Prices on the commodity exchanges continue to rise, with copper and aluminum reaching record highs. In the United States, HRC prices are expected to remain high. Also lead times for new material from US mills stand at just under 9 weeks. Further Thorsten Gerber has published his new book and sent it in a one-off to all members of the European Commission and European Parliament.
Copper and aluminum at ten-year high
On Monday and Tuesday this week, metal prices on the SHFE rose across the board. The most actively traded SHFE copper contract climbed to around US$11171/mt, its highest level in almost ten years. And SHFE aluminum also recorded a new ten-year high. Other base metals also made significant gains.
Non-ferrous metals on the SHFE fell for the most part on Wednesday morning, while their LME counterparts all trended lower as investors await a monetary policy decision from the US Federal Reserve today (Wednesday).
US steel prices higher for longer
Hot-rolled coil and busheling scrap futures continued their upward trend in the week ended April 27. As short-term supply constraints continue to weigh on the market. Prices are expected to remain high in the longer term as steel companies report record profits and are expected to remain disciplined on U.S. steel production. S&P Global reports that.
On the HRC spot market this week, June production was last seen trading up to $1,500/st.
U.S. HRC mill lead times rose again on April 21 to 8.9 weeks, well above the 10-year average of 4.8 weeks.
Book release: “The forgotten European Downstream Industry”
Thorsten Gerber, CEO Gerber Steel GmbH, published his new book “The forgotten European Downstream Industry” on April 27, 2021. And in a unique action made it available to all members of the European Commission and the European Parliament. In his book he urgently calls on Europe to end the EU Safeguard measures that have caused an unprecedented disaster for the metal processing industry.
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