As per a market review by Finnish stainless steel producer Outokumpu, global demand growth for stainless steel mill products slowed so much in the second quarter that there now is world oversupply.

UK based MEPS was quoted as saying:

Stainless steel prices have stabilized and are falling slightly in North America as distributors are delaying purchases during summer holiday period and are hoping that declining nickel prices will drive stainless lower. Bloomberg news service adds that buyers of the alloy, used in buildings because of its resistance to corrosion, also have reduced purchases as global construction slows in the face of the credit crunch.

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