Jan 08, 2024
Europe’s stainless steel market 2024: An optimistic start! – Stainless Espresso
2024-01-18
8 January 2024 – The European stainless steel market has started 2024 with an optimistic outlook and sees a great deal of pent-up demand coming from the domestic industry. Local steel manufacturers are being overwhelmed by a flood of imports from China, while at the same time continuing to purchase massive quantities of raw materials from Russia.
Europe’s stainless steel market 2024: An optimistic start!
Confidently into the new year! The European stainless steel market is entering 2024 with positive expectations. Analysts are cautiously optimistic about the financial year, especially in the processing industry. They see a clear demand that promises good growth opportunities.
Stainless steel scrap: Are prices going through the roof?
Is a price tornado hitting the stainless steel scrap market? Global demand for scrap and stainless steel scrap is huge and supply is scarce. The last few weeks of 2023 and the start of the new year are bringing a price increase that is making the markets sit up and take notice. And this despite the slump in nickel prices. Experts say: This development will ensure stable prices for stainless steel.
“Import flood from China!” India’s steel industry sounds the alarm!
Pressure from the Middle Kingdom
India’s steel giants are in turmoil: a flood of imports from China is putting the domestic steel industry under enormous pressure. Despite the goal of increasing its own production capacity to a gigantic 300 million tons per year, India is struggling with Chinese imports.
Government intervenes
In order to help its own steel industry, the Indian government is resorting to subsidies. From direct financial injections to indirect aid – everything is being mobilized. At the same time, state steelworks are to expand their product range in order to better meet domestic demand.
Russian raw materials in high demand in India
Whilst China is branded as evil by Indian steel manufacturers, they continue to rely on Russian raw materials, particularly for steel precursors, crude oil and now also coking coal for steel production.
Jindal Stainless wants to overturn import duties on ferroalloys
India’s stainless steel giant Jindal Stainless is at the forefront: it now wants to convince the government to overturn import duties on ferro-nickel and ferro-molybdenum. In the shadow of the EU sanctions against Russian ferroalloys, India sees an opportunity to continue relying on controversial raw material sources. This is likely to cause further tensions with regard to a free trade agreement between India and Europe.
Source: Steel News
