During the third quarter of 2022, the Stainless-Steel Round bar prices rose in the US market amidst a sluggish demand outlook. Market players cite that US steel prices have been under significant pressure for most of 2022, driven by weakening downstream demand, conservative service center buying, and persistently high supply. However, rising signs of a recession had kept many buyers on the fence, fearful of being saddled with overpriced steel inventories if the downturn worsened. Furthermore, many buyers refused to make purchases that would increase their inventories and preferred to keep stocks tight rather than take risks in an uncertain market. Furthermore, in their most recent earnings reports, steelmakers indicated that they believe demand will remain stable or increase, citing persistent backlogs. Thus, SS 304 Round Bar (25 mm) prices for FOB New York Port (USA) settled at USD 10637/MT.
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