Global prices of nickel - a raw material for stainless steel - have indicated a fluctuating trend over the past week, though they are still maintaining their high levels. Having been at low levels since the first week of March, demand in the local Turkish stainless steel market has declined further, while buyers consider the current price levels to be on the high side.
It is observed that domestic stainless steel prices in Turkey have remained stable during the past week. Accordingly, prices of 304 grade 2B stainless steel cold rolled coil (CRC) are still at $2,700-2,800/mt ex-works and prices of 430 grade 2B stainless steel CRC are standing at $1,650-1,750/mt ex-works. Additionally, Turkish stainless steel producers are expected to reduce their domestic offers in the short term to stimulate demand.
On March 29, cash nickel prices at the London Metal Exchange (LME) closed the day at $13,245/mt.