Market sources state that demand in the local Turkish stainless steel market has increased slightly over the past week, though it is still weak. Although no significant improvement has been observed in demand for Turkish stainless steel in the domestic and export markets, prices of 304/2B stainless steel cold rolled coil have increased due to the uptrend in alloy surcharge prices over the past week. In this context, Turkish mills’ local offers for prime quality 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness have increased by $50/mt week on week to the range of $2,000-2,050/mt, while Turkish producers’ quotations for 430/2B stainless steel CRC of 2.0 mm thickness are still at $1,200-1,250/mt ex-works, both for March production.
According to market sources, buyers of Turkish stainless steel in the export markets are concluding deals only to meet their immediate needs. Turkish producers’ 304/2B stainless steel CRC offers to the export markets have increased by $50/mt on the upper end to $1,800-1,900/mt ex-works, while Turkish producers’ offers to the export markets for 430/2B stainless steel CRC are still at $1,150-1,200/mt ex-works, both for March production.
Meanwhile, ex-Europe stainless steel offers to Turkey for 304/2B stainless steel CRC of 2.0 mm thickness are still at $1,850/mt CIF Istanbul, while European stainless steel offers for 430/2B stainless steel CRC are at $1,000/mt CIF Istanbul. In addition, stainless steel offers from Far Eastern countries to Turkey for 304/2B stainless steel CRC have increased by $100/mt week on week to $1,800/mt CIF Istanbul, while offers for 430/2B stainless steel CRC are still at $1,050/mt CIF Istanbul.
The cash and settlement nickel price at the London Metal Exchange (LME) has indicated a fluctuating trend and closed the day at $8,580/mt on March 28.