NSSC to Raise Stainless Wire by 75,000 yen/t

Japanese stainless steel manufacturer, Nippon Steel and Sumikin Stainless Steel (NSSC) announced on Monday the firm raises the selling price of stainless steel wire rod by 75,000 yen per tonne for nickel series products and by 10,000 yen for chrome series effective for contracts in March 2007. The firm also improves the extra charge for steel grade containing nickel. NSSC aims to introduce alloy link system for stainless steel wire rod for domestic users, which will improve the selling price as part of the introduction of alloy link system in conjunction with high raw material price. The firm had been raised the selling price for the 4th times every 3 months from June 2006, which increased by total 285,000 yen, and which raised the selling price for chrome series products followed September. NSSC had been groped an alloy link system with the market situation, and which is already setting the system for the selling price for the export every months with raw material price. For the future, the firm studies the details of the system, which expects to introduce the system after 3 months.Nickel price at London Metal Exchange increased to US$ 18.21 per pound in February 20, broke out at US$19 in the ended of last week. Chrome price increased to 83 US cent per pound. NSSC changes revision range for steel grade with component, which increases the price by 5,000 yen per tonne for SUS304S grade and by total 80,000 yen, by 5,000 yen for SUS316, by 20,000 yen for SUS316L, by 90,000 yen per tonne for SUS310S and by 5,000 yen per tonne for SUSXM7 grade. Stainless steel wire rod market keeps good demand. The shipment is tight for domestic second processors. The overseas market is strong in Europe, USA, South Korea, China and South East Asia.