Firm Ni Stainless Cold Rolled Price in Tokyo

Market price of nickel series stainless cold rolled flat steel is firm at around 290,000-295,000 yen per tonne around Tokyo. The dealers try to pass the higher cost price after the makers’ hike. The price is now approaching to 300,000 yen under lower inventory, higher nickel cost and higher offshore market while the price increase is slow due to slow demand for construction.

Japanese dealers’ inventory decreased to 1.43 months of shipment for nickel series stainless cold rolled flat steel at end of July, which hit the lowest level since the statistics started in 2005. A dealer expects the stock increases in and after August while the increase is limited when the dealers are still cautious for major inventory building under peaking nickel ingot price.

Nickel ingot price is US$ 7.55 per pound on Monday, which was around US$ 1 lower than the level at end August. The lower nickel price impacts on the stainless market but the domestic stainless sheet price is likely to increase more.