Nisshin Steel to Hike 15,000 yen/t for Ni Stainless Cold Sheet

Nisshin Steel announced on Monday the firm increases the selling price of stainless cold rolled flat steel by 15,000 yen per tonne for nickel series products and by 10,000 yen for chrome series for distributors for May-June order to cover higher cost for nickel and ferrochrome. The increase is first hike for nickel series since September-October order while the hike is first time for chrome series after February order. The firm tries to cover higher cost of nickel through the hike when nickel ingot price increased to US$ 13.30 per pound in February-April compared with US$ 12.34 in December-February. The firm said the price hike depends on the surcharge mechanism despite of current lower price and dull nickel series stainless market. Nickel series stainless order to makers is still slow while domestic inventory keeps decreasing. Nisshin Steel keeps around 30% output reduction to meet the lower level of demand.