Nippon Steel & Sumikin Stainless Steel (NSSC) agreed with South African major ferrochrome maker to increase the price by 16.3% for April-June shipment from January-March. The firm continued the talk after European stainless makers accepted the higher price 3 weeks ago. However, the firm finally accepted the price hike citing stable supply from South African makers, which suffer from higher power cost. NSSC tries to pass the higher cost on the stainless selling price when the chrome hike represents around 6,400 yen per tonne of higher cost for stainless with 18% chrome.
The new price is CIF 143 US cents per pound of chrome for April-June, which is 20 US cents higher than January-March level. The first price hike in 4 quarters pushes the price to the level in April-June 2011. South African ferrochrome makers suffer from higher power cost when the electricity cost doubled in 3 years. The makers operate at around 50% of the capacity due to power shortage. Some makers shift the operation to ferromanganese with less power consumption. The makers sought higher chrome price to keep the business. NSSC is still cautious for higher chrome cost when South African electricity cost increases in winter time from June.Japan Steel Scrap Composite Prices (Sangyo Press)
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