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 March production have remained stable over the past week in the range of $2,550/mt ex-works, for March deliveries. In the same period, Turkish traders' local stainless steel offers in the spot market have also moved sideways at approximately $2,650-2,700/mt ex-warehouse.
On the other hand, according to market sources, offers from Turkey to the export markets for the same stainless products have remained stable week on week at $2,300-2,350/mt ex-works. As the US dollar has strengthened to 1.10 against the euro, European stainless steel offers have increased in competitiveness against Turkish offers. Ex-Europe stainless offers are currently in the range of $2,200-2,300/mt CFR and in some cases European offers are more attractive than Turkish offers.
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 are still in the range of $2,110-2,300/mt CIF Izmit.
The cash and settlement nickel price at the London Metal Exchange (LME) has trended downwards since February 26, decreasing by $345/mt and closing the day at $14,055/mt on March 5.