For the Quarter Ending June 2024
North America
The second quarter of 2024 witnessed an upward trajectory in Chequered Plate prices across the North American region, driven by a confluence of factors that bolstered market dynamics. This quarter marked a period of significant price growth, influenced by constrained supply chains, robust demand from key sectors such as construction and automotive, and escalating costs of raw materials like zinc and nickel. Furthermore, scheduled maintenance outages at major steel mills, such as Acerinox and Outokumpu's Calvert facility, exacerbated supply-side limitations, contributing to the price surge.
In the USA, the market saw the most pronounced price changes. The quarter was characterized by bullish sentiment, with Chequered Plate prices progressively increasing. The overall trend exhibited a positive correlation with seasonal demand patterns, especially from the automotive and HVAC sectors, which consistently sought galvanized and value-added steel products. Price changes were significantly correlated with heightened activity in construction and manufacturing, despite a noted deceleration in broader manufacturing indices.
The quarter recorded a notable 14% increase from the previous quarter in 2024, underscoring the robust pricing environment. The quarter culminated with the price of SS Chequered Plate (6 mm) delivered in Texas reaching USD 4641/MT, cementing the period as one of pronounced price positivity. The cumulative effect of these factors rendered the pricing environment distinctly favorable, underscoring the market's resilience and responsiveness to both internal and external pressures.
APAC
In the second quarter of 2024, the pricing environment for Chequered Plates in the APAC region has been predominantly negative. The market experienced a notable decline due to several key factors. Weak downstream demand, particularly in the construction and automotive sectors, significantly dampened market sentiment. Additionally, high raw material costs, particularly nickel, contributed to increased production costs but couldn't sustain higher market prices due to the overall weak demand. Seasonal slowdowns further exacerbated the situation, leading to an oversupply in the market.
Focusing on China, the country experienced the most significant price changes. The overall trend in China displayed a consistent downward trajectory, influenced by weakening demand from the property sector and subdued infrastructure investments. Seasonality played a crucial role, with the post Labour Day period marking a significant decrease in downstream consumption. The correlation in price changes was evident as high production costs and weak end-user demand maintained a bearish market sentiment.
Prices dropped by 1% in this quarter, as compared to prices int the previous quarter. The latest quarter-ending price for SS Chequered Plate (304-6 mm) Ex Tangshan in China stood at USD 2179/MT. Overall, the pricing environment has been decidedly negative, marked by persistent challenges in balancing supply with waning demand, and no significant plant shutdowns or disruptions reported.
Europe
In Q2 2024, the European market for Chequered Plates witnessed a pronounced upward pricing trajectory, driven by several significant factors. The quarter was characterized by escalating alloy surcharges, surging energy costs, and stringent regulatory impacts from the EU Critical Raw Materials Act (CRMA) aimed at securing strategic raw material supplies. Furthermore, heightened demand from the automotive sector, despite broader manufacturing slowdowns, contributed to sustained price increases. Seasonality also played a pivotal role, with the spring construction season bolstering demand for high-quality steel products.
Germany emerged as the focal point of these market dynamics, experiencing the most substantial price changes in the region. The robust demand from the domestic automotive sector, coupled with the ECB’s interest rate cut, helped maintain an overall bullish sentiment. The correlation between energy costs and metal prices was particularly strong, reflecting the significant influence of fluctuating gas and CO2 emissions prices on production costs. Additionally, the introduction of shipping surcharges due to geopolitical disruptions around the Suez Canal further exacerbated price pressures.
Compared to the previous quarter, German Chequered Plate prices surged by 14%, reflecting a consistent upward trend. The quarter concluded with prices peaking at USD 3847/MT for SS Chequered Plate (304-5mm) Ex Ruhr, marking a significant rise. This pricing environment has been predominantly positive, driven by a confluence of regulatory, economic, and seasonal factors, with no major plant shutdowns reported during this period.
For the Quarter Ending March 2024
North America
In Q1 2024, the Chequered Plate market in North America experienced a stable pricing environment, with some fluctuations in the USA. The overall trend for Chequered Plate prices in the region was influenced by factors such as an increase in production costs, declining downstream demand, and global Nickel mining expansion.
In the USA, Chequered Plate prices showed a marginal decline compared to the previous quarter. This decrease can be attributed to an oversupply of Nickel feedstock stored in regional warehouses and sluggish demand from downstream industries. The winter holidays and New Year celebrations also dampened demand in the US spot market, particularly in the construction and automotive sectors.
Globally, Nickel mining saw significant advancements, with increased feedstock supply. The long-delayed Minnesota Copper-Nickel Mining project overcame setbacks, leading to a boost in Nickel mining activity. Cheaper imports from Chinese manufacturers prompted some US Chequered Plate industries to shift investments from Brazil to China, resulting in lower domestic prices for international competitiveness. Looking at the price changes in the USA, there was a marginal decline compared to the same quarter last year. Overall, the pricing environment for Chequered Plate in North America during Q1 2024 can be characterized as stable, with some downward pressure in the USA due to oversupply and weakened demand.
Asia-Pacific
The Q1 2024 pricing environment for Chequered Plate in the APAC region has been influenced by several significant factors. Overall, the market has experienced a stable to slightly negative sentiment. In China, which has seen the maximum price changes, the market has been mostly bearish. The supply of Chequered Plate has been high, with inventory levels showing a notable increase. This has been driven by decreased consumption in both local and overseas markets, particularly in the automotive industry. The demand for Chequered Plate has been low, with consumption rates declining in downstream industries. Chinese manufacturing activity has also contracted, leading to calls for stimulus measures. Uncertainty in economic factors and increased supply have contributed to cautious buyer behaviour in the Chinese spot market. Looking at the quarter, the pricing environment for Chequered Plate has been mostly negative, with prices showing a decline compared to the same quarter last year. However, there has been some stability in the market, with prices remaining relatively consistent throughout the quarter. In conclusion, the Q1 2024 pricing environment for Chequered Plate in the APAC region has been mostly negative, with prices declining due to decreased demand and increased supply. The market has shown some stability, but uncertainty in economic factors and geopolitical instability have contributed to cautious buyer behaviour.
Europe
In Q1 2024, the Chequered Plate market in Europe experienced a stable pricing environment, with Germany witnessing the most significant price changes. Several factors influenced market prices during this quarter. Firstly, there was an oversupply of Nickel raw materials, leading to surplus inventories and a decline in prices. This oversupply was a result of increased mining operations globally, particularly in the battery and stainless-steel sectors. Additionally, disruptions in the Suez Canal prolonged lead times and raised freight costs to Asia, bolstering inventory levels in Germany. Germany, in particular, saw a decline in Chequered Plate prices in Q1 2024. This was due to reduced demand from domestic downstream industries, such as the construction and automotive sectors. The removal of German government subsidies for electric vehicles in December 2023 caused a decline in EV sales, impacting the Chequered Plate sector. However, there was some optimism in the construction sector and infrastructure development, which contributed to a rising demand for Chequered Plate in the German spot market. Overall, the pricing environment for Chequered Plate in Europe in Q1 2024 was stable, with Germany experiencing a decline in prices in the first two months and increase in the last month of Q1. There was an oversupply of Nickel raw materials and reduced demand from domestic industries, which influenced market prices. Despite these challenges, there were positive trends in the construction sector and infrastructure development, indicating potential growth in the future.
For the Quarter Ending December 2023
North America
In the fourth quarter of 2023, the North American Chequered Plate market experienced a slight declining trend amidst several significant factors that impacted prices. Initially, the Chequered Plate prices in the US surged due to heightened demand from the chemical and automotive industries, coupled with limited upstream material supply. Despite robust economic indicators, the EU and the US failed to resolve a steel dispute. Metallurgical coke and non-coking coal prices rose globally.
However, in December, Chequered Plate prices in the US declined due to increased production, reduced consumption, and a rise in supply from key producer Outokumpu. Surpluses in Nickel and Chequered Plate Scrap persisted. The Australian coal industry faced disruptions, impacting market dynamics. Meanwhile, the wind power sector is expected to surpass coal in electricity generation by 2026. In December, Chequered Plate prices remained low in the US due to high inventory levels, reduced downstream demand, and winter-related disruptions.
Global Nickel mining expanded, with the Minnesota Copper-Nickel Mining project overcoming delays. Cheaper Chinese imports prompted US industry shifts. Winter holidays, severe weather, and uncertainties about government policies and the electric vehicle sector contributed to reduced demand in the US spot market. The latest settled prices of Chequered Plate (6 mm) DEL Texas in the USA at the quarter ending December 2023 was USD 10660/MT.
Asia-Pacific
The fourth quarter of 2023 proved to be challenging for the Chequered Plate market in the APAC region. In October, Chequered Plate prices in the Chinese spot market declined due to a shift in demand towards the southern direction, driven by Anti-dumping and Countervailing duties in the US and European markets. Uncertainty in upstream Steel scrap and Nickel availability in Chinese warehouses occurred. Chinese steelmakers sought iron ore, leading to the lowest Chinese iron ore stocks in 7 years. World Steel predicted a 7.7% growth in steel demand, causing iron ore inventories to hit a 7-year low. The US Anti-dumping duties contributed to decreasing Chequered Plates prices in China. In the latter part of the last quarter, Chequered Plate prices decreased due to increased Nickel supply and reduced consumption globally. The use of recycled material lowered manufacturing costs compared to high-grade NPI. In December, Chequered Plate prices in the Chinese spot market remained steady despite decreased demand globally. Adverse weather conditions reduced construction and manufacturing, while increased Nickel supply and an IPO in China influenced prices. A blast at a Nickel plant in Sulawesi further affected prices, making high-grade NPI more cost-effective. Trade disruptions in the Red Sea route raised concerns, and lower demand persisted during winter holidays, affecting US and European orders. The latest price for SS Chequered Plate (304-6 mm) Ex Tangshan in China at the end of the quarter was USD 2318/MT, showing an overall decline throughout the fourth quarter.
Europe
In the fourth quarter of 2023, the Chequered Plate market in Europe experienced various factors that impacted prices. Firstly, In October 2023, the German spot market saw an uptick in Chequered Plate prices, driven by increased demand from the automotive and chemical sectors and a decrease in upstream material supply. Global steel scrap and Nickel pig iron inventory levels dropped due to reduced production rates. The EU Carbon Border Tax faced initial challenges, prompting EU steelmakers to reinforce the export ban on EU ferrous scrap. Weak claims of circumvention against stainless steel products from Turkey, Taiwan, and Vietnam were noted, raising concerns about self-interest among EU steel producers amid uncertainties about the Carbon Border Adjustment Mechanism (CBAM). In contrast, Chequered Plate prices in the German spot market declined in November due to reduced demand from downstream industries and surplus supply. Global manufacturers maintained a higher supply of Nickel. Nornickel increased its global nickel surplus estimate, citing steady production despite lower domestic buying rates. Meanwhile, at the end of 2023, Chequered Plate prices in the German spot market continued to decline due to surplus supply and reduced demand. Rising production costs and decreased demand in manufacturing industries raised concerns, impacting companies like Arvedi Acciai Speciali Terni. The Chequered Plate sector in Germany faced challenges, including the removal of government subsidies for electric vehicles impacting sales. The latest price of SS Chequered Plate (304-5mm) Ex Ruhr in Germany for the last quarter is USD 3269/MT.
For the Quarter Ending September 2023
North America
Chequered plate prices in the USA saw a notable decline in the third quarter, driven by various factors. Increased local inventories within the US market played a significant role in this downward trend. Furthermore, rising raw material costs added pressure, particularly with fluctuating nickel prices countered by lower coking coal costs, making production expenses more sustainable. In the US spot market, pig iron ore prices dropped due to increased production in Australia and Indonesia. The Federal Reserve's decision to raise interest rates to 5.50% in response to a slowing US economy further curbed orders from both domestic and foreign buyers, given persistent inflation concerns. While upstream steel production slightly increased, creating a surplus in crude steel supply, the overseas production and sales of electric vehicles in China surged, intensifying competition in the US auto industry. On the demand side, increased consumption from downstream industries reduced supply levels. The construction sector, with a notable 23,000 job increase, witnessed heightened activity, along with increased demand from the automobile and housing sectors in the US spot market. As a result, Chequered Plate prices experienced a declining trend in the USA in the third quarter.
Asia-Pacific
In the third quarter, China experienced a significant uptick in the demand and price of Chequered Plates, driven by several key factors. Firstly, the price of Chequered Plates saw a rise due to an optimistic market sentiment surrounding the feedstock Nickel, coupled with government policies aimed at boosting the automotive industry. Increased demand from the downstream battery sector further bolstered Nickel prices, prompting local consumers to stock up, which, in turn, encouraged domestic mills to increase their prices. The supply of Chequered Plates remained limited as the Tsingshan Stainless Steel manufacturing plant restricted its output to boost market sentiment. Consequently, the Chequered Plates' prices surged as production costs increased along with Nickel prices. The buoyant demand from the domestic automotive industry, driven by growing sales of Chinese vehicles and the increasing dominance of electric vehicles, continued to push the Chequered Plates market upward. Buyers consistently placed substantial orders, maintaining a bullish market outlook. In August, Chequered Plates' prices exhibited slight growth in the Chinese spot market, again influenced by positive Nickel market sentiment and government support for the automotive sector. The ongoing trend of high demand and limited supply, along with proactive pricing strategies by domestic manufacturers, sustained the robust Chequered Plates market.
Europe
Chequered Plates in Germany experienced a declining trend during the third quarter, marked by falling prices due to reduced demand in the local market and high inventory levels. The automotive industry, grappling with stiff competition from overseas manufacturers like Tesla, struggled to boost profits despite efforts to promote the electric vehicle sector. Buyers, both local and international, adopted a cautious approach, anticipating further price drops. Mills were compelled to offer discounts even on smaller orders. Inventory levels remained elevated in the German spot market, primarily due to decreased consumption in the automotive, construction, and interior design sectors. Production continued at a steady pace, but weak demand from the downstream auto-related industries resulted in increased supply. Buyers refrained from placing substantial orders in anticipation of continued price decreases. Overseas manufacturing companies like Tesla further intensified competition, contributing to the reduced demand for Chequered Plates in Germany. The market player anticipates growth and stability in the upcoming quarter as the economic situation tends to stabilize.
For the Quarter Ending June 2023
North America
As the weakening state of the economy was cited as the primary explanation, the price of Chequered Plates showed a decreasing tendency. The second quarter saw a decrease in the US economy because of the nationwide failure of large banks, which sparked a debt crisis. The market attitude became negative because of rising interest rates and inflation. The slumping economy decreased consumers' purchasing power and increased local Stainless Steel inventory levels. Chequered Plates prices increased steadily in the first half of 2002 as the price of feedstock nickel recovered. The US mills maintained a high base price, and the addition of the alloy fee led to an increased price trend in the US spot market. As consumption from the downstream automotive industry continued to be on the lower end, the market situation deteriorated in the second half of the quarter. Customers' ability to purchase decreased as inflation increased, which resulted in the sale of fewer automobiles. The demand for Chequered Plates decreased because of the labor crisis in the USA, which encouraged a slower pace of activity in the building industry. The price of feedstock commodities like iron ore and NPI in the international and US spot markets decreased because of the overseas Chinese Stimulus wagers. Large orders were not being placed by the purchasers, which led the nearby mills to lower their offer prices.
APAC
In the second quarter of 2023, the cost of Chequered Plates decreased in the Chinese market. Price increases were made in April in response to rising feedstock Nickel costs during the first portion of the second quarter. The market was favorable, and the stainless-steel production facilities were making money. Increasing money on the Chinese market and a drop in feedstock nickel inventories both contributed to the upbeat market mood that supported price growth. The price of discarded stainless steel was rising, giving the nearby Chinese factories a greater market. The pricing trend for Chequered Plates fell in the second quarter's H2 and eventually started to decline. A sour market attitude for Chequered Plates was formed in May because of the macroeconomic aspect relating to the growing inflation rate and the economic unpredictability. As the Liyang Stainless Steel mill intended to boost its billet production capacity, the production rate in the stainless-steel mills was high. The Chinese spot market saw less building activity because of the country's unstable economy and regional vacations. The Chinese government used a number of stimuli at the conclusion of the quarter to improve their economic status. As the market attitude became unsteady, the consumers were reluctant to make significant orders, which drove the local mills to lower their offer price for Chequered Plates throughout China.
Europe
In the second quarter, the price of European Chequered Plates fell as the downstream construction and car industries displayed a negative market attitude. Germany's economy deteriorated as the country entered a recession. The struggling economy had a negative impact on downstream building activity across the German spot market. A negative market mood was produced by the escalating inflation rate and rising raw material costs for new buildings. The worker's groups staged a demonstration in front of the Belgian headquarters, emphasizing the issue of equal pay since the employees hired by the local contracting businesses were paid less, and the labor shortage grew to be a significant issue. They urged the launch of a coordinated hiring process for personnel across the board in the construction and building sectors. Additionally, the German spot market suffered from the downstream automotive industry's closure of major plants across Europe by major automakers like Nissan and Kia as sales of vehicles plummeted in Germany due to the weakening German economy, which also reduced customer purchasing power. As the market attitude became unsteady, the clients were reluctant to make significant orders, which drove the local mills to lower their offer price for Chequered Plates throughout Germany.
For the Quarter Ending March 2023
North America
In the US market, Chequered Plate prices increased in the third quarter of 2023 due to stagnant demand amidst turmoil in the banking sector. Since mid-October, plant utilization rates remained below 75%, and low service center inventories and high raw material prices contributed to higher prices of finished steel. Mills received higher prices on the spot market, causing an increase in steel goods' spot prices. Service centers were cautious when adding inventory as future prices were uncertain. Nucor Brandenberg's new mill appeared to be a few months away from reaching full output. Congested port handling rates caused cargo handling rates to rise. The market was still digesting price increases from last month, and the reduction in mill production caused by weak downstream industry demand led to higher prices. Inflationary cost increases impacted almost all segments, forcing participants in the market to adjust their pricing. The US steelmakers continued to be unable to meet the market's demand, which helped keep steel prices stable. Domestic steel mills underwent extensive maintenance in 2023, worsening the supply shortage situation. As a ripple effect, the SS Chequered Plate (6 mm) prices for Ex Texas (USA) settled at USD 4568/MT.
Asia Pacific
In the first quarter of 2023, Chinese Chequered Plate prices decreased due to falling Nickel costs and a slowdown in demand from the construction and automotive industries. Following the Spring Festival holiday, sales of Chequered Plate slowed down, and there was no apparent consumption of spot resources. Market players were on vacation during the Chinese New Year Holidays, and despite the delivery of large factory resources, they were not picked up, resulting in resource accumulation. With the resumption of production at large steel plants, downstream demand gradually increased, but inventory levels started to rise, and pressure from the steel mill eroded cost support for raw materials and ferronickel. Domestic mills reduced production due to low prices, which failed to curb the price decline. Market pessimism was strong, and the profit margin of the industry chain was squeezed. Domestic iron plants were unable to accept low prices due to production losses, and most of them implemented production reduction plans. As a ripple effect, the SS Chequered Plate (304-6 mm) prices for Ex Tangshan settled at USD 2475/MT.
Europe
During the first quarter of 2023, Chequered Plate prices in the European market remained stagnant due to various factors, including rising slab prices, increased demand, and longer plate delivery times. Spot distributors accepted the price increase, but larger buyers were willing to pay higher prices for April-June plates. However, larger distributors were hesitant to commit to deals due to longer lead times, and German mills had fewer volumes for spot purchasers due to strong order books with projects. Heavy plate availability was constrained due to strong order books in Germany and Italy, a stronger emphasis on projects and long-term agreements over the spot market by German mills, and decreased production in Central Europe. Despite strong consumer demand, margins throughout the value chain decreased. Limited domestic supply and steady demand supported domestic prices, and buyers remained cautious about long lead times and hyped-up prices after the latest price rises earlier this month. Thus, the SS Chequered Plate (304-5mm) prices for Ex Ruhr settled at USD 3740/MT.
For the Quarter Ending December 2022
North America
In the final quarter of 2022, the prices of chequered plates declined in the US market as demand for flat-rolled products was deteriorating, and mills struggled to maintain balance while reducing output. Mills successfully kept the majority of transactions at the higher end of the spectrum. Due to mill outages, weak demand, and pressured export prices, the domestic steel market in the United States appeared to be moving further away from recovery. Bearish sentiment in the global market resulted from decreasing production volumes, sharply falling prices in the major export destination, and low demand for stainless steel (flats) in Turkey and the United States, which prevented costs from rising. With falling scrap prices, US Stainless Steel mills had tried to remain competitive with import offers as downstream demand from new projects had not warranted additional spot buys or bookings of more significant imports, along with rising financing costs. Steelmakers and some service centers believe the market was finally approaching an absolute bottom in ending the fourth quarter. As a ripple effect, the SS Chequered Plate (6 mm) prices for FOB Port of TX City (USA) settled at USD 4610/MT in mid-Q4 2022.
Asia Pacific
Chequered plate prices in China fell in the fourth quarter of 2022 due to declining demand dynamics and rising COVID infection. In October, the price of chequered sheets rose slightly. Following National Day, the arrival of Chequered sheets in the market was not as anticipated, and some specifications were in short supply. Furthermore, raw material supply was an issue. According to buyers, there was no discernible improvement in demand, and buyers' willingness to purchase in the downstream market was low. In mid-Q4, epidemic prevention and control measures were tightened in some areas, and logistics and transportation were disrupted. Near the end of the quarter, some merchants offered discounts. However, there was little availability of Chequered Plate inventory at the time. Downstream enterprises had reduced their inventory pressure due to the capital flow. Furthermore, domestic and export sales were significantly lower this year compared to previous years. As a result, the November Ex Tangshan (China) SS Chequered Plate (304-6 mm) prices were fixed at USD 2821/MT.
Europe
Chequered Plate prices in the European market plunged in the fourth quarter of 2022 due to a declining demand outlook and rising energy prices. Buyers who ordered Chequered Plate for December delivery said it was already available on the market, with lead times from several mills as low as two weeks in October. The market for European chequered plates reopened in the mid-fourth quarter. After a long period of inactivity during which Chequered Plate prices fell and buyers purchased in small quantities, European demand for Chequered Plates resumed in November. Buyer demand had increased while producers in Europe and around the world were shutting down plants due to high energy costs. Buyers asserted that terminal demand had remained largely stable, and distributors began restocking in November, indicating that inventories had been depleted. However, no large cargoes were involved in the restocking, and increased distributor demand not affected prices. Even for the first half of the year, actual demand will remain current until 2023. One European mill was planning extra melting in December ahead of a significant shutdown in March. As a result, the SS Chequered Plate (304-5mm) Ex Ruhr (Germany) was settled in November at USD 3727/MT.
For the Quarter Ending September 2022
North America
During the third quarter of 2022, the Chequered Plate prices witnessed a negative sentiment in the US market owing to the subdued demand outlook. As per market players, Chequered Plate prices have fallen as service centers have held off buying in the face of weak demand from consumers, whose shortages of labor and parts have hit. Fears that the United States is either already in or on the verge of a recession have also reduced purchases. Furthermore, the mill only serves the flat-rolled steel market, and the idling was blamed on high import levels and market conditions. The idling is the first market-related closure reported by a US steelmaker in recent memory. Market participants have complained about persistent oversupply and a lack of more permanent production cuts to reduce volumes. US Steel has idled its No. 8 blast furnace at its Gary Works steel mill in Indiana. Steel mill outages throughout the rest of the year will eliminate nearly 54431 MT of flat-rolled production, but few believe this will alleviate the persistent oversupply. Therefore, the discussions for SS Chequered Plate (6 mm) prices for Ex Texas (USA) settled at USD 4483/MT.
Asia Pacific
In the Asian market, the Chequered Plate prices declined in the Indian market during the third quarter of 2022 amidst falling raw material costs and dwindling domestic demand. Some plants have shut down operations, while others were operating at 40-50% capacity, driving up the price of lumps. Furthermore, pellet prices have trended upward as demand for the material typically rises during the rainy season, unlike iron ore, which retains a higher moisture level, resulting in an iron ore shortage during the monsoons. Some commodities fell in price in July due to production cuts in tier 1 mills and the secondary sector, while others rose due to supply constraints. In anticipation of further drops, dealers reduced purchase orders. Indian steel mills were reportedly postponing annual maintenance to avoid stockpiling. Some prominent buyers negotiate for more discounts or hold back purchase decisions because of price volatility. Thus, the SS Chequered Plate (304-6 mm) prices for Ex Shanghai (China) settled at USD 2082/MT.
Europe
In the European market, the Chequered Plate prices witnessed a sliding price trend during the third quarter of 2022 owing to the rising concerns about consumption, the energy crisis, and a looming European recession. Despite weak demand for steel in Europe, the producers have been pushing for higher prices for both flat and long steel products recently, seeking USD 50-100 per tonne increases to account for rising costs. According to market participants, because these price increases are cost-driven rather than demand-driven, they will be challenging to achieve in transactions. Furthermore, if more output curtailment is implemented in the autumn of 2022, European mills may reach a point where the supply and demand balance is restored by the first quarter of 2023. As a result, producers may try to implement price increases. Sources agreed that the impact of the current production cuts on European steel prices was still uncertain, and they expected more European mills to reduce output to balance the market. Thus, the SS Chequered Plate (304-5mm) prices for Ex Ruhr (Germany) settled at USD 3870/MT.
