During the past week, it is observed that Turkish traders have increased their 2-6 mm 304 grade 2B stainless steel CRC prices by a significant $200/mt to 2,700-2,800$/mt ex-warehouse due to the sharp and long-lived rises in nickel prices, while their prices for 2-6 mm 430 grade 2B stainless steel CRC have remained stable at $1,600-1,650/mt ex-warehouse.
Despite the uptrend of nickel quotations, Turkish stainless steel producers have kept their prices unchanged week on week due to the weakness of demand, with their prices for 2-6 mm 304 grade 2B stainless steel CRC still standing at 2,550-2,600$/mt ex-works and 2-6 mm 430 grade 2B stainless steel CRC remaining at 1,500-1,550$/mt ex-works.
Today, September 12, nickel prices on the London Metal Exchange (LME) increased by $265/mt as compared to yesterday, September 11, reaching $18,330/mt level. A market source reports that due to the weakness of domestic demand, Turkish market players cannot fully reflect rises in nickel quotations to their stainless steel prices, and that demand needs to improve first.