Firm Stainless Sheet Price in Tokyo

Market price of stainless sheet steel is increasing at 320,000-330,000 yen per tonne for SUS304 grade base size and 200,000 yen for SUS430 around Tokyo. The price could keep firm when domestic makers try to increase the selling prices. Nippon Steel & Sumikin Stainless Steel announced the firm increases the selling price of nickel series stainless sheet price by 30,000 yen to 365,000 yen per tonne for distributors for June order from May. The price increases for 6 months in a row. The firm said nickel price increased to averaged US$ 8.85 per pound in April and May, which was average of US$ 9.56 in May and US$ 8.14 in April. The firm expects the averaged nickel price could increase more and the firm is likely to increase the selling price by 15,000 yen per tonne to pass higher cost price when the nickel price already reached US$ 9.3 on Friday. The distributors said the higher price is gradually accepted by the market despite of the slower pace than expected. The dealers expect their reselling price will keep increasing when the demand is much higher than a year earlier.