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| LME Nickel Prices Up, New Asian Biz Afoot For Stainless CR Sheets |
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With an advance in LME nickel prices, the Asian stainless steel market for Ni-based CR sheets is reacting with some moves. LME nickel prices moved up to US$5.60/lb Jan 2 and to a level of US$6.00/lb Jan 6 from US$4.30-4.40/lb Dec 23 last year. In the first place, Taiwan's Yieh United Steel Corp (Yusco) voiced its intention Jan 5 of rejecting orders from domestic users. The rejection amounts to the virtual retraction of the company's price reduction of Ni-based stainless CR sheets by NT$6,000/ton at the end of last year. In the next place, Japan's stainless steel producers have orders from Taiwan's users for Ni-based CR sheets before the lunar New Year holidays (Jan 25-31) in East Asia. The orders represent ones after a lapse of several months in Japano-Taiwanese deals. The Taiwanese bids stood at a level of US$2,000/ton FOB for December shipments. But it is uncertain whether the Japanese steelmakers can firm up their deals this time. At present, there are few inquiries from steel stockists in Hong Kong and China for new imports of Japanese stainless CR sheets. But the Japanese steelmakers see cases of bids to look into the prospects of how things go. There are signs that various users and steel stockists in East Asia are poised to take action for new purchases of Ni-based stainless CR sheets, thereby replenishing what they hold in stock, once the world's nickel prices enter an ascending phase. In China, stainless steel manufacturers such as Taiyuan Iron & Steel Group Co and Ningbo Baoxin Stainless Steel Co have yet to announce domestic prices of Ni-based CR sheets for January shipments. It is understood that they are marking time in reaction to LME nickel prices on the rise. Meanwhile, there is speculation that South Korea's integrated steelmaker Posco may announce a certain price increase in its domestic sales of Ni-based stainless steel products before the lunar New Year holidays in East Asia. |
| last modified : Fri 16 Jan, 2009 [10:05] |
