BIR: Global stainless steel demand to decline in Q2
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Update time : 2020-06-17 20:47:31
According to the Bureau of International Recycling (BIR)’s Stainless Steel & Special Alloys Committee, global stainless steel demand was expected to decline by 12% year on year in the second quarter of this year, reaching 11.9 million tons. Also, global nickel demand from the electric vehicle battery industry was expected to have a year-on-year decrease of 15% this year.
The overall nickel demand from all sectors was predicted to slide by 7% this year. The market will face a huge surplus of 130,000 tons this year due to weak demand. Besides, the total nickel stock at the end of the first quarter was at the highest level since the third quarter of 2018.
