In the Italian market, the prices of Stainless Steel CR Coil stagnated in the week ending April 14 as major manufacturers and sellers opted for a wait-and-watch outlook. Market players suggested that the Italian Stainless Steel CR Coil market has been weak this month, similar to the rest of the European market. The trading activity for Stainless Steel CR Coil has been impacted by uncertainty, dwindling upstream and downstream prices, overcapacity, and lower consumption, resulting in few buying and participating in the market from buyers and manufacturers. Stainless Steel CR Coil manufacturers expect downstream buyers to return to the market next week, starting April 17 at the earliest.

Sources predict that the second quarter of 2023 could see a correction in the prices of Stainless Steel CR Coil unless there is an increase in downstream consumption in the construction and household appliances sectors as new supply sources appear. There is a growing aversion to imported Stainless Steel CR Coil due to a lack of certainty, leading to a decline in international business. The market is becoming more regional, with European mills competing for every order. The anticipated pick-up in the Chinese market after the New Year holiday did not materialize, and global political tensions are not helping to motivate investors, with higher interest rates exacerbating the situation.

In the spot European market, the banking crisis for medium-sized banks is affecting the investment outlook, with more Stainless Steel CR Coil clients doing business with these banks, which have started to squeeze credit lines. High-interest rates, which continue to increase, leave imports at the same disadvantage as before. Despite some positive factors in the global market, such as low energy prices and falling shipping costs, the Stainless Steel CR Coil market fluctuated and became unstable in general, and inventories across Europe have started to reduce. Destocking is taking longer than anticipated by most distributors due to weak demand. Buyers of Stainless Steel CR Coil remain hesitant to make long-term purchases and prefer to get material from current supplies, resulting in low bookings with European mills and short delivery lead times.

As a result, ChemAnalyst anticipates that the prices of Stainless Steel CR Coil will remain range-bound until further price correction. Market participants report that both long and flat-product Stainless Steel makers are eager for sales, and thus prices will come under considerable downward pressure this month.