JFE Steel to Raise Stainless Steel Sheet and Plate in March

JFE Steel announced on Wednesday the firm raises the selling price of chrome series cold-rolled stainless steel (SUS430) and nickel series stainless steel plate (SUS304) by 15,000 yen per tonne for domestic distributors effective for contracts in March. The firm previously raised the base price of chrome series cold sheet in September and December 2006 while nickel series plate in December 2006. The hike accounts for total 40,000 yen per tonne for chrome series and 30,000 yen for nickel series. The demand of chrome series cold sheet is active for automobile. The supply is tightening. JFE Steel tries to meet strong demand from large contract users by reduction of new order reception from distributors in February. The firm expects to continue full operation by the end of 2007. JFE Steel seeks price hike against not only distributors but large contract users including previous hike which could not be achieved enough. An official of the firm said the first hike against specific users was completed by 10,000 yen per tonne and now negotiates on the second hike by 15,000 yen. The supply of nickel series stainless steel plate is tighter than chrome series cold sheet. The firm previously raised the base price by 10,000 yen per tonne in October 2004, by 10,000 yen in April 2005 and by 10,000 yen per tonne in December 2006.