Sumitomo ups steel price

Sumitomo Metal Industries (SMI) agreed with major shipbuilders to increase the plate contract price by 5,000 yen ($45.63) per tonne for shipment in second half of fiscal 2005 ending March 2006. The price increased to 60,000 yen ($547.37) per tonne.

However, SMI will seek another hike for fiscal 2006 if the price is still lower than the international steel plate price for other applications.