Industry News

Japanese Steelmakers Raising Prices and Warning of More Hikes

Views : 170
Update time : 2022-04-14 18:10:04

Japan’s biggest steelmakers are raising prices of the metal used in everything from cars to skyscrapers and warning of more to come. 

JFE Holdings Inc.’s steelmaking unit will raise prices by 20,000 yen ($160) a ton across all products from April to compensate for surging coking coal and iron ore costs, according to a spokesman at the company. Additional hikes are likely this year as transport costs are also rising, he said. JFE estimates its average steel prices were 115,000 a ton in the quarter through March.

See also: Steel Inflation Coming for Cars to Ships in Japan on Putin’s War 

Nippon Steel Corp., said it raised domestic prices of steel sheets -- used in construction and electronics -- by 10,000 yen a ton for May-delivery spot contracts. Japan’s biggest steelmaker, warned in a response to questions that more prices rises will be needed this year. Nippon has estimated its average steel prices at 130,000 yen a ton in the March quarter.

The prices of the two main inputs for steel production -- iron ore and coal -- have risen as Russia’s invasion of Ukraine exacerbated supply shortages. Australian coking coal has jumped 45% so far this year, while iron ore prices in Singapore are up around 27%. More than 40% of the steel from the two companies is destined for export with carmakers the biggest customers. 

Related News
Read More >>
Enhancing the durability of aluminium profiles with Alborz Pasargad’s nanostructured coatings Enhancing the durability of aluminium profiles with Alborz Pasargad’s nanostructured coatings
May .29.2025
Enhancing the durability of aluminium profiles with Alborz Pasargad’s nanostructured coatings
NASA’s supersonic aircraft clears ‘aluminium bird’ testing, setting up the runway for its first flight NASA’s supersonic aircraft clears ‘aluminium bird’ testing, setting up the runway for its first flight
May .29.2025
NASA’s supersonic aircraft clears ‘aluminium bird’ testing, setting up the runway for its first flight
GAC’s 2Mt bauxite pile-up in Guinea: What built it, what’s blocking it, and what could break the deadlock GAC’s 2Mt bauxite pile-up in Guinea: What built it, what’s blocking it, and what could break the deadlock
May .29.2025
GAC’s 2Mt bauxite pile-up in Guinea: What built it, what’s blocking it, and what could break the deadlock
Russia’s largest aluminium foil mill eyes 12% output growth following investment from RUSAL Russia’s largest aluminium foil mill eyes 12% output growth following investment from RUSAL
May .29.2025
Russia’s largest aluminium foil mill eyes 12% output growth following investment from RUSAL