Posted on 21 May 2024
Nippon Steel Stainless Steel Corporation (NSSC) is lifting nickel-based stainless steel (300 series) price by JPY 20,000/t ($128/t) and chromium-based stainless steel (400 series) by JPY 5, 000/t for May sales due to higher alloy cost, Kallanish understands.
The nickel cost for NSSC's May deliveries increased 5.5% on-month to $8.08/lb as the average nickel cash settlement price on the London Metal Exchange between March and April stood at $17,803/t, up 5.5% on-period. The issuance of nickel ore mining quotas in Indonesia remains behind expectations after the government said it would accelerate the process in early March. This has pushed nickel prices higher.
Meanwhile the company's chromium cost rose 2.6% on-month to $1.56/Lb after two months of stability.
The September stainless steel contract on the Shanghai Futures Exchange closed at CNY 14,455/t ($1,999/t) on 20 May, up 0.59% daily, breaking a range since 18 April.
Source:Kallanish
