Local Turkish stainless steel market moves downwards

Friday, 14 June 2019 17:13:15 (GMT+3)   |   Istanbul
       

Demand in the local Turkish stainless steel market, where trading activity had been quiet in the first week of this month due to the end-of-Ramadan holiday, has remained slack this week amid the stagnation caused by the start of the summer season. As a result, Turkish stainless steel producers have decreased their prices by $50/mt week on week. Accordingly, Turkish stainless steel producers’ prices of 304 grade 2B stainless steel cold rolled coil (CRC) are now at $2,400-2,500/mt ex-works and prices of 430 grade 2B stainless steel CRC are at $1,400-1,500/mt ex-works. Following the producers’ example, Turkish traders also decreased their prices of 304 grade 2B stainless steel CRC by $50/mt week on week to $2,400-2,550/mt ex-warehouse, while their prices of 430 grade 2B stainless steel CRC have decreased by $50/mt on the upper end to $1,550-1,650/mt ex-warehouse. According to market sources, domestic stainless steel demand in Turkey is not expected to recover in the short terms and buyers are cautious about making new bookings since the Turkish lira remains weak against the US dollar.

 


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