Prices trend down in Turkish stainless steel 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 March production have declined by $50/mt over the past week to the range of $2,500/mt ex-works, for March deliveries. Despite this decrease in prices, Turkish producers are still willing to offer discounts of around $50-60/mt depending on tonnages. In the same period, Turkish traders' local stainless steel offers in the spot market have 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 also decreased by $50/mt week on week, declining to $2,250-2,300/mt ex-works. As the US dollar has strengthened to 1.06 against the euro, European stainless steel offers have maintained their competitiveness against Turkish offers. Stainless steel export offers from Europe are still in the range of $2,200-2,300/mt CFR, while stainless steel prices in the global market including Turkey are expected to decline further up to the end of March.
 
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 March 5, decreasing by $230/mt and closing the day at $13,825/mt on March 12.