Posted on 19 Sep 2024
Tokyo Steel, the leading electric arc furnace-based steelmaker in Japan, decided to cut its offers for October sales after seven months of no change. the decision was driven by a lack of global economic visibility and sluggish domestic steel demand for construction and manufacturing.
Its October offers for rebar, H-beam and plate stood at JPY 88,000/tonne ($622.7/t), JPY 115,000/t, and JPY 103,000/t, down by JPY 10,000/t, JPY 12,000/t and JPY 15,000/t month-on-month, respectively.
For flats, Japanese distributors and manufacturers are still destocking. Offers for imported plate kept falling, although domestic inventories dropped further.
As more steel trade defence measures have been imposed, not only in Europe and the United States but also in Asia, Tokyo Steel noted that “concrete countermeasures are now necessary in Japan” in its statement, Kallanish notes.
Source:Kallanish
