Global stainless steel major Acerinox said that it sees the market recovering in the third quarter after poor sales and weak prices pushed the Spanish firm into a first quarter loss.

It said that "The stability of nickel in recent months together with the very low level of stocks in all markets gives us confidence in a recovery of the market in the third quarter.”

It added that "In recent weeks, signs of a recovery in the principal markets have started to appear which have allowed us to announce price rises in Europe and the United States.”

The company said it raised European and US base prices by about EUR 100 per tonne in April.

(Sourced from Reuters)