The uptrend previously observed in the local Turkish stainless steel market has come to a halt over the past seven days. Accordingly, Turkish stainless steel producers have continued to keep their domestic prices stable in the current week, with prices of 304 grade 2B stainless steel cold rolled coil (CRC) at $2,450-2,550/mt ex-works and prices of 430 grade 2B stainless steel CRC at $11,450-1,550/mt ex-works. Meanwhile, SteelOrbis has been informed that Turkish traders’ prices of 304 grade 2B stainless steel CRC have also been stable week on week, remaining at $2,450-2,600/mt ex-warehouse, while their prices of 430 grade 2B stainless steel CRC have moved sideways at $1,550-1,700/mt ex-warehouse.
Market sources state that, having already been at low levels, demand in the local Turkish stainless steel market has nearly come to a halt ahead of the end-of-Ramadan holiday. The unpredictable Turkish lira-US dollar exchange rate resulting from the economic instability and political tensions in Turkey have caused buyers to adopt a very cautious stance as regards new purchases of large volumes as they want to avoid carrying inventory costs. As a result, the future trend of domestic stainless steel demand in Turkey continues to be characterized by uncertainty. On the other hand, sellers are still maintaining a cautious stance on the mode payments due to the sharp fluctuations recorded in the exchange rate, and so they have minimized their credit sales and are prioritizing cash sales.