For the Quarter Ending June 2023
North America
During the second quarter of 2023, the US copper plate market experienced a period of price stability, influenced by macroeconomic factors. Initially, there was a rise in prices due to an unexpected decline in the Producer Price Index in the USA, relieving some downward pressure on copper plate manufacturing. The supply and demand rate remained stable, indicating that the US government was nearing the end of an interest rate hike phase and planning to decrease rates in the coming weeks. However, market conditions in the latter half of the second quarter took a drastic downturn. The US government faced an economic crisis as several major banks across the country faltered, leading to a debt crisis in the spot market. Buyers became cautious, adopting a wait-and-watch approach, and purchasing rates were primarily based on immediate demand. Despite this, the consumption rate for copper plate remained stable in the German spot market due to downstream infrastructural development and the increasing use of electrification in various mills.
Asia-Pacific
The Asian market saw an upward trend in copper plate prices during the second quarter, driven by a positive market sentiment in the Chinese copper market. Copper smelting mills in China operated at a steady pace, supported by stable domestic consumption. Temporary disruptions in domestic warehouses allowed the mills to stabilize and reach full capacity. Government policies and deals increased production costs in the Chinese spot market, providing strong support for copper plate production. Inventory levels were kept relatively low as manufacturing activity did not match the surge in demand. The stable supply of copper scrap contributed to the upward momentum of copper prices. However, there was a slight decline due to increased import rates, as cargo shipments were attracted by import subsidy policies from the Chinese government. The uncertain economic conditions affected copper plate prices, as overseas countries, including the US and Eurozone nations, banned the import of Chinese origin commodities, leading to an increase in local Chinese inventory levels. To bridge the supply-demand gap, local mills sold surplus copper plate at a lower rate. Market sentiment turned bearish, resulting in on-demand purchases in the Chinese spot market.
Get Real Time Prices of Copper Plate: https://www.chemanalyst.com/Pricing-data/copper-plate-1356
Europe
In the German spot market, the price of copper plate remained stable during the second quarter, primarily influenced by macroeconomic factors. The weakening US dollar provided a strong foundation for copper plate prices and signaled a potential reduction in interest rates across Germany. Copper smelting mills maintained a steady performance, ensuring a stable supply of copper plate. Buyers adopted a wait-and-watch approach, making purchases based on immediate demand. The decarburization and electrification of various copper smelting mills contributed to a high consumption rate and overall stability in copper plate prices. However, the economic conditions worsened in the latter half of the second quarter, resulting in a recession in the German economy and an increase in inflation rates. Trade conditions declined both domestically and overseas. Decreased purchasing power led to a surge in local inventory levels for copper plates. In response, the German government imposed countervailing duties on cheaper copper products imported from the Chinese and Asian markets. The downstream automotive industry experienced a downturn as sales of electric vehicles declined, leading to an oversupply of copper plate. The German government is actively seeking to sign deals to boost the consumption rate of copper plates and improve the country's economic situation.
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