North America
In the US market, the SMO 254 prices showcased a sporadic price movement in the final quarter of 2022 owing to the fluctuating demand and supply outlook. According to manufacturers, October saw limited demand across the region, with weaker programs in Chicago and Detroit as mill order books and outages continued to undercut. Many buyers interpreted the price announcements as steelmakers' attempt to halt persistent price declines. As the Christmas and New Year holidays approached, few buyers resumed their purchases. Due to oversupply, prices have dropped by 60% since the beginning of the year. Many buyers interpreted the price announcements as steelmakers' attempt to halt persistent price declines. Changes in mill alloy surcharges primarily influenced US prices in 2022. However, when combined with lower buyer discounts, this resulted in some of the highest global stainless-steel prices in the United States. Prices for SMO 254 increased in December due to rising raw material costs.

Asia Pacific
Towards the close of Q4, the SMO 254 prices edged in the downward direction in the Chinese market owing to the higher availability of the product and limited downstream demand amidst COVID control and prevention measures. The stainless-steel midline had plenty of production capacity, but supply was tight, and the midline was pessimistic. The price of short-term raw materials, on the other hand, was firm, the cost was high, and the steel plant suffered immediate profit losses. The domestic epidemic situation was complicated, logistics were congested, downstream procurement willingness was low, and the transaction needed to be strengthened. Market participants reported that the upstream pure nickel spot was high, while downstream transactions remained weak. In mid-December, domestic molybdenum prices rose sharply, while international molybdenum prices remained rangebound. Manufacturers claim that as the end of the year approaches, some stainless-steel prices, such as SMO 254 Plate, have risen due to pre-holiday stock preparation and the stimulus of favorable macroeconomic policies.

Europe
In the final quarter of 2022, the SMO 254 prices showcased a mixed trend in the European market owing to the fluctuating demand and supply outlook. In October, the contract buyers were not hurrying to close deals due to the sharp decline. Rising interest rates were exacerbating the destocking—rising capital costs, and apparent low demand meant people were looking to liquidate inventories, particularly as the year came to a close. Local producers were required to fill in their rolling programs, with some service centers claiming a two-week lead time. Buyers report that SMO 254 distributors have recently begun restocking, but prices have remained flat as a result of persistently low actual demand in mid-Q4. According to manufacturers, downstream demand was deficient, and customers were not in a hurry because the year was coming to an end, but stock levels were also low. European ferroalloy prices fell as a result of low demand in the run-up to Christmas. At the start of the winter, electricity prices in Europe began to rise again. Confusion over quarantine restrictions in China complicates logistics, driving up manganese metal prices.

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