Lower Stainless Steel Bar Price in Tokyo

Stainless steel bar market price decreased by 20,000 yen to 800,000 yen per tonne for SUS304 in recent week around Tokyo while SUS316 price dropped by 50,000 yen to 1.18 million yen. The market expected lower price due to plunge of nickel ingot price since June and the makers reduced the selling price by around 10% for November shipment. A dealer source expects the lower price could stimulate buyers’ appetite citing the firm gets more order for production facility since September. The buyers waited the lower price and shows sign to resume the normal purchase activity. Recovering nickel ingot price also contributes the better demand when nickel ingot price increased to US$ 14.1 per pound on Friday compared with averaged US$ 13.4 in September and US$ 12.5 in August. The market interests now expect the stainless bar market price could hit bottom.