It is observed that domestic stainless steel prices in Turkey have remained stable during the past week. Accordingly, prices of 2 mm 304 grade 2B stainless steel cold rolled coil (CRC) are still at $2,650-2,750/mt ex-works and prices of 2 mm 430 grade 2B stainless steel CRC are standing at $1,650-1,750/mt ex-works.
Due to the sharp rises recorded in nickel prices last week, Turkish stainless steel producers were expected to increase their offers. However, nickel prices have moved down on a fluctuating trend since the beginning of the current week, preventing Turkish stainless steel mills from revising their prices. On the other hand, market sources state that current price levels in the local Turkish stainless steel market have been accepted and buyers are interested in concluding stainless steel cold rolled coil purchases.
Cash nickel prices at the London Metal Exchange (LME) cash nickel prices have closed the day at $13,575/mt on February 22.