Shinko Wire to Hike Wire Rope Price in July

Kobe Steel group’s wire maker, Shinko Wire Company announced on Wednesday the firm increases the selling price by more than 10% for steel wire rope and by more than 300,000 yen per tonne for stainless rope effective on July 21 shipment. The firm tries to keep the stable supply by passing the higher cost for raw materials. The firm said if cost would keep increasing for raw materials, the firm would seek another hike though the firm continues to reduce the cost. The material of carbon steel wire rod price increased by 10,000 yen per tonne and other materials cost also increased for rope core, wood frame, rope oil, freight and energy. The firm decided the hike to cover the higher cost after the own effort to improve the productivity and cost structure. The firm also increases the stainless rope price to cover higher cost for nickel and nonferrous metals after the hike in January.