NSSC to Increase Ni Stainless Steel Wire Rod by 65,000 yen/t

Nippon Steel & Sumikin Stainless Steel Corporation announced on Thursday the firm increases the price of nickel series stainless steel wire rod by 65,000 yen per tonne for SUS 304 and chrome series wire rod by 10,000 yen for SUS 410 and SUS 430 for order in June-August compared with order in March-May. The firm reflects higher raw materials cost including nickel and chrome in March-May from December 2009-February 2010. The firm increases the extra price depending on the amount of nickel and alloy. The firm increases the price by more than 60,000 yen for the first time since the order in September-November 2009.

The averaged nickel price increased by US$ 2.42 to US$ 10.66 per pound during March to May from the previous 3 months and the chrome price increased to 144 US cents from 109 US cents. The yen exchange rated decreased to 92.87 yen per US dollar from 91.39 yen.

NSSC increases the extra price by 70,000 yen per tonne for SUSXM7, which contains copper, by 75,000 yen for SUS 303 for free-cutting steel, by 105,000 yen for SUS 316 containing molybdenum and by 145,000 yen for heat-resistant and high-nickel stainless steel, SUS 310S.

Stainless steel wire rod is used to automobile and electronics related products. The supply tightens due to the increasing demand of the products. NSSC keeps the full capacity operation at the wire rod mill of Hikari plant since March.