The declining state of the economy was the primary driver behind the decrease in Chequered Plates prices. The second quarter witnessed a downturn in the US economy due to the widespread failure of major banks, triggering a debt crisis. Rising interest rates and inflation cast a negative shadow on the market sentiment. The weakened economy eroded consumers' purchasing power and led to higher levels of local Stainless Steel inventory. In the first half of 2002, Chequered Plates prices steadily increased as the price of nickel, a key feedstock, rebounded. US mills maintained a high base price, and the inclusion of alloy fees further pushed up prices in the US spot market.