Demand at medium levels in Turkish stainless steel spot market

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 June production have remained unchanged week on week in the range of $2,400-2,500/mt ex-works, for June deliveries. In the same period, Turkish traders' stainless steel offers in the local spot market have also remained unchanged at approximately $2,450-2,500/mt ex-warehouse, for advance payment. Market sources state that, despite political uncertainty arising from the result of the June 7 general election, demand has been at medium levels in the given period, with buyers continuing to purchase small tonnages in order to satisfy their needs.
 
According to market sources, Turkish producers' offers to the export markets for the same stainless products have increased by $50/mt on average during the past week to $2,300-2,350/mt ex-works. Turkish market players state that demand in the export market has increased in parallel with the small increases seen in nickel prices. However, demand is expected to decline in the coming period due to seasonal conditions.
 
Meanwhile, offers for prime quality 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness from China and Taiwan to the Turkish market have remained unchanged over the past week at $2,200-2,300/mt CIF Izmit. On the other hand, ex-Europe stainless steel offers for second grade products are still at $2,200-2,250/mt CIF.
 
The cash and settlement nickel price at the London Metal Exchange (LME) has increased by $525/mt since June 3, closing the day at $13,465/mt on June 11.