Ni Series Cold Stainless Sheet Price Hits Bottom, Tokyo

Nickel series cold rolled stainless steel sheet market price shows a sign to hit bottom around Tokyo. POSCO of South Korea currently raised the sales price for August shipment following Taiwanese stainless steel maker. Nickel price is recently rising. Meanwhile, inventory adjustment has gradually progressed in Japanese market. The market price trend may change after Japanese long holidays in mid August.

The market price decreased by 5,000 yen to 335,000 yen per tonne by the end of July while some dealers expect the market price could rebound in September. Nickel price and Asian stainless steel market price are recently increasing.

Nickel price monthly average at London Metal Exchange upped by US$ 0.62 to US$ 10.76 per pound in July. The price hit US$ 11.43 on Tuesday with the news reporting agreement in U.S. debt limit expansion and firm trend of Chinese PMI.

Asian stainless steel makers have raised the selling prices for August shipment. Nippon Steel & Sumikin Stainless Steel Corporation, Japanese largest stainless steel maker, is expected to announce the price hike by around 5,000 yen per tonne for August shipment on Wednesday.

Inventory of nickel series cold rolled stainless steel sheet totaled 53,995 tonnes held by Japanese coil centers at the end of June, according to Japan Stainless Steel Coil Center Association. The total shipment was 23,359 tonnes. Thus the inventory to shipment ratio was 2.31 months. The supply and demand balance isn’t tight.