Lower nickel prices and poor demand may push down stainless prices for Turkey

The Turkish stainless steel market has continued to be characterized by silence, while it is thought that import offers to Turkey may soften.
 
The weakening of the euro against the US dollar may bring European suppliers' stainless steel prices to more competitive levels than offers from the Far East. SteelOrbis has already reported that some Far Eastern producers have reduced their stainless steel prices in their price lists for May. Offers to Turkey for 304 2B stainless cold rolled coil (CRC) of 2 mm thickness from Europe and the Far East are standing at $2,800-2,850/mt CFR Turkey, though it is thought that discounts may be given in the last two weeks of May, bringing prices to levels of $2,700-2,750/mt CFR. Market players expect the market to slow down in summer months, adding that therefore every transaction is very important at the present time. Accordingly, prices are unlikely to increase during the summer and will stay at stable levels instead.
 
In addition to low demand, drops in nickel prices have also affected the market negatively. Nickel prices at the London Metal Exchange (LME) closed yesterday, May 17, at $16,910/mt for cash settlements and at $16,975/mt for three-month settlement.