🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Germany faces commodity supply gap-industry lobby

Published 08/25/2009, 09:59 AM
Updated 08/25/2009, 10:03 AM
RIO
-
HG
-

HAMBURG, Aug 25 (Reuters) - Germany faces a commodity supply gap partly because trade distortions promoted exports of raw materials from Europe such as scrap metal, the association of German industry BDI said on Tuesday.

"We are steering towards a raw materials gap," said Ulrich Grillo, chairman of the BDI commodities group and chief executive of German zinc producer Grillo-Werke.

"Global, European and national restrictions to commodities are threatening the growth of German industry, which is vital to overcoming the current crisis."

China alone restricted trade with raw materials and semi-finished products with some 373 export duties, he said in a statement. These especially distorted supplies of copper and the metal neodymium, used for laser equipment.

China planned to refund value added tax on imports of scrap metal from 2010, he said. When China made such refunds in the past they had a "vacuum cleaner impact on the scrap market and sucked the world scrap metal market empty."

Germany needed such scrap metal as about 50 percent of German metal production involved scrap, he said.

European exports of secondary raw materials had risen strongly in past years, he said.

"Such exports are often illegal," he said. "Waste is often exported as usable goods or false declarations of material type are made."

"The central problem is the boundary between waste and usable products."

Under half the automobiles sent for scrap in Germany were recycled into metal, he said. He estimated that 40 percent of German automobiles sent for scrap were sent abroad without notification as exports.

German industry was also worried about the increasing concentration of global commodities supplies in the hands of a small number of powerful companies, such as the iron ore joint venture formed in June by mining giants Rio Tinto and BHP Billiton .[ID:nSYD73514]

There was also concern about increasing Chinese purchases of shareholdings in nickel mines in Canada and South America.

Grillo called for greater political attention to European commodity supplies. Germany and the European Union should develop a unified commodities strategy involving more energetic action to tackle international trade distortions which disrupt commodity trade.

(Reporting by Michael Hogan; Editing by William Hardy)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.