NSSC Hikes Ni Series Stainless Cold Coil by 10,000 yen/t

Nippon Steel & Sumikin Stainless Steel announced on Wednesday the firm increases the selling price of nickel series cold rolled coil by 10,000 yen to 545,000 yen per tonne for distributors for January order to cover higher nickel price. The firm also increases the plate price by 20,000 yen to 555,000 yen for products with up to 2 millimeters thick. The firm increases the plate price by 20,000 yen per tonne including 10,000 yen of base price hike. The firm has increased the nickel series products price for 13 months in a row. The firm left the price unchanged for chrome series stainless cold coil for January order. The firm reflects change of nickel price through the alloy linked mechanism, under which the firm reflects the change of nickel price at London Metal Exchange in past 2 months. The nickel price increased by US$ 0.42 to averaged US$ 15.13 per pound in November and December from previous term. With the change with chrome price change, the firm increases the cold coil by 10,000 yen per tonne. The plate supply is tight worldwide and the domestic demand is also strong. Japanese plate inventory held by processors was 2.74 months of shipment in November, which has kept less than 3 months for 9 months in a row, according to the association. The monthly shipment also was more than 12,000 tonnes, which was the highest level since February 2001. The firm tries to improve the profitability under the favorable market condition. LME nickel price was record level at US$ 16.30 per pound on Tuesday. The price keeps the historical level under potential shortage with labor dispute at mine sites and delayed new mine development along with strong demand worldwide.