NSSC to Increase Ni Stainless Steel Price by 10,000 yen/t in February

Nippon Steel & Sumikin Stainless Steel announced on Wednesday the firm increases the selling price of nickel series stainless steel cold rolled sheet and plate by 10,000 yen per tonne for dealers in February. The firm reflects higher nickel price at London Metal Exchange. The selling price of nickel series cold rolled sheet increases to 380,000 yen per tonne.

The firm left the price unchanged for chrome series cold rolled sheet at 255,000 yen. The firm plans to increase the base price by around 10,000 yen for April shipment due to higher production cost at Yawata plant when Nippon Steel’s cost would increase for pig iron production.

NSSC increases the nickel series cold rolled sheet price for 2 months in a row. The price increases by 40,000 yen per tonne compared with the level in August 2010 when LME nickel price has been increasing since August.

The averaged LME nickel price increased by US$ 0.69 to US$ 11.63 per pound in January from December while chrome price decreased by 5 US cents to 133 US cents. The averaged telegraphic transfer selling rate was 83.66 yen per US dollar in January against 84.45 yen in December.

NSSC operates nickel series plate mill at full capacity at Yawata plant due to steady overseas demand. The plate demand including duplex stays at high level for liquid natural gas pipe line and petrochemical plant while the order would decrease during Chinese New Year holiday, the firm said.

NSSC’s domestic plate shipment would remain firm for vacuum chamber for organic electroluminescence. The firm expects the shipment could increase for water gate and water treatment plant. Japanese plate dealers’ shipment keeps high at more than 8,000 tonnes per month, according to Japanese stainless plate processors group. The firm expects the plate shipment is likely to keep the level.

NSSC increases the surcharge of molybdenum for February order. The firm increases the surcharge by 20,000 yen per tonne for SUS 316 and SUS 316L when molybdenum price increased to more than US$ 16 from US$ 12-13 per pound. The firm plans to increase the surcharge again when molybdenum price increases to more than US$ 20.