Over the past week, demand in the local Turkish stainless steel market has decreased slightly and is now at weak levels, while Turkish mills’ stainless steel cold rolled coil (CRC) prices have remained stable. Currently, Turkish mills’ local offers for prime quality 304/2B stainless steel CRC of 2.0 mm thickness are in the range of $2,300-2,350/mt ex-works, while Turkish producers’ quotations for 430/2B stainless steel CRC of 2.0 mm thickness stand at $1,400/mt ex-works, both for October production.
Meanwhile, Turkish producers’ 304/2B stainless steel CRC offers to the export markets are still at $2,150-2,250/mt ex-works for October production. Last week, since buyers in Turkish producers’ target markets were back from the summer holidays, transaction activity in the stainless steel export markets improved. This week, buyers are concluding deals for Turkish stainless steel only to meet their immediate needs, concluding purchases for small tonnages, and so trading activity has slowed down slightly as compared to last week.
On the other hand, ex-Europe stainless steel offers to Turkey for 304/2B stainless steel CRC of 2.0 mm thickness have increased by $50/mt on the low end to $2,050-2,100/mt CIF Istanbul, while offers for 430/2B stainless steel CRC of 2.0 mm thickness are currently at $1,100/mt CIF Istanbul.
Meanwhile, stainless steel offers from Far Eastern countries to Turkey for 304/2B stainless steel CRC are still at $1,900-2,250/mt CIF Istanbul, while offers for 430/2B stainless steel CRC are currently at $1,300/mt CIF Istanbul.
The cash and settlement nickel price at the London Metal Exchange (LME) has indicated a downward trend over the past week, closing the business day at $10,165/mt on July 21.