NSSC Reduces Chrome Series Cold Rolled Stainless by 5,000 yen/t

Nippon Steel & Sumikin Stainless Steel Corporation (NSSC), Japanese stainless steel maker, announced on Monday the firm decreased the selling price for chrome series cold rolled sheet by 5,000 yen per tonne while increased the price for chrome series stainless plate by 5,000 yen per tonne effective for November contracts with domestic dealers. The firm didn’t change the selling price of nickel series cold rolled sheet while increases the base price for December shipment to reflect raw substantial material price upsurge for ferrosilicon and manganese. This is the first base price hike in fiscal 2010. Stainless cold rolled cut edge coil price becomes 360,000 yen per tonne for nickel series (below 2 millimeters of thickness) and 255,000 yen per tonne for chrome series.

Mr. Yoshii Ikuo, NSSC’s operating officer, said the firm can’t absorb rising raw material price by independent efforts though the firm reduced purchasing cost by higher yen rate and diversification of supply sources. The firm raises the selling price of nickel series products for December shipment and doesn’t change the price of chrome series products for December shipment.

The firm reduced the price of chrome series products when yen rate increased by 2.52 yen to 82.93 yen per US dollar at October average. On the other hand, nickel price surged by US$ 0.53 to US$ 10.8 per pound at October average. Shipment price of nickel series cold rolled sheet increases by around 10,000 yen per tonne by NSSC’s calculating formula under ordinary circumstances but .higher yen rate absorbed nickel price upsurge.

The order acceptance maintains highest level for NSSC’s stainless plate mainly from offshore users. Especially, the demand is strong in Asia. NSSC started business negotiation of stainless steel tube for large projects of desalination plant or oil and chemical plant. In contrast, domestic demand remained degree of recovery at around 80% from a few years ago.