Stainless prices are rising
Following on from recent cuts in production and increases in Nickel prices its clear that stainless prices have cleared the bottom of the cycle. With shortages of scrap and increasing scrap prices its inevitable they will rise. This was further backed up following Thyssen Krupp recent poor results by a statement from the CEO Ekkehard Schulz .
“As far as steel prices are concerned we are not 100 percent sure that we have reached the bottom but as far as the stainless business is concerned we have reached the bottom for prices and volume,” he said after a press briefing.
“For carbon (steel) we have reached the bottom for volumes. As far as prices are concerned I am not 100 percent sure but we are very close to the bottom.”
Germany’s ThyssenKrupp is one of the biggest stainless steel makers in Europe, along with ArcelorMittal, Acerinox and Outokumpu. So this is clearly a powerful statement.
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