Sumitomo Metal Industries Ltd has begun negotiations to raise the pricing of seamless stainless steel pipes for all domestic customers, due to a surge in the price of nickel, a major raw material for these pipes. The revision will apply to seamless stainless steel pipes supplied to all domestic customers (spot sales and long-term contracts). The revision will apply to May 2010 contracts. The price revision will include 10% price increases. If the price of nickel continues to rise, Sumitomo Metals will consider an additional price increase for contracts of June 2010 and onward.
