The Spanish stainless steel producer Acerinox S.A. has reported a net profit of €76.1 million in the first half of the current year, increasing by 373 percent compared to the same period of 2013, while its net sales came to €2.17 billion, rising 4.8 percent year on year.

According to Acerinox, recovering confidence in the economy is allowing restocking to start throughout the supply chain of goods manufactured with stainless steel, such as cars, electrical appliances and hardware. According to the latest International Stainless Steel Forum (ISSF) data, global production of stainless steel in the first quarter this year amounted to 10.2 million mt, up 6.8 percent on the same period in 2013. This increase is occurring in all regions.

Acerinox said that, after three consecutive years of falls in nickel prices, there has been an upturn, with a hike of 34 percent in the first half of this year. The low for the year was recorded on January 9 at $13,365/mt, while the peak was reached on May 13 at $21,200/mt.

In the first six months of 2014, the company's hot rolled product output came to 1.09 million mt, up 9.5 percent quarter on quarter, while its cold rolled product production totaled 796,159 mt, rising 6.7 percent compared to the first half of 2013.

Acerinox predicts that the company's order book allows it to be optimistic with regard to the coming months. Although activity in the industry will decline in the third quarter due to seasonal factors, no sharp drops are expected like those seen in prior years.