Over the past week, demand in the local Turkish stainless steel market has remained slack, while producers have decreased their prices by $100/mt since their production costs have declined as a result of the dowticks in global nickel prices. As a result, Turkish stainless steel producers’ domestic prices of 304 grade 2B stainless steel cold rolled coil (CRC) are at $2,700-2,800/mt ex-works, while prices of 430 grade 2B stainless steel CRC are at $1,700-1,800/mt ex-works. Market sources state that buyers are postponing their bookings due to the ongoing high volatility of the Turkish lira-US dollar exchange rate.
Meanwhile, on July 5, global cash nickel prices cash nickel prices at the London Metal Exchange (LME) closed the day at $14,170/mt.