Sumitomo Metals Increases Steel Sheet Price by 10,000 y/t for Japanese Dealers

Sumitomo Metal Industries decided to increase the selling price of Steel Sheets, hot-rolled, pickled, cold-rolled and surface treatment steel sheet, by 10,000 yen per tonne for Japanese dealers for the shipping in July on Friday, which preferred to large dealers. Moreover, the firm requested to raise the price to specific users such as home electronics makers or re-rolling makers. The firm raised the price by 20,000 yen per tonne for the shipping in April, which increased by total 30,000 yen for dealers and over 30,000 yen for specific users.. The firm judged to be not able to absorb rising material and fuel cost when iron ore price increased by 65% in fiscal 2008 form 2007 and coal price increased by 3 times, which decided additionally price hike. The supply and demand for slab or steel coil is extraordinary tight when steel demand is expanding on a global basis. Hot coil steel sheet market price increased to over US$ 1,000 per tonne in Europe and USA, which is closing to US$ 1,000 in Asia. The firm requested higher price for stable supply when domestic steel sheet price is cheaper than international price.