Japan’s Nippon Steel Corporation (NSC) has raised its hot rolled coil (HRC) prices for April shipment by another $50-100/t over its February prices, SteelMint learnt from sources. This is NSC’s hike for the second consecutive month, taking the increase to over $200/.
Post-hike, Nippon Steel will supply HRCs to Southeast Asia at $900-950/t and to other regions like Southwest Asia, Middle East and Europe at $1,000/t or higher.
Giving reasons for the hike, the company said it saw a significant increase in inquiries for March shipments as well as an increase in customers’ bids. The bids were over $900/t CFR levels from buyers in Europe and the Middle East.
Globally, mills exporting HRCs have not been able to secure good margins on the back of rising iron ore prices even at the current elevated price levels. This has necessitated the price hike, reasoned the Nippon Steel official.
The prices will be effective till the end of this week, till when the market is expected to remain high. “We are considering a further upward revision for April shipments, depending on the supply-demand scenario and raw material price movements,” said the official.
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