Nisshin Steel Decreases Cold Flat Stainless by 25,000 yen/t

Nisshin Steel announced on Wednesday the firm reduces the selling price of nickel series cold-rolled flat stainless steel by 25,000 yen per tonne for distributors effective for March-April contracts compared with January-February. The price downs along surcharge system when nickel price declined at London Metal Exchange from averaged US$ 13.25 per pound for October-December to US$ 12.34 for December-February. The firm has reduced the selling price for 4 consecutive periods since November-December 2007. The firm may raise the price for May-June contracts to reflect recent upsurge of nickel and chrome.Nisshin Steel explained award volume of cold flat stainless steel decreased by around 70% from distributors in February 2008 compared with the ended of 2006 when supply and demand became imbalance. The market price was expected to continue decreasing and domestic demand maintained slow as of February. In March, nickel price sharply rebounded and market inventory of cold flat products is decreasing. The firm expects award volume could recover soon.