Posted on 19 Nov 2024
Tokyo Steel is to keep offers unchanged for the second consecutive month in December, Kallanish notes.
Its December base prices for rebar, H-beam and plate are JPY 88,000/tonne ($569/t), JPY 115,000/t, and JPY 103,000/t respectively, little changed month-on-month.
The steel market in China remained on hold following the recent stimulus measure announcements. US steel prices are seen rising next year due to further economic growth expectations after the presidential election.
Japanese domestic construction steel demand has remained sluggish amid slow projects progress due to ongoing labour shortages and higher equipment costs. Flat steel demand was also subdued amid no recovery signals from the various manufacturing industries.
The weaker yuan however eased the supply pressure of imported steel products.
Source:Kallanish
