For the Quarter Ending June 2023
In the second quarter of 2023, the price of stainless steel round bars in North America experienced some fluctuations. Initially, there was a rise in April due to the increase in the price of raw material nickel on the global market. This supported the production cost of stainless steel round bars. The consumer price index was higher at the beginning of the quarter, indicating good purchasing activity and a positive start to the quarter. The demand for stainless steel round bars remained strong, particularly in the service sector. As a result, services were offered at higher bid prices. However, in the second half of the second quarter, prices slightly decreased. This was mainly attributed to the debt crisis and rising inflation, which led to a pessimistic market situation. The stable economic structure of the United States was affected, causing a decline in consumer purchasing power and a decrease in demand for stainless steel round bars in the spot market. Nevertheless, towards the end of the quarter, the price rebounded when the US government extended the debt, leading to stability in the economy. Various projects initiated by the government also contributed to the increased demand for stainless steel round bars.
In the Asia-Pacific region, specifically in China, the price of stainless steel round bars decreased in the second quarter of 2023. Initially, there were price increases in April due to the rise in the price of raw material nickel. This created a favorable market environment, and stainless steel production facilities experienced profitability. However, in the second half of the quarter, the price started to decline due to rising inflation and economic unpredictability. Furthermore, construction activity slowed down, and market sentiment became volatile. The Chinese government implemented incentives to improve the financial position and stabilize the market.
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In Europe, specifically in Germany, stainless steel round bar prices initially rose and then fell in the second quarter of 2023. The increase in the price of raw material nickel supported the production cost of stainless steel round bars in April. Demand from the local automotive industry, particularly the sales of electric cars, contributed to the high prices. However, in the second half of the quarter, due to the global economic situation and inflation, market sentiment turned pessimistic. As a result, the price of stainless steel round bars decreased. The availability of cheaper stainless steel round bars from overseas Chinese producers also put pressure on the German market, leading to a drop in prices.
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