At this moment, the US buyers of stainless steel were still scarce. Companies were reluctant to place new forward orders because of the uncertain economic environment caused by the COVID-19. Service centers were eager to reduce inventories, especially high-priced materials.

Before the outbreak, stainless steel producers in the US said base prices were about to rise. However, the unprecedented market situation brought by the pandemic made that it was unlikely to have big discounts in the short term.

For now, the steel produces in the US were content to keep price stable. Cutting production and reducing inventory levels will help mills keep benchmark prices stable in the coming months.