Tokyo Steel to keep product prices steady in February

HYUNDAI STEEL

18/01/2021 04:21

TOKYO, Jan 18 (Reuters) - Tokyo Steel Manufacturing Co Ltd
 5423.T , Japan's top electric-arc furnace steelmaker, said on
Monday it would keep product prices steady in February to make
sure a hike implemented this month would be absorbed by the
market. 
    The company raised prices by 11% to 16% for all its steel
products, including main H-shaped beams, for the month of
January.  urn:newsml:reuters.com:*:nL1N2J105A 
    For February, prices of H-shaped beams will stay steady at
93,000 yen ($896) a tonne while hot rolled coils will remain
unchanged at 79,000 yen a tonne.
    Steel markets abroad remain tight on the back of economic
stimulus implemented by many countries, while the local market
also stays tight amid lower inventories for sheet products and
higher activities in public works and private projects, Tokyo
Steel 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 = 103.7600 yen)

 (Reporting by Yuka Obayashi; Editing by Shailesh Kuber)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4563-2761; Reuters
Messaging:))