European Chequered Plate Prices Remain Bearish in Early June

In the European market, prices of Chequered Plate have witnessed a southward momentum in the week ending June 9, amidst stable demand from the downstream construction sector and falling raw material costs. According to local sources, the price of feedstock Chromium has remained stable from May, while the upstream Nickel price has experienced a slight decrease. The stable demand from downstream sectors has impacted the growth rate of Chequered Plate. Ongoing labour strikes have also affected Chequered Plate production and the downstream construction industry.

Demand for Chequered Plate from the European construction sector has been slightly lower due to worker protests led by the European Federation of Building and Wood Workers in front of the European Union Headquarters in Belgium. These protests aim to address increasing subcontracting practices in Europe, as contract workers are being paid less for the same work compared to directly recruited workers. The protesters are advocating for the elimination of subcontracting and the implementation of direct recruitment to reduce worker exploitation. The involvement of SIPTU (Services, Industrial, Professional, Technical Union), Ireland's largest trade union, has drawn attention to the protests from all European countries. Consequently, there has been a decline in the workforce in the construction industry, leading to decreased demand for Chequered Plate in the downstream construction sector.

Furthermore, demand from the downstream automobile sector has remained stable this week, but major players anticipate significant growth in Chequered Plate prices in the European market in the upcoming months due to forthcoming deals signed by UK automobile market players. The revitalization of the European automobile industry, coupled with plans for a new plant in the UK, will drive the demand for Chequered Plate.

To balance the supply and demand of Chequered Plate in the European market, European stainless-steel manufacturers are implementing various measures to increase prices. Major market players suggest that reduced manufacturing will be supported by temporary shutdowns, maintenance outages, and production cuts, which will favour an increase in Chequered Plate prices. Additionally, the slight decrease in European inflation has allowed manufacturers and sellers to increase sales of Chequered Plate in the European market.

According to ChemAnalyst, Chequered Plate prices are expected to have a bullish sentiment as UK and EU market players attempt to finalize a deal to sustain prices. Furthermore, the feedstock Nickel price is projected to rise due to increasing demand from the downstream European automobile industry. Consequently, Chequered Plate prices are anticipated to increase in the coming months.