Nippon Steel, JFE Steel to Hike Sheet by 20,000 yen/t

Nippon Steel announced on Thursday the firm increases the selling price of sheet steel items including hot rolled, pickling, cold rolled and coated steel by 20,000 yen per tonne or around 30% for domestic distributors for April shipment. JFE Steel informed to distributors on Wednesday the firm increases the sheet steel by 20,000 yen for April shipment. The hike is the widest ever topping 10,000 yen hike in 2005. The wide hike could lift the market price. Nippon Steel said the firm will offer more than 20,000 yen per tonne hike for domestic contract users including automakers and appliances makers for April shipment. JFE Steel also seeks higher contract price. They try to cover higher cost for iron ore and coal along with alloy, ferrous scrap and freight. They also try to improve the lower price level than international level under tight supply. They indicate additional hike depending on coking coal price. JFE Steel said the 20,000 yen per tonne hike is for April-June and the firm could offer another price for July.