Jul 27, 2023
EU stainless steel producers signal rising prices – Stainless Espresso
2023-08-04
27 July 2023 – Spanish stainless steel producer Acerinox, in releasing its Q2 and H1 2023 results, also indicated that destocking in Europe is almost complete and prices are expected to rise. And the DOW Jones Index continues to rise for the 13th day in a row.
EU stainless steel producers signal rising prices
When announcing its latest quarterly figures, Spanish stainless steel producer Acerinox also reported that prices are expected to rise again after a sideways movement and an almost completed destocking in Europe. Overall, the Spanish producer was able to generate almost 3% more net sales in Q2 2023 with approximately 10% less melting production.
Results remain well above average
The H1 EBITDA results are of course no longer as high compared to the exceptional year 2022, but in H1 comparison to the years 2021 (+22%), 2020 (+280%) and 2019 (+250%) far above average.
Dow makes gains for 13th day in a row
Wall Street is relatively unmoved by the Fed’s latest interest rate hike. The central bank’s move had been widely expected. The Dow again makes slight gains, the interest rate-sensitive Nasdaq loses only slightly.
US stock markets closed little changed on Wednesday following the Fed’s renewed interest rate hike and its unclear outlook. Nevertheless, an extraordinary series continued: the Dow Jones index of standard stocks closed “only” 0.2 per cent higher at 35,520 points. However, it was the 13th trading day in a row with gains.
Source: Steel News
