Daido Steel to Hike Stainless Bar and Shape

Daido steel increases the price of nickel series stainless steel bar and shapes by slightly over 10% from current price for July shipments to reflect the nickel price hike. The firm increases the price of these products for the first time in one year and three months when the dealers are expected to complete their inventory adjustment within July and their shipment increases to major customers. Since the beginning of July, the demand for special steel increases faster than expected. The supply and demand could become balanced.

Daido Steel commented the demand has bottomed out in February-March and the recent operation rate recovered to 60-70% compared with the peak. The firm also explained the order receipt for general industrial machinery is increasing and the shipment for precision instrument has surged to the level as same as April-September 2008.

The monthly averaged nickel price at London Metal Exchange was US$ 6.78 per pound in June. The price was US$ 5.73 per pound in May while it was US$ 5.06 per pound in April.