Nisshin Steel Reduces Ni Stainless Cold Sheet Price by 145,000 yen/t

Nisshin Steel announced on Tuesday the firm reduces the selling price by 145,000 yen per tonne for nickel series cold rolled sheet (SUS304) for distributors in September-October order to reflect lower average nickel ingot price in London Metal Exchange. The firm continued the increasing price from the contracts for March-April 2006. The firm increases the price of chrome series stainless steel sheet for SUS 430 by 10,000 yen per tonne in September-October order due to tight supply and demand, and increase the price for 6 consecutive periods from November-December 2006. The firm keeps the reduction of the production within this year.Nisshin Steel announces the price with 2 months against surcharge system for nickel series products. The firm largely decreased by yen rate and average nickel price when the nickel price was US$ 21.8 per pound for April-June compared with average US$ 15.5 per pound in June and August.The firm said the firm cut the acceptance of order for nickel series products for distributors in August. The market is waiting and see situation due to the anticipation of a fall for nickel price.