NSSC Raises Stainless Wire Rod Price

Japanese largest stainless steel maker, Nippon Steel & Sumikin Stainless Steel Corporation (NSSC) announced on Monday the firm raises nickel series stainless steel wire rod by 40,000 yen per tonne for SUS 403 and chrome series wire rod by 50,000 yen per tonne for SUS 410 or SUS 430 for Jun-Aug contracts compared with Mar-May. The firm reflects the increasing material costs such for nickel, chrome, molybdenum, cupper and manganese on the stainless steel selling price.Averaged nickel price surged by US$ 0.62 to US$ 12.96 per pound for Mar-May from Dec07-Feb08 while averaged chrome price soared by US$ 54 to US$ 176 per pound. Other material prices such for ferrous scrap, manganese or niobium are also rising.The firm raises the nickel series selling price by 20,000 yen per tonne as the previous called “alloy price” and by 20,000 yen as the reflect of other material costs. As to chrome series, the firm raises the selling price by 30,000 yen as the alloy price and by 20,000 yen for other material costs.Manganese price is currently exceeding US$ 4,200 per tonne while niobium price is around US$ 39,500 per tonne. Both prices have soared up by about 2.6 times since the beginning of 2005.In Japanese market, the inventory adjustment has progressed since last summer and the dealers’ shipment of stainless wire rod has recovered. Daido Steel, Japanese major special steel maker, raised the selling price of stainless wire rod in May, too.