According to foreign media reports, due to the sharp rise in energy costs and the impact of weak demand, more and more European stainless steel producers have either stopped production or reduced production.

In early August, the Belgian Aperam plant in Genk, which had a capacity of 1m tonnes of stainless slabs, was closed.

Recently, the Spanish group Acerinox (stainless steel production capacity of 1.1 million tons) also announced that it will reduce production and temporarily reduce the working hours of 85% of its employees by at least 15 days.

It is understood that the total production capacity of stainless steel plants in Spain and Belgium exceeds 3 million tons. After the two large steel plants stopped production and reduced production one after another, the supply of stainless steel has declined.

Italian stainless steel producer Acciai Speciali Terni has called an emergency crisis meeting, where it is speculated to discuss possible production cuts or even a temporary suspension, according to sources. AST stainless steel production capacity is 1.5 million tons. There has been no official statement on this so far.

There are reports in the European Union that some stainless steel buyers are currently trying to buy existing stainless steel stocks from service centers, wholesalers, etc.