Japan’s Nippon Steel Stainless Steel Corporation has increased the contract price of stainless steel for domestic sales in June.
SUS304 nickel-based stainless steel cold-rolled sheet and medium plate were hiked by JPY15,000/mt ($136/mt), and SUS430 chromium-based stainless steel cold-rolled sheet price was raised by JPY10,000 /mt. This was reflected in the alloy surcharge, with the base price unchanged.
Since 2021, the cumulative increase in the prices of Nippon’s nickel-based and chromium-based products has reached JPY50,000/mt and JPY30,000/mt, respectively.
Nickel on the LME has jumped 13.32pc or by $2,139 on June 1 from April 1 to $18,322/mt, inducing a price hike in SS products as raw material prices continue to be bullish.