In the local Turkish market, with the influence of declining import offers stainless steel prices have decreased as well. In the meantime, 2 mm stainless steel 304 2B CRC offers from the Far East to the Turkish domestic market are varying at $2,850-2,950/mt CFR. Meanwhile, in the Turkish domestic market offers for the same product are at $3,300-3,400/mt ex-warehouse, though some offers may be found below this level as the price range in the market is quite wide. While import offers are decreasing, Turkish traders are not playing an active role in the market even though their stock levels are low and this also means that end-users face shortages when purchasing. SteelOrbis has been informed by market players that the market will likely experience a seasonal sluggishness in the summer and so the market is expected to revive in April.
Global nickel prices have experienced a rapid decline in March, continuing to decrease this week also. On March 29, nickel prices for advance payment at the London Metal Exchange (LME) closed at $17,405/mt. However, nickel prices are expected to move up in the long term and reach $20,000/mt.