A slight increase has been observed on the demand side in the Turkish domestic stainless steel market after the recent Feast of Sacrifice holiday. The volume of inquires has increased and some deals have been concluded in the market, while prices have not indicated significant changes yet as compared to the pre-holiday period. It is thought that demand in the Turkish stainless steel market will likely see some improvement in November, while towards the end of the year demand may weaken as it does traditionally at the end of the year. Far Eastern offers to Turkish buyers for prime quality ready stock 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness are currently ranging at $2,300-2,400/mt CIF Istanbul.
Meanwhile, nickel prices at the London Metal Exchange (LME), which were trending at about $13,600/mt in early October, were at $14,425/mt for cash settlements at the close of business on October 24. Due to the increases in nickel prices in the past week, the stainless steel prices of mills may be revised upward. In its list prices for December shipments announced in mid-October, China based-Taiyuan Iron and Steel (TISCO) has kept its austenitic stainless steel prices unchanged as compared to prices for November deliveries.