Tokyo Steel to keep product prices steady in November

HYUNDAI STEEL

19/10/2020 10:29

TOKYO, Oct 19 (Reuters) - Tokyo Steel Manufacturing Co
 5423.T , Japan's top electric-arc furnace steelmaker, said on
Monday it would keep product prices steady in November to make
sure a hike implemented this month would be absorbed by the
market.
    The company raised some of its product prices by 2.2% to
3.4% in October.  urn:newsml:reuters.com:*:nL4N2GC0VH
    For November, prices of its main H-shaped beams will stay
steady at 81,000 yen ($769) a tonne while hot rolled coils will
remain unchanged at 67,000 yen a tonne.
    It said overseas markets looked healthy thanks to strong
demand in the world's top consumer China, while Japan's domestic
demand was gradually picking up, with inventories of some steel
sheets showing a shortage.
    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 = 105.3600 yen)

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