JFE Steel Hikes Cr Stainless Cold Sheet by 20,000 yen/t

JFE Steel announced on Tuesday the firm increases the selling price of chrome series stainless cold rolled flat steel by 20,000 yen per tonne for distributors for August order. The firm tries to pass higher cost for ferrochrome under tight chrome stainless supply. The firm increases the price by total 80,000 yen through the 5 hikes since September 2006. JFE Steel said the demand is strong for chrome series cold sheet from automobile, building and appliances. The chrome series stainless supply is tight despite of oversupply for nickel series products. The chrome stainless demand is firm due to price advantage compared with nickel series despite of the major plunge of nickel ingot price. Ferrochrome quarterly price hit record US$ 1.08 per pound of chrome for July-September, which increased by 20% from April-June and reached US$ 1 for the first time. JFE Steel increased the selling price of chrome series products for distributors to cover higher cost for raw material under tight supply for the products. The firm said the shipment is limited compared with the request from the distributors. The firm also tries to increase the contract price through individual negotiation with the users.