This week, Turkish stainless steel producers have kept their domestic prices stable for 2-6 mm 304 grade 2B stainless steel cold rolled coil (CRC) at $2,550-2,600/mt ex-works and for 2-6 mm 430 grade 2B stainless steel CRC at $1,500-1,550/mt ex-works.
Meanwhile, SteelOrbis has been informed that Turkish traders’ prices have remained stable in the current week for 2-6 mm 304 grade 2B stainless steel CRC at $2,450-2,550/mt ex-warehouse, while their prices for 2-6 mm 430 grade 2B stainless steel CRC are still at $1,600-1,650/mt ex-warehouse. According to market sources, despite still high nickel quotations, domestic stainless steel prices in Turkey have remained unchanged due to the weakness of demand.
After Indonesia announced a ban on nickel exports to come in force in 2022, the world's second-largest nickel exporter, the Philippines, announced on August 19 that it would probably close its mines due to the near-depletion of the deposits in Tawi-Tawi. This situation has increased supply concerns for the future period, while nickel prices are still at high levels at the moment. Today, August 23, the cash nickel price at the London Metal Exchange (LME) stands at $15,780/mt. “Due to the nickel supply concerns in the global markets, Turkish traders are expected to increase their prices in the long term,” a market source told SteelOrbis.