JFE Steel to Raise Special Steel Wire Rod Price from May

JFE Steel announced on Wednesday the firm raises special steel wire rod price by 10,000 yen per tonne for all consumers including large users from the contract in May. The firm already raised the selling price of special steel bar and shaped bar by 10,000 yen per tonne from the contract in April. The firm’s price for special steel wire rod and bar is in 2 years since spring 2005. Special steel wire rod is used to automobile component, welding material, wire rope, concrete reinforcing material or high-tension bolt. The supply and demand keeps tight situation when manufacturing industry keeps higher output for automobile, machinery and shipbuilding in addition to for building construction. Meanwhile, the firm’s production cost is increasing due to increased material and alloy price. The firm can’t cover increasing cost by oneself effort. Consequently, the firm will increase the selling price for the response for users’ requests such as quality, amount and delivery. Other special steel maker and integrated steel makers lunched out the price hike of special steel wire rod and bar from the beginning of this year sue to increased material price.