The market price of nickel series cold rolled stainless flat steel continues gradually declining with slow shipment. The price is around 350,000-360,000 yen per tonne for SUS304 base size around Tokyo.
Nickel price is likely to rebound at London Metal Exchange (LME) though LME nickel inventory is over 80,000 tonnes, the historically high level. The price was US$ 5 per pound on Friday. The market inventory of Ni series cold stainless steel sheet is decreasing. Meanwhile, the inventory rate still stays high due to slower sales. Stainless steel makers are expanding output reductions. Nisshin Steel is reducing the output by below 50% compared with ordinary operation. But the supply and demand balance maintains loose. A dealer source said the demand isn’t expected to revive until September, especially worse from building materials.Japan Steel Scrap Composite Prices (Sangyo Press)
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