Strong Stainless Steel Sheet Price in Tokyo

Stainless steel sheet price is strong at around 540,000-550,000 yen per tonne for base sized SUS304 and at around 220,000-225,000 yen for SUS430 around Tokyo. The demand keeps active for both nickel and chrome series products. The supply is tightening. Nickel price at London Metal Exchange hit record US$ 18.8 per pound on Monday. Nickel price upsurge is accelerating this month and expected to reach US$ 20. Monthly averaged nickel price was US$15.7 in December 2006 and US$ 16.7 in January, increasing by US$ 1 per month. Under the situation Japanese stainless steel makers would raise their selling prices for distributors in February contracts. Nippon Steel & Sumikin Stainless Steel’s selling price is 545,000 yen per tonne for cut edge coil with 2 millimeters thick for January contracts. The price is expected to be raised by over 20,000 yen per tonne this month to reflect higher material prices and cheaper yen rate. The market inventory keeps short around Tokyo, while dealer source said that the inventory is increasing compared with October 2006.