Turkish stainless steel market continues to see lively activity

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 March production have remained stable over the past week in the range of $2,550/mt ex-works, for March deliveries. In the given period, Turkish traders' local stainless steel offers in the spot market have also moved sideways during the same period at approximately $2,650-2,700/mt ex-warehouse.
 
On the other hand, according to market sources, offers from Turkey to the export markets for the same stainless products have remained stable week on week at $2,300-2,350/mt ex-works. As the dollar has strengthened to 1.12 against the euro and as nickel prices have not reached the desired levels, this situation is exerting downward pressure on Turkish producers' stainless steel offers in foreign markets. Meanwhile, counter-offers from foreign buyers to Turkish producers for stainless steel are almost at the same levels as stainless export offers from the Far East. However, market players state that Turkish stainless steel export volumes are at higher levels compared to the export sales volumes seen for Turkish stainless steel earlier this year.
 
Meanwhile, offers for prime quality 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness from China and Taiwan to the Turkish market are still in the range of $2,110-2,300/mt CIF Izmit.
 
The cash and settlement nickel price at the London Metal Exchange (LME) has trended upwards since February 19, increasing by $475/mt and closing the day at $14,400/mt on February 26.