Stainless steel prices in Asia and nickel prices on SHFE and LME rose after Labour Day. Meanwhile, Friedrich Merz of the CDU fails in the first German chancellor vote in a historic Bundestag moment.

After China’s Labour Day holidays ended, the price of stainless steel in Asia increased slightly but noticeably, signalling a resurgence in the local metals market. Prices for stainless steel increased by 0.5% to 1.0% depending on the grade, and stainless steel scrap also increased by 1.1%, indicating improved sentiment and demand after the break.

The price of nickel trended similarly. Nickel rose by less than 0.5% on the Shanghai Futures Exchange (SHFE) and 0.74% on the London Metal Exchange (LME) as of 12:00 CET. Amid tightening supply and increasing demand, producers and consumers around Asia are closely monitoring the price increase for stainless steel and nickel since it could be the start of a wider price recovery.

Political Unrest in Germany: Merz Misses Historic Vote

In a historic turn of events, Friedrich Merz, the designated Chancellor of Germany and leader of the CDU, failed to secure enough support in the Bundestag’s first round of voting. Falling short by six votes, this marks the first time a chancellor-designate has not succeeded in the initial vote in German post-war history.

The situation casts uncertainty over Germany’s political future, as Merz faces resistance even within his own coalition. A second round of voting is expected within 14 days. Merz’s controversial stance on national debt and his shifting fiscal positions have led to growing divisions within his own party, further complicating his path to leadership.