Firm Steel Wire Price in Tokyo

Steel wire market price is flat at 90,000 yen for product with 4 millimeters diameter and at 98,000 yen per tonne for product with galvanizing coat around Tokyo. The price is in increase trend and is expected to accelerate to increase when Nippon Steel announced wire rod hike by 5,000 yen for July shipment and the processors and dealers try to pass the higher cost price. The dealers’ shipment is flat for the first week of May as a year earlier. However, domestic wire rod makers apparently reduce the shipment by around 10% for processors. Some processors said the rod makers reduce the supply by 30% for some items. With lower rod supply, processors try to keep the selling price supporting the dealers’ market price. The steel wire import is expected to decrease under higher offshore market and Chinese tax return termination. The tighter supply could support the market price.