NSSC Raises Ni Series Stainless Sheet, Reduces Cr Series in May

Nippon Steel & Sumikin Stainless Steel Corporation (NSSC), Japanese largest stainless steel maker, announced on Thursday the firm raises the selling price of nickel series stainless steel plate and sheet by 5,000 yen per tonne for domestic dealers effective for May contracts while reduces chrome series cold rolled stainless sheet by 16,000 yen per tonne. NSSC hikes cold rolled products for the first time in a year while lowers chrome series sheet for the first time since January 2008. NSSC decided the price down with an expectation raw material costs would decrease such for coal or iron ore.

NSSC’s selling price of nickel series cold coil increases by 5,000 yen to 290,000 yen per tonne for May contracts. On the other hand, chrome series cold coil price decreases by 16,000 yen to 244,000 yen per tonne, down by 1,000 yen along the surcharge system and by 15,000 yen to reflect raw material cost fluctuation.

Monthly averaged nickel price at London Metal Exchange rose to US$ 5.06 per pound in April, which was US$ 4.72 in February and US$ 4.4 in March. Averaged yen exchange rate weakened to 99.55 yen per US dollar in April, down by more than 3 yen from February-March.

Nickel series product price is expected to rise by 10,000-15,000 yen per tonne for June orders because current nickel price exceeds US$ 6. Nickel series cold sheet price seems hitting bottom after the inventory adjustment almost finished. Users are recovering order volume to the normal level since their inventory adjustment has also progressed.

Meanwhile, NSSC decreases chrome series product price when ferrochrome price decreases by US 10 cents per pound for April-June from January-March.