Soft Conditions Persist in US Stainless Steel Market, Modest Uptick Foreseen in 2017

LONDON (Scrap Register): The demand for stainless hot rolled plate is weak in the United States. Sellers are trying to undercut each other in order to secure sales. North American fabricators are losing work to competitors in Turkey, according to MEPS.
However, the number of purchase enquiries is beginning to increase and supply chain participants are cautiously optimistic about business prospects for 2017.
Supply chain participants report a slowdown in stainless cold rolled coil order activity since the end of September. Buyers are monitoring their inventories and purchasing only for their immediate requirements. 
The upcoming presidential election is fostering uncertainty. Basis values are quite stable. Alloy surcharges, for austenitic grades, fell, in October, but will recover in November.
The stainless steel bar market is very quiet, in the United States. Demand will continue to be affected, in the medium term, by subdued activity in the energy sector. Buyers are also cautious due to the imminent presidential and congressional elections.
Basis values are holding up because sellers realise that cutting prices will not lift sales volumes. New, third country suppliers - mostly from Asia - are trying to gain a foothold in the US market but they are struggling due to poor demand.