Nisshin Steel to Hike Ni Cold Rolled Stainless by 10,000 yen/T

Nisshin Steel announced on Monday the firm increases nickel series cold rolled stainless steel sheet price by 10,000 yen per tonne or around 3% for dealers for December shipment to cover higher nickel cost. The firm increases the price for the first time since around 30% increase in April-May. Despite the increase in nickel price, the firm kept the selling price in July-September due to the demand slowdown.

Stainless steel market price declined in September and the demand would remain at low level, said Mr. Junichi Higurashi, executive officer of Nisshin Steel said. However, Mr. Higurashi said the export is increasing due to the inventory decrease in the China and the shipment to domestic contract users is firm for semiconductor, automobile and home electronics while the commercial kitchen demand is not bad.

The firm decided to increase the stainless steel price by 10,000 yen per tonne for the dealers to cover the higher raw material cost than expected while the firm didn’t increase the selling price for past 3 months. The firm increases welded stainless steel tubular price as cold rolled sheet.

Nisshin Steel’s stainless steel business posted 5 billion yen of recurring profit in first half of fiscal 2010 started April. However, the firm expects the profit is only 2.5 billion yen in the second half under the severe business condition.