Japan's largest stainless steel producer, Nippon Steel Corporation, announced on February 12 that its domestic contract prices for SUS304 nickel based stainless steel sheets and medium thick plates in February 2025 will be reduced by 5000 yen per ton, the same as last month (with the base price remaining unchanged and the surcharge further reduced by 5000 yen per ton), while the price of SUS430 chromium based stainless steel sheets will remain unchanged (with both the base price and surcharge unchanged). This is the second consecutive month of price reduction for its nickel based products, while the price of its chromium based products has remained unchanged for four consecutive months.

Between December 2024 and January 2025, the international average nickel price continued to decline, dropping from $7.08/pound in the previous period (November December 2024) to $7.00/pound; The average contract price of ferrochrome has dropped to 148.50 cents per pound due to a decrease in procurement prices in the first quarter of 2025; The Japanese yen continues to depreciate, rising from 154.81 to 156.16 against the US dollar.