Sumitomo Metals to Hike Stainless Seamless Pipe by 10%

Sumitomo Metal Industries announced on Thursday the firm increases the selling price of stainless seamless pipe by 10% for domestic market effective for June order or shipment after October to cover higher price for chrome. The price hike for stainless seamless is the first since December 2007 order. Chrome price increased to US$ 2 per pound for April-June from US$ 1.29 for January-March and US$ 0.973 for averaged in 2007. Sumitomo Metals produces stainless seamless pipe at Amagasaki plant. The firm expands the high end boiler tube output capacity by 50% to 18,000 tonnes per year to serve energy market. The firm ships around 40,000 tonnes of stainless seamless pipe for fiscal 2008 from 37,000 tonnes for fiscal 2007.