NSSC to Decrease Stainless Wire by 165,000 yen/t

Nippon Steel & Sumikin Stainless Steel (NSSC) announced on Wednesday the firm decreases the selling price of stainless steel wire rod by 165,000 yen per tonne for nickel series products, SUS304, effective for September orders to reflect the decrease of monthly averaged nickel price at London Metal Exchange (LME). NSSC has revised the price every 3 months and raised the price by total 450,000 yen per tonne since the contracts in June 2006. Chrome series product price wasn’t changed for SUS410 and 430.NSSC decreases the price in reflection of averaged nickel price for June-August and yen exchange rate against US dollar. The 3-month average of LME nickel price was US$ 15.54 or about 1,800 yen per pound. The firm premised at US$ 22.57 for March-May when the firm raised the selling rice by 155,000 yen for contracts in July.Japanese market of stainless wire kept firm. Japanese stainless wire shipment increased for 12 consecutive months until May over the same month of last year. However, dealers are refraining to buy it with anticipation of a fall due to rapidly decreased nickel price.The firm decreases steel variety extra by 5,000 yen per tonne for SUSXM7, 35,000 yen per tonne for SUS316L while isn’t change the extra for SUS316 due to increased molybdenum price against decreased nickel price.