NSSC to Raise Export Price of Stainless Steel Wire for September Shipping

Nippon Steel & Sumikin Stainless Steel Corporation, Japanese biggest stainless steel maker, will raise the export price of stainless steel wire by more than US$ 600 per tonne for nickel series and by more than US$ 100 per tonne for chrome series for September shipping from August. The firm decided the hike when nickel price rose rapidly in July and stainless steel wire supply maintains tight in Asia due to South Korean maker’s refinement. The firm plans to increase the selling price for domestic shipment in October reflecting the material price in June-August. The price for domestic users would increase by around 80,000 yen per tonne for base sized products of nickel series if nickel price keeps rising.NSSC sets the export price of stainless steel wire along the price negotiation with the users nearly every month watching material prices and the market conditions. The export price has already surged by over US$ 1,000 per tonne since February shipping due to the increase of nickel price and the advance of inventory adjustment at consumers.The firm will raise the export price along the alloy link price system when nickel price at London Metal Exchange increased to US$ 12.06 per pound at monthly average in July from US$ 9.41 in June. The firm will increase the price by more than US$ 700 per tonne for SUSXM7 including 9.5% of nickel, by more than US$ 800 per tonne for SUS316L including 12% of nickel and by more than US$ 1,400 for SUS310S including 20% of nickel.