NSSC Raises Ni Stainless Cold Rolled Sheet by 20,000 Y/T

Nippon Steel & Sumikin Stainless Steel Corporation announced on Monday the firm increases selling price of nickel series stainless cold rolled steel sheet and plate by 20,000 yen per tonne for domestic distributors for September order. The firm increases the selling price by 4,000 yen for chrome series stainless cold rolled sheet to reflect higher raw materials cost until the end of August. The new price is 355,000 yen for nickel series products base size with 2 millimeters thick and 249,000 yen for chromes series products. The hike is for 5 months in a row for nickel series products while the hike for chrome series products is for 2 consecutive months.

An averaged nickel price in July and August was US$ 8.08 per pound, up by US$ 1.06 compared with June-July while averaged chrome price in July-September increased by US$ 20 cents to US$ 97 cents from April-June. At the moment, nickel price is declining. However, nickel series stainless steel price is likely to increase more for October order when nickel price continued to increase until the end of August.

Domestic stainless sheet inventory adjustment finished while the export is firm for China and other Asian market.

On the other hand, plate demand is firm for export and NSSC’s order receipt is as same as the record in April-September 2008. However, the overseas users wait and see when nickel price is declining. NSSC explained the firm watches the overseas market carefully while the operation rate is high at the plate mill in Yawata plant.