Market sources state that demand in the local Turkish stainless steel market has slightly recovered over the past week and is now at medium levels. Turkish mills’ local offers for prime quality 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness are still in the range of $1,950-2,000/mt, while traders’ offers for this product are at $2,200-2,400/mt, both ex-works. Meanwhile, Turkish producers’ quotations for 430/2B stainless steel CRC of 2.0 mm thickness are at still $1,200-1,250/mt ex-works and for February production. Despite increased demand, cash flow problem is still being observed among market players.
According to market sources, Turkish producers’ 304/2B stainless steel CRC offers to the export markets are at $1,800-1,850/mt ex-works, while Turkish producers’ offers to the export markets for 430/2B stainless steel CRC are at $1,200/mt ex-works, for February production.
Meanwhile, ex-Europe stainless steel offers to Turkey for 304/2B stainless steel CRC of 2.0 mm thickness are at $1,800/mt CIF Istanbul, while European stainless steel offers for 430/2B stainless steel CRC are at $900-1,000/mt CIF Istanbul. In addition, stainless steel offers from China and Taiwan to Turkey for 304/2B stainless steel CRC have decreased by $50/mt week on week to the range of $1,600-1,650/mt CIF Istanbul, while offers for 430/2B stainless steel CRC have remained stable at $1,050/mt CIF Istanbul.
The cash and settlement nickel price at the London Metal Exchange (LME) closed the day at $8,500/mt on February 25.