Weak Stainless Plate Price in Tokyo

Stainless steel plate market price is weak at 540,000-550,000 yen per tonne for SUS304 grade cut coil plate, 650,000-670,000 yen for SUS304 plate mill products and at 1.05 million yen for SUS316 plate mill products around Tokyo. The price is likely to keep the level with little chance to increase. Nickel ingot price was averaged US$ 12.68 per pound in February, which was same level as January. The price surged temporally from late February to March 3 but the averaged price in February was in line with January. Nippon Steel & Sumikin Stainless Steel is likely to keep the selling price for March order. The distributors’ inventory is gradually decreasing for hot rolled products. The shipment could recover when nickel price regains stability more than before. However, some distributors still try to reduce the inventory. A distributor source said the market sentiment is getting better while the players expected lower price before. The source said the market waits better demand but the demand is still low toward fiscal year end.