The pattern of Turkey's import activity for stainless steel products is expected to undergo changes, since Turkey has increased its import duty for stainless steel cold rolled flat products from two percent to eight percent, effective immediately, for all countries except the European Union and South Korea with which Turkey has signed free trade agreements. With this change in import duty, imports from China and Taiwan, which accounted for an important share of Turkey's imports, will likely diminish, while market sources state that European suppliers and South Korea-based POSCO Assan TST have gained a significant advantage. It is estimated that stainless steel cold rolled coil (CRC) offers from countries that will be exposed to additional import duty may increase by approximately $200/mt with the eight percent duty. Far Eastern offers to Turkey for prime quality ready stock 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness are now ranging at $2,300-2,400/mt CIF Istanbul, but with the new import duty the prices will reach $2,500-2,600/mt CIF. In this case, offers to Turkey from European suppliers and POSCO Assan TST have become more advantageous with their lead times and product quality. It is still unclear how the Chinese and Taiwanese suppliers will react to the changing conditions, though a reduction in price is thought to be among their options.
In the meantime, stainless steel demand in the local Turkish market is stronger than it was during the summer, while prices are trending sideways. If nickel prices at the London Metal Exchange (LME), which are currently at the level of $14,500/mt, continue to rise, global stainless steel producers are expected to increase their list prices for December orders. Taiwan's YUSCO had previously announced that it was keeping its domestic prices unchanged for November production as compared to prices for October production, while it increased its export offers by $30/mt.
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