Stainless steel producers have increased their prices recently in line with world nickel prices which have started to rise again. However, global stainless steel demand has not showed any support to this price increae. European stainless steel producers, including Acerinox, Aperam, have increased their prices for orders in October, while Taiwan based producer Tang Eng reduced its stainless steel prices in mid-October leading by falling nickel prices.
Meanwhile, import offers given to Turkey for 304/2B stainless steel cold rolled coil (CRC) of 2 mm thickness are soften slightly compared to the level which has reached to $2,900-3,000/mt CFR Istanbul, in line with the last rise in nickel prices. Turkish demand for stainless steel remains higly low in the market expected to be sluggish because of the holiday season. European and Far East offers to Turkey for 304 series 2B stainless steel of 2 mm thickness are standing at the price level of $2,750-2,850/mt CFR.
As of October 24, nickel prices for cash settlements at the London Metal Exchange (LME) closed the day at $16,300/mt.