Slow demand in Turkish stainless steel spot 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 June production have declined by $50/mt on the lower end week on week to the range of $2,400-2,500/mt ex-works, for June deliveries. In the same period, Turkish traders' stainless steel offers in the local spot market have remained unchanged at approximately $2,450-2,500/mt ex-warehouse, for advance payment. Market sources state that demand has slowed significantly and that the market is very quiet ahead of the June 7 general election.
 
According to market sources, Turkish producers' offers to the export markets for the same stainless products have moved sideways during the past week at $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 East have stagnated ahead of Ramadan. On the other hand, Turkish stainless steel exporters are hopeful for June and July sales to Europe before the traditional holiday season begins in the region in August.  
 
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.
 
The cash and settlement nickel price at the London Metal Exchange (LME) has decreased by $100/mt since May 28, closing the day at $12,940/mt on June 3.