Japan: Nippon Steel to raise special steel bars, wire rods prices by over $130/t in July

Nippon Steel Corporation has decided to increase prices by more than JPY 15,000/tonne (t) ($130/t) for special steel bars and special wire rods, both for domestic and exports sales from July. The company has started making offers to customers and distribution companies.

The additional price increase is mainly due to the increase in main raw material costs and also other various costs such as sub-components, logistics, material and energy costs. In order to seek a fair burden in the supply chain, this price hike will be additionally reflected in the selling price. Further, the additional price increases will be considered depending on the future trends in main raw material prices and other costs.

The company is moving to a "pre-determining method", wherein the quantity, price and other sales' terms and conditions are discussed and agreed before orders are received, and the contract period is also shortened.

Note: This insight has been published in accordance with an article exchange agreement between SteelMint and Japan Metal Daily.