Sumitomo increases prices for China
Japanese steel tubes and pipes producer Sumitomo Metal Industries announced a quarterly increase in its
tubular product prices marketed to
China.
The company agreed with
China's largest energy firm, PetroChina Company, to increase the price of oil well steel tube by 10 percent for the October-December period.
Despite the oversupply situation in common steel products,
China falls short in producing high-end steel products. Therefore, Sumitomo has taken advantage of the opportunity by increasing its prices for three consecutive quarters.