Japan’s purchase prices of ferrochrome, a raw material of stainless steel, soared to a historical high due to the stagnant supply in Russia and the tight supply and demand in Europe.

It was understood that Japan’s Nippon Steel Stainless Steel has inked an agreement with a resource company with a stronghold in South Africa. The import price of ferrochrome in April-June 2022 was 19% higher than that in the previous quarter, which surpassed the high point in July-September 2008, hitting a new all-time high.

Due to the surge in the purchase price of ferrochrome, Japan’s stainless steel prices were expected to rise further afterward.