Japan-based Nippon Steel Stainless Steel has increased SS 304 stainless steel product prices by JPY5,000/mt ($45/mt) for the month of August.
Stainless steel pipes for August were raised by more than 10pc owing to demand improving from various sectors. Furthermore, costs have been increasing which includes raw material and labour, noted media reports.
In the prior month, 304 based product prices were raised by JPY20,000/mt.
Raw material, nickel prices, calculated on an average of the previous two months by Nippon have increased by almost 3pc in August from July levels. Chrome prices were, however, flat. Therefore, SS 304 prices have increased, and chromium-based SS 430 witnessed no price change. In July, 430 based products were revised up by JPY10,000/mt compared to the prior month.