Tokyo Steel raises product prices by up to 9% for April

HYUNDAI STEEL

22/03/2022 13:35

TOKYO, March 22 (Reuters) - Tokyo Steel Manufacturing Co Ltd
 5423.T , Japan's top electric-arc furnace steelmaker, on
Tuesday said it will raise steel product prices by up to 9% in
April to reflect rising raw materials prices. 
    This is the second month in which the company will boost
prices for its steel products, including its main H-shaped
beams.  
    For April, prices for hot rolled coils will climb by 9% to
120,000 yen ($995) a tonne while H-shaped beams will go up by 6%
to 121,000 yen a tonne. 
    "Prices of steel-making materials have surged on supply
concerns due to the Ukraine crisis and overseas steel product
prices are also on the rise," Tokyo Steel said in a statement.
    "We will raise our product prices to pass on soaring
expenses including materials costs," it added. 
    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 = 120.6100 yen)

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