European stainless steel prices driven by rising energy costs
22 Aug 2022 15:40 reported by Joy Liu
Europe has a strong dependence upon energy imports. The prices of coal, natural gas, and crude oil have risen since the Russia-Ukraine conflict, resulting in a continuous hike in electricity prices. Therefore, Europe is facing more inflationary pressure, and the local stainless steel producers are also under cost pressure, which boosted stainless steel prices to rise.
Due to high prices of European gas, electricity, and carbon emission allowance prices, energy surcharges might continue to remain high, but the impact was offset by the continued reduction of alloy surcharges.
European stainless steel prices are generally high due to the EU’s various tariff impositions on stainless steel, including safeguard measures, anti-dumping, countervailing and other measures. Moreover, amid the current continued inflationary pressures in Europe, the summer vacation, and weak consumption, the demand for stainless steel was slashed.
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