For the Quarter Ending June 2023

North America:

The declining state of the economy was the primary driver behind the decrease in Chequered Plates prices. The second quarter witnessed a downturn in the US economy due to the widespread failure of major banks, triggering a debt crisis. Rising interest rates and inflation cast a negative shadow on the market sentiment. The weakened economy eroded consumers' purchasing power and led to higher levels of local Stainless Steel inventory. In the first half of 2002, Chequered Plates prices steadily increased as the price of nickel, a key feedstock, rebounded. US mills maintained a high base price, and the inclusion of alloy fees further pushed up prices in the US spot market. However, as consumption from the downstream automotive industry remained sluggish, the market situation deteriorated in the latter half of the quarter. Inflation reduced customers' ability to make purchases, resulting in fewer car sales. The demand for Chequered Plates also waned due to a labor crisis in the USA, which slowed down construction activity. The prices of feedstock commodities like iron ore and NPI in both international and US spot markets dropped due to overseas Chinese stimulus measures. Buyers refrained from placing large orders, prompting local mills to reduce their offering prices.

APAC:

In the second quarter of 2023, the cost of Chequered Plates decreased in the Chinese market. Price increases were implemented in April in response to rising feedstock nickel costs during the early part of the quarter. The market was initially favorable, with stainless steel production facilities enjoying profitability. Increased liquidity in the Chinese market and a reduction in feedstock nickel inventories contributed to the positive market sentiment that supported price growth. The price of discarded stainless steel also rose, providing nearby Chinese factories with better market conditions. However, in the latter half of the second quarter, the pricing trend for Chequered Plates started to decline. A negative market sentiment for Chequered Plates emerged in May due to macroeconomic factors related to rising inflation and economic uncertainty. While the Liyang Stainless Steel mill aimed to boost billet production capacity, the stainless-steel mills maintained high production rates. A slowdown in building activity was observed in the Chinese spot market, attributed to the country's economic instability and regional holidays. The Chinese government introduced several stimulus measures towards the end of the quarter to bolster their economic status. As market sentiment became volatile, consumers hesitated to place significant orders, prompting local mills to lower their prices for Chequered Plates across China.

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Europe:

In the second quarter, European Chequered Plates prices declined as negative market sentiment prevailed in the downstream construction and automotive industries. Germany's economy deteriorated as the country entered a recession, negatively impacting construction activity across the German spot market. The escalating inflation rate and rising raw material costs for new construction projects further contributed to the negative market mood. Worker groups staged demonstrations in front of Belgian headquarters, highlighting the issue of equal pay, as employees hired by local contracting businesses were paid less. The labor shortage became a significant concern, prompting calls for a coordinated hiring process across the construction and building sectors. Additionally, the German spot market suffered from major automakers like Nissan and Kia closing major plants across Europe, as vehicle sales plummeted in Germany due to the weakening German economy, which also diminished consumer purchasing power. As market sentiment became uncertain, clients hesitated to place significant orders, leading local mills to reduce their offer prices for Chequered Plates throughout Germany.

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