Posted on 20 Jun 2023
Tokyo Steel decided to cut offers on Monday of some products for July sales. This comes after it kept long and flat product prices unchanged for two and three months respectively, Kallanish notes.
Quotes for deformed bar and hot-dip galvanized steel coil will be subject to a reduction of JPY 5,000/tonne ($35.3/t) and JPY 7,000/t respectively.
Products facing a cut of JPY 10,000/t in July offers include hot rolled coil, checkered coil/sheet and thick plate. Flat-rolled pickled products will see a list price drop of JPY 12,000/t, while offers for all other products will remain unchanged.
In overseas markets, a slow demand recovery in almost every country and anxiety over looming economic recession are regarded by the company as the main reasons behind falling steel prices.
Domestically, the market for rebar is on a downward trend but a thriving auto industry will continue to support thin sheet demand. Tokyo Steel forecasts steel orders to rise from the beginning of this autumn, following the summer production cutback period which will start from next month.
Source:Kallanish
