Nisshin Steel Raises Stainless Cold Steel by 40,000 yen/t

Nisshin Steel announced on Wednesday the firm increases the selling price of nickel series stainless cold rolled flat steel by 40,000 yen per tonne for distributors for July-August order or September-October shipment. The firm tries to cover higher nickel price at London Metal Exchange in difference of averaged price between February-April and April-June under the price mechanism. The firm increased the price by total 75,000 yen from March order. The firm already increased the contract prices by 20,000-30,000 yen per tonne. The firm tries to increase the contract price by another 20,000-30,000 yen for August totaling more than 60,000 yen of hike since April. The firm said it keeps the output reduction of cold flat steel at Shunan works though the domestic supply balance is getting better.