Stainless Steel HR Coil Price: In the second quarter of 2023 | ChemAnalyst

Chemanalyst07 Sep, 2023Business

During the second quarter, the price of Stainless-Steel HR Coil in North America experienced a decline, primarily attributed to the deteriorating economic conditions. The USA's economy saw a downturn as major banks faced crises, leading to a debt crisis. The combination of rising inflation rates and increased interest rates cast a pessimistic shadow over the market sentiment. Consequently, the weakened economic state reduced buyers' purchasing power and led to a surge in local Stainless Steel inventory levels. Initially, the first half of Q2 witnessed a sustainable rise in Stainless-Steel HR Coil prices, driven by a rebound in feedstock Nickel prices. US mills maintained high base prices, and the addition of alloy surcharges further boosted prices in the US spot market.