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Stainless Steel Alloy Surcharges Increase for June 2024

The first publications on alloy surcharges for stainless steel indicate significant increases expected from EU and US producers. The primary drivers of these increases are the rising prices of nickel and molybdenum.

Key Factors:

  • Nickel Prices: Increased by over 9% compared to the previous month.
  • Molybdenum Prices: Expected to rise by more than 7%.

These price hikes directly affect the alloy surcharges for stainless steel, particularly grades containing molybdenum, such as 316L.

Pfizergate: Belgian Court Postpones Hearing

A Belgian court has delayed the hearing in the ‘Pfizergate’ scandal involving European Commission President Ursula von der Leyen. The next hearing is scheduled for 6 December 2024. The postponement is intended to allow time for procedural discussions regarding the conflict of jurisdiction between the Belgian judiciary and the European Public Prosecutor’s Office.

Impact:

  • Election Campaign: The delay extends the issue beyond the European elections in June, potentially impacting von der Leyen’s party due to the serious accusations she faces, including corruption and destruction of public documents.

Iron Ore Prices on the Rise

Iron ore prices on the Dalian Commodity Exchange continue to climb, reaching a three-month high. The September contract has risen more than 1.5% today, driven by positive developments in the Chinese construction industry, which is a significant consumer of iron ore.

Market Implications:

  • Construction Industry Signals: The rise in iron ore prices is largely attributed to increased activity and positive outlooks in China’s construction sector.

Full story on steelnews.biz