As the consecutive holidays in May were just over, the Japanese cold-rolled (CR) austenitic stainless steel sheet mills are now gathering bids having been sent during those holidays in May but it cannot be said to be in the stage being all present. However, a source says that the required price level by customers seems to dip below $,2600 CFR and move toward $2,550 CFR.|
POSCO raised its domestic prices of ferritic stainless steel sheets by 100,000 won (a little over $90) for May shipment and left them of austenitic ones unchanged. The Taiwanese mills raised their domestic prices of austenitic ones by NT$2,500 (a little over $80) for May shipment. They left them of ferritic ones unchanged. Taiyuan Iron & Steel of China decreased its domestic price of austenitic ones by 1,100 CNY ($175) for May shipment. Its new price is 17,600 CNY ($2,794 including tax). However, in the Wuxi market, prices of them are 16,500 to 16,800 CNY ($2,619 to 2,666), and it is foreseen for the company to decrease its prices further.
Anyhow, the market in the East Asian region is still in the downward tendency. Meantime, inquired quantity from customers that are purchasing continuously the Japanese mills' products is reasonable, and movement to reduce quantity is no found at moment as inventory of them is few. From next week, negotiations for June shipment are predicted to go into full swing, and attention is drawn to see at which price level both parties will compromise. Seen from recovery of the LME nickel price, a situation is not likely to fall below $2,500 CFR.