NSSC Lowers Flat Stainless Steel Price in August

Nippon Steel & Sumikin Stainless Steel Corporation (NSSC) announced on Monday the firm lowers its selling price by 10,000 yen per tonne for nickel series cold rolled stainless steel sheet and by 5,000 yen per tonne for chrome series cold rolled stainless steel sheet effective for August shipment against domestic wholesalers. NSSC also decreases plate price by 10,000 yen per tonne for August order. The firm lowers flat stainless steel prices for 3 months in a row. In August, NSSC’s cut edge coil selling price will be 340,000 yen per tonne for Ni series and 260,000 yen per tonne for Cr series.

Averaged nickel market price was averagely US$ 8.85 per pound in July, slightly increasing by US$ 0.06 from the previous month. Meanwhile, currency exchange rate sharply rose to 88.75 yen per US dollar, stronger by 3.17 yen than in June.

Demand for stainless steel sheet maintains inactive at both domestic and overseas markets. On the other hand, plate demand is gradually increasing from large projects such for petrochemical and desalination plants.

Under the market condition, NSSC decided to lower cold rolling mill operation at Hikari works, Yamaguchi, Japan by 30% against the current capacity in August. Asian stainless market price is declining due to low demand. Major stainless steel mills are entering output reductions in China, South Korea and Taiwan. NSSC has suspended some facilities at Hikari works including a cold rolling mill and an annealing furnace since February 2009.