Tokyo Steel to hike heavy plates' prices by 4.9% in July

HYUNDAI STEEL

16/06/2021 07:37

TOKYO, June 16 (Reuters) - Tokyo Steel Manufacturing Co Ltd
 5423.T  said it will raise prices for its heavy plates next
month by 4.9%, while keeping them unchanged for other products
to ensure a hike implemented this month is absorbed by the
market. 
    For this month, Japan's top electric-arc furnace lifted
prices for all of its steel products by up to 17.6%, reflecting
a surge in overseas prices and a pick-up in local demand. 
 urn:newsml:reuters.com:*:nL2N2N40GC
    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 .
    Prices for heavy plates, used in ships and construction
machinery, will be increased by 5,000 yen ($45) to 107,000 yen
per tonne for July as the market gets tighter. 
    Prices of the main H-shaped beams will stay at 103,000 yen a
tonne, the company said on Tuesday.
    Overseas prices of steel products are expected to remain
high, while local prices will likely catch up with overseas
markets due to recovering demand and low inventories, Tokyo
Steel said.
    
    ($1 = 110.0800 yen)

 (Reporting by Yuka Obayashi; Editing by Sherry Jacob-Phillips)
 ((Yuka.Obayashi@thomsonreuters.com; +813-6441-1798; Reuters
Messaging:))