Stainless Cold Flat Hits 600,000 yen/t in Tokyo, Osaka and Nagoya

Nickel series stainless cold rolled flat steel price increased to more than 600,000 yen per tonne for SUS304 grade with 2 millimeters thick in Toyo, Osaka and Nagoya by March end. Record nickel ingot price lifted the stainless price. The market price is likely to increase more when domestic stainless steel makers are expected to increase the selling price more. Nickel ingot price was averaged US$ 20.98 per pound at cash price of London Metal Exchange in March renewing monthly record in February. The price could increase more in April under worldwide growing demand and only 3,000 tonnes of inventory held by LME, which decreased by 90% in a year. Japanese largest stainless maker, Nippon Steel & Sumikin Stainless Steel increased the selling price by 40,000 yen per tonne for SUS304 grade cold rolled flat steel for March order. Nisshin Steel increased the price by 65,000 yen for March-April order. The distributors try to pass the higher cost price. The market price reached 610,000 yen per tonne and some transactions are as high as 620,000 yen in Osaka. However, they cannot pass the wide hike on reselling price completely.