Stainless steel prices indicate uptrend with arrival of New Year

Increases in global nickel prices since the end of December and a greater volume of price inquires by buyers have caused stainless steel prices move up. Meanwhile, most stainless steel producers, who had announced their list prices for January orders, have revised both their domestic and export offers upward. In the meantime, it is thought that the major Chinese steel mills, which usually announce their prices in the middle of the month, may also push up their new prices.
 
This upward price trend has also influenced import offers given to the local Turkish market. Accordingly, Far Eastern origin offers to Turkey for new production 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness have moved up by $100/mt as compared to the price levels in the pre-holiday period and are now standing at the range of $2,750-2,850/mt CFR. However, Turkish buyers prefer to buy ex-Far East or ex-Europe materials from ready stocks, with prices as much as $100-200/mt lower compared to the price range in question.
 
On the other hand, moving on an upward trend in January, global nickel prices have increased by approximately $500/mt since late December. As of January 10, nickel prices for cash settlements at the London Metal Exchange (LME) closed the day at $17,540/mt.