Japanese factories keep stainless sheet prices at $ 3200 CFR

Asian mills have cut domestic prices for austenitic stainless steels for July shipping prices. Offerings in Southeast Asia have dropped to $ 3,000 CFR or so, while Japan has kept it flat. Meanwhile, the price of nickel has come close to $ 900 per pound, so stainless steel sheets at the factories of these countries, including Japanese factories, do not seem to expect a decrease in price.

Since the Japanese factories do not rely heavily on the export market amid good domestic demand, they continue negotiations, offering their products at 3100-3200 CFR dollars. They intend to watch the negotiations this week to decide on the August shipment.

At the end of June, the Chinese market sought to increase sales in order to raise money to repay bank loans from January to June. For this reason, in the Wuxi market, the prices of cold rolled (CR) and austenitic stainless steel sheet fell by 100 yuan. In July, distributors began borrowing from the bank again, helping to replenish stocks of CR stainless steel sheets and other products.

If the nickel price gains further, food prices will react accordingly. As of the end of June, South Korean company POSCO has completed its stainless steel refurbishments, and plans to go on the offensive in the export market from July. However, no offers to the company have yet been made in the Asian region as world stainless steel prices are expected to change in the near future.