Market sources state that Turkish mills’ local offers for prime quality 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness for August production have remained stable week on week in the range of $2,300-2,350/mt ex-works, for August deliveries. In the same period, Turkish traders’ stainless steel offers in the local spot market have also remained unchanged over the same period at approximately $2,350-2,400/mt ex-warehouse, for advance payment. Market players state that demand in the Turkish stainless steel market has continued to slow down this week and is still slack, due to the approach of the end of the month and ongoing political uncertainty.
According to market sources, Turkish producers’ offers to the export markets for the same stainless products have remained unchanged over the past week at $2,220-2,270/mt ex-works.
Meanwhile, stainless steel offers from China and Taiwan to Turkey are still in the range of $1,950-2,100/mt CIF Istanbul, while Chinese and Taiwanese stainless steel quotations to the European market have decreased by $50/mt on the low end and have started to range at €1,900-2,100/mt ($2,071-2,289/mt) CIF. Accordingly, Taiwanese and Chinese offers have a price advantage over ex-Turkey stainless steel offers.
The cash and settlement nickel price at the London Metal Exchange (LME) has fluctuated downwards, decreasing by $315/mt since July 23, closing the day at $10,925/mt on July 30.