BNP Paribas upgraded ArcelorMittal to its top pick among European and U.S. steelmakers. The bank reshuffled its sector ratings and downgraded two stainless steel producers. Analysts expect mills to regain pricing control following a pause in the EU hot-rolled coil rally.
Restrictive import quotas are expected to support a price recovery despite a temporary European inventory overhang. BNP Paribas raised its second-half forecasts for the U.S. market. The bank slightly trimmed its 2026 EU carbon steel price forecasts.
Steel prices in both regions are projected to reset higher than current market expectations. ArcelorMittal remains the best-positioned company to benefit from these market shifts.