Over the past week, demand in the local Turkish stainless steel market has recorded no recovery and remained weak, while buyers have been cautious about making fresh bookings, concluding deals only to meet their immediate needs due to the sharp depreciation of the Turkish lira against the US dollar. According to market sources, despite their low inventories, buyers are unlikely to start repenishing their stocks before the Feast of Sacrifice holiday. Meanwhile, Turkish stainless steel producers’ domestic prices of 304 grade 2B stainless steel cold rolled coil (CRC) are at $2,700-2,800/mt ex-works, while their prices of 430 grade 2B stainless steel CRC are at $1,700-1,800/mt ex-works.
Meanwhile, on August 2, global cash nickel prices cash nickel prices at the London Metal Exchange (LME) closed the day at $13,225/mt.