The significant fluctuations in global prices of nickel - a raw material for stainless steel - since the beginning of the current week have raised apprehensions amongst Turkish stainless steel mills in terms of raw material costs. Turkish mills were initially expected to lower their domestic stainless steel prices but, due to the volatile movement of global nickel quotations, they have found it difficult to decide on their stance and so they have postponed the downward revision in question.
It is observed that domestic stainless steel prices in Turkey have remained stable during the past week. Accordingly, prices of 304 grade 2B stainless steel cold rolled coil (CRC) are still at $2,700-2,800/mt ex-works and prices of 430 grade 2B stainless steel CRC are standing at $1,650-1,750/mt ex-works.
On April 5, cash nickel prices at the London Metal Exchange (LME) closed the day at $13,245/mt.