Due to a surge in prices of chrome, an important raw material for these pipes, Sumitomo Metal Industries Ltd (Sumitomo Metals) has begun negotiations to revise domestic pricing of seamless stainless steel pipes for all domestic customers. The revision will apply to seamless stainless steel pipes supplied to all domestic customers (spot sales and long-term contracts). It will apply to June 2008 contracts (for delivery in October 2008) onwards. Prices will be raised by 10%. If prices of chrome continue to rise, Sumitomo Metals will consider an additional price increase.
