The nickel price in LME remained at US$6.1~US$6.2/lb. recently and Japanese stainless steel mills estimated that if the nickel price keeps stable, the price of stainless steel cold rolled sheet would probably rebound soon.
The nickel price in LME was quoted at US$13,800/ton on 17th of July while it was quoted at US$16,000/ton at the same time last year.
At present, the cost of nickel pig iron is about US$15,000/ton and the nickel price is closed to this level, the Chinese stainless steel mills will probably not cut the price further, otherwise, they will be in the red dramatically.
Taigang Stainless Steel announced to cut the exported price of cold rolled austenitic stainless steel sheet by US$300/ton to Korea for August shipment, reaching US$2,300/ton FOB. Japanese stainless steel mills are keeping a close eye on when the market is to rebound.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=65461&division=A1
