The rapid appreciation of the US dollar and the euro against the Turkish lira has negatively impacted stainless steel import activity in Turkey. Turkish stainless steel traders and stockists, who are concluding sales on TRY basis with deferred payments, have strong inventory levels and they are cautious about concluding new bookings amid the risk of currency exchange rate changes.
Far Eastern offers to Turkey for prime quality ready stock 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness are ranging at $2,300-2,400/mt CIF Istanbul, while no significant changes are expected in the short term. In addition, the sales prices of the same materials in the domestic market stand at $2,550-2,650/mt ex-warehouse.
Considering the stronger nickel prices, if global stainless steel producers decide to increase their February list prices, it is a source of concern whether this possible price hike would be reflected in actual sales prices or not. With the announcement of Indonesia's ban on exports of raw materials, nickel prices at the London Metal Exchange (LME) have been rising since January 10 and have reached $14,635/mt for cash settlements.
Weekly price movements of different steel products in major markets can be viewed comparatively in the SteelOrbis Historical Steel Prices section. Market trends can thus be seen more clearly, while desired charts can be created and used in reports or presentations.