Over the past week, demand in the local Turkish stainless steel market has remained slack and buyers have concluded deals only to meet their immediate needs as no recovery has been observed in the economic situation in Turkey. Market sources state that buyers find it difficult to gain a clear picture of the future market situation due to the ongoing volatility of the Turkish lira-US dollar exchange rate and therefore they are expected to continue to maintain a wait-and-see stance in the coming period. As a result, Turkish stainless steel producers’ domestic prices of 304 grade 2B stainless steel CRC are now at $2,400-2,500/mt ex-works, while their prices of 430 grade 2B stainless steel CRC are at $1,400-1,500/mt ex-works.
Meanwhile, on November 15, global cash nickel prices at the London Metal Exchange (LME) mostly fluctuated at levels around $11,000/mt, closing the day at $11,340/mt.