In the US market, the Stainless Steel CR Coil prices showcased a downswing in the price momentum in the first quarter of 2023 owing to the falling raw material prices amidst the reduced buying sentiments. The number of stocks available in the spot market increased significantly in January. In February, certain Stainless-Steel products saw an increase in imports as high US prices made lower-cost imports more appealing. Companies in Europe and the US frequently rely on imports from Asia to meet their needs, as mills in these regions are often uninterested in large-scale production of grades. Service centers are concerned about rising Stainless Steel CR Coil prices amid the flurry of announcements, but most market participants believe the uptrend will end in the first quarter due to interest rate hikes and pressure on the US economy. Manufacturing output in the United States fell in March due to lower demand, production, and employment. Multiple buyers are concerned that pricing will peak and then fall off in the late second quarter and into the second half of the year. The SS-304 CR plate (6 mm) prices for Ex Florida (USA) settled at USD 6528/MT.
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