This week, demand in the local Turkish stainless steel market, which was slack beginning from mid-March, has recovered slightly as Turkish buyers have accelerated their price inquiries since their inventory levels have decreased. According to market sources, Turkish stainless steel producers are still not considering a price hike as they want to ensure that demand remains lively, even though their production costs have increased as global nickel prices have moved on an upward trend during this week.
It is observed that domestic stainless steel prices in Turkey have remained stable during the past week. Accordingly, prices of 304 grade 2B stainless steel cold rolled coil (CRC) are still at $2,700-2,800/mt ex-works and prices of 430 grade 2B stainless steel CRC are standing at $1,650-1,750/mt ex-works.
On April 12, cash nickel prices at the London Metal Exchange (LME) closed the day at $13,585/mt.