On the other hand, Far Eastern mills' offers to Turkey for newly produced 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness are standing in the range of $2,800-2,850/mt CFR. In addition, offers for second grade and ready stock materials are still in the range of $2,700-2,800/mt CFR. In the Turkish domestic market, offers from traders and stockists for the same materials can be found at levels of $3,150-3,250/mt ex-warehouse. However, after the significant hike in nickel prices, import stainless steel offers to Turkey will likely move up as well.
Significant nickel price rises may trigger stainless steel price uptrend
Global nickel prices have recorded significant increases of $1,000/mt since Monday, January 28. Having closed last week at $17,300/mt, nickel prices for cash settlements at the London Metal Exchange (LME) reached $18,375/mt as of yesterday, January 31. Meanwhile, this increase in nickel prices is expected to encourage stainless steel mills to raise their offers. Accordingly, Taiwan's YUSCO has announced an increase of $50/mt in its prices for 304 series stainless steel both for the domestic and export markets.
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