NSSC to Hike Ni Stainless Sheet and Plate by 5,000 y/t in March

Nippon Steel & Sumikin Stainless Steel Corporation (NSSC) announced on Wednesday the firm hiked the sales prices of nickel series cold rolled stainless sheets and plates by 5,000 yen per tonne effective for March contracts with domestic dealers. The latest hike reflects upsurge of nickel average price. NSSC raises the price of nickel series products for 2 months in a row. As for chrome series cold rolled stainless sheets, NSSC sets the selling price unchanged. NSSC separately considers base price hike when energy and several material costs are surging.

Nickel average price at London Metal Exchange increased by US$ 0.29 per pound to U$ 9.28 in February from January. Yen exchange rate against US dollar weakened to average 79.4 yen in February from 77.98 yen in January. NSSC decided the price hike of nickel series products by 5,000 yen based on these indicators.

Domestic shipment of nickel series cold rolled stainless sheet is stable mainly for automobile industry. The market inventory is decreasing and NSSC is currently offered to fasten the product delivery. Sales volume of stainless plate is also improving for small lot orders. NSSC expects for the demand recovery from energy sector such for power plants or from public works such for barrages and floodgates.