NSSC Raises Ni Stainless Wire Rod Price by 90,000 yen/t

Nippon Steel & Sumikin Stainless Steel (NSSC) announced on Thursday the firm increases the selling price of nickel series stainless wire rod by 90,000 yen per tonne for SUS304 grade for September order or October shipment. The firm tries to pass the higher nickel cost based on average price at London Metal Exchange in June- August. The firm increases the chrome series stainless wire rod by 10,000 yen to cover higher raw materials and freight.The firm increased the nickel series wire rod by 40,000 yen per tonne for June order based on LME average nickel price in March-May. The firm tries to cover the additional increase of nickel through the new hike.Japanese stainless wire rod inventory adjustment progressed under the firm domestic demand. With the world cheapest market price, exporters are reluctant to ship to Japan under tight offshore market. NSSC will increase the selling price of nickel series stainless export price by more than US$ 300 per tonne for October shipment after the firm announced on August 7 the firm increase the price by more than US$ 600 for nickel series and by more than US$ 100 for chrome series for September shipment. LME nickel cash price was as high as US$ 15.1 per pound on Wednesday. NSSC considers introducing alloy linked price mechanism for wire rod to cover extreme higher nickel price.NSSC will revise the extra charges depending on nickel contents.