Japan Raises Price of Wires Used for Fasteners

Nippon Steel & Sumikin Stainless Steel Corporation (NSSC) announced on December 21 that the price of stainless steel wires used for automotive parts and constructions will be raised for the December 2017 to February 2018 period. The price of chromium steel used for automotive fasteners will be raised to JPY15,000 per ton (approximately 5%), which reflects the price raise of nickel and chromium, as well as the Japanese yen depreciation.

The contract price of stainless steel wires is subject to the change of material price and exchange rate in recent 3 months. This is the first time since the past 3 quarters that the company raises the price. The international nickel price rose 8% and chromium price rose 25% in recent 3 months. Given the recovery in Japan's new car production and constructions, the company said market demand will remain positive in 2018. The company's primary plant will remain in full-line operation during January and March 2018.