Profit-Taking in Raw Materials

 

Profit-Taking in Raw Materials

Raw Materials Pause for Profit-Taking

Recent profit-taking has caused slight to moderate price corrections in raw materials such as copper, nickel, and aluminum. Despite this, base metals remain at significantly higher levels. Notably, China imported 38% more stainless steel in the first five months of 2024 compared to the previous year, indicating a continued increase in demand.

Copper Prices Remain High

Copper is still trading above USD 10,000 per MT on the LME. Aluminum remains well above recent averages, exceeding USD 2,600 per MT. Nickel prices have increased by over 25% since January 2024. Overall, the price corrections have been minor.

China's Increased Stainless Steel Imports

Recent customs data show that China's stainless steel imports rose by 59% in April compared to the same month last year and by 27% compared to March. Over the first five months of 2024, imports increased by 38% compared to the previous year. This high demand has led to only a marginal rise in exports, resulting in a positive import balance for China.

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