NSSC clips 300 series stainless flats prices for July

The slide in nickel prices on the London Metal Exchange over the past month has prompted Japan's largest stainless producer, Nippon Steel Stainless Steel Corp (NSSC), to pare prices of its austenitic grade stainless cold rolled coil and plate for July sales by Yen 5,000/tonne ($35/t). The Tokyo-headquartered maker had raised prices of the same products by the same Yen 5,000/t for June contracts, as Mysteel Global reported.

"Stainless buying in the spot market has been slow," a stainless distributor remarked. "Even by offering lower prices, the sales volume would not be increased," he observed. NSSC's decision was not driven by hopes of generating sales but rather, the steelmaker was obliged to make the decreases under its 'alloy