TOKYO: Tokyo Steel Manufacturing Co Ltd will leave product prices unchanged in March to ensure a hike implemented in January would be absorbed by the market, Japan’s top electric-arc furnace steelmaker says.
For March, prices of its main H-shaped beams will stay steady at 93,000 yen (US$880) a tonne while hot rolled coils will remain unchanged at 79,000 yen (US$748) a tonne.
Steel markets abroad have rebounded after China’s Lunar New Year holiday with solid demand in many countries, but orders of construction materials in the Japanesec market slowed following a plunge in steel scrap prices, Tokyo Steel said in a statement.
“But we expect strong demand from manufacturers will continue through the end of March and the recent recovery in scrap prices will boost activity in the market, ” it added.
Tokyo Steel’s pricing is closely watched by Asian rivals such as South Korea’s Posco and Hyundai Steel, and China’s Baoshan Iron & Steel Co Ltd (Baosteel).
It had raised prices in January for all its steel products by 10,000 yen (US$97) a tonne, or 11% to 16%, reflecting firmer overseas steel prices and lower local inventories. The move came after the steelmaker had hiked prices in December last year for all its steel products by up to 3.3%, including its main H-shaped beams.
The company’s timely investments in technological innovation over the years, while maintaining a sound, debt-free financial footing, has made it one of the firms with arguably one of the highest productivity levels in the steel industry worldwide. It unflaggingly seeks more efficient ways to improve product quality and minimise costs. ─ Reuters
