Outokumpu hikes alloy surcharges on stainless steel for March

 

CANTERBURY (Scrap Monster): The Finland-based Outokumpu has decided to raise the alloy surcharges on stainless steel products for March delivery in the Europe. The surcharges on 300-series stainless steel products will be hiked.

 

As per reports, Outokumpu has raised its alloy surcharge for 304 grades stainless for March by €32/ton from the month ago. After adjustments, the surcharges will average at €1,324/ton for March . The surcharge for the product during February was €1,292/ton.  Also, its alloy surcharges for 316 grades will be increased by €32/ton to €1,923/ton from €1,891/ton. The surcharge for 430 grades will be hiked by € 3/ton to €458/ton.

 

The company’s stainless steel shipments totaled 2.55 million tons during the entire year 2014. The total shipments witnessed a decline of 1.2% from 2013. According to the company, global demand for stainless steel showed improvement of 5.5% year-on-year in 2014. The stainless steel demand in the US rose 4.7% during the year, whereas the demand in the European countries was higher by 3.8% over the previous year.

 

Meantime, the company narrowed its net losses during 2014. Outokumpu reported net loss of $439 million in 2014. This is when matched with a net loss of over $1 billion a year ago. The revenue for the year edged higher by 1.46% over 2013 to $6.84 billion in 2014.