NSSC Lowers Stainless Wire Rod Price by 12-20% for Mar-May

Nippon Steel & Sumikin Steel (NSSC), Japanese largest stainless steel maker, announced on Thursday the firm reduces the selling price of nickel series stainless steel wire rod by 90,000 yen per tonne (20%) and chrome series wire rod by 40,000 yen (12%) for March-May contracts from previous quarter. The firm reflects material price down for nickel and chrome.

NSSC decreases the selling price of nickel series products for 3 consecutive quarters and chrome series products for 2 consecutive quarters. The firm also changes the extra charge along material content rate in each grade.

Averaged nickel price decreased by 22.6% to US$ 4.75 per pound for December-February from August-November. Averaged yen rate rose by 9.7% to 92.46 yen per US dollar. Averaged chrome price lowered by 54.9% to 87 US cents per pound for January-March. NSSC said alloy price is expected to hit the bottom and secondary processing makers could finish inventory adjustment in next month.

NSSC is reducing the output of stainless steel wire rod by over 60% compared with the capacity for January-March. The firm will reduce the output by 50% for April-June in order to adjust the supply and demand earlier.