Japanese steel makers have announced price hikes on stainless products on the back of record high nickel prices on the London Metal Exchange. Nippon Steel & Sumikin Stainless Steel have announced a price hike of JPY 10,000/mt for 304 grade cold rolled stainless sheet for July shipments to coil centres. The price hike reflected the soaring nickel prices on the London Metal Exchange that averaged at USD 20,747.045/mt in June for cash contracts. The 304 grade stainless sheet contains 8% nickel and 18% chrome. A spokesman for Nippon Steel & Sumikin Stainless said the stainless steel shipped to coil centres account for about 30% of the total domestic stainless shipments, and the rest are custom made products. The base prices of 304 grade stainless differ according to specifications. Specialty steel maker Daido Steel plans to raise prices of 304 grade stainless steel by Yen 30,000/mt for September shipments, the company announced. Aichi Steel is currently studying a price hike for the shaped 304 grade stainless products, a source at the company said. The company has raised its product prices by 15% from 1 June shipments and is considering another hike this year following the LME cash nickel rise to another record high of USD 29,600/mt.
