We continue to monitor the impact of the Russian invasion of Ukraine on steel prices (and other commodities). In that vein, on March 15 the European Commission, the executive body for the European Union, implemented an import ban against Russian steel products currently subject to safeguard measures. EU moves forward with steel import ban The […]
Christopher Rivituso
UK regulator suspends trading of Russian steelmaker Evraz
In our ongoing coverage of the Russia-Ukraine war and its impact on metal prices, the Financial Conduct Authority, the UK’s financial regulator, has suspended trading of Russian steelmaker Evraz’s shares on the London Stock Exchange. The move follows the government’s addition of Roman Abramovich to its list of sanctioned individuals. UK suspends trading of Russian […]
Invasion pushes hot rolled coil prices upward in Western Europe
Russia’s invasion of Ukraine has started to push up hot rolled coil prices on Western Europe’s domestic market due to concerns over availability and logistics, industry watchers and market participants said March 1. Keep an eye out for the upcoming Raw Steels Monthly Metals Index (MMI) report, which will include additional coverage of hot rolled […]
EU brings sanctions against Russian magnates; impact on steel prices remains to be seen
Continuing our coverage of the Russian invasion of Ukraine and its impact on steel prices, aluminum prices and more, the European Union has brought sanctions against two Russian metals magnates on Feb. 28. The move comes on the heels of Russia’s invasion last week of Ukraine. This week’s MetalMiner newsletter will include additional analysis on […]
Ukraine shuts down two steel plants
Two steelmakers in Ukraine have placed their plants in conservation mode. This comes after the country’s invasion by Russian armed forces in the early hours of Feb. 24. Metinvest Holding announced that it would suspend operations for seven days throughout its hot end at the Azovstal plant as well as at the plant’s coke shop. […]
Nickel prices jump on Russia moves while LME stock levels continue to fall
The London Metal Exchange’s (LME) nickel price shot up by more than $1,000/mt on Friday Feb 25, a rise that one analyst directly connected to Russia’s invasion into Ukraine. The official, three-month nickel bid price reached $25,625 per metric ton on Feb. 24, The price increased 4.3% on the day from $24,575/mt, data from the […]
No respite for European zinc smelters in face of high energy costs
European zinc producers will continue to face volatile energy costs until more renewable sources and LNG gas become more accessible, industry watchers said. “Zinc smelters are really struggling as electricity is a bigger proportion of the cost compared with copper or nickel smelters,” one analyst told MetalMiner. This has led to rising zinc prices. Renewables […]
Russian invasion of Ukraine could have big impact on NLMK and steel buyers globally
An invasion of Ukraine by Russian armed forces could negatively impact Novolipetsk Steel’s (NLMK) export sales, due to possible sanctions by Western nations, one industry watcher told MetalMiner on Jan. 31. Steel distributors in Europe have become hesitant about what an invasion could mean in the event that they purchase steel from NLMK, the analyst […]
British Steel moving to EAF production to meet carbon emissions targets
British Steel aim to slash their carbon emissions 82% by 2035. This would fall in line with the UK’s commitments to the Paris Agreement and the country’s own carbon reduction targets, a company official said on Jan. 25. One way the company plans to achieve the decreases involves a new electric furnace in two to […]
European steel prices at a crossroads
Healthy construction demand and increased activity from the auto sector are likely to push up northern European prices for hot rolled coil in January and into February, following decreases from the previous month, sources stated. Mills are now transacting material at around €900-920 ($1,020-1,045) per metric ton exw, down from previous transactions €980-1,000 ($1,110-1,135) heard […]
