Market sources state that Turkish mills' local offers for prime quality ready stock 304/2B stainless steel CRC of 2.0 mm thickness have increased by $50/mt on the lower end over the past two weeks to the range of $2,750-2,800/mt ex-works. Turkish traders' local stainless steel offers in the Turkish spot market have declined by $150/mt in the same period to $2,750-2,800/mt ex-warehouse. The prices of both producers and traders in Turkey are at the same levels, while Turkish traders, who are experiencing liquidity issues approaching the end of the year, are primarily focused on reducing their stocks. Due to the improvement in nickel prices in the past two weeks, both demand for and prices of stainless steel in the domestic market have increased slightly.
On the other hand, according to market sources, prime quality ready stock 304/2B stainless steel CRC offers from Turkey to the export markets have remained unchanged over the past two weeks and are still in the range of $2,550-2,600/mt ex-works. However, prime quality ready stock 304/2B stainless steel CRC offers from China and Taiwan to Turkey's export markets are lower than Turkish offers and are currently in the range of $2,350-2,450/mt CIF. Additionally, ex-Europe prime quality ready stock 304/2B stainless steel CRC offers are now at $2,500/mt ex-works and new deals have been heard at this price level.
The cash and settlement nickel price at the London Metal Exchange (LME) has increased by $1,260/mt since November 13, closing the day at $16,780/mt on December 4. The improving cash and settlement nickel prices have had a positive effect on Turkish stainless steel prices.
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