NSSC Raises Stainless Steel Coil in February

Nippon Steel & Sumikin Stainless Steel Corporation (NSSC) announced on Tuesday the firm would raise the selling price of nickel series cold-rolled stainless steel cut edge coil by 30,000 yen per tonne for domestic distributors effective for contracts in February. The firm will pass higher nickel price on the selling price, while increasing the selling price by 10,000 yen per tonne for chrome series products. The firm also increases nickel series plate price by 30,000 yen to 575,000 yen for products with less than 2 millimeters thick, to 585,000 yen for products with more than 2 mm thick and to 205,000 yen for chrome series products. The firm has raised the selling price of nickel series products for 14 months in a row. As to chrome series the firm raised the price for the first time since August 2006. NSSC reflects nickel price fluctuation at London Metal Exchange and yen exchange rate in latest 2 months. LME nickel price average was US$ 16.19 per pound in December-January, increasing by more than US$ 1 from November-December. Yen exchange rate weakened to 120.1 yen per US dollar from 118.1 yen. Consequently the firm raises the selling price by 30,000 yen per tonne. The demand of nickel series cold rolled stainless steel coil keeps steady especially in USA and Europe. The products are traded at around US$ 5,500 at overseas. The market price keeps highest level worldwide. The demand is relatively lower in Asia before Chinese New Year holidays. However, the export keeps active from Asia to USA and Europe. The supply and demand keep balance as total.