Posted on 21 Mar 2023
Tokyo Steel Manufacturing Co Ltd will raise prices for some products by up to 3% in April to reflect tight supply, Japan’s top electric-arc furnace steelmaker said on Monday.
The company boosted the price of its steel bars in March.
For April, prices for six of its products including its main H-shaped beams will be raised by 3,000 yen a tonne, or by 2.2% to 3%. The price of H beams will rise to 127,000 yen ($969) per tonne, up 2.4% from this month, and steel bars, including rebar, will increase to 103,000 yen, up 3%.
Other products will remain unchanged, with its hot rolled coils staying at 115,000 yen a tonne.
“Construction demand is strong, supported by redevelopment projects, semiconductors works and large-scale logistics facilities,” the company said in a statement, forecasting steel market conditions would improve further.
Demand for thin sheets used in automobile parts has been recovering gradually while demand for heavy plates has been steady in the construction and industrial machinery sectors, it added.
Tokyo Steel’s pricing is closely watched by Asian rivals such as South Korea’s Posco 005490.KS and Hyundai Steel 004020.KS, and China’s Baoshan Iron & Steel Co Ltd (Baosteel) 600019.SS.
Source:Reuters
