Turkish stainless steel demand gains strength in January

From mid-November to mid-December, global nickel prices had registered significant increases and so stainless steel mills were able to raise their prices for December and January orders, though Turkish buyers planned to keep their purchase volumes and stock levels at minimum levels since the end of the year was approaching. With the arrival of the New Year, the expected recovery in demand and prices was observed.  Stainless steel mills have increased their offer prices to Turkey, while demand from end-users and traders has indicated a revival. Meanwhile, Turkish buyers have concluded deals for 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness from Far Eastern mills at the price level of $2,800-2,850/mt CFR. In the meantime, deals in Turkey for second grade and ready stock materials from Europe and the Far East have been concluded at $2,700-2,800/mt CFR.
 
With the support of improved demand as compared to the pre-New Year period, the long-standing sideways trend of nickel prices has allowed stainless steel mills to raise their offer prices and increase their margins. As of January 24, nickel prices for cash settlements at the London Metal Exchange (LME) closed the day at $17,300/mt, indicating no great change since late December.