| News | ||
| Sumitomo Metal to hike seamless pipe prices by 20pct - 18 Mar, 2010 | ||
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Japan's third biggest steelmaker Sumitomo Metal Industries Ltd, a maker of seamless pipes, said it was in talks with Japanese customers to raise pipe prices by 20% from April 1. Sumitomo Metal said the price hike is aimed at offsetting rises in costs of raw materials such as coking coal and iron ore. According to the company's statement, steel demand has been and is expected to keep increasing in China and in other East Asian markets. Under this environment, the rising trend of raw material prices has been intensified. A surge in prices of major materials such as iron ore and coking coal appears to be inevitable, while auxiliary materials such as ferroalloys are also rising. Sumitomo said that "Demand for seamless pipes hit bottom in the first half of the fiscal year 2009-10. Export demand for seamless pipes in the energy-related sector is on a recovery track, while domestic demand is also gradually increasing with a recovery seen in the construction machinery and industrial machinery sectors as regards manufacture of export products. Under the circumstances, this pricing revision will enable Sumitomo to ensure stable supply of seamless pipes." (Sourced from Reuters) | ||
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