Nippon Steel & Sumikin reduces 304 stainless prices

Nippon Steel & Sumikin reduces 304 stainless prices

Nippon Steel & Sumikin Stainless Corp (NSSC), Japan's largest stainless steel producer, announced that a decline in nickel prices prompted the company to lower the price on its nickel-based sheets effective for November. NSSC, a joint venture between Nippon Steel Corporation (NSC) and Sumitomo Metal Industries, announced a price reduction of Yen 10'000 ($85) for 304-grade stainless steel products. With this reduction, the price of the subject products fell to Yen 290'000/mt ($2'440). In October, NSSC did not make any changes in its prices, which were at Yen 300'000/mt ($2'525). NSC holds an 80 percent stake in NSSC, while the remaining 20 percent stake is held by Sumitomo Metal Industries.