Stainless steel prices in the global market have increased over most of the past week due to nickel prices reaching their highest levels of the last 27 months, i.e., since February 2012. However, this price increase has met with weaker demand than anticipated. In addition, nickel prices at the London Metal Exchange (LME), which had exceeded the $21,000/mt threshold last Tuesday, have decreased sharply in the last two days to the level of $18,750/mt and so the upward trend in stainless steel prices has come to an end. Chinese domestic stainless steel prices have started to drop back down, following their recent strong increases.
On the other hand, Finland-based steel producer Outokumpu has reduced its surcharges for nickel alloys by €100/mt due to the decreasing prices of nickel in the last two days.
Both domestic and import stainless steel prices in the Turkish market are still on an uptrend. Offers of prime quality 304/2B stainless steel CRC of 2.0 mm thickness from Far eastern stockists and traders to Turkey are currently at $2,600-2,705/mt CIF Istanbul. The movement of nickel prices after recent fluctuations and the June prices of major steel producers are expected to impact stainless steel import prices for Turkey.
Weekly price movements of different steel products in major markets can be viewed comparatively in the SteelOrbis Historical Steel Prices section. Market trends can thus be seen more clearly, while desired charts can be created and used in reports or presentations.