In April, Nippon Steel Stainless Steel raised the selling prices of nickel-based cold-rolled sheets at contracted outlets by JPY 10,000/t ($66/t). This adjustment aligns with the surge in LME nickel prices, causing the alloy price, determined via a distinctive method, to climb by the same amount. In March, the price hike, including a JPY 15,000/t ($99/t) base price increase, totalled JPY 20,000/t ($132/t). As other manufacturers followed suit in raising prices of nickel-based cold-rolled sheets, the market appears poised for an upward trajectory.
The National Stainless Steel Coil Center Manufacturers Association’s February data indicates no significant shift in daily sales volume, though there are indicators of domestic demand rebounding. Increased demand for housing fixtures like water heaters is noted, partly due to the influence of the Ministry of Economy, Trade and Industry’s energy-saving support package. Additionally, signs of recovery in the North American housing sector and a growing trend in semiconductor-related products contributed to this uptick.
Regarding imported cold-rolled steel products, there’s a suggestion that the significant surge in February might be temporary due to shipping timing. Nonetheless, a persistently high level of imports, often at unreasonably low prices, continues to impact Japan’s stainless steel industry negatively. Considering this, there’s contemplation of pursuing corrective actions in accordance with WTO regulations and domestic laws.
Note: This article has been published in accordance with an article exchange agreement between Japan Metal Daily and BigMint.