Japan: NSSC prices for 300 series unchanged, 400 series cut for February contracts

Japan's Nippon Steel Stainless Steel (NSSC) froze the price of 300-series and mid-to-thick stainless steel in February, 2023 contract against January.

Despite the rise in London Metal Exchange (LME) nickel prices, the company decided to keep the 300-series prices unchanged for February, amid exchange rate fluctuations.

However, the company might rise the prices in March 2023 due to rising energy costs and procurement costs.

On the other hand, NSSC decided to trim the price of 400 series by JPY 5,000/t. It has been noticed that the price of ferrochrome has not fluctuated significantly. However, the price has been reduced due to Yen fluctuations.

The 316L stainless steel will increase by 50,000/t. The company explained that it expects that the price of molybdenum will soar due to supply shortage, and it is difficult to resolve the situation in the near-term.

Meanwhile, NSSC decided to adjust orders by 50% in January due to sluggish domestic and export markets in Japan and increased inventory due to the economic slowdown.

In February, it seems that production cuts were not reviewed due to expectations of reopening of Chinese market and the slight possibility of a recovery on the demand side of the market.