Sumitomo Metals hikes shipbuilding plate price

Sumitomo Metals hikes shipbuilding plate price

Japanese steel producer Sumitomo Metal Industries announced that it agreed with major shipbuilders to increase its plate prices by Yen 5'000 ($45.5) per ton effective for shipments in the second half of 2005 fiscal year ending March 2006. The recently announced price hike takes the price of shipbuilding plates to Yen 60'000 ($547) per ton. Sources also report that Sumitomo Metals may increase its prices further for the 2006 fiscal year if the producer thinks that its price is still lower than the international prices.