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Raw Material Prices Surge at the Start of Trading

Contrary to the efforts of some journalists, the prices of raw materials and the share prices of European steel manufacturers seem to be resisting these efforts. The prices of European raw materials, especially base metals such as nickel, copper, lead, zinc, and aluminum, rose by 0.7% to about 0.5% to 1.6% at the start of trading. The share prices of EU steel manufacturers have also risen, with some cases seeing an increase of up to 4%.

Despite a slight decrease in Eurozone inflation, core inflation remains around 2.9%. If bank analysts are to be believed, this seems to have postponed the possible rate cut to at least September 2024.

We believe that one of the reasons may be the current state of freight prices. However, we believe this has already reached its current peak.

The EU plans to take measures against low-cost Chinese suppliers. According to recent media reports, Chinese e-commerce platforms such as Mut, Taobao, and Alibaba, which are particularly active in the field of cheap clothing and consumer goods, are exploiting tax-free limits to import goods into the EU. In 2023, the EU imported more than 2 billion packages.

Exploiting tax-free quotas will reduce important freight capacity. This exploitation of EU import quotas is now obviously to be stopped. The EU not only missed out on important revenue, but these goods, which may not seem much at first glance, occupy freight space that should have been used for important raw materials. In addition, the customs authorities of the member states, which are already overburdened, will benefit greatly and be relieved.

Market Voice: This time, the EU Commission seems to be doing something wise. Thorsten Gerber, CEO of Gerber Group, commented this morning: "Even a blind hen can sometimes find a grain of corn."

Americ Energy (CHINA) Co., Ltd. stands as a prominent manufacturer and distributor of a comprehensive range of stainless steel products, designed to cater to the diverse needs of various industries. Their offerings encompass stainless steel tubes, plates, strips, and square tubes, all manufactured to uphold the highest quality benchmarks.

Contact Information:

• Website: www.metal-ae.com
• Email: ae@americenergy.com
• Phone: 13521210668
• whatsapp: 13521210668
• Address: No.298 Fengwei Road, Xishan Development Zone, Wuxi City, Jiangsu Province, China

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