Tokyo Steel to keep product prices steady in June amid weak demand

HYUNDAI STEEL

18/05/2020 05:55

TOKYO, May 18 (Reuters) - Tokyo Steel Manufacturing Co
 5423.T , Japan's top electric-arc furnace steelmaker, on Monday
said it will keep product prices unchanged in June as it will
take a while to see a recovery in demand from industries hit by
the COVID-19 crisis.
    This is the second month the company has held prices steady
for all of its steel products, including its main H-shaped
beams.  urn:newsml:reuters.com:*:nL4N2C81RE 
    For June, prices for steel bars, including rebar, will
remain at 55,000 yen ($514) a tonne, while its mainstay H-beams'
prices will stay at 76,000 yen a tonne.
    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 .
    Japan's bigger steelmakers have been suffering from
dwindling demand from automobile and construction industries
amid the pandemic, on top of an impact from the U.S.-Sino trade
war, pushing them to suspend some of their production
facilities.  urn:newsml:reuters.com:*:nL4N2CU28K urn:newsml:reuters.com:*:nL4N2CP49D
    
($1 = 107.1000 yen)

 (Reporting by Yuka Obayashi; Editing by Michael Perry)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4563-2761))