Turkish stainless steel market awaits January to see further developments

Friday, 27 December 2013 17:01:44 (GMT+3)   |   Istanbul
       

Stainless steel demand in Turkey has weakened somewhat since the beginning of the current month due to the approach of the year-end and the New Year holidays. Prices of local production and imported stainless steel in Turkey have been trending sideways within a certain range for a while. Accordingly, prices of ex-Far East prime quality ready stock 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness are ranging at $2,350-2,450/mt CFR Istanbul, while European offers to Turkey for the same products are $100-150/mt above this range. Market sources state that Turkish buyers are opting to purchase secondary quality material from Europe or ex-works material from Turkey due to advantageous taxation and shorter lead times.
 
On the other hand, nickel prices in the London Metal Exchange (LME) have increased by about $600/mt since the beginning of December and reached $14,050/mt for cash settlements as of yesterday, December 26.
 
The Turkish stainless steel market is expected to liven up by mid-January, while stainless steel producers in international markets are expected to push up their prices if nickel prices continue to climb up. If this happens, stainless steel prices in Turkey are also foreseen to move up.

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