It is observed that domestic stainless steel prices in Turkey have remained stable during the past week. Accordingly, prices of 2 mm 304 grade 2B stainless steel cold rolled coil (CRC) are still at $2,650-2,750/mt ex-works and prices of 2 mm 430 grade 2B stainless steel CRC are standing at $1,650-1,750/mt ex-works.
Due to the high levels of nickel prices, Turkish stainless steel CRC coil producers’ production costs have moved up. As a result, they are expected to increase their stainless steel CRC coil prices further in the coming period in addition to the upward revision made last week. Meanwhile, Turkish buyers have accelerated their stainless steel purchases with the expectation of a further rise in domestic prices, and so demand in the local Turkish stainless steel market has revived somewhat over the past week and is currently at good levels.
Cash nickel prices at the London Metal Exchange (LME) have continued their fluctuating trend over the past week, while on February 15, LME cash nickel prices closed the day at $14,150/mt.