Prices decrease in Turkish stainless steel spot market

Market sources state that Turkish mills' local offers for prime quality 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness for April production have decreased by $75/mt over the past two weeks to the range of $2,350-2,400/mt ex-works, for April deliveries. In the same period, Turkish traders' local stainless steel offers in the spot market have decreased by $175/mt to approximately $2,450-2,500/mt ex-warehouse. Market sources state that the price decreases in the Turkish stainless steel market are providing some support for demand, which has increased to medium levels.
 
On the other hand, according to market sources, offers from Turkey to the export markets for the same stainless products have remained unchanged during the past two weeks in the range of $2,250-2,300/mt ex-works. Market sources state that Turkish buyers' firm bids have decreased in line with the downtrend in nickel prices to $2,200/mt ex-works.
 
Meanwhile, offers for prime quality 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness from China and Taiwan to the Turkish market have remained stable over the past two weeks at $2,050-2,200/mt CIF Izmit. On the other hand, ex-Europe stainless steel offers for the same product are heard to be at €2,500/mt ex-works, while offers for second grade products are at €2,000/mt ex-works and are attracting greater interest from Turkish buyers.
 
The cash and settlement nickel price at the London Metal Exchange (LME) has trended downwards since April 2, decreasing by $40/mt and closing the day at $12,890/mt on April 16. Turkish domestic and export stainless steel prices are said to be on the low side due to the downtrend of nickel prices.