European stainless steel producers have revised their list prices in the past week, following Far Eastern mills' upward price revision in mid-August for October orders. Accordingly, European steelmakers such as Outokumpu, Acerinox and Marcegaglia have increased their list prices by €30-50/mt ($40-66/mt) for September and October deliveries as compared to their previous levels.
On the other hand, nickel prices at the London Metal Exchange (LME), which moved up in mid-August to $14,700/mt, have softened in the past week, with nickel prices at the LME as of the close of business on August 30 at the level of $13,755/mt for cash settlements. Previous upticks in nickel prices had encouraged global stainless steel mills to increase their prices during August.
Stainless steel demand is expected to record an improvement globally and market activity will likely be stronger in September. Following the upward price revisions by international stainless steel mills, import stainless steel offers to Turkey may also increase if local demand shows strength in September. Offers to Turkey for 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness are ranging at $2,300-2,450/mt CIF Istanbul. There are also lower offers available for ready stock materials from China and for second quality products from Europe.
$1 = €1.32