JFE Steel to Raise Sheet Price by 15,000 Yen/t for Domestic Sales in April

JFE Steel announced on Monday the price hike of hot rolled steel sheet, cold rolled steel sheet and coated steel sheet by around 20% or 15,000 yen per tonne effective for the domestic sales in April. The firm starts the announcement to coil centers and distributors. JFE Steel suggests the possibility of the additional price hike if the material prices be raised widely in fiscal 2010 starting in April. The firm announces the price hike to secondary processing makers such as welded pipe makers, re-rollers and steel drum makers.

Steel sheet market price is increasing in Japan to follow the price hike announcement by Nippon Steel and JFE Steel. Domestic inventory of hot rolled sheet, cold rolled sheet and coated sheet was 3.41 million tonnes at the end of December 2009. Japanese coil centers’ inventory lowered to 1.01 months of shipment. At overseas, Bao Steel of China has announced the sheet price hike effective for the domestic sales in March to reflect the supply tightness in Asia.

Asian steel market price is expected to continue the uptrend. JFE Steel decided the price hike with these factors.