LME decision has an annual capacity of approx. 65,000 metric tonnes.
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