Nickel-based stainless market on upward trend

TEX has reported that a major upswing is forecasted in East Asia's stainless steel market for nickel-based CR sheets that has undergone a complete change of the environment since the first week of January. Japan's stainless steel producers are flooded with various customers' requirements of Ni- based CR sheets from Japan right after LME nickel prices moved up to a level of USD 8 per pound on 22nd December 2009. At present, the Japanese steelmakers find themselves busy turning down what they are requested to provide on the argument that the term of validity has already expired for their recent offers. They are expected to offer a price increase of around USD 300 per tonne to USD 3000 per tonne CNF in their export deals of Ni-based CR sheets after Japan's New Year holidays in 2010. Meanwhile, China's five major stainless steel manufacturers put out a total of 560,000tns of Ni-based sheets in November. Of the total, CR sheets accounted for 266,000tns and HR sheets 294,000tns. In October, the five companies' Ni based sheet production totalled 238,000tns as CR sheets and 326,000tns as CR sheets.