European stainless steel surcharges fall
Outokumpu the Finnish stainless steel producer announced surcharges for September delivery. Following a rise for August they have as expected slipped back down for next month. The main reason for the reduction is the fall in Nickel prices, the majority of commodities with the exception of gold have followed the stock markets with falling prices due to the poor economic outlook.
Demand for stainless steel is lower due to the holiday period, although demand is expected to bounce back later in the year. Stainless Steel producing mills like Outokumpu, Aperam, Acerinox and ThyssenKrupp are keen to reverse their losses and are hoping for a lift in both demand and prices.
The new stainless steel surcharge figures announced by Outokumpu for delivery in September 2011 are listed below:-
304 / 1.4301 – 1564 EUR 1370 GBP
316 / 1.4404 – 2394 EUR 2097 GBP
430 / 1.4016 - 433 EUR 380 GBP