Apart from the downtrend in global nickel prices, weak local demand is another important factor which has prevented any recovery in prices in Turkey's stainless steel market.
Market players state that this week activity has been quieter than in the previous week in the local Turkish stainless steel market, while prices have mostly remained stable. While traders' offers for 304 2B stainless steel cold rolled coil (CRC) of 2 mm thickness are at $3,200-3,300/mt ex-warehouse in the Turkish domestic market, offers of traders for 430 2B stainless steel hot rolled coil (HRC) of 2 mm thickness are standing at $1,800-1,900/mt ex-warehouse.
On the other hand, import stainless steel offers to Turkey have also remained unchanged as compared to last week. Foreign mills are expected to announce their May rolling stainless steel prices in the coming days, though the new prices are anticipated to remain either at the same price level as for April production or to indicate a slight decrease. At present, stainless steel offers of producers and traders from the Far East and Europe to Turkey for 304 2B stainless steel cold rolled coil (CRC) of 2 mm thickness are still varying at $2,750-2,850/mt CFR.
While the prospects for global nickel prices still remain uncertain, prices on the London Metal Exchange (LME) have softened slightly as compared to the previous week. As of yesterday, April 25, cash settlement nickel prices were at $17,485/mt on the LME, while the average nickel offer prices for three-month contracts were at $17,600/mt.