Nisshin Steel to Hike Stainless Cold Flat Steel by 70,000 yen/t

Nisshin Steel announced on Tuesday the firm increases the selling price of nickel series stainless cold rolled flat steel by 70,000 yen per tonne for distributors for October order or November shipment. The firm also increases the selling price by 70,000 yen for contract users for October. The firm decided the 70,000 yen per tonne of price hike for contract users based on US$ 12 per pound of nickel price at London Metal Exchange. The firm prepares for additional hike by 20,000 yen at US$ 13 of nickel price and by another 20,000 yen at US$ 14 of nickel. The firm increases the price by 140,000-150,000 yen per tonne at US$ 13 of nickel and by 170,000-180,000 yen at US$ 14 of nickel for some contact users, which purchase at lower price than average base price. The firm negotiates with individual contract users to cover higher raw materials cost completely based on the raw materials linked price mechanism. The firm increased the selling price of chrome series stainless flat steel by 10,000 yen per tonne for distributors and contact users for August order or October shipment.