Nippon Steel & Sumitomo Metal Corp (NSSMC) sets to bring up plate prices for domestic sales to reflect the higher raw materials costs caused by the rapidly weakening Japanese Yen.
It's known that some US$50/ton extra will be added from May spot sales which would take the total increase since February to around US$160/ton
.
However, the currency appreciation affects the whole product lines, so it is estimated the price lift would cover not only plate but all the steel products. So far the new list prices are still unknown.
In the same time, another leading mini-mill, Tokyo Steel announced this Monday that it will retain all product prices for May contracts.