Nippon Steel Stainless Steel has revised its product prices upwards for nickel-based alloys and products on the back of rise in nickel prices, globally.
The company raised prices for its SUS304 and other nickel based stainless steel cold-rolled sheets in August by JPY5,000/mt ($46/mt) based on nickel prices which the company calculates for an average of two months. Price of chromium was flat from the prior month leading to chrome-based stainless steel alloy prices remaining unchanged.
From June-July, the average nickel price continued to rise to $5.91 from $5.63/lb in May-June period. Ferrochrome average contract price remained firm at $122/lb since June. The Japanese Yen gained slightly against the dollar and settled at 108.20/$ in August from 108.65/$ back in June and 108.45/$ in July.
Stainless steel scrap import prices have risen in India and Taiwan on the back of improved demand and LME nickel gains. SS 304 solid import prices in India rose by $56/mt to $1,241/mt cfr India port and prices of SS 430 rose by $23/mt to $410/mt on Aug 11 from mid July.