Turkish stainless steel prices decline in export markets

Market sources state that Turkish mills' local offers for prime quality 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness for August production have decreased by $50/mt week on week to the range of $2,200-2,250/mt ex-works, for August deliveries. In the same period, Turkish traders' stainless steel offers in the local spot market have also declined by $50/mt to approximately $2,300-2,350/mt ex-warehouse, for advance payment. Market players state that demand in the Turkish domestic stainless steel market is still sluggish since buyers are cautious about concluding deals due to the ongoing political uncertainty in the country and the strengthening of the US dollar against the Turkish lira.
 
According to market sources, Turkish producers' offers to the export markets for the same stainless products have declined by $40/mt over the past week to $2,070-2,100/mt ex-works. Turkish exporters are waiting for the traditional summer holidays in European countries to end, while Turkish stainless steel sales volumes to the European market are expected to improve in September. Meanwhile, stainless steel offers from China and Taiwan to Turkey are still in the range of $1,900-1,950/mt CIF Istanbul.
 
The cash and settlement nickel price at the London Metal Exchange (LME) has fluctuated downwards, decreasing by $130/mt since August 13, closing the day at $10,390/mt on August 20.