Ocean freight was largely stable in April, but to rise slightly in May

Luxembourg-based Aperam reported Q2 2026 Stainless & Electrical Steel segment revenue up 9% QoQ and 6.8% YoY to €1.08 billion, driven by higher selling prices, with average steel selling price rising 9.1% QoQ and 6.2% YoY to €2,400/mt. Segment shipments held stable QoQ and rose slightly YoY to 430,000mt. Adjusted segment EBITDA surged 68.6% QoQ to €59 million, reaching €86 million including a €27 million exceptional gain, while operating profit jumped to €62 million from €11 million in Q1. Group-wide, sales revenue rose 7.2% QoQ and 2.1% YoY to €1.69 billion, adjusted EBITDA grew 44.4% QoQ and 16.1% YoY to €130 million, and net profit climbed to €116 million from €3 million in Q1. CEO Sud Sivaji described Q2 as the company's strongest quarter in four years. Q3 adjusted EBITDA is expected to decline due to the seasonal summer slowdown, though EU safeguard measures and structural improvements from the Leadership Journey program should support resilience.

Tang Eng Iron Works raised its August prices for primary 304 hot-rolled and cold-rolled coils by NT$1,500/ton, matching Yusco's adjustment and marking a second consecutive month of upward price revisions for stainless flat rolled products. The company also lifted 316L surcharges by NT$2,500/ton. In contrast, Walsin Lihwa held its 304 stainless steel wire rod prices flat for a second straight month, highlighting divergent pricing strategies among major upstream mills for August plate and wire rod products respectively.

Driven by rising production costs, Chinese Taiwan's upstream stainless steel mills announced higher August prices despite weak demand and subdued purchasing activity caused by heavy rains in July. LME nickel futures rebounded above USD171,000 and the New Taiwan Dollar depreciated to 32.45, creating severe cost pressures. Market participants noted that the pricing strategy strongly reflects an intentional move to support prices and prevent further market declines. Future market stability will depend closely on ongoing inventory reduction progress as well as external conditions including tight nickel supplies and elevated shipping rates.