Prices remain stable 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 June production have remained unchanged week on week in the range of $2,400-2,500/mt ex-works, for June deliveries. In the same period, Turkish traders' stainless steel offers in the local spot market have also remained unchanged at approximately $2,450-2,500/mt ex-warehouse, for advance payment.
 
According to market sources, Turkish producers' offers to the export markets for the same stainless products have also remained stable during the past week at $2,300-2,350/mt ex-works. Meanwhile, demand for Turkish stainless steel in the European market has increased as European buyers have gained a greater advantage with the strengthening of the euro against the Turkish lira. Turkish market players are wondering how the trend of the stainless steel market will be impacted after the small decreases seen in nickel prices this week.
 
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 declined by around $100/mt over the past week to $2,100-2,200/mt CIF Izmit. On the other hand, ex-Europe stainless steel offers for second grade products are still at $2,200-2,250/mt CIF.
 
The cash and settlement nickel price at the London Metal Exchange (LME) has fluctuated downwards, decreasing by $605/mt since June 11, closing the day at $12,860/mt on June 18.