Tokyo Steel to maintain product prices in December for second month

HYUNDAI STEEL

18/11/2024 09:03

TOKYO, Nov 18 (Reuters) - Tokyo Steel Manufacturing
 5423.T , Japan's top electric-arc furnace steelmaker, said on
Monday it would maintain steel product prices in December to
support market stabilisation.
    In November, the company also left prices unchanged for all
of its steel products, including its flagship H-shaped beams.
    For December, prices for steel bars, including rebar, will
remain at 88,000 yen ($569) a metric ton while H-shaped beams
will stay at 115,000 yen a ton.
    In overseas markets, the environment for steel products has
not yet fully turned around, although signs of a bottoming out
are emerging in many countries, the company said in a statement.
    Domestically, demand for construction materials remains
sluggish due to rising equipment and labour costs, while there
has been no notable recovery in demand for steel sheets across 
various manufacturing industries, it said.
    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 (Baosteel)
 600019.SS .
    ($1 = 154.6700 yen)

 (Reporting by Yuka Obayashi, Editing by Kate Mayberry)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4520-1265;))