As Scandinavian countries try to make their way through this winter period, the first signs of light can be seen ahead. The COVID pandemic is currently putting a lid on social interaction and many Scandinavians are working mostly from home. The vaccination programme began at the end of December and current predictions are that the majority will have received their dose by the end of June.
The non-ferrous business in Scandinavia seems to be performing quite well. The relatively strong increases on the LME are encouraging many materials to flow into the market. And although we are facing increasing price deductions when selling, many traders are finding current price levels attractive for doing business.
The Danish economy is expected to grow strongly as the world reopens and consumer confidence has increased during recent months. The Swedish economy is also predicted to rebound in 2021, with the main drivers being strong growth in private consumption and increased investment. The inflation rate in Sweden has been on a falling trend during the last few months.
In Norway, consumer prices have been increasing while industrial growth has been remarkable in recent months, pushing close to 2% in November. In Finland, the unemployment rate climbed to an almost three-year high in September 2020, prompting a decline in consumer confidence. However, the Finnish economy is also expected to grow strongly in 2021 once the pandemic releases its grip.
H.J.Hansen Genvindingsindustri A/S (DNK), Board Member of the BIR Non-Ferrous Metals Division