November 6, 2021 – The last week was dominated by consolidations on the commodity exchanges. In addition, the announcement by the Russian government to lift export taxes on aluminium alloys shook up the market somewhat. The Fed announcement to start tapering was received positively. And the United States finally got its infrastructure package through the Senate and Congress – that should bring thrilling impulses for the next week.
EU-US tariffs: Is everyone happy now? Or not?
November 1, 2021 – The EU-US dispute over steel and aluminium tariffs has been paused for the time being. Agreement has been reached on a quota system for European steel exports to the United States. But are all sides satisfied with this or has the solution simply been postponed until the outcome of the next US presidential election in 2024? The European Union is doing too little to secure its raw material supply chains. And economic growth in the Eurozone is currently the highest in the world – despite bottlenecks in procurement.
Limited price corrections in stainless steel
November 2, 2021 – Stainless steel price corrections limited. After coal prices were adjusted in China, other products such as stainless steel and nickel also corrected. However, these corrections are very limited. The United States is flying home with a victory in the steel and aluminium dispute and for the EU there could still be some internal trouble in the current solution.
Steel demand picks up worldwide
November 3, 2021 – Steel demand is increasing worldwide. One of the reasons is the outlook for 3.3 million tonnes of steel to be sold from Europe to the United States. Asian industries are increasingly coming out of lockdown. Aluminium prices are stabilising. Chinese thermal coal prices up by almost 10%. And the steel industry wants 500 billion euros from the German taxpayer.
U.S. Federal Reserve to curb stimulus aid
November 4, 2021 – US Federal Reserve announces start of tapering. Financial aid to end by mid-2022. Market reacts positively. Stainless steel demand in China picks up due to good sentiment. EU and US aluminium associations dissatisfied with quota solution in steel and aluminium dispute.
Russia lifts aluminium alloys export tax
November 5, 2021 – The Russian government lifted the 15% export tax on aluminium alloys – billets and slabs – at the end of October with 30 days’ notice. The EU raw materials strategy is showing more and more critical problems. The next crisis is already in the kitchen. Opportunities and risks with scrap and a possible EU export ban on steel scrap.
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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.
