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Stainless steel rebound continues to gain momentum
Stainless steel rebound continues to gain momentum

8 September 2022 – The rebound in stainless steel prices continues. Not only are rising prices reported from China, but other Asian countries are joining in. And commodity group sees demand for nickel rising by more than 50% by 2030 and sees undersupply coming.

Stainless steel rebound continues to gain momentum

Prices for Chinese stainless steel products continue to rise. Also today, futures on the SHFE went up by more than 1.4%. Asian media report an increase in demand and consumption. Chinese inventories continued to decline in August, according to statistical data. Price increases are also reported from other Asian regions, such as Taiwan.

Raw material prices for rise

In addition, important raw materials have become more expensive. Prices for scrap, but also iron ore and nickel have increased. According to analysts, this is due to the new economic stimuli programmes of the Chinese government, especially for iron ore. Stainless steel scrap and nickel are reported to be in short supply.

Vale: Global nickel demand to increase by more than 50%

In a presentation on Wednesday, 7 September 2022, Brazilian commodities group Vale said it expects nickel demand to reach 6.2 million tonnes per year by 2030. This is an increase of more than 50% compared to 2021 demand, and is particularly attributed to demand from the alternative energy and electric vehicle sectors.

IEA assumption for nickel demand wrong?

Vale now also confirms that the IEA’s assumption of a demand of 6.2 million tonnes from 2040 onwards is very likely wrong and has been set too low. The company also confirms that global nickel production will hardly keep pace with demand and that a significant undersupply will soon create new challenges for the nickel processing industry.

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