Japan Major Steel to Seek Over US$ 300/t Hike for Plate Export

Japanese integrated steel makers could increase the flat steel export price for October-December aggressively when they cannot meet the strong demand. The steels including Nippon Steel and JFE Steel start the negotiation in late July preparing to offer more than US$ 300 per tonne hike for plate steel compared with first half of fiscal 2008 started April and around US$ 100 sheet steel from July-September. Nippon Steel settled the price negotiation with Chinese shipbuilders at record FOB 125,000 yen per tonne for July-September shipment. Japanese makers try to offer more than US$ 300 per tonne hike for South Korean shipbuilders for second half of fiscal 2008 when the price is only US$ 900-1,000 for the shipbuilders. The steels realized FOB US$ 1,000 per tonne of hot rolled coil for South Korean rerollers for July-September and they realized US$ 1,000 for hot coil, US$ 1,100 for cold rolled coil and US$ 1,200 for coated steel. However, the price level is still lower than US$ 1,160 for hot coil in Europe and USA. The steels try to seek higher price depending on the market condition.