Nippon Steel & Sumikin Stainless Steel Corporation (NSSC), Japanese largest stainless steel maker, announced on Monday the firm agreed with Xtrata in ferrochrome price down by 10.5% for July-September shipment against the previous quarter. The price decreases for the first time in 2 quarters when stainless steel makers enter seasonal output reductions and inventory adjustment. NSSC’s procurement cost would decrease by about 4,800 yen per tonne for 18% chrome series stainless products. Ferrochrome price is unexpected to decrease more largely since major ferrochrome suppliers in South Africa are suffered from low profitability.
The price was set at CIF 125 US cents per pound of chrome for July-September, down by 15 US cents from April-June. European stainless steel makers seem to have agreed with South African ferrochrome suppliers in the almost same range price down. The latest price represents the lowest since January-March 2010. Chinese stainless steel makers are currently reducing outputs due to market price down, low domestic demand and electric power shortage. European and American stainless steel makers are adjusting inventories along weak demand season in summer. Ferrochrome suppliers would enter output and price adjustment along stainless steel makers. In South Africa, electric power price continues rising, especially higher in winter than in summer. South African currency, rand has strengthened by more than 10% against US dollar since a year ago. Extrata will decrease ferrochrome production by near 50%. Other ferrochrome makers are also said to have entered wide-range output reductions in the country.Japan Steel Scrap Composite Prices (Sangyo Press)
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