Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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December 2015 | Stainless Steels

Brazil the redeemer

Recently-released financial results for Europe's stainless steel sector were predictably grim. But Aperam continues to outperform. Why is this?

Recently-released financial results from Europe’s stainless steelmakers painted a predictably grim picture. As we have highlighted previously, Q3 results were expected to take a hit on the back of falling nickel prices and lower shipment volumes. And this is exactly what transpired.

Results for Q4 are unlikely to be much better. Nickel prices have continued to fall, albeit less drastically in euro terms than in headline dollar terms, and large-volume buyers of stainless steel are in little mood to significantly restock while stainless steel prices continue to head down. The pernicious effects of price deflation clearly being demonstrated.

But amongst the negativity in the chart above, a recent trend stands out, that being the emergence of Aperam as Europe’s highest-earning stainless steel company this year.

Up until 2015, Acerinox had generally occupied the position of best-performing (or least-worst performing) European company. Aperam has outperformed in every...


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