As a result of the ongoing depreciation of the Turkish lira against the US dollar after the Feast of Sacrifice holiday, buyers in the local Turkish stainless steel market have been cautious and currently prefer to stand back and monitor the market. Accordingly, demand in the local Turkish stainless steel market continues to be characterized by weakness. Meanwhile, Turkish stainless steel producers’ domestic prices of 304 grade 2B stainless steel cold rolled coil (CRC) are still at $2,600-2,700/mt ex-works, while their prices of 430 grade 2B stainless steel CRC are at $1,600-1,700/mt ex-works, both indicating sideways movement as compared to the levels in SteelOrbis’ report published on August 17.
Meanwhile, on August 30, global cash nickel prices cash nickel prices at the London Metal Exchange (LME) closed the day at $13,290/mt.