Japan Wire Rod Processors to Pass Higher Rod Cost

Tokyo based special steel processor, Matsubishi Metal Industry announced on Tuesday the firm increases the selling price of cold finished steel bar, cold heading steel wire and forging parts by more than 13,000 yen per tonne or 10% for July shipment. The firm tries to pass higher cost price through the first hike in 2 years. The firm also increases the extra charge for products containing rare metals including molybdenum and vanadium. The firm tries to pass higher cost for special steel wire rod, subsidiary materials under higher oil and liquefied petroleum gas and freight. The firm also tries to cover maintenance cost when the firm increases capital expenditure to keep stable supply and increase the output. Japanese wire rod processors try to pass the higher cost price when domestic integrated steel makers increase the rod price. Chiba based carbon steel wire maker, Toyo Wire increases the selling price of carbon steel wire, annealed wire, galvanizing wire and cold heading wire by more than 10,000 yen per tonne for July shipment. The firm also passes the higher cost price of rod, energy and other materials.