Japanese Nippon Steel & Sumitomo Stainless Steel Co., Ltd. announced that price of the stainless steel wire rod used for auto parts and building materials will increased from December 2017 to February 2018. Chromium steel used in automotive fasteners will increase to 15,000 yen (about 5%) per tonne, reflecting the price increase of nickel and chromium prices and a devaluation of the Japanese yen.
Stainless steel wire contract adjust price based on the last three months of raw material prices and exchange rate changes. This is the first time price increase in the past three quarters. International nickel prices have increase 8% in the last three months, while chromium 25%. As Japanese new car production and construction boom are recovering, Nippon Steel said that market demand will continue to turn around in 2018. And its main factory will continue to operate across the board from January to March in 2018.
