Price of 300 Series Stainless Steel Sheet to Increase

The market price of 300 series cold-rolled stainless steel sheet is likely to increase by around 10,000 yen per tonne as early as the beginning of May due to surging nickel price which is material for stainless steel. Dealers expect the price could increase further.Nippon Steel & Sumikin Stainless Steel Corporation raised its selling price of 300 series cold-rolled stainless steel sheet for wholesalers to 320,000 yen per tonne in April. The firm increased the price for 4 months in a row and the price reached the highest level for the first time since June-July 2005. The firm seems to raise the price by 10,000 yen per tonne again in May when nickel price maintains surging. Therefore the price will revise the record ever further.According to the Japan Stainless Steel Coil Center Association, inventory to shipment ratio of 300 series cold rolled stainless steel sheet was 1.64 months at the end of March. The moderate stock level is said at 1.7 months and the current inventory became below the level. Some dealers are concerned that they could not pass the increasing cost price to their selling prices yet even under the tight supply and their profitability becomes worse. On the other hand, some makers indicate the export price of cold rolled stainless steel sheet for China is increasing to US$ 3,000 partly.