Prices for flat stainless steel products in Europe continued to show signs of weakness in August, with indications that they are approaching a floor. Supply remained limited during the seasonal summer slowdown, with many steel mills undergoing maintenance.

Demand was inconsistent, with fluctuations between weak and lively days. Despite expectations for a price drop, European producers have resisted, leading to prolonged negotiations.

Fastmarkets’ assessment of the price for stainless steel cold-rolled sheet, 2mm, grade 304, delivered in North Europe, was €2,700-2,800 per tonne, slightly down from the previous month.

Industry sources are optimistic that demand will pick up in September, potentially stabilizing prices. The recent downtrend in finished stainless steel prices aligns with lower alloy surcharge values, primarily based on nickel costs.

In related news, Acerinox has resumed full operations in Spain after a months-long strike-induced shutdown that was resolved in June.

The stainless steel manufacturer has also fulfilled all back-orders, although the impact of its return to the market is yet to be fully seen.