Ni Series Stainless Market Keeps Rising in Tokyo

Nickel series stainless flat steel sheet price is likely to increase by 30,000 yen to 630,000 yen per tonne for SUS304 with 2 millimeters thick around Tokyo in early May. With makers’ pressure, the distributors will increase the reselling price to 660,000 yen in mid- to late-May. Nippon Steel & Sumikin Stainless Steel announced on April 9 the firm increased the selling price by 45,000 yen to 660,000 yen per tonne for April order to cover higher nickel price. Nisshin Steel is expected to increase the price in May after the 65,000 yen hike in March. The distributors’ association said the inventory of cold products increased by 2.4% to 58,039 tonnes in March from February while the sales volume increased by 4.6% to 36,592 tonnes. With the higher inventory, domestic makers try to reduce the supply for distributor from April order. Nickel ingot price was still high at US$ 23.24 per pound at London Metal Exchange on Monday compared with record US$ 23.76 on April 6. The higher nickel ingot price could lift the nickel series stainless steel price.