Aggressive Taiwanese offers impact sales of Turkish stainless steel exporters

Market sources state that Turkish mills' local offers for prime quality 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness for July production have remained unchanged week on week in the range of $2,400-2,500/mt ex-works, for July deliveries. In the same period, Turkish traders' stainless steel offers in the local spot market have also remained unchanged at approximately $2,450-2,500/mt ex-warehouse, for advance payment.
 
According to market sources, Turkish producers' offers to the export markets for the same stainless products have decreased by $50/mt over the past week at $2,250-2,300/mt ex-works. Besides the regular stainless steel sales of Turkish exporters to Russia, the Balkan States and the Central Asian republics each month, demand for Turkish stainless steel has improved slightly in Europe since buyers want to fill their inventories before the summer holiday.
 
Meanwhile, offers for prime quality 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness from China and Taiwan to the Turkish market have declined by around $50/mt over the past week to $2,050-2,150/mt CIF Izmit. On the other hand, ex-Europe stainless steel offers for second grade products are still at $2,200-2,250/mt CIF. Market players state that Taiwanese producers are still making aggressive stainless steel offers despite the 6.8 percent antidumping duty rate for cold rolled stainless product imports from Taiwan, announced by European Commission three days ago. Accordingly, it is expected that Taiwanese traders, who have achieved a dominant position in Turkish stainless steel exporters' target markets, will continue to make aggressive offers before the summer holidays in Europe.  
 
The cash and settlement nickel price at the London Metal Exchange (LME) has fluctuated downwards, decreasing by $275/mt since June 18, closing the day at $12,585/mt on June 25.