Demand in the local Turkish stainless steel market has remained at low levels during the past two weeks due to Ramadan. Following the end-of-Ramadan holiday, the local Turkish stainless steel market has made a quiet start to the current week in terms of trading activity as buyers prefer to postpone their purchases until after the elections on June 24. On the other hand, the upward movement of global nickel prices has given way to a fluctuating trend since SteelOrbis’ report published on June 8.
Turkish stainless steel producers’ domestic prices of 304 grade 2B stainless steel cold rolled coil (CRC) have moved sideways over the past two weeks at $2,800-2,900/mt ex-works, while prices of 430 grade 2B stainless steel CRC have remained stable in the same period at $1,800-1,900/mt ex-works.
On the other hand, on June 21, global cash nickel prices cash nickel prices at the London Metal Exchange (LME) closed the day at $14,980/mt.