Nippon Steel Raises Non-Directional Magnetic Sheet for China and ASEAN

Nippon Steel completed price negotiation for non-directional magnetic steel sheet with the users in ASEAN and China to raise the price by around US$ 130 per tonne for July-September shipment. The firm already raised the price by US$ 50-100 per tonne for July-August shipment from June. This is an additional hike by US$ 20-30. The firm’s selling price reached C&F US$ 700 per tonne.

The demand for non-directional magnetic steel sheet dropped in January-March when electric appliance makers entered inventory adjustment due to low demand. Non-directional magnetic steel export price decreased to US$ 500-600 per tonne. The demand recently recovered mainly for white goods thanks to Chinese economy stimulus measure. Appliance makers’ inventory adjustment progressed in ASAEAN. The makers are now increasing orders for non-directional magnetic sheet to Nippon Steel.

Chinese steel makers, Bao Steel or Wuhan Steel, raised the selling price of non-directional magnetic sheet by about US$ 100 to improve profits for July-September. Nippon Steel showed strong selling stance after Chinese steel makers’ hike. Nippon Steel said the firm will reduce the sales volume with the demand when speculate demand is generated thanks to rising market price.

The firm will start the price negotiation for October-December in mid August to mull the hike by a few dollars.