Daido Steel to Hike Ni Series Stainless Bar by 10%

Daido Steel will increase the selling price of nickel series stainless steel bar by around 10% for January order or February shipment to cover higher cost for nickel under lower yen rate. The price will increase by more than 200,000 yen in the 5 hikes when the firm increased the price every 2 months since May order. The firm tries to cover higher cost of nickel under lower yen rate through the additional hike when nickel ingot price increased by around US$ 1 per pound compared with the level in stainless selling price for November order. Stainless bar demand is firm for industrial machinery and semiconductor making equipments. Daido Steel said the firm is forced to pass the higher cost though the series of hikes could impact on the demand. The firm tries to increase the selling price for lower profitable items depending on talks with individual users. The firm also revises the extra charge for each item depending on nickel contents. The firm keeps studying to shift to surcharge price mechanism. Nickel ingot cash price reached record US$ 16 per pound temporally at London Metal Exchange compared with averaged US$ 14.57 in November. The averaged monthly price through December 22 was US$ 15.69, which was record as monthly average and around US$ 1 higher than November average.