Daido Steel Reduces Ni Stainless Bar Price by 10%

Daido Steel decreases selling price of nickel series stainless steel bar by 10% both for distributors and contract users for August order or November shipment to reflect lower nickel ingot price. The firm reduces the price after aggressive price hike to pass higher cost of nickel since May 2006 order. The demand keeps firm for industrial machinery. The firm said the order receipt keeps high level for nickel series bar from contract users and chrome series bar. However, some distributors started to reduce the order since July due to plunging nickel ingot price. The firm expects the order will increase due to strong actual demand though the firm sees the demand decreases by around 10% from the peak of second half of fiscal 2006 ended March 2007. The firm also revises the grade extra charge depending on the nickel content. The firm will revise the price mechanism to reflect nickel and other raw materials cost smoothly. The firm studies to increase the selling price of chrome series stainless steel bar to pass higher ferrochrome price.