TOKYO, Jan 18 (Reuters) – Tokyo Steel Manufacturing Co Ltd 5423.T, Japan’s top electric-arc furnace steelmaker, said on Monday it would keep product prices steady in February to make sure a hike implemented this month would be absorbed by the market.
The company raised prices by 11% to 16% for all its steel products, including main H-shaped beams, for the month of January.
For February, prices of H-shaped beams will stay steady at 93,000 yen ($896) a tonne while hot rolled coils will remain unchanged at 79,000 yen a tonne.
Steel markets abroad remain tight on the back of economic stimulus implemented by many countries, while the local market also stays tight amid lower inventories for sheet products and higher activities in public works and private projects, Tokyo Steel said in a statement.
Tokyo Steel’s pricing is closely watched by Asian rivals such as South Korea’s Posco 005490.KS and Hyundai Steel 004020.KS, and China’s Baoshan Iron & Steel Co Ltd (Baosteel) 600019.SS.
($1 = 103.7600 yen)
(Reporting by Yuka Obayashi; Editing by Shailesh Kuber)
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