Over the past week, demand in the local Turkish stainless steel market has remained weak. Buyers state that they are really cautious about the ongoing volatility of Turkish lira-US dollar exchange rate and unwilling to make purchases before this uncertainty ends. Amid this cautious market sentiment, Turkish stainless steel producers have decreased their prices by $100/mt week on week, with the support of global nickel prices, which recorded no significant changes over the past month As a result, Turkish stainless steel producers’ domestic prices of 304 grade 2B stainless steel cold rolled coil (CRC) are now at $2,600-2,700/mt ex-works, while their prices of 430 grade 2B stainless steel CRC are at $1,600-1,700/mt ex-works.
Meanwhile, on August 9, global cash nickel prices cash nickel prices at the London Metal Exchange (LME) closed the day at $14,020/mt.