Stainless steel cold rolled coil (CRC) prices in the local Turkish market have remained stable during the past week. Accordingly, prices of 2 mm 304 grade 2B stainless steel cold rolled coil (CRC) in Turkey are still at $2,500-2,600/mt ex-works, while prices of 2 mm 403 grade 2B stainless steel CRC are at $1,500-1,600/mt ex-works. Buyers in the local Turkish stainless steel market are still concluding deals only to meet their needs, as their inventories are already on the high side and also due to the fluctuations of the Turkish lira-US dollar exchange rate.
SteelOrbis has been informed by market sources that domestic stainless steel prices in Turkey are expected to move up at the beginning of February due to the rises seen in prices of nickel, which is used in stainless steel production. Cash nickel prices at the London Metal Exchange (LME) have increased over the past week and on January 25 LME cash nickel prices closed the day at $13,695/mt.