Nickel Spikes Stainless Prices
Nickel Spikes Stainless Prices
Jason Sandefur
Skyrocketing nickel prices prompted Nippon Steel & Sumikin Stainless Steel Corp. of Japan to raise the price of stainless steel wire rod for September contracts and subsequent shipments, Japan Metal Daily reports. Nippon Steel will hike the price of nickel-based steel (304) for fasteners by 90,000 yen (US$768), while increasing base prices of chromium-based steel (304M and 316) by 10,000 yen ($85). Steel grade 316L prices will jump 40,000 yen ($341), and 310S grade steel will cost an additional 115,000 yen ($982).
The move by the Japanese steelmakers follows a meteoric rise in nickel prices over the past couple of years. Fastener and wire drawing manufacturers are expected to follow suit with their own price increases. \ �2006 FastenerNews.com
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