Market sources state that demand in the local Turkish stainless steel market is still weak. Turkish mills’ local offers for prime quality 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness have increased by $125/mt on average week on week to the range of $2,100-2,200/mt, while spot prices of the same product are at $2,300-2,400/mt, both ex-works and for May production. Besides, Turkish producers’ quotations for 430/2B stainless steel CRC of 2.0 mm thickness have increased by an average of $35/mt week on week to the range of $1,250-1,270/mt ex-works for May production. According to market sources, the uptrend of stainless steel prices in Turkey has been supported by the trending of cash nickel prices at $8,000-9,000/mt since the beginning of May and also by leading stainless steel producers in Europe announcing their alloy surcharges for June, increasing their product prices compared to the previous month.
According to market sources, Turkish producers’ 304/2B stainless steel CRC offers to the export markets have increased by an average of $175/mt to $2,000-2,050/mt ex-works. Even though price levels have recovered, demand for Turkish stainless steel in the export markets is still weak.
Meanwhile, ex-Europe stainless steel offers to Turkey for 304/2B stainless steel CRC of 2.0 mm thickness are have increased by an average of $125/mt week on week to $1,950-2,000/mt CIF Istanbul, while European stainless steel offers for 430/2B stainless steel CRC have risen by $300/mt week on week to $1,300/mt CIF Istanbul. In addition, stainless steel offers from Far Eastern countries to Turkey for 304/2B stainless steel CRC have increased by $25/mt week on week to $1,800-1,850/mt CIF Istanbul, while offers for 430/2B stainless steel CRC have moved up by $125/mt on average to $1,150-1,200/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 $8,375/mt on May 26.