It is observed that demand in the local stainless steel market has remained at low levels over the past week. Market sources state that buyers are concluding stainless steel purchases only in line with their needs due to the high volatility of the Turkish lira-US dollar exchange rate.
On the other hand, Turkey has set import quotas for certain steel products and will collect 25 percent import duty if the quotas are exceeded. The decision was published in the official gazette yesterday, September 20. It is observed that only stainless steel cold rolled coils (CRC) are included in the list shared by the Turkish Ministry of Trade.
Turkey’s decision to impose a quota on certain steel imports is not expected to have an effect on the local Turkish stainless market. In the January-July period this year, Turkey’s stainless steel CRC imports totaled 48,505 tons. As a result, the quota of 139,934 tons for stainless steel is believed to be on the large side for the market.
Turkish stainless steel producers’ domestic prices of 304 grade 2B stainless steel CRC are still at $2,600-2,700/mt ex-works, while their prices of 430 grade 2B stainless steel CRC are at $1,600-1,700/mt ex-works, both indicating sideways movement as compared to the levels in SteelOrbis’ report published last week.
Meanwhile, on September 20, global cash nickel prices cash nickel prices at the London Metal Exchange (LME) closed the day at $12,530/mt.