was slackening
Past progressive conjugation of slacken. There are other translations for this conjugation.

slacken

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Demand was slackening, prices were falling and the signs were that steelmakers, true to the industry's tradition of the inter-war year, would recreate a cartel to limit competition.
La demanda disminuía, los precios descendían. Todo, en suma, daba pábulo al temor de que los productores -fieles a la tradición de los siderúrgicos durante el periodo de entreguerras- volverían a constituir un cártel para limitar la competencia.
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