Further price adjustments in Turkish stainless steel market amid weak demand

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 September production have declined by $50/mt compared to last week to the range of $2,050-2,100/mt ex-works, for September deliveries. In the same period, Turkish traders' stainless steel offers in the local spot market have also decreased by $300/mt to the range of $2,000-2,300/mt ex-warehouse, for advance payment. Market players state that demand in the Turkish domestic stainless steel market has been sluggish in the same period, causing declines in prices.
 
According to market sources, Turkish producers' offers to the export markets for the abovementioned stainless products have declined by $100/mt over the past week to $1,950-2,000/mt ex-works. Market players state that demand for Turkish stainless steel in the export markets has been slack and only sales of small tonnages of Turkish stainless steel have been concluded to eastern Europe and the Balkans.
 
Meanwhile, ex-Europe stainless steel offers to Turkey for second quality 304/2B stainless steel cold rolled coil of 2.0 mm thickness have declined by €70/mt ($80/mt) over the past week to €1,700/mt ($1,938/mt) CIF Istanbul. In addition, stainless steel offers from China and Taiwan to Turkey have decreased by $100/mt over the past week to the range of $1,700-1,750/mt CIF Istanbul. Turkish buyers are still experiencing cash flow problems, leading them to reduce their imports and to conclude stainless steel bookings only to meet their immediate needs
 
The cash and settlement nickel price at the London Metal Exchange (LME) has fluctuated downwards, decreasing by $435/mt since September 10, closing the day at $9,890/mt on September 18.
 
€1 = $1.14