Stainless Steel Flats can be made from various stainless steel (SS), including ferritic, austenitic, martensitic, and duplex. In order to maintain the competitive global market environment, the mills were compelled to sell at a cheaper price. Chinese producers in other countries were selling Stainless Steel Flat Sheets in excess quantities for less money, which placed downward pressure on German-made Stainless-Steel Flats in both the domestic and international markets. Due to a decrease in downstream demand and a corresponding decrease in the price of Stainless-Steel Flat, the output rate from the nearby mills rose. Inflation increased, and the world economy deteriorated in the second part of the quarter, discouraging buyers from entering the market. As a result, the Stainless-Steel Flat price in the German spot market remained high in April. The local downstream auto industry saw a rise in demand because of the strong sales of electric vehicles. The higher price of nickel as a feedstock in April contributed to substantial cost support to produce Stainless-Steel flats in German mills. Prices for German Stainless Steel Flat Sheets originally increased before falling sharply in the second quarter of 2023. The Chinese Dragon Boat Festival and rising demand for the metal from downstream industries increased production rates in the local Chinese mills as POSCO, a significant stainless-steel maker, raised its output in the quarter to end. Due to the quantity of pig iron and iron ore raw materials on the global market and their lower cost, Chinese Stainless Steel Flat producers purchased a significant volume of Indonesian Nickel Pig Iron. The offshore Indonesian mines' improved extraction and production rates resulted in an increase in the availability of nickel feedstock. The price of Stainless-Steel Flat fell on the Chinese spot market because of an increase in supply and weak downstream demand.
April's price increase was due to a controlled shipment by the suppliers towards the end of the second quarter. The downstream demand from both domestic and international industries was at an all-time high.
As the price of nickel, the feedstock increased in April, Stainless Steel Flat Sheet manufacturing costs were strongly supported on the Chinese spot market. However, during May and June, the price fell steadily. At the conclusion of the second quarter, the US government's numerous projects raised downstream demand for Stainless Steel Flats.Īt the start of the second quarter, the price of Stainless-Steel Flat sheets in China was originally rising. The agreement made by the US government prolonged the debt for two more years, which led to the stability of US economic circumstances and a rise in the price of the Stainless-Steel Flat Sheet in June. Consumer purchasing power was lowered because of the interest rate increase, increased living expenses, and diminishing household savings, which resulted in a decline in demand for Stainless Steel Flat Sheets on the US spot market. The formerly steady US economic system collapsed, and the market environment turned gloomy. Because of the debt crisis and the growing rate of inflation, prices decreased somewhat significantly in the H2 of the second quarter. Due to robust consumer spending at the beginning of the quarter, which indicated a strong economic start for the second quarter, the consumer price index was on the rise. Due to rising market demand, the service industry saw tremendous expansion and was able to offer services at higher offer rates. Because of the strong domestic downstream demand, the consumption rate remained on the higher end. The cost support to produce Stainless-Steel Flat was supplied in April by the rise in the price of nickel feedstock on the international market. The US Stainless Steel Flat Sheet had an early boost in the second quarter of 2023 before beginning to decline in the second half of the quarter.
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