Nippon Steel to hike shipbuilding plate price by 5%

Japanese steelmaker Nippon Steel has reportedly concluded its negotiations with shipbuilders to increase its shipbuilding plate price by around five percent effective for January shipments. Nippon Steel has stated that the price hike is necessary to offset rising raw material costs and freight rates. The company has also announced plans to hike its prices further for the fiscal year starting in April 2007 in an effort to offset higher production costs and to narrow the gap between domestic and international prices.