|  | 28/07/2004 |
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Japan Cold-rolled Stainless Export Price Increases to $2,400 for Asia
Japanese export price of cold-rolled stainless steel sheet increases for Asia for the first time in 4 months. The export price increased by $100-200 to C&F $2,400 per tonne for SUS304 grade coil for September shipment to major destination of Hong Kong compared with July-August shipment. Major factors of the increase are surging price for major raw materials of nickel price at London Metal Exchange and distributors' inventory reduction in Asia from overstock before. South Korea mill also began to increase offer price following Japanese. Asian market is likely to increase with those higher offers.
Nickel price increased to $7 per pound, which is same level as peak in the beginning of the year, after the price hit bottom of $5 in May. Nickel price impacts on international stainless market sensitively. Lower nickel price results in expectation of lower stainless price including export. With higher nickel price, stainless interests expect higher stainless price.
Inventory adjustment at distributors in China and Southeast Asia also contributed the stainless price increase. Market now sees the level is balanced against demand though market saw the inventory level was excess.
With Japanese hike, POSCO increased stainless export offer price by $200 per tonne to China for August shipment. The firm said it had no plan for additional hike with volatile nickel price. But those export prices are likely to increase more with higher ferrochrome price.
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 | Japan Cold-rolled Stainless Export Price Increases to $2,400 for Asia
| | ART to Solicit for Recycling Operators' Consortium
| | Pretax profit of Hitachi Metals reaches 8.469 billion yen
| | Angle Price Stays at 70,000 yen in Tokyo
| | Ferrous scrap in Tokyo is Continuing to Rise
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