Japan's fourth largest steel company Sumitomo Metals has announced a revision of its pricing of seamless stainless steel pipes for all domestic customers, in line with the continuing upward movement in chrome prices.
Accordingly, the prices for the product in question will be increased by 10 percent, to be applied as of June 2008 contracts (for delivery in October 2008).
Moreover, if the prices of chrome continue to rise, Sumitomo Metals is to consider an additional price increase of its seamless stainless steel pipe products.
Citing the tightness of internal and external supply and demand conditions for seamless stainless steel pipes, Sumitomo Metals is asking all domestic customers to accept the price increases in order to ensure stable supplies.