Nisshin Steel Raises Nickel Series Stainless Steel in Jan-Feb

Nisshin Steel announced on Thursday the firm would raise the selling price for nickel series cold-rolled stainless steel sheet, SUS304 with 2 millimeters thick for domestic distributors, by 35,000 yen or 6-7% per tonne for the contracts in January-February and the shipment in February-March. The firm increases the price by 25,000 yen for nickel cost up and by 10,000 yen for base price. The firm will also raise the selling price for chrome series cold-rolled stainless steel sheet, SUS403 by 10,000 yen or 5-6% per tonne for the contracts in January-February to reflect the supply tightness and higher energy costs. The firm carried out price hike for nickel series products for 6 periods in a row since the contracts in March-April 2006 and the total hike became to 250,000 yen per tonne. The firm reflects nickel price fluctuation by US$ 0.88 per pound or 25,000 yen per tonne on the selling price for nickel series cold-rolled stainless steel sheet, which is the gap of averaged nickel price at London Metal Exchange, US$ 14.15 per pound in August-October and US$ 15.03 in October-December. The firm additionally raises the base price by 10,000 yen for iron ore price and production cost rise.