Market sources state that demand in the local Turkish stainless steel market has slightly decreased and is now at weak levels, while prices have remained unchanged over the past two weeks. Turkish mills’ local offers for prime quality 304/2B stainless steel cold rolled coil (CRC) of 2.0 mm thickness are in the range of $1,950-2,000/mt, while Turkish producers’ quotations for 430/2B stainless steel CRC of 2.0 mm thickness are at still $1,200-1,250/mt ex-works, both for March production. Due to the uncertainty in fluctuating nickel prices, Turkish producers’ attempts to revise their prices upwards have failed.
According to market sources, Turkish producers’ 304/2B stainless steel CRC offers to the export markets are at $1,800-1,850/mt ex-works, while Turkish producers’ offers to the export markets for 430/2B stainless steel CRC are at $1,150-1,200/mt ex-works, for March production. Meanwhile, buyers are mostly maintaining a wait-and-see stance.
Meanwhile, ex-Europe stainless steel offers to Turkey for 304/2B stainless steel CRC of 2.0 mm thickness are 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 China and Taiwan to Turkey for 304/2B stainless steel CRC are at $1,700/mt CIF Istanbul, while offers for 430/2B stainless steel CRC are at $1,050/mt CIF Istanbul.
The cash and settlement nickel price at the London Metal Exchange (LME) have indicated a fluctuating trend and closed the day at $9,375/mt on March 8.