Over the past week, sentiment in the local Turkish stainless steel market has been positive as the Turkish lira, which had previously depreciated sharply against the US dollar, has started to regain some of its strength. As a result, demand for domestic stainless steel in Turkey has indicated some increases, though failing to reach desired levels. Due to the current domestic demand situation, Turkish stainless steel producers are focusing on the export markets.
Turkish stainless steel producers’ domestic prices of 304 grade 2B stainless steel CRC are still at $2,600-2,700/mt ex-works, while their prices of 430 grade 2B stainless steel CRC are at $1,600-1,700/mt ex-works, both indicating sideways movement as compared to the levels in SteelOrbis’ report published last week.
Meanwhile, on November 1, global cash nickel prices cash nickel prices at the London Metal Exchange (LME) closed the day at $11,555/mt.