NSSC to Reduce Stainless Steel Sheet in April

Nippon Steel & Sumikin Stainless Steel Corporation (NSSC) announced on Monday the firm would halve order acceptance for nickel series cold-rolled stainless steel sheet for April contracts with domestic distributors. NSSC will reduce the order acceptance when market inventory has increased since August 2006 with anticipation for higher stainless steel sheet price due to nickel cost upsurge. Additionally NSSC schedules seasonal refinement of Hikari works for about 2 weeks in May.Inventory of nickel series cold stainless steel sheet was 57,642 tonnes and 1.53 months of shipment in August 2006, according to Japan Stainless Coil Center Industry Association. The supply was tight. However, the inventory increased to 644,708 tonnes and 1.72 months of shipment in February 2007.NSSC announced on Monday price hike for nickel series cold stainless steel sheet and plate by 45,000 yen per tonne for domestic distributors for April contracts compared with March. The firm will pass higher nickel cost on the selling price. The firm has raised the selling price of nickel series products for 16 months in a row. NSSC also raises chrome series cold sheet price by 10,000 yen per tonne. The firm has raised the price for 3 months in a row. As a result, the selling price of stainless steel cut edge coil becomes to 660,000 yen per tonne for nickel series products with less than 2 millimeters thick, to 670,000 yen for nickels series products with more than 2 mm thick and to 225,000 yen for chrome series products.