Market sources state that Turkish mills' local offers for prime quality ready stock 304/2B stainless steel CRC of 2.0 mm thickness have remained unchanged over the past week in the range of $2,700-2,800/mt ex-works, for October output. The impact of upward fluctuations in nickel prices in the past week has been balanced by slack demand for stainless steel due to stocks being on the high side, a lack of transactions, and the US dollar gaining strength against the euro.
Meanwhile, traders' local stainless steel offers in the Turkish market have not indicated any changes since last week, while demand for their offers has been sluggish. Accordingly, domestic stainless steel CRC spot prices in the Turkish market are still hovering at $2,900-3,000/mt ex-warehouse.
The cash and settlement nickel price at the London Metal Exchange (LME), which was at $14,650/mt at the beginning of the current week, increased by $675/mt since then, closing the day at $15,325/mt on October 30.