Nippon Steel to Hike Sheet Steel by 10,000 yen/t

Nippon Steel announced on Wednesday the firm increases the selling price of sheet steel items including hot, pickling, cold and coated sheet by 10,000 yen per tonne for domestic distributors for July shipment. The firm noticed distributors on the day. The additional hike is after 20,000 yen hike in April. The firm also started negotiation with sheet steel rerollers and processors to increase the sheet materials price by more than 10,000 yen per tonne for July shipment after the 20,000 yen hike in April. Worldwide supply of slab and sheet steel is very tight with growing steel demand. Steel market price keeps increasing worldwide and hot coil price exceeded US$ 1,000 per tonne in USA and Europe and is near US$ 1,000 in Asia. Steel makers are concluding annual price negotiations for iron making raw materials including iron ore and coking coal at more than expected in February when the firm offered 20,000 yen per tonne hike. With the additional cost increase, the firm decided another hike to keep stable supply for distributors and rerollers. The firm tries to seek additional hike for contract users including automakers and appliances makers.