EU stainless steel producers unable to meet demand in the domestic market. Stainless steel consumers urgently dependent on imports. Commodity prices in Asia continue to rise. Stainless steel, HRC and nickel futures on SHFE on Friday, June 11, 2021, up between 2 to 4%. Iron ore at highest level in 3 weeks.
Stainless steel in Europe increasingly scarce, prices continue to rise
Shortages in the EU, especially for stainless steel, are becoming more extreme. According to market sources, European stainless steel producers have again raised their prices for sheet metal. And lead times have reached the end of 2021. According to media reports, some are already in 2022. There also seems to be no relief in the supply situation within the European Union before the end of 2021.
Commodity prices in Asia on an upward trend
To this end, despite Chinese market restrictions and announced export taxes on steel products, futures on the SHFE continue to rise. Stainless steel futures had risen over 4% in places on Friday, June 11, 2021. HRC (hot-rolled coil) futures showed the same trend, also up over 4%.
Nickel up on SHFE and LME
Nickel in Asia was up 2.24%. On the LME, nickel had closed yesterday (Thursday) at about $ 18200 a ton. And is currently above $ 18400.
Iron ore prices at highest level in 3 weeks
Iron ore futures rose to their highest level in more than three weeks on Friday, as a rebound in steel inventories in China, the main producer, indicated that demand for the commodity remains strong.
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