Sumitomo Metals to Hike Special Bar and Wire Rod by Over 20,000 yen/t

Sumitomo Metals Kokura will raise selling price of special steel bar and wire rod by over 20,000 yen per tonne effective for April shipment when the firm expects higher material costs. The firm will revise up ferroalloy extra price as well to reflect higher chrome or manganese prices. The firm already started price negotiations with the users.Material costs for iron ore and coal are expected to surge up as well as ocean freights. Otherwise overseas market prices for special steels are higher than Japanese. The demand is strong from automobile or construction machinery industries. The firm keeps full operation even regulating order reception volume. The supply is likely to become tighter.The firm will raise the selling price to maintain stable supply of special steel products. The firm increases the selling price of all special steel bar and wire rod for all users and dealers in Japan and for export.