While stainless steel demand has remained weak in the global market, prices are either stable or on a downward trend. In the last two weeks, stainless steel mills have gradually cut their offers in the international market, while some producers have reduced their production volumes. In the summer period, apart from some end-users who have regularly been concluding transactions, starting from May stainless steel demand from stockists and traders in the global market will likely shrink.
At present, stainless steel offers of producers and traders from the Far East and Europe to Turkey have generally remained stable and prices for 304 2B stainless steel cold rolled coil (CRC) of 2 mm thickness are varying at $2,800-2,900/mt CFR Turkey. Suppliers are willing to negotiate on quotations and may reduce offers especially for high volume purchases.
Meanwhile, nickel prices, which are an important factor for stainless steel prices, have softened further as compared to two weeks ago. As of last Friday, May 3, cash settlement nickel prices were at $17,380/mt on the London Metal Exchange (LME), while cash settlement nickel prices had moved up slightly to $18,255/mt on April 27 compared to previous levels.