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The decrease is forecast to be driven by falls in demand of 4.80% in Europe, the Middle East and Africa (EMEA), and a fall of 4.40% in the Americas region.

However, demand in the Asia-Pacific region over the same period is forecast to grow by 0.50%.

In comparison, global real stainless steel demand grew by 0.40% in the second quarter of 2016, while total global demand for 2016 is estimated to grow by 1.0% year-on-year, Outokumpu said.

In the second quarter of 2016, apparent consumption of stainless steel products, defined as real demand and changes in stock volumes, increased globally by 1.90% compared with the first quarter, Outokumpu said.

The increase in apparent consumption was driven by 0.80% growth in the EMEA region, 2.10% in the Americas and 2.20% in the Asia-Pacific region.

Citing metals market research company SMR, Outokumpu said that growth in stainless steel consumption between 2015 and 2017 will mainly be attributable to increased demand from the construction and infrastructure sectors (4.0%), the automotive sector (3.60%) and consumer goods (2.80%).