Publications
July 5, 2023
Basque Trade and Investment internationalization China United States of America Europe United kingdom Russia
After price hikes in January and February triggered by optimism about China’s reopening, from March to May there was a general decline in prices for industrial metals such as aluminum, copper, nickel, lithium, cobalt or steel, among other factors, a slower-than-expected recovery in Chinese demand, no Especially in the manufacturing and construction sectors.
However, since the beginning of June there has been a slight rise in the prices of some metals, driven by speculation about possible measures by China to speed up the recovery.
Over the past month, China has announced that it will take measures to boost demand and invigorate markets and has already announced promotional measures to buy cars and cut key interest rates.
A recovery in demand is expected to accelerate in the second half of the year, which, along with expectations of moderate production growth and lower inventories for some metals, will help lift prices.
However, an additional 2023 rate hike by the US Federal Reserve that will boost the dollar will put a cap on the rallies.
In any case, average prices in 2023 will be well below the levels seen in 2022.
summary
– Germany, France and Italy agree to cooperate in the field of raw materials
– Continued sanctions on Russian minerals
– The UK Steel Association is calling for the introduction of CBAM in the UK
Industrial commodities overview
-Aluminium
-copper
Natural rubber
-steel
Annex I. individual raw material prices
Report here
230705-trade-observatory-basques-industrial-raw-material-jun-2023
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