Weak Stainless Plate Price around Tokyo

Stainless steel plate market price keeps declining around Tokyo. The market price is 280,000-300,000 yen per tonne for SUS 304 for hot rolled coil cut plate with 3-6 millimeter thick and around 460,000 yen for plate mill products. The dealers’ shipment is lower level after the long holidays in earlier May.

The buyers require the lower price despite the advancement of inventory adjustment. Some market interests expect the market price could hit bottom by the end of June after the downward trend. However, the price shows no sign to hit bottom yet. The downward price trend of plate contrasts nickel series cold rolled sheet, which inventory adjustment almost finished.

An executive of major dealer said the shipment is very low except for solar cell relative application due to the significant output reduction of semiconductor and liquid crystal display television. The domestic demand would remain around 50% of the peak though the water gate and other public works business could increase slightly.

An averaged nickel price at London Metal Exchange in April was US$ 5.06 per pound, which exceeded $ 5 for the first time in 3 months, and the price on 12 May was $ 6.05. Japanese stainless steel industry expects the firm nickel price trend impacts on the market positively. However, one trade firm source pointed out that the inventory of nickel at LME is high at around 110,000 tonnes.