EUROFER urges LME to take measures against further surging nickel prices

Thursday, 10 March 2022 16:14:17 (GMT+3)   |   Istanbul
       

The European Steel Association (EUROFER) has called on the London Metal Exchange (LME) and the Financial Conduct Authority (FCA) to take the necessary action to prevent further surges in nickel prices and impose measures to ensure it does nor reoccur.

The association requests the LME to keep the market closed until stability and normal price levels are restored. It also requests a thorough investigation of the trading practices by some market players to determine whether they may constitute market abuse or the creation of a disorderly market.

“In the last days, and since markets opened on 7 March in particular, we have seen an unprecedented surge in nickel prices that cannot be explained by supply and demand, nor by the sanctions recently imposed on Russia. No other commodity has seen the same price increase as nickel in recent days,” Axel Eggert, director general of EUROFER, said. 

EUROFER stated that these massive fluctuations in the nickel market can both seriously impact European nickel consumers, eventually leading to job losses, and jeopardize the EU green transition.


Similar articles

Romania’s flat steel market stable despite weaker trade

17 May | Flats and Slab

Vallourec posts lower sales revenues and EBITDA for Q1

17 May | Steel News

EU launches antidumping probe on tinplate from China

17 May | Steel News

EU’s wire rod and HS import quotas for Turkey exhausted

17 May | Steel News

Stability in southern European longs market, no further declines expected

17 May | Longs and Billet

Hungary’s Liberty Dunaújváros to build new EAF and upgrade existing mills

17 May | Steel News

Local Italian scrap prices reach their peak

17 May | Scrap & Raw Materials

Italy’s Assofermet elects new president and vice president

16 May | Steel News

Romanian longs spot prices decline as outlook remains unfavorable

16 May | Longs and Billet

European HRC mills refuse to cut prices despite weak demand

16 May | Flats and Slab