Over the past week, demand in the local Turkish stainless steel market has remained slack and producers have maintained their prices stable. Turkish stainless steel producers’ domestic prices of 304 grade 2B stainless steel cold rolled coil (CRC) are at $2,700-2,800/mt ex-works, while prices of 430 grade 2B stainless steel CRC are at $1,700-1,800/mt ex-works, both indicating sideways movement week on week.
In the given period, the Turkish lira-US dollar exchange rate has fluctuated at levels of 4.79-4.83, with no sharp movements observed. However, buyers are cautious about making new stainless steel bookings amid their concerns regarding possible sharp currency fluctuations and have been concluding deals only to meet their immediate needs.
Meanwhile, on July 19, global cash nickel prices cash nickel prices at the London Metal Exchange (LME) closed the day at $13,220/mt.