NSSC Raises Stainless Wire Rod Price by 5,000 y/t for Dec-Feb

Nippon Steel & Sumikin Stainless Steel Corporation (NSSC) announced on Thursday the firm raises the selling price of stainless steel wire rod of nickel series and chrome series by 5,000 yen per tonne for contracts in December 2009-February 2010. The price hike reflects upsurge of averaged material costs in the previous 3 months. NSSC raises the selling price of nickel series products for 3 consecutive periods and chrome series products for 2 consecutive periods. The firm will also revise up the extra price along each nickel and chrome containing rate.

NSSC pass material price on the selling price every 3 months. Averaged nickel price rose to US$ 8.01 per pound for September-November from US$ 7.65 for June-August. Yen exchange rate strengthened to 91 yen per US dollar for September-November from 96 yen for June-August. Nickel price upsurge balanced with high yen exchange rate while chrome price upsurge wasn’t wholly canceled by high yen rate.

NSSC explained the firm’s price hike is gradually approved when stainless wire rod fabricators are recovering their operation rate to 80% compared with the usual level thanks to increasing automobile output. NSSC said stainless wire rod export is low due to higher yen rate. The firm continues cautious supply in balance with domestic market inventory.