Tokyo Steel to raise prices of some products in April

HYUNDAI STEEL

20/03/2023 10:10

TOKYO, March 20 (Reuters) - Tokyo Steel Manufacturing Co
Ltd  5423.T  will raise prices for some products by up to 3% in
April to reflect tight supply, Japan's top electric-arc furnace
steelmaker said on Monday. 
    The company boosted the price of its steel bars in March. 
    For April, prices for six of its products including its main
H-shaped beams will be raised by 3,000 yen a tonne, or by 2.2%
to 3%. The price of H beams will rise to 127,000 yen ($969) per
tonne, up 2.4% from this month, and steel bars, including rebar,
will increase to 103,000 yen, up 3%.
    Other products will remain unchanged, with its hot rolled
coils staying at 115,000 yen a tonne.    
    "Construction demand is strong, supported by redevelopment
projects, semiconductors works and large-scale logistics
facilities," the company said in a statement, forecasting steel
market conditions would improve further.
    Demand for thin sheets used in automobile parts has been
recovering gradually while demand for heavy plates has been
steady in the construction and industrial machinery sectors, 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 = 131.0400 yen)

 (Reporting by Yuka Obayashi; editing by Jason Neely)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4520-1265;))