Tokyo Steel to keep product prices steady in April for second month

HYUNDAI STEEL

18/03/2024 08:06

TOKYO, March 18 (Reuters) - Tokyo Steel Manufacturing Co
Ltd  5423.T , Japan's top electric-arc furnace steelmaker, said
on Monday it will hold steel product prices steady in April to
ensure a hike implemented earlier this year would be absorbed by
the market. 
    This is the second month the company is keeping prices
unchanged for all of its steel products, including its main
H-shaped beams. 
    For April, prices of hot rolled coils will remain at 107,000
yen ($717) a metric ton, while H-shaped beams will stay at
127,000 yen a ton.
    The overseas steel market remains in a downward trend,
especially in Asia, due to increased exports from China, while
there are concerns in Japan that tight labour market may cause
delays in major construction projects, the company 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 = 149.1500 yen)

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