** BNP Paribas cuts Aperam EURONEXT:APAM and Acerinox BME:ACX to "neutral" from "outperform", and flags increasingly challenged U.S. steel outlook amid tariff uncertainty
** "The surprise came from the US, where mills failed to hike prices despite 25% tariffs now hitting ~15% of the market," it says, adding U.S. volumes are at risk due to tariffs
** European stainless steel demand also remains sluggish, with margins showing little improvement YTD, the broker adds
** It says fragile fundamentals, H1 downside risk and slower deleveraging are expected to weigh on valuations, which it thinks have ran their course for the two stocks for now
** European steel stocks extend their losses, with Baader Helvea separately saying U.S. tariffs may trigger profit taking