Over the past week, demand in the local Turkish stainless steel market has remained slack. Market sources state that Turkish buyers’ inventories are high, while trading activity in the market is expected to remain slow for a while due to Ramadan and the snap election to be held in Turkey on June 24.
Against this backdrop, domestic stainless steel prices in Turkey have remained stable during the past week, with prices of 304 grade 2B stainless steel cold rolled coil (CRC) still at $2,700-2,800/mt ex-works, while prices of 430 grade 2B stainless steel CRC are standing at $1,650-1,750/mt ex-works.
On May 17, cash nickel prices at the London Metal Exchange (LME) closed the day at $14,580/mt.