Tokyo Steel to keep product prices steady in September

HYUNDAI STEEL

18/08/2020 10:14

TOKYO, Aug 18 (Reuters) - Tokyo Steel Manufacturing Co
 5423.T  said on Tuesday it will keep product prices steady in
September as uncertainty over the economic impact from the
COVID-19 pandemic continues to weigh on steel demand.
    The company, Japan's top electric-arc furnace steelmaker, 
froze its steel product prices in August after raising them by
3.5%-7.3% in July.  urn:newsml:reuters.com:*:nL3N2EL0TJ urn:newsml:reuters.com:*:nL4N2DT0YL 
    Overseas markets are expected to stay strong as the world's
top producer China cuts exports to meet solid demand at home,
but the Japanese market remains stagnant, it said in a
statement.
    Still, the Japanese market is expected to rise in the
October-March half thanks to a rebound in manufacturing activity
and reduced supply as major steelmakers have suspended some of
their blast furnaces to cope with slumping demand, it added.
    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 .
    

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