North America

The price of Chequered Plates in North America saw a decline due to the weakening state of the economy. The second quarter witnessed a decrease in the US economy as large banks failed nationwide, leading to a debt crisis. Rising interest rates and inflation also contributed to a negative market attitude. The slumping economy reduced 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 feedstock nickel recovered. US mills maintained a high base price, and the addition of the alloy fee resulted in an upward price trend in the US spot market. However, in the second half of the quarter, the market situation deteriorated as the downstream automotive industry's consumption decreased. Inflation affected customers' ability to purchase, resulting in fewer automobile sales. The labor crisis in the USA further decreased the demand for Chequered Plates, impacting the building industry's activity. Additionally, the price of feedstock commodities like iron ore and NPI decreased in the international and US spot markets due to overseas Chinese stimulus measures. With fewer large orders being placed, nearby mills had to lower their offer prices.

APAC

In the Chinese market, the cost of Chequered Plates decreased during the second quarter of 2023. Price increases were initially implemented in April in response to rising feedstock nickel costs. The market was favorable, and stainless-steel production facilities were profitable. The Chinese market witnessed increasing investments and a decline in feedstock nickel inventories, which created a positive market sentiment supporting price growth. The price of discarded stainless steel also rose, providing a larger market for nearby Chinese factories. However, in the later part of the second quarter, the pricing trend for Chequered Plates started to decline. In May, a sour market attitude emerged due to macroeconomic factors such as increasing inflation rates and economic unpredictability. While the Liyang Stainless Steel mill aimed to boost billet production capacity, the overall production rate in stainless-steel mills remained high. However, the Chinese spot market experienced reduced building activity due to the country's unstable economy and regional holidays. To improve the economic situation, the Chinese government implemented various stimuli towards the end of the quarter. As the market mood became uncertain, consumers hesitated to place significant orders, leading local mills to lower their offer prices for Chequered Plates across China.

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Europe

In Europe, the price of Chequered Plates declined in the second quarter as the construction and car industries displayed a negative market sentiment. Germany's economy entered a recession, significantly impacting downstream building activity in the German spot market. The escalating inflation rate and rising raw material costs for new buildings contributed to a negative market mood. In Belgium, worker groups organized demonstrations to address the issue of equal pay, highlighting the disparity in wages between employees hired by local contracting businesses. The labor shortage also became a significant problem. Worker groups called for a coordinated hiring process across the construction and building sectors. Furthermore, the German spot market suffered from major automakers like Nissan and Kia closing down major plants across Europe, resulting in a decline in vehicle sales in Germany due to the weakening German economy. This, in turn, reduced customer purchasing power. As the market sentiment became uncertain, clients were hesitant to place significant orders, leading local mills to lower their offer prices for Chequered Plates throughout Germany.