JFE Steel Hikes Cr Stainless Cold Sheet by 48,000 yen/t

JFE Steel announced on Wednesday the firm increases the selling price by 40,000 yen per tonne for chrome series stainless cold rolled steel sheet and by 48,000 yen for nickel series stainless plate for distributors for April order. The firm increases the base price by 40,000 yen for both products while the firm adds 8,000 yen surcharge on nickel series products. The firm also seeks higher contract price for individual users. The firm tries to stabilize the operation by covering higher cost for coking coal and chrome through the hike. The firm said the firm covers the 30,000 yen per tonne higher cost for ferrochrome and the 10,000 yen higher cost for coking coal by 40,000 yen base price hike. Ferrochrome quarterly price increased by 55% to record 200 US cents per pound for April-June from January-March. The firm decided the hike when the firm keeps full capacity operation for chrome series stainless cold rolled sheet with strong demand from automobile. The firm said the 30,000 yen per tonne hike for February order was already accepted by buyers. The firm indicates additional hike depending on chrome and other cost factors.