In a market report published on Thursday (23 March), the Brussels-based group explained that the emergency rescue of Credit Suisse and other trading/banking shocks “have proved once again that uncertainty is far from being their friend”.
The BIR explained that nervousness is more palpable in the commodity markets because “consumer sentiment is turning more conservative and prices of many metals have been negatively affected.”
It explained that its UK-based members have reported that regular clients are “delivering less tonnage or appearing less frequently”.
The group also noted increased labour costs and higher power, fuel and raw material prices have led to a slowdown in activity and postponements of many projects in the UK “that otherwise would have generated metal”.
Global
Elsewhere, the BIR report noted that feedback from across Europe suggests flows of metal into yards has been lower.
The report says: “From Germany, it is said that the combination of reduced demand for house construction, falling aluminium ingot prices and increasing discounts for copper is reinforcing an already low availability of metals. And for the Nordic Countries, the markets remain disappointingly quiet and slow, increasingly so because of recent colder weather and late snow.”
Elsewhere, the report added that demand at US aluminium mills has not improved since the end of last year, with many still sitting on the sidelines and not buying much immediate scrap. Secondary scrap aluminium prices have been rising in the USA as export demand has been strong, while healthy domestic and export orders are reported for copper grades.
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