NSSC to Reduce Ni Stainless Plate, Cold Sheet by 80,000 yen/t

Nippon Steel & Sumikin Stainless Steel (NSSC) announced on Tuesday the firm decreases the selling price of nickel series plate and cold rolled sheet by 80,000 yen per tonne for September order from August. The cold sheet price decreases to 535,000 yen per tonne for product with 2.0 millimeters thick or less, which is same level as December 2006. The price decreased by 215,000 yen through the drops for 3 months in a row. The price decreases to 545,000 yen for product with more than 2 mm thick while the chrome series price is flat at 245,000 yen. The firm reflects lower nickel ingot price. The standard price was US$ 13.85 per pound for nickel, 108 US cents per pound for ferrochrome and 120.28 yen per US dollar for foreign exchange rate in July-August. The firm rejects almost all order receipt from distributors for September to improve the supply balance, which represents rejection for 4 months in a row. The firm also keeps reducing the stainless steel making by 25% at Hikari plant. The firm reduces the order receipt by 30-40% for plate stainless products to reduce distributors’ inventory. The firm expects the demand keeps firm for contract users’ market and the dealers’ market also gets tighter after October. Nickel series stainless cold steel export price turned into increase in the month. The price reached C&F US$ 4,500 per tonne in the month compared with US$ 3,900 level in August.