Tokyo Steel to maintain product prices steady in March

HYUNDAI STEEL

22/02/2021 03:58

TOKYO, Feb 22 (Reuters) - Tokyo Steel Manufacturing Co Ltd
 5423.T  will leave product prices unchanged in March to ensure
a hike implemented in January would be absorbed by the market,
Japan's top electric-arc furnace steelmaker said on Monday.
 urn:newsml:reuters.com:*:nL1N2JT07O 
    For March, prices of its main H-shaped beams will stay
steady at 93,000 yen ($880) a tonne while hot rolled coils will
remain unchanged at 79,000 yen ($748) a tonne.
    Steel markets abroad have rebounded after China's Lunar New
Year holiday with solid demand in many countries, but orders of
construction materials in the Japanesec market slowed following 
a plunge in steel scrap prices, Tokyo Steel said in a statement.
    "But we expect strong demand from manufacturers will
continue through the end of March and the recent recovery in
scrap prices will boost activity in the market," 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 .

($1 = 105.6400 yen)

 (Reporting by Yuka Obayashi; Editing by Simon Cameron-Moore)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4563-2761;))