TOKYO (Scrap Monster): According to industry reports, Japanese Nippon Steel & Sumikin Stainless Steel Corporation (NSSC) has decided to hike the prices of austenitic grade cold rolled coils (CRC) and plates for June contracts. The company has announced total hike of ￥15,000 per ton on CRC and plate prices.
The surge in Nickel price has forced the stainless steel maker to increase the alloy surcharge on various grades. Nickel prices have appreciated by $0.94 per lb during the month of May alone. The price of the metal has appreciated by almost 50% to almost $9 per lb from the levels of $6 per lb at the start of the year.
NSSC has also announced that it will remain the prices of CRC ferritic grades by ￥10,000 per ton. The decision to keep the prices flat follows drop in demand for ferritic grades of CRC in domestic market as compared to previous month.
Also, the company noted that the demand for stainless steel products from the country's construction and manufacturing sector continued to remain firm during the month of May this year.
NSSC, established in 2003 through merger of stainless steel divisions of Nippon Steel Corporation and Sumitomo Metal Industries Ltd is the largest stainless steel manufacturer in Japan.