Slack demand 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 July production have remained stable week on week in the range of $2,300-2,350/mt ex-works, for July deliveries. In the same period, Turkish traders' stainless steel offers in the local spot market have also remained unchanged over the same period at approximately $2,350-2,400/mt ex-warehouse, for advance payment. Market players state that demand in the Turkish stainless steel market has continued to slow down this week and is currently slack, while they believe that the declines seen in nickel prices may cause further decreases in stainless steel prices in the short term.
 
According to market sources, Turkish producers' offers to the export markets for the same stainless products have remained unchanged over the past week at $2,220-2,270/mt ex-works.
 
Meanwhile, stainless steel offers from China and Taiwan to Turkey are still in the range of $1,950-2,100/mt CIF Istanbul, while Chinese and Taiwanese stainless steel quotations to the European market are at €1,950-2,100/mt ($2,145-2,310/mt) CIF.
 
The cash and settlement nickel price at the London Metal Exchange (LME) has fluctuated downwards, decreasing by $50/mt since July 9, closing the day at $11,240/mt on July 23.