Nippon Steel & Sumikin Stainless Steel (NSSC) announced on Thursday the firm reduces the stainless wire rod base price by 85,000 yen per tonne for SUS304 grade and by 15,000 yen for SUS430 grade for December-February orders. The firm reflects lower cost for nickel and chrome. The firm reduces the wire rod production by 50% at Hikari plant compared with April-September level. The firm expects the production cut will be 30-40% in the second half year to March 2009 from the first half.
The price down represents total 120,000 yen in the year for the nickel series products and the first time for chrome series grade since the first announcement 2 years ago. The firm also revises the extra charge depending on the alloys content. The firm sees stainless wire rod market is in inventory adjustment at home and abroad and the demand decreases by 30-40% from the first half year level. The firm tries to improve the supply balance through the major production cut.Japan Steel Scrap Composite Prices (Sangyo Press)
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