Stainless Steel Sheet Price Increases in Tokyo

The market price of stainless steel sheet is strong in Tokyo at 330,000-340,000 yen per tonne for base sized SUS304 and at 200,000-210,000 yen for base sized SUS430.Dealers approach the price hike by 20,000 yen per tonne against distributors dealing nickel series stainless steel sheet this month. The dealers aim to pass the increasing prime costs on their reselling prices when stainless steel makers raised their selling price due to high nickel price. The dealers’reselling prices are lower by 20,000-30,000 yen per tonne than their prime costs. Domestic demand is firm.Monthly averaged nickel price at London Metal exchange (LME) was US$ 9.41 per pound in June. The price temporarily declined to less than US$ 9 but rebounded. Averaged nickel price in May-June would increase again when the average was US$ 8.14 in April. Nippon Steel & Sumikin Metal Stainless Steel Corporation seems to raise the selling price of nickel series stainless steel sheet by 20,000 yen per tonne against dealers and distributors in July. Its selling price would become to around 385,000 yen per tonne. Nisshin Steel is also expected to announce the price hike by about 30,000 yen per tonne this month.