The weak demand in the global stainless steel market has also prevailed in the local Turkish stainless steel market. No decline has been observed so far in Turkey's stainless steel consumption after Turkey increased its import duty in late October for stainless steel cold rolled flat products from two percent to eight percent for all countries except the European Union and South Korea, while Turkish buyers have turned towards Europe and their domestic market for their needs. The value of Turkey's stainless steel imports and its top stainless steel import sources will likely change in customs data as of December. Meanwhile, In November last year, Turkey's stainless flat steel imports from Taiwan increased by 13.19 percent year on year, with the country ranking as the top source for Turkey's stainless flat steel imports in the given month.
Even though changes have been witnessed in the Turkish stainless steel market in terms of import activity, prices have not recorded significant changes in the past weeks. Chinese and Taiwanese offers to Turkey for prime quality ready stock 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness are ranging at $2,300-2,400/mt CIF Istanbul, though some aggressive suppliers, who are hungry for orders, are seeking to attract customers with offers at $2,200-2,250/mt CIF. Apart from the weak demand in the domestic market, higher inventory levels and the sharp appreciation of the US dollar against the Turkish lira have hit stainless steel purchasing activity in the Turkish domestic market.
On the other hand, despite the upward movement of nickel prices in the past week, market players remain skeptical about the persistence of this trend. Nickel prices at the London Metal Exchange (LME), which had decreased to $13,400/mt in early January, are currently close to the level of $14,500/mt. If this upward trend continues, international stainless steel mills may increase their list prices in February. Meanwhile, Chinese stainless steel producers have announced that they will keep their prices stable for March orders as compared to price levels for February orders.