Demand for Turkish stainless steel stagnates at home and abroad

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 September production have remained unchanged week on week in the range of $2,200-2,250/mt ex-works, for September deliveries. In the same period, Turkish traders' stainless steel offers in the local spot market have also moved sideways $2,300-2,350/mt ex-warehouse, for advance payment. Market players state that demand in the Turkish domestic stainless steel market has stagnated since buyers are cautious about concluding deals due to the ongoing political uncertainty in the country.
 
According to market sources, Turkish producers' offers to the export markets for the same stainless products have declined by $20/mt on the lower end over the past week to $2,050-2,100/mt ex-works. Market players state that demand for Turkish stainless steel in export markets has been slack and only sales of small tonnages of Turkish stainless steel have been concluded to eastern Europe. Turkish exporters are waiting for the summer holidays in European countries to end, while Turkish stainless steel sales volumes to the European market are expected to improve in September. Meanwhile, stainless steel offers from China and Taiwan to Turkey are still in the range of $1,900-1,950/mt CIF Istanbul.
 
The cash and settlement nickel price at the London Metal Exchange (LME) has fluctuated downwards, decreasing by $660/mt since August 20, closing the day at $9,730/mt on August 27.