Over the past week, demand in the local Turkish stainless steel market, which was already slack, has indicated a further slight weakening and buyers have continued to adopt a wait-and-see stance. Turkish stainless steel producers have decreased their prices by $200/mt week on week since their production costs have declined due to weak demand and also as global nickel prices, which were at $13,000/mt a while ago, decreased to $12,000/mt in October and have declined further to $11,000/mt in recent days. As a result, Turkish stainless steel producers’ domestic prices of 304 grade 2B stainless steel CRC are now at $2,400-2,500/mt ex-works, while their prices of 430 grade 2B stainless steel CRC are at $1,400-1,500/mt ex-works.
Meanwhile, ex-Turkey stainless steel offers to target markets are at $2,100-2,200/mt FOB. However, demand for Turkish stainless steel in the European market is slack, while Far Eastern buyers consider Turkish stainless steel prices to be on the high side and are exerting downward pressure on them.
Meanwhile, on November 8, global cash nickel prices cash nickel prices at the London Metal Exchange (LME) closed the day at $11,615/mt.