Recent geopolitical actions, including US and UK sanctions on Russian raw materials, have significantly disrupted global supply chains for nickel, a critical component in stainless steel production. These disruptions, coupled with operational challenges in key production regions like Indonesia, have influenced Chequered Plate prices across various markets.

Germany has recorded a notable 1.5% increase in Chequered Plate prices, reaching USD 3900 per metric ton FOB Hamburg, till the mid of June 2024, which is likely to remain the same in the remaining month. This rise is largely attributed to the constrained nickel supply and robust industrial demand. In contrast, Chequered Plate prices in the USA decreased by 0.79%, settling at USD 4641 per metric ton DEL Texas, reflecting weaker demand in the construction sector.

In China, Chequered Plate prices rose by 0.81%, now standing at USD 2235 per metric ton Ex Tangshan in the first half of June 2024. This increase is linked to the cessation of production at Indonesia's Yong Wang cold rolling mill, effective from June for a two-month period, which has disrupted the supply chain. Major stainless-steel producers in China and India, reliant on Indonesian imports, have felt the impact. Despite a decrease in overall stainless-steel imports, robust demand from the automotive sector has driven prices upward amidst global supply disruptions.

The United States experienced an unexpected decline in construction spending, particularly in residential projects. This downturn in demand has led to a slump in Chequered Plate prices, reflecting broader economic uncertainties impacting the construction sector.

Chequered Plate prices in India have seen a modest increase of 0.86%, reaching USD 2583 per metric ton Ex Mumbai during the first half of June 2024, which might start tracing an opposite trend for the rest of the month due to ample product supplies. The Indian market faces a dual challenge of balancing domestic production ambitions with increased reliance on imports of stainless steel, primarily from China. This contradictory dynamic has strained local supply chains, contributing to the recent price hike of Chequered Plates. Additionally, the Indian Railways’ manufacturing arm, ICF, has expanded its production capabilities to include sleeper and metro coach variants of the latest semi-high speed 'Vande Bharat' coaches, generating significant demand for Chequered Plates. The automotive sector has also bolstered demand, with dealers ramping up production to meet escalating consumer demand and offering substantial discounts, emphasizing the alloy's importance in ensuring the durability and longevity of critical auto parts.

Germany’s strong industrial growth and expanding manufacturing sector have bolstered demand for stainless steel Chequered Plates. However, shortages in nickel supply continue to exert upward pressure on prices, underscoring the tight supply-demand dynamics in the market.

Looking ahead, the future trajectory of Chequered Plate prices will likely continue to hinge on developments in raw material supply chains and global economic trends, particularly in the construction and manufacturing sectors. Stakeholders in the market must navigate these complexities, balancing resilience and responsiveness to surmount challenges and capitalize on opportunities within the evolving landscape of the global steel industry.