Shinko Wire to Hike Galvanized and Stainless Rope

Shinko Wire Company announced on Friday the firm increases the selling price of galvanized steel and stainless rope for January shipment. The firm increases the price by more than 15,000 yen per tonne for galvanized rope and stranded wire and by more than 100,000 yen for stainless rope depending on the ongoing negotiation with users and dealers. The firm tries to pass the higher cost price of zinc and stainless wire rod after the firm increased the galvanized wire price in December with consent of users. The firm increased the price of galvanized products by more than 15,000 yen per tonne for July shipment. However, the firm decided additional hike when zinc ingot price keeps increasing. The firm also increases the stainless rope after the hike in October when stainless wire rod price increases more. The firm said the firm is forced to increase the selling price despite of the own effort to reduce cost and improve the efficiency companywide to cover the higher cost of zinc and stainless materials along with higher cost of subsidiary materials including energy, core steel and freight. The firm indicated potential additional hike depending on the materials cost.