Demand in the local Turkish stainless steel market has continued to be characterized by weakness over the past week. Market sources state that buyers are concerned over Turkey's economic outlook and the volatility of the Turkish lira-US dollar exchange rate, and so they are only monitoring the market for now. Additionally, SteelOrbis has been informed that trading activity in the local Turkish stainless steel market has shown some occasional signs of improvement, not because of restocking activities, but only due to purchases made in line with needs.
Meanwhile, on October 4, global cash nickel prices cash nickel prices at the London Metal Exchange (LME) closed the day at $12,770/mt.
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.