According to sources in the
stainless steel market, decreasing nickel prices have been exerting downward pressure on Turkish
stainless steel export offers. Turkish offers for prime quality ready stock 304/2B
stainless steel CRC of 2.0 mm thickness to
Europe are currently in the range of $2,750-2,800/mt ex-works. However, declining nickel prices have raised the concerns of buyers in the CIS, the Middle Eastern and North African markets and their counter bids are much lower than the current offer levels. Therefore, ex-
Turkey stainless steel offers to the regions in question are in the range of $2,450-2,550/mt ex-works.
Regarding nickel prices, the cash and settlement price at the London Metal Exchange (LME), which was at $18,433/mt on September 2, has continued its declining trend over the past month, falling by a total of $2,578/mt. The LME nickel price closed at $15,585/mt on October 1.