Tokyo Steel to keep product prices unchanged in March

HYUNDAI STEEL

19/02/2024 05:25

TOKYO, Feb 19 (Reuters) - Tokyo Steel Manufacturing Co
Ltd  5423.T , Japan's top electric-arc furnace steelmaker, on
Monday said it will keep steel product prices steady in March to
ensure that a hike implemented this month will be absorbed by
the market. 
    The company raised prices for four steel products by up to
1.9% in February to reflect market conditions and rising
production costs amid higher raw material prices.
    For March, prices of hot rolled coils will remain at 107,000
yen ($713) a ton, while H-shaped beams will stay at 127,000 yen
a ton.
    Tokyo Steel said in a statement that there are signs of a
lull in the rise in overseas steel product prices, especially in
the United States, while expectations are high for positive
consequences from economic stimulus measures in China.
    Meanwhile, construction material activity in Japan continued
to be subdued, while demand in the manufacturing segment
remained firm, though there are concerns regarding potential
stagnation in demand due to production stoppages in
automobile-related industries.
    Toyota Motor's  7203.T  Daihatsu unit halted shipments of
all of its vehicles, Japan's biggest automaker said in December,
after a safety investigation found issues involving 64 models,
including almost two dozen sold under Toyota's brand.
    Earlier this month, Daihatsu resumed some of its production
and shipments.
    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 = 150.0100 yen)

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