NSSC Cuts Ni Stainless Plate, Cold Sheet by 95,000 yen/t

Nippon Steel & Sumikin Stainless Steel (NSSC) announced on Wednesday the firm reduces the selling price by 95,000 yen per tonne for nickel series cold rolled sheet and plate for distributors for August order to reflect lower nickel ingot price. The firm, however, rejects the order receipt from distributors and keeps the 40% output reduction for cold sheet at Hikari plant in September compared with April-June level. The price decreases to 615,000 yen per tonne for nickel series stainless cold sheet with 2.0 millimeters or less thick and 625,000 yen for sheet with more than 2 mm thick after the reduction. The firm left the chrome series stainless price unchanged at 245,000 yen. The firm expects the firm could reduce the nickel stainless price by around 80,000 yen per tonne for September order when the nickel price was US$ 11.86 per pound on Tuesday compared with average US$ 17.04 per pound in June and July. The firm reduced the nickel series sheet order by 50% in April and May and rejected all order after June. The firm also cuts 30-40% of nickel series plate order from distributors for August order as July. The firm increases stainless grade extra charge by 20,000 yen per tonne for SUS316 with 10% nickel and by 40,000 yen for SUS316L with 12% nickel to reflect nickel content.