Over the past week, demand in the local Turkish stainless steel market, which was strong in the previous week, has weakened, as most buyers have completed their stock bookings and have been preparing for the Ramadan period. Meanwhile, no sharp fluctuations have been observed in global nickel prices.
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 still standing at $1,650-1,750/mt ex-works.
On May 10, cash nickel prices at the London Metal Exchange (LME) closed the day at $13,810/mt.