Another quiet week in Turkish stainless steel market

The Turkish stainless steel market has remained quiet in the past week amid weak demand. Lower nickel prices and weak end-user demand are raising anticipations for price cuts. Turkish buyers are currently postponing their purchases, in line with the general slowness during the summer months and also due to Ramadan.
 
Far Eastern suppliers' offers to the Turkish market for 304/2B stainless cold rolled coil are standing at $2,700/mt CFR, while offers for 430/2B CRC of 2 mm thickness are at $1,500-1,600/mt CFR. In the meantime, ex-Europe offers for second grade material or for surplus production are lower, with ex-stock 304/2B CRC of 2 mm thickness offers of European suppliers to Turkey at €2,000-2,100/mt ($2,470-2,594/mt) CFR. In the Turkish domestic market, on the other hand, prices for 304/2B CRC of 2 mm thickness are at $2,900-3,000/mt ex-warehouse.
 
The sluggishness in the global stainless steel markets is causing steel producers to cut their production and prices. During August, Taiwanese steel producer YUSCO and Chinese steel giant Baosteel have reduced their stainless steel prices, while it is reported that South Korean steel conglomerate POSCO will reduce its stainless steel cold rolled coil production by 10,000 mt in August.
 
On the other hand, nickel prices have maintained their downtrend. On August 15, nickel prices at the London Metal Exchange (LME) closed at $15,230/mt for cash settlements.