Nippon Steel Raises Magnetic Sheet Price by US$ 150 to Asia

Nippon Steel agreed with consumers in Asia and China in export price hike of magnetic steel sheet by US$ 100-150 per tonne for October shipment. Low grade magnetic sheet price almost exceeds C&F US$ 700 per tonne and reaches C&F US$ 800 to some users.

Magnetic sheet supply is tightening in Asia thanks to active demand from home appliances in China. Chinese 3 major magnetic makers, Bao Steel, Wuhan Iron & Steel and Anshan Iron & Steel have raised the selling price since July step by step. They launched out the price hike by about US$ 200 per tonne for September shipment. Nippon Steel raised the export price by about US$ 100 for July-August shipment and by about US$ 30 for September shipment. Nippon Steel’s offer for October was US$ 150 hike.

Chinese sheet market price is currently decreasing when dealers lowered the reselling price due to financial restraint by Chinese government. Chinese steel makers seemed to increase their output in excess and market inventory was concerned to increased. Bao Steel set the selling price of non-directional magnetic sheet unchanged for October shipment. The market price seems to hit ceiling.

Nippon Steel eyes the price negotiation for November shipment in accordance with Asian steel makers’ current movement.