Demand in the local Turkish stainless steel market, which was slack last week, has weakened further during the current week. Market sources state that the sharp volatility of the Turkish lira against the US dollar has negatively impacted trading activity in the market and Turkish buyers have started to adopt a wait-and-see stance. The current market situation is expected to last until the sharp depreciation of Turkish lira ends and until the snap election in Turkey to be held on June 24.
Despite the current market conditions, 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 24, cash nickel prices at the London Metal Exchange (LME) closed the day at $14,525/mt.