According to the report, the European stainless steel price declined because of the insufficient demand and the European Union (EU)'s latest import quotas on steel since July 1st.

It was expected that the EU would confront a large quantity of stainless steel cold-rolled coils imports from South Korea, Taiwan, India, the United States, Turkey, Malaysia, and Vietnam.

From February 2nd to June 30th, only Turkey and Malaysia's European import quotas had been fully filled. The quota utilization rate of Taiwan was 97% as off June 21st, so Turkey and Malaysia could use the remaining quota.

Market demand had declined due to the economic depression in Europe. Most traders confronted the demand downturn and the import competition pressure, so they could only cut the product prices and reduce production to drop market share.