Tokyo Steel cuts product prices by up to 6.5% for September

HYUNDAI STEEL

22/08/2022 05:36

TOKYO, Aug 22 (Reuters) - Tokyo Steel Manufacturing Co Ltd
 5423.T  said on Monday it will cut steel product prices by up
to 6.5% in September from this month, reflecting weak local
market conditions amid slackened demand from automakers. 
    Japan's top electric-arc furnace steelmaker kept prices
unchanged for all of its steel products, including its main
H-shaped beams, for a third consecutive month in August.  
    For September, prices for hot rolled coils will drop by
8,000 yen ($58), or 6.5%, to 115,000 yen ($838) a tonne while
prices for steel bars, including rebar, will decline by 5,000
yen, or 4.9%, to 97,000 yen a tonne. 
    Prices of H-shaped beams will remain unchanged.
    Overseas steel markets are going through an adjustment due
to a slowdown in demand, mainly in Europe, while prices in China
stay weak as restrictions to curb the COVID-19 pandemic, bad
weather and disruptions in supply chains dent demand, Tokyo
Steel said in a statement.
    Domestic demand for construction materials remains firm but
sheet products face lacklustre demand due to a delay in
production recovery by automakers, it said.
    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 = 137.2400 yen)

 (Reporting by Yuka Obayashi; Editing by Rashmi Aich)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4520-1265;))