Quiet demand in Turkish stainless steel spot market ahead of general election

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 May production have remained unchanged over the past week in the range of $2,450-2,500/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. Market sources state that local producers and traders are unhappy with the quiet demand ahead of the June 7 general election.
 
According to market sources, Turkish producers' offers to the export markets for the same stainless products have declined by $50/mt on average during the past week to the range of $2,250-2,300/mt ex-works. Turkish market players state that stainless steel demand in the export markets is at medium levels, while sales to the Middle Eastern market have slowed down ahead of Ramadan. Buyers in the Balkan states are currently showing increased interest in Turkish stainless steel 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 have also remained unchanged over the past week at $2,200-2,300/mt CIF Izmit. On the other hand, ex-Europe stainless steel offers for second grade products are at €2,200-2,250/mt CIF and are still attracting stronger demand in the Turkish market.
 
The cash and settlement nickel price at the London Metal Exchange (LME) has decreased by $175/mt since May 21, closing the day at $12,840/mt on May 28.