This sudden and strong surge in nickel prices has resulted in increased inquiries for stainless steel, boosting the upward pressure on stainless steel prices. Chinese and Taiwanese stockists have informed SteelOrbis that they have been maintaining a wait-and-see stance due to the rising nickel prices and have postponed decisions on their offers until next week.
Market sources report that both ex-Far East offers to Turkey and local Turkish producers' ex-works prices have increased but the increase rate is not clear. The price ranges are expected to become definite in the coming week. Ex-China and ex-Taiwan prime quality 304/2B stainless steel CRC offers of 2.0 mm thickness have exceeded the level of $2,600/mt CIF Istanbul.
Stainless steel prices in the Chinese domestic market have increased over the past week, while Chinese producers are expected to raise their local and export prices in the coming week.
Meanwhile, Turkey's stainless steel imports rose by 22.52 percent year on year in the first quarter this year to 112,025 metric tons.