30 May 2024 – The stainless steel mill under strike in Spain is not coming to rest. Group management has now announced new measures, adding fuel to the fire. Rising prices for stainless steel scrap and stainless steel products expected for June 2024.
Spanish stainless steel mill is not coming to rest
The stainless steel mill in Spain, which has been under strike for more than 110 days, continues to add fuel to the fire. According to an official press release, the Group management intends to reduce the number of daily shifts from 5 to 3 and at the same time make corresponding adjustments to the number of employees. This intention has already been reported by the Group management to the relevant supervisory authorities.
If you read through the Group’s Q1 2024 earnings report, the reasons for this also become clear.
We would like to make one comment: Imports cannot be held responsible for this development. Even the European Commission recently had to admit this in the Commission Implementing Regulations (EU) 2024/1267 and (EU) 2024/1268 on the anti-circumvention proceedings against stainless steel from Indonesia:
‘(38) …the fact that steel imports into the Union have been stable for the past 10 years.’
Commission Implementing Regulations (EU) 2024/1267 und (EU) 2024/1268
Price increases for stainless steel and stainless steel scrap expected for June
While further price increases for stainless steel scrap are expected in the EU in June and alloy surcharges have already risen significantly, this development is also likely to have an impact on prices at EU mills.
At the same time, there are also reports from Asia that mills and producers there are expected to raise their prices in June 2024.
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.
