Turkish stainless steel market still suffers from poor demand

Last week, it was thought that stainless steel prices would switch to an uptrend in line with slightly higher nickel prices and stainless steel import offers to Turkey did indeed rise. However, since the increase in nickel prices has lacked stability and as demand has not shown any improvement, last week's price increase has been eroded this week. In the meantime, as of June 21 nickel prices at the London Metal Exchange (LME) closed the day at $16,780/mt for cash settlement.
 
Far Eastern stainless steel producers, who usually announce their prices at the beginning and middle of each month, have pushed down their prices for June. Accordingly, Chinese stainless steel producers have cut their export prices for 304 2B stainless steel cold rolled coil (CRC) of 2 mm thickness by $100/mt to $2,700/mt FOB.
 
In the Turkish market, offers for 304 2B stainless steel CRC of 2 mm thickness from Far Eastern and European suppliers have declined by about $50/mt as compared to last week to $2,700-2,800/mt CFR. Local traders' prices for similar materials are standing at $3,100-3,200/mt ex-warehouse, while these traders state that local demand is fairly poor.
 
Market players' outlook for the summer months lacks optimism and they forecast that current price and demand levels will trend sideways for some more time.