Stainless steel prices have started to move upward against the backdrop of increases in nickel prices seen late last week. Nickel prices at the London Metal Exchange (LME), which were at $14,692/mt on February 28, closed at $15,455/mt for cash settlement on March 6.
European stainless steel mills announced increases in their alloy surcharges last week. With the support of increased nickel prices, global stainless steel mills have tried to hike their prices as well. However, due to the low demand in the international stainless steel market, these increased offers may result in low transaction volumes.
Meanwhile, Far Eastern offers to Turkey have indicated slight increases over the past week, with prices of prime quality ready stock 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness increasing by $50/mt on the low end to $2,350-2,450/mt CIF Istanbul. Stainless steel suppliers' offers are valid only for one or two days due to the rapid increases in nickel prices.
There are several stainless steel offers for different grades to Turkey from Europe and China, though it is uncertain at what level transactions will be concluded.
In the meantime, in January of the current year Turkey's stainless flat steel imports rose by 39.63 percent year on year and decreased by 8.14 percent compared to the previous month to 40,812 metric tons.
Weekly price movements of different steel products in major markets can be viewed comparatively in the SteelOrbis Historical Steel Prices section. Market trends can thus be seen more clearly, while desired charts can be created and used in reports or presentations.