How will nickel prices impact Turkish stainless steel market in coming period?

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 May production have remained unchanged over the past week in the range of $2,450-2,500/mt ex-works, for May deliveries. In the same period, Turkish traders' stainless steel offers in the local spot market have remained unchanged at approximately $2,450-2,500/mt ex-warehouse, for advance payment. Market sources state that nickel prices are expected to decline in the coming period, while local stainless steel prices in Turkey are expected to be impacted by the anticipated declines in nickel prices. On the other hand, the Turkish government introduced a tariff-free quota for stainless cold rolled sheet imports on May 5. Turkish traders are happy with this decision as it may provide them with greater room for importing more products.
 
According to market sources, Turkish producers' offers to the export markets for the same stainless products have remained unchanged during the past week in the range of $2,300-2,350/mt ex-works. Market sources are wondering how long stainless steel export prices will remain firm given the anticipated declines in nickel prices.
 
Meanwhile, offers for prime quality 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness from China and Taiwan to the Turkish market have also remained unchanged over the past week at $2,200-2,300/mt CIF Izmit. On the other hand, ex-Europe stainless steel offers for the same grade products to Turkey are stil at $2,450-2,500/mt CIF.
 
The cash and settlement nickel price at the London Metal Exchange (LME) has decreased by $85/mt since May 7, closing the day at $13,830/mt on May 14.