US basis value are unchanged this month for both product categories. However, the alloy surcharge for grade 304 moved up by almost 200 US dollars per tonne from August and 340 US dollars per tonne (38 percent) from the July figure. Shortages remain a problem for buyers. Basis price increases are anticipated from agreements next month and, perhaps, beyond that date. Japanese demand is higher. We believe that further price rises are probable soon - despite the current fall in nickel prices on the LME. Shortages are being reported for all hot rolled products but it is more noticeable in the quarto plate category. Posco preempted the slippage in raw material costs by ramping up prices to domestic customers to cover recent nickel cost increases. Plate demand has recovered and export prices have been lifted.
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