Reductions, due to falling raw material costs, were noted in North America, Asia and the EU.

Stainless steel selling figures are forecast to decrease further this month because of recent reductions in nickel values.

Read more: Meps forecasts modest steel price upturn later this year

Ongoing credit restrictions, particularly in Europe, and weakening end-user demand are likely to limit mill sales volumes in the short term.

However, prices should remain firm through the majority of the third quarter due to increased input expenditure.