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 decreased by $75/mt week on week to the range of $2,350-2,400/mt ex-works, for July 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 players state that demand in the Turkish stainless steel market has weakened over the past few months and is currently at low levels.
According to market sources, Turkish producers’ offers to the export markets for the same stainless products have remained unchanged over the past week at $2,250-2,300/mt ex-works.
Meanwhile, this week ex-Europe stainless steel offers to Turkey are in the range of €2,050-2,100/mt CIF for first grade products and are at €1,950-2,000/mt CIF Izmit for second grade products. However, Turkish buyers do not consider these price levels favorable due to the strengthening of the euro against the Turkish lira. On the other hand, Taiwanese exporters are still making aggressive offers and have decreased their prices to $1,950-2,000/mt CIF Izmit. Accordingly, Turkish buyers are more interested in Taiwanese offers and prefer to meet their needs by concluding bookings from Taiwan instead of from China.
The cash and settlement nickel price at the London Metal Exchange (LME) has fluctuated downwards, decreasing by $525/mt since June 25, closing the day at $12,060/mt on July 2.