Tokyo — Japan’s Nippon Steel & Sumikin Stainless Steel Corp or NSSC Wednesday cut its August prices for austenitic stainless cold rolled coil and plates for distributors by Yen 5,000/mt ($45/mt), its first cut since August 2017.
It kept ferritic CRC prices for August unchanged.
NSSC does not disclose its list prices. The current market price for 2 mm thick 304 grade CR sheet in Tokyo is around Yen 370,000/mt ($3,333/mt), up Yen 10,000/mt from a month ago, and for 2 mm thick 430 grade around Yen 270,000/mt and 304 grade plate over 7 mm thick around Yen 510,000/mt, both unchanged over the same period, market sources said.
NSSC said in a statement that the average price of nickel over June-July fell 13 cents/lb from May-June at $6.55/lb, while average ferrochrome prices over June-July fell 2 cents/lb to 146 cents/lb and the yen weakened Yen 0.82 to Yen 111.71 against the dollar, resulting in cuts to austenitic CRC and plate prices in its alloy surcharge formula.
The company said domestic customers were continuing to run their plants at high rates, keeping stainless CRC demand firm, which it expects will continue through the second half of fiscal 2018-19 (October-March), which is typically a higher demand period.
After accounting for the August cut, NSSC has raised austenitic CRC and plate prices by a total Yen 65,000/mt and ferritic CRC by Yen 35,000/mt since October 2017.