For the Quarter Ending June 2023

North America:

In the second quarter of 2023, the US market for SMO254 Sheets initially saw an increase in prices during April, followed by a downward trend in the latter part of the quarter. The upswing in April can be attributed to the global rise in the cost of the raw material, Nickel, which provided essential cost support for the production of SMO254 Sheets. The Consumer Price Index indicated a strong start to the quarter due to robust purchasing activity, signaling a positive economic beginning. High domestic demand in various downstream sectors maintained healthy consumption rates. The service sector experienced significant growth, allowing them to offer their services at higher prices due to increased market demand. However, in the second half of the quarter, prices began to decline, mainly due to concerns over a debt crisis and rising inflation rates. The stable US economic structure faced challenges, leading to a pessimistic market outlook. June witnessed a rebound in SMO254 Sheet prices as the US government's extension of the debt for two more years stabilized economic conditions. Nevertheless, the hike in interest rates, coupled with rising living costs and dwindling household savings, reduced consumer purchasing power, resulting in declining demand for SMO254 Sheets in the US spot market. Towards the end of the second quarter, various government projects increased downstream demand for SMO254.

Asia-Pacific:

In China, the price of SMO254 Sheets initially rose at the start of the second quarter before steadily declining through May and June. The price increase in April was driven by higher Nickel prices, which provided strong cost support for SMO254 Sheet production in the Chinese spot market. However, in the latter part of the second quarter, a surplus in supply combined with weak downstream demand led to a decrease in SMO254 prices in the Chinese market. Despite high demand from both local and overseas industries, controlled shipments by suppliers helped keep prices elevated in April. The supply of Nickel feedstock increased as Indonesian mines ramped up extraction and production rates. Chinese SMO254 manufacturers took advantage of the abundant and competitively priced Nickel Pig Iron and Iron ore raw materials available in the global market. Local Chinese mills also increased production, with major stainless steel manufacturer POSCO leading the way. As the quarter concluded, downstream industries saw reduced demand, partly due to the Chinese Dragon Boat Festival.

Get Real Time Prices of SMO254: https://www.chemanalyst.com/Pricing-data/smo-254-1367

Europe:

In Germany, SMO254 Sheet prices experienced initial growth followed by a decline in the second quarter of 2023. In April, the rising cost of Nickel feedstock provided substantial cost support for SMO254 Sheet production in German mills. Increased demand from the local downstream automobile sector, particularly in electric vehicle sales, kept SMO254 prices high in April in the German spot market. However, in the latter part of the second quarter, the global economic situation deteriorated, accompanied by a rise in inflation rates, leading to a pessimistic buyer sentiment. Local mills increased production as downstream demand decreased, resulting in a decline in SMO254 prices. The availability of surplus SMO254 Sheets at a lower price from Chinese manufacturers in the global market put downward pressure on locally originated SMO254 in both local and international markets. Mills were compelled to lower prices to remain competitive in the global market. The ripple effect of the declining global economy, coupled with increased supply, contributed to a downward price trend for SMO254 in the German spot market.



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