Daido Steel Hikes Ni Stainless Long Products by 10%, Cr Stainless by 20%

Daido Steel increases the selling price of stainless steel bar and shapes by around 10% for nickel series products and by around 20% for chrome series for April order or June shipment. The firm reflects higher cost for ferrochrome and ferrous scrap. The hike is the first time since May 2007 order for nickel series and since 15% hike for chrome series products for February 2008. The firm doesn’t reflect the nickel ingot price change for the hike for April order due to uncertainty under volatile market. The firm tries to pass higher cost on the selling price for materials other than nickel, chrome, molybdenum and scrap. The demand of stainless bar is firm for industrial machinery, automobile, appliances and information devises. The firm sees the dealers completed the inventory adjustment by end 2007 and the production level keeps high level mainly for actual demand. The firm expects the shapes demand is also firm for shipbuilding and chemical plants and the tight supply could get short for potential higher demand.