For the Quarter Ending March 2025
North America
In Q1 2025, North America's chequered plate market reflected a dynamic blend of economic adjustments, trade policies, and shifting demand trends, particularly driven by developments in the United States. Despite global uncertainties, the region-maintained manufacturing resilience and stable logistics, with policy changes contributing to supply chain recalibration.
In the U.S., chequered plate prices increased 0.9% quarter-on-quarter, closing at USD 4768/mt FOB Texas. January witnessed a 0.5% dip due to policy uncertainty and weakened downstream demand, particularly as automotive sales declined 25.5%. Despite tariff proposals on imports, their delayed enforcement limited short-term impacts. Mid-quarter brought price stabilization as balanced supply and modest demand offset global pressures. Manufacturing remained consistent, with capacity utilization at 74.4%, supported by ample raw material supply and manageable weather conditions. In March, a monthly price surge occurred, driven by rising nickel costs, production challenges, and strong automotive demand across North America.
Anticipatory buying ahead of tariff implementations further tightened supply-demand conditions. This quarter’s performance underscores the market's adaptability amidst fluctuating economic and policy landscapes.
Europe
In Europe, the chequered plate market in Q1 2025 experienced a mixed trajectory, shaped by a complex interplay of supply-side stability, demand fluctuations, and broader economic shifts. The continent's industrial landscape benefited from resilient output and relatively stable logistics, but weaker export performance and cautious sentiment restrained significant growth. In Germany, the quarter began with a modest price decline in January amid weak downstream demand, particularly from the construction and automotive sectors. Despite steady raw material availability and improved industrial output, cautious investor behavior and faltering export sales weighed on sentiment. February followed with another drop, driven by volatile nickel prices and weak international demand, especially from the UK and Canada. Nonetheless, steady supply and contained logistical disruptions prevented deeper market setbacks. In March, however, prices rebounded due to tightening supply and rising demand from India, the UK, and Canada, alongside cost pressures from rising nickel prices and import tariffs. Overall, Germany's chequered plate market closed Q1 with a 2.2% QoQ price decrease at USD 4768/mt FOB Texas, reflecting an overall recovery following mid-quarter decrease.
APAC
The APAC region witnessed a steady upward trajectory in the chequered plate market during Q1 2025, with robust recovery momentum observed across key sectors such as construction, automotive, and infrastructure. While price trends varied across countries, China stood out as a major influencer due to its extensive industrial base and export orientation. In China, prices of chequered plates showed a steady increase throughout the quarter, ending at USD 4768/mt Ex Tangshan. However, when compared to Q4 2024, prices declined 1.8% QoQ in Q1 2025. January saw a brief dip due to the Lunar New Year-induced manufacturing slowdown and subdued demand. In February, a rise followed, underpinned by gradual recovery in downstream sectors and export support. By March, prices surged month-on-month, driven by firm nickel costs, government-led infrastructure stimulus, and a sharp rebound in construction and automotive demand. Despite supply constraints from maintenance shutdowns and elevated freight costs, strong domestic and export demand sustained market tightness, marking a bullish close to the quarter.
For the Quarter Ending December 2024
North America
In the fourth quarter of 2024, Chequered Plate prices in North America declined by 2.2% quarter-on-quarter, reflecting a softening market. Supply remained stable across the region, supported by steady production levels. However, high raw material costs, including pig iron and scrap metal, and weak demand from key sectors contributed to the downward price trend. By the end of the quarter, the price of SS Chequered Plate (6 mm) FOB Texas (USA) stood at USD 4525/MT.
In the United States, the chequered plate market faced mixed dynamics. Early in the quarter, reduced steel production and logistical challenges, including hurricanes, impacted supply chains. Despite these pressures, local manufacturers maintained stable production levels, supported by anti-dumping duties on low-cost imports. The automotive sector showed robust demand, with vehicle sales rising significantly both month-over-month and year-over-year, driving demand for chequered plates in applications such as vehicle flooring and loading ramps. However, the construction sector experienced seasonal slowdowns, with elevated mortgage rates dampening residential activity and buyer interest. Non-residential construction spending remained steady, providing some support to demand.
Overall, the U.S. chequered plate market balanced supply and demand challenges with growth in automotive applications, maintaining stability despite broader economic uncertainties and a weaker construction sector.
Europe
Chequered Plate prices in Europe declined by 3% quarter-on-quarter, in the fourth quarter of 2024, reflecting subdued market conditions. While raw material supplies remained steady, weak demand across key sectors weighed heavily on pricing. Persistent oversupply and fluctuating nickel markets further strained the region's steel industry, limiting pricing power for suppliers. By the end of the quarter, the price of SS Chequered Plate (304-5mm) FOB Hamburg stood at USD 3748/MT. In Germany, the downturn was driven by challenges in the construction and automotive industries. The construction sector faced sharp contractions in activity, with housing approvals plummeting and incoming orders decreasing. Although costs for procurement and subcontractors eased, overall sentiment in the sector remained negative. The automotive industry, despite a modest increase in new car registrations early in the quarter, witnessed a significant decline in production and registrations by year-end. Lower alloy surcharges and heightened competition exacerbated the challenges for suppliers, while rising production levels failed to address the oversupply issue. Seasonal slowdowns and subdued downstream demand added further pressure. These factors collectively contributed to the decline in Chequered Plate prices, reflecting the broader economic and industrial struggles in Germany during this period.
APAC
In the fourth quarter of 2024, the chequered plate market in the APAC region witnessed a 5% quarter-on-quarter price decline, driven by subdued demand and fluctuating supply dynamics. The region's stainless-steel production saw moderate growth, with consistent raw material availability, but price pressures persisted due to reduced purchasing activity across key sectors. In China, the chequered plate market experienced significant challenges throughout the quarter. Despite a steady increase in manufacturing activity, indicated by the NBS Manufacturing PMI by the end of the quarter, demand for chequered plates remained muted. Downstream industries limited purchases to essential needs, as surplus inventory and seasonal slowdowns in construction weakened overall demand. Cooler temperatures further dampened construction activity in northern regions, while real estate investment and sales continued to decline, exacerbating market pressures. Automotive production provided some support, with passenger car sales increasing 12% year-on-year. However, this growth did not translate into higher demand for chequered plates due to disconnects between production and material requirements. Falling raw material costs, including Nickel Pig Iron and ferrochrome, compounded pricing pressures. By the end of the quarter, the price of SS Chequered Plate (304-6 mm) FOB Tianjin stood at USD 1879/MT, reflecting subdued market conditions and cautious sentiment in China's chequered plate market.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American region witnessed a challenging period for Chequered Plate pricing, marked by a consistent decline in market prices. Several significant factors influenced this downward trend. The manufacturing sector faced contraction, with a notable decrease in new orders impacting demand for Chequered Plate. Furthermore, the construction industry experienced challenges such as reduced backlogs, negative contractor confidence, and postponed projects due to high borrowing costs and increased delivery expenses. These factors contributed to a low demand environment, leading to moderate supply conditions in the market.
Within the USA, which saw the most significant price changes, the Chequered Plate market reflected overall negative trends. The correlation between nickel and iron markets played a crucial role, with challenges stemming from elevated LME nickel inventory levels and sluggish demand from downstream industries. The manufacturing sector's growth rate decreased due to a drop in new orders, while the automotive sector experienced a decline in sales, further impacting demand for Chequered Plate.
Overall, the quarter exhibited a consistent decrease in prices, with a 1% decrease from the previous quarter in 2024. The comparison between the first and second half of the quarter showed a slight decline of -1%. The quarter closed with the price of USD 4549/MT for SS Chequered Plate (6 mm) DEL Texas in the USA, reflecting the prevailing negative pricing sentiment in the market.
APAC
In the APAC region for Q3 2024, the Chequered Plate market witnessed a significant downturn, marked by a host of compelling factors. The prevailing market conditions were heavily influenced by an oversupply of steel products, exacerbated by weakened demand across various industries such as construction and automotive. Uncertainties in global economic trends, coupled with subdued manufacturing activities, added to the downward pressure on prices. The suspension of steel capacity replacement programs in China contributed to a cautious approach in managing industry dynamics, impacting supply levels. Seasonal factors like extreme weather conditions further hampered market demand, creating a challenging environment for Chequered Plate pricing.
Specifically focusing on China, the market experienced notable price fluctuations, reflecting a bearish sentiment. The price decline of 10% from the previous quarter underscored the challenging landscape for Chequered plate. This negative trend continued with a 4% drop in prices between the first and second half of the quarter, highlighting the persistent downward trajectory. The quarter-ending price of USD 1956/MT for SS Chequered Plate (304-6 mm) Ex Tangshan in China epitomizes the overall decreasing pricing sentiment in the region.
Europe
In Q3 2024, the pricing environment for Chequered Plate in Europe remained stable, influenced by various factors. Fluctuations in raw material costs, particularly nickel, and supply chain disruptions due to extended summer maintenance closures played a significant role. Germany, experiencing the most significant price changes, saw a delicate balance between supply and demand. The market faced challenges from a struggling manufacturing sector, impacting demand dynamics. It's worth mentioning that the prices of scrap materials have remained consistent in recent times, offering manufacturers a degree of respite concerning their production expenses. Despite moderate supply levels, the automotive industry's growth, especially in electric vehicles, and a resurgence in construction activities provided stability for the market. Seasonal trends and correlation in price changes were notable, with a recorded 3% increase from the previous quarter but no change between the first and second half of the quarter. The quarter-ending price for SS Chequered Plate (304-5mm) Ex Ruhr in Germany stood at USD 3870/MT, reflecting the overall stable pricing sentiment in the region.
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.
