Daido Steel Raises Stainless Bar Price by 10% for Ni Series

Daido Steel raises the selling price of stainless steel bar by about 10% for nickel series products and 5% for chrome series products for September contracts in response to surging nickel and chrome prices. The price increased for nickel series products for 2 consecutive months and for chrome series products for the first time in one year.

Inventory adjustment of stainless bar mostly completed. Dealers’ inventory became short for some size products. The demand has recovered from industrial machines or digital appliances since April. Daido Steel said order receipts for digital appliances are increasing compared with the first half of 2008.

The firm’s stainless bar output recovered to 80% against the peak level. The firm said production of some equipment is over when demand is increasing for stainless steels mainly in South East Asia and the demand is recovering for special steels mainly from automobiles.

Stainless bar at high price will be shipped after November. Daido Steel explained the firm raises the selling price more if nickel and chrome prices continue to rise. The firm reduced the selling price of stainless bar by about 5% for February contracts and by 10% for May contracts, while raised the price by over 10% for July contracts.