Daido Steel to Increase Ni Series Stainless Steel Bar Price by 10%

Daido Steel increases nickel series stainless steel bar selling price by 10% for February order or April shipment. The firm passes higher nickel cost to the selling price through the first price hike in 10 months when nickel price is increasing at London Metal Exchange. The firm eyes additional selling price hike depending on raw material cost of chrome and ferrous scrap along with nickel. The firm leaves chrome series stainless steel bar price unchanged for February order.

Daido Steel’s stainless steel bar shipment is steady mainly for industrial machinery. The firm expects the demand increases for domestic information technology industry and industrial development in emerging countries. The firm produces stainless steel bar at almost full capacity operation, which is around 90% compared with the peak in 2007.

The averaged LME nickel price was US$ 11.63 per pound in January, which was higher than US$ 10-11 level for 4 months through December. LME nickel price was US$ 12.82 on Wednesday. Daido Steel prepares for additional price hike to cover additional cost increase.