Weak Ni Series Stainless Price in Tokyo

The market price of cold-rolled nickel series stainless steel sheet decreased by 30,000 yen to around 620,000 yen per tonne around Tokyo after Japanese summer holiday in mid August. The market price kept rising until the end of May and turned to downtrend after nickel price declined at London Metal Exchange. Dealers’ sales are slow. The shipment is expected to recover at the end of September at dealers’ sites.Major dealer source said that the shipment would continue weak till LME nickel price becomes stable and that the firm purchases stainless steel sheet to the minimum necessary. Other dealer source pointed out that Nippon Steel & Sumikin Stainless Steel and Nisshin Steel are expected to decrease their selling price widely in September and that dealers’ shipment could recover thanks to the price down.Most dealers keep their selling price level, though some dealers sold at 550,000 yen per tonne. In September, stainless steel makers’ contract price is likely to decrease to less than 600,000 yen per tonne. Stainless steel sheet users anticipates the price down. Then dealers’ shipment is currently slow.Stainless steel sheet inventory at Japanese coil centers increased by 2.2% to 124,876 tonnes at the end of July from a month ago, according to Japan Stainless Coil Center Industry Association. Many dealers recognize the inventory at over 120,000 tonnes is surplus. The inventory adjustment would continue for a while though Japanese makers continue output reduction.