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 decreased by $50/mt week on week to the range of $2,300-2,350/mt ex-works, for July deliveries. In the same period, Turkish traders’ stainless steel offers in the local spot market have declined by $100/mt over the same period to approximately $2,350-2,400/mt ex-warehouse, for advance payment. Market players state that demand in the Turkish stainless steel market has continued to slow down this week, while buyers are postponing their bookings since they expect to see further decreases in prices.
According to market sources, Turkish producers’ offers to the export markets for the same stainless products have decreased by $30/mt over the past week to $2,230-2,270/mt ex-works.
Meanwhile, stainless steel offers from China and Taiwan to Turkey are in the range of $1,950-2,100/mt CIF Istanbul, while Chinese and Taiwanese stainless steel quotations to European market are at €1,950-2,100 CIF.
The cash and settlement nickel price at the London Metal Exchange (LME) has fluctuated downwards, decreasing by $770/mt since July 2, closing the day at $11,290/mt on July 9. Market sources state that stainless steel prices will decrease further if the downtrend in nickel prices continues.