19 January 2022 – Taiwanese and Japanese stainless steel producers plan price increases for February 2022. Chinese stainless steel already more expensive and hard to get. Metals continue their rally from 2021. And nickel stocks continue to decline.
Metals continue their rally from 2021
In the first three weeks, metals have continued their rally on the markets. Macroeconomic tailwinds ahead of next week’s important Federal Reserve meeting, but also pro-growth measures by the Chinese government are creating positive sentiment among many investors. The raw materials for the green transformation – especially aluminium – are currently in hot demand. Furthermore, many fundamentals, such as tight availabilities and high demand, support the strong values on the commodity exchanges.
Nickel stocks continue to fall
Nickel stocks on the LME fell again yesterday. Also in China, the nickel deposits continue to empty. In the official warehouses, the nickel stock there has shrunk to just under 4900 MT. This is also shown by the values on the LME. Nickel started the trading with more than 1.4% plus.
Taiwanese stainless steel mills plan price increases for February
In China, stainless steel prices have risen sharply in the past week due to the high nickel price. Many Chinese producers are already not offering anymore. Also, inventories are low and available ex China shipping space is severely limited due to the upcoming Chinese New Year holidays.
Price increases due to higher raw material costs
Now the next round of price increases for Taiwan and Japan is announced for February 2022. Due to increased raw material costs, prices of stainless steel are expected to increase.
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