Stainless steel demand in the Turkish domestic market has revived slightly after the Feast of Sacrifice holiday, while prices have registered some decreases as compared to early October amid declines in nickel prices. Accordingly, stainless steel suppliers' offers from Europe and the Far East to Turkey for 304/2B stainless steel cold rolled coil (CRC) of 2 mm thickness are currently standing at $2,600-2,700/mt CFR. The prices will likely maintain their current levels until the end of the year, while greater market activity and higher transaction volumes are anticipated in November as compared to expectations for December. This is because buyers in the Turkish domestic market, who are trying to avoid high inventory levels as the end of the year approaches, will likely conclude deals in November rather than in December.
On the other hand, after reaching $18,800/mt in early October, world nickel prices had decreased to $15,900/mt in early November. As of November 8, nickel prices for cash settlements in the London Metal Exchange (LME) closed the day at $15,960/mt, compared to $15,200/mt in August.
In the meantime, stainless steel mills in the international markets have adopted different policies for their November list prices. YUSCO from Taiwan has increased its prices, while another Taiwanese mill Tang Eng has kept its prices unchanged as compared to previous price levels. Japan-based NSSC and South Korea's POSCO have also followed a stable price trend. Meanwhile, it seems difficult for stainless steel mills in Europe to seek price increases amid the lack of demand.