Tokyo Steel to raise prices for four products in February

HYUNDAI STEEL

22/01/2024 08:28

TOKYO, Jan 22 (Reuters) - Tokyo Steel Manufacturing
 5423.T , Japan's top electric-arc furnace steelmaker, on Monday
said it will raise 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. 
    This is the company's first price hike in 10 months and
comes after it kept prices unchanged for six months for all of
its steel products, including its main H-shaped beams.  
    For February, prices for hot rolled coils, pickled and oiled
coils, hot-dip galvanized coils and checkered coils will rise by
2,000 yen ($13.5) a metric ton while prices for other products
will remain unchanged.  
    Prices for hot coils will increase by 1.9% to 107,000 yen
($723) a ton while H-shaped beams will remain at 127,000 yen a
ton. 
    Tokyo Steel said in a statement that inventories for steel
sheets, used largely by manufacturers, are at low levels as
domestic steelmakers continue to hold down supplies while
manufacturing costs continue to rise, increasing the need for
the steelmakers to boost product prices.
    Meanwhile, demand for steel products used in construction
remains lacklustre as many projects have been delayed due to
labour shortages, logistics bottlenecks, and a shortage of other
construction materials, the company 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 Co Ltd (Baosteel)
 600019.SS .
($1 = 148.0700 yen)

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