Tokyo Steel keeps product prices unchanged in February for third month
TOKYO, Jan 17 (Reuters) – Tokyo Steel Manufacturing Co Ltd, Japan’s leading electric arc furnace steelmaker, said on Monday it would keep steel product prices unchanged in February as domestic and overseas steel markets are balanced .
This is the third month that the company has held stable prices for all of its steel products, including its main H-beams.
For February, prices for steel bars including rebar will remain at 89,000 yen ($777) per ton, while H-shaped beams will also remain at 111,000 yen per ton.
Demand in overseas markets has been hit by supply chain bottlenecks and chip shortages amid a resurgence in global COVID-19 cases, Tokyo Steel said in a statement, while global supply was held back by lower Chinese production and exports.
Domestic demand for steel products is expected to increase due to large construction projects, manufacturers’ growing appetite for capital spending and strong orders from shipbuilders, but demand for steel plate has been held back by slow of car production, he said.
“It is inevitable that steel production costs will rise further in the spring and beyond and it will be essential to pass on the higher costs to product prices, but we will keep our prices stable for the time being to reflect the current market situation,” he added. noted.
Tokyo Steel’s prices are being closely watched by Asian rivals such as Posco and Hyundai Steel in South Korea, and Baoshan Iron & Steel Co Ltd (Baosteel) in China. ($1 = 114.4800 yen) (Reporting by Yuka Obayashi; Editing by Ana Nicolaci da Costa)