Tokyo Steel Manufacturing Co Ltd, Japan’s top electric-arc furnace steelmaker, will hold all steel product prices unchanged in November amid high inventories at home and weakening overseas prices, the company said.
* The steelmaker cut all steel product prices in October by about 2%-4% to reflect sluggish overseas markets hit by prolonged U.S.-Sino trade row.
* For November, prices for steel bars, including rebar, will remain at 62,000 yen ($571) a tonne, while its mainstay H-shaped beams will stay at 83,000 yen ($765) a tonne.
* Domestic steel market is becoming active but it was taking longer than expected to trim stocks in steel sheets, it said in a statement. Weakening overseas steel prices and cheaper offers on import products weigh on local steel markets, it added.
* Tokyo Steel’s pricing is closely watched by Asian rivals such as South Korea’s Posco and Hyundai Steel , and China’s Baoshan Iron & Steel Co Ltd (Baosteel).
Source: Reuters (Reporting by Yuka Obayashi, Editing by Sherry Jacob-Phillips)