US base prices fall as demand destruction continues

摘要

Stainless steel base prices fell in the USA, amid lacklustre demand caused by the Covid-19 pandemic. Given a slight increase in import volumes in April, the strong decline in demand has resulted in lower stainless production and efforts to reduce inventories. Still, we believe that the market is at or near a bottom as measures deployed to counter the pandemic are gradually eased. Having said that, our demand recovery expectations have been downgraded.