Exane BNP Paribas cuts Acerinox, Aperam as stainless steel momentum stalls

Aperam SA

08/07/2026 10:23

 
** Exane BNP Paribas says global stainless steel prices "stretched" but expects European steel to regain control of market and push for higher prices, U.S. to reach peak pricing soon 
** "Momentum has clearly stalled while demand looks vulnerable," broker says
** Cuts Acerinox ACX.MC and Aperam APAM.AS to "underperform" from "neutral"
** Upgrades Commercial Metals Co CMC.N to "outperform" from "neutral" 
** "The pause in EU HRC rally caught us by surprise, exposing unforeseen CBAM loopholes and putting Q2/Q3 earnings at risk," broker says, citing underestimated upside from expected higher EU and US steel prices 
** ArcelorMittal MT.AS best positioned to gain from this trend, it adds
** Shares in Acerinox and Aperam fall about 4% at 0840 GMT  
     
     

(Reporting by Margaux Perrin in Gdansk)
((Margaux.Perrin@thomsonreuters.com))