Market sources state that Turkish mills’ local offers for prime quality 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness for August production have remained stable week on week in the range of $2,300-2,350/mt ex-works, for August deliveries. In the same period, Turkish traders’ stainless steel offers in the local spot market have also remained unchanged over the same period at approximately $2,350-2,400/mt ex-warehouse, for advance payment. Market players state that demand in the Turkish domestic stainless steel market is still slack due to ongoing political uncertainty.
According to market sources, Turkish producers’ offers to the export markets for the same stainless products have decreased by $120/mt over the past week to $2,100-2,150/mt ex-works. Meanwhile, stainless steel offers from China and Taiwan to Turkey are in the range of $1,900-1,950/mt CIF Istanbul.
The cash and settlement nickel price at the London Metal Exchange (LME) has fluctuated downwards, decreasing by $105/mt since July 30, closing the day at $10,820/mt on August 6.