Global nickel prices, which have been on an upward trend for quite a while, recorded a significant increase yesterday, April 10, rising to over $17,000/mt. Nickel prices have continued their upward movement today, exceeding the level of $17,350/mt.
These increases in nickel prices will likely continue to drive up stainless steel prices, especially prices of 300 series materials. Almost all Far Eastern stainless steel producers had revised their austenitic stainless steel prices upward in mid-March and early April. If nickel prices maintain their strong trend, mills will most likely raise their prices again.
Both local and import stainless steel prices in Turkey, where stainless flat steel imports decreased by 13.62 percent month on month to 35,254 mt in February this year, have moved up in line with nickel quotations. In the Turkish domestic market, offers for prime quality 304/2B stainless steel CRC of 2.0 mm thickness are at $2,850/mt ex-works, while offers for the same materials in ready stocks from the Far East to Turkey stand at $2,500-2,600/mt CIF, both indicating an increase of $50-100/mt week on week. Meanwhile, surplus and second grade import materials have been offered at lower prices. Market sources believe that local demand levels in Turkey are not strong enough to absorb this price hike.
On the other hand, prices of 300 series material in the local Chinese stainless steel market have also trended up this week.
Weekly price movements of different steel products in major markets can be viewed comparatively in the SteelOrbis Historical Steel Prices section. Market trends can thus be seen more clearly, while desired charts can be created and used in reports or presentations.