Tokyo Steel keeps product prices unchanged in July for second month

HYUNDAI STEEL

20/06/2022 09:14

TOKYO, June 20 (Reuters) - Tokyo Steel Manufacturing Co Ltd
 5423.T , Japan's top electric-arc furnace steelmaker, on Monday
said it will hold steel product prices steady in July to ensure
hikes implemented earlier this year would be absorbed by the
market. 
    This is the second month the company kept prices unchanged
for all of its steel products, including its main H-shaped
beams.  urn:newsml:reuters.com:*:nL2N2X80HE 
    For July, prices for steel bars, including rebar, will
remain at 102,000 yen ($757) a tonne while H-shaped beams will
stay at 124,000 yen a tonne.
    Overseas steel prices remained under pressure, with slow
production and distribution activity in China due to strict
coronavirus lockdowns in some cities, the company said in a
statement. 
    Domestic demand, meanwhile, remained solid for construction
use, but inventory of sheet steel was high due to a weak
recovery in automobile output because of a global chip shortage,
also hit by China's pandemic restrictions, it added.
    Tokyo Steel's pricing is closely watched by Asian rivals
such as South Korea's Posco  005490.KS , Hyundai Steel 
 004020.KS  and China's Baoshan Iron & Steel Co Ltd (Baosteel)
 600019.SS .
    ($1 = 134.6900 yen)

 (Reporting by Yuka Obayashi, Editing by Louise Heavens)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4520-1265;))