Even though global nickel prices had moved up by approximately $1,000/mt in late January, weak demand in the international stainless steel market has prevented stainless prices from moving up. In the meantime, global nickel prices have been trending sideways in the past two weeks. Nickel prices for cash settlements at the London Metal Exchange (LME) were at $18,290/mt as of yesterday, February 14.
On the other hand, import prices for the Turkish stainless cold rolled steel market have remained unchanged as compared to two weeks ago. Far Eastern mills' offers to Turkey for newly produced 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness are still standing in the range of $2,800-2,850/mt CFR. Offers for ready stock stainless steel cold rolled materials from Taiwan, Turkey's most important import source, are at $2,700-2,800/mt CFR.
Turkey's stainless steel cold rolled imports totaled 353,542 mt in 2012. The source countries in question are as follows:
