During the past one and a half months, demand in the local Turkish stainless steel market has recovered slightly and is now at medium levels. Due to the uptrend of nickel prices in the given period, prices in the local Turkish stainless steel market have increased. In line with this situation, demand from buyers has improved as they think that prices may increase further in the coming period. Turkish mills’ local offers for prime quality 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness have increased by $125/mt on average over the past one and a half months to the range of $2,250-2,300/mt ex-works, while spot prices of the same product are at $2,400-2,500/mt ex-warehouse, both for July production.
Besides, Turkish producers’ quotations for 430/2B stainless steel CRC of 2.0 mm thickness have increased by an average of $40/mt in the given period to the range of $1,300/mt ex-works for July production.
Turkish producers’ 304/2B stainless steel CRC offers to the export markets have increased by an average of $75/mt over the past one and a half months to $2,050-2,150/mt ex-works. According to market sources, even though transaction activity in Turkish stainless steel exporters’ target markets has slowed down in this period due to the summer holiday, with the upward movement starting to be seen in 304/2B stainless steel CRC offers foreign buyers are expected to be more eager to conclude new deals and so demand for Turkish stainless steel in the export markets is now at medium levels.
Meanwhile, ex-Europe stainless steel offers to Turkey for 304/2B stainless steel CRC of 2.0 mm thickness have remained unchanged since the beginning of June at $1,950-2,000/mt CIF Istanbul, In addition, stainless steel offers from Far Eastern countries to Turkey for 304/2B stainless steel CRC have also remained stable in the same period at $1,800-1,850/mt CIF Istanbul, while offers for 430/2B stainless steel CRC are currently at $1,200/mt CIF Istanbul.
The cash and settlement nickel price at the London Metal Exchange (LME) has indicated a fluctuating trend so far during July, closing the day at $10,370/mt on July 14.