Tokyo Steel to raise prices of steel bars in March

HYUNDAI STEEL

20/02/2023 09:17

TOKYO, Feb 20 (Reuters) - Tokyo Steel Manufacturing Co
Ltd  5423.T , Japan's top electric-arc furnace steelmaker, on
Monday said it will raise prices for its steel bars by 3% in
March to reflect tight market conditions. 
    The hike comes after the company kept prices for all of its
steel products steady for a fifth consecutive month in February.
    For March, prices for steel bars, including rebar, will be
lifted to 100,000 yen ($745) a tonne from 97,000 yen a tonne,
while other products will remain unchanged, with its main
H-shaped beams staying at 124,000 yen a tonne.
    "Construction demand in Japan is expected to remain firm in
early spring and beyond as many redevelopment projects,
manufacturing-related investments and other large-scale projects
are coming up," Tokyo Steel said in a statement. 
    The local market conditions for sheet products will likely
improve thanks to a recovery in automobile output and stronger
demand in construction and industrial machinery, 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 = 134.1500 yen)
 (Reporting by Yuka Obayashi; Editing by Kirsten Donovan)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4520-1265;))