Nippon Steel raises common steel wire rod, Bar-in-Coil and deformed Bar-in-Coil by 15,000 yen per tonne or 13% from August orders and October shipment. The price is expected to increase to 127,000 yen per tonne for the size with 5.5 millimeters diameter. The firm increased the price by over 20,000 yen per tonne in April, by 15,000 yen in July, and by total over 50,000 yen including the latest hike.The firm had explained to users since mid June that the firm raises selling price if material costs continue surging. The firm decided the hike when Australian iron ore price almost doubled. Moreover, the firm judged to need the price hike for stable supply when hot-metal would become short during the second half of fiscal 2008 (Oct08-Mar09) due to relining of blast furnace in Oita iron works.
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Japan Steel Scrap Composite Prices (Sangyo Press)
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