Despite increases in nickel prices at the London Metal Exchange (LME) and the expected price hike in import offers, demand in the Turkish stainless steel market has remained week, though it was expected to gain strength after the Ramadan holiday.
Nickel prices at the LME, which were standing at $13,500/mt in late July, have indicated increases during the past two weeks, reaching $14,700/mt. In line with this rising price movement, global stainless steel producers have revised their list prices upward. Meanwhile, import stainless steel offers for Turkey are also expected to register increases as compared to July price levels. However, Far Eastern offers to Turkey for 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness are now ranging at $2,300-2,450/mt CIF Istanbul. Prices for the same quality Chinese materials from ready stocks had declined to $2,250/mt CIF in July.
In the first half of the current year, Turkey's stainless flat steel imports have indicated an increase of 19.4 percent as compared to the same period last year, reaching 225,875 mt. Turkey's most important import sources during this period were Taiwan, South Korea, Germany, China and Finland, in order of importance.
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