It is observed that demand in the local Turkish stainless steel market has remained weak over the past seven days, while Turkish stainless steel producers have maintained their prices stable. Accordingly, Turkish stainless steel producers’ domestic prices of 304 grade 2B stainless steel cold rolled coil (CRC) are at $2,700-2,800/mt ex-works, while prices of 430 grade 2B stainless steel CRC are at $1,700-1,800/mt ex-works.
On the other hand, the volatility of the Turkish lira-US dollar exchange rate has increased due to the decision of the Turkish Central Bank on July 24 to keep interest rates stable, which failed to meet expectations in the markets. As a result, buyers have postponed their stainless steel purchases.
Meanwhile, on July 26, global cash nickel prices cash nickel prices at the London Metal Exchange (LME) closed the day at $13,575/mt.