Tokyo — Japan's Nippon Steel & Sumikin Stainless Steel Corp or NSSC Wednesday cut September prices for austenitic stainless cold rolled coil and plates for distributors by Yen 10,000/mt ($90/mt), and left ferritic CRC prices unchanged.
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NSSC does not disclose its list prices. The current market price for 2 mm thick 304 grade CR sheet in Tokyo is around 370,000/mt ($3,315/mt), for 2 mm thick 430 grade around Yen 270,000/mt and for 304 grade plate over 7 mm thick around Yen 510,000/mt, all unchanged from a month ago, sources said.
NSSC in a statement said the average price of nickel over July-August fell $0.38/lb from June-July to $6.17/lb, while average ferrochrome prices over July-August fell 2 cents/lb from June-July to 146 cents/lb. The Japanese Yen also weakened Yen 0.52 to Yen 112.23 against the dollar over the same period, and both factors lead to the cut in austenitic CRC plate prices in the alloy surcharge formula, the company said.
The company said domestic demand for stainless sheets has been firm and was expected to remain high in the second half of the fiscal year (October-March). However, it said a rise in austenitic CRC stocks, which it attributed to an increase in imports, may pose a challenge going forward.
Stocks of austenitic CRC held by Japanese coil centers totaled 69,303 mt at end July, up 29.5% on year and up 1.9% from end June, latest Japan Stainless Coil Center Association data showed.
--Yoko Manabe, email@example.com
--Edited by Wendy Wells, firstname.lastname@example.org