Tokyo Steel to raise product prices by up to 3% for May

HYUNDAI STEEL

18/04/2022 11:06

TOKYO, April 18 (Reuters) - Tokyo Steel Manufacturing Co Ltd
 5423.T , Japan's top electric-arc furnace steelmaker, said on
Monday it will raise steel product prices by 2-3% in May from
this month's prices to reflect higher materials costs and
improving local demand. 
    This is the third month the company is raising prices for
its steel products, including its main H-shaped beams.
 urn:newsml:reuters.com:*:nL2N2VP14V 
    For May, prices for all products will go up by 3,000 yen 
($24) a tonne, with hot-dip galvanized coils climbing by 2% to
152,000 yen ($1,201) a tonne and steel bars, including rebar,
rising by 3% to 102,000 yen. Prices of H beams will increase by
2.5% to 124,000 yen a tonne. 
    "We need to pass on rising various costs, including raw
materials," Tokyo Steel said in a statement.
    Domestic steel demand for construction is expected to pick
up as the manufacturing industry is looking to invest in the
local market while small- and medium-sized projects are also on
a recovery trend, 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 = 126.6000 yen)

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