Tokyo Steel to raise product prices for January by up to 16%

HYUNDAI STEEL

21/12/2020 03:35

TOKYO, Dec 21 (Reuters) - Tokyo Steel Manufacturing Co Ltd
 5423.T , Japan's top electric-arc furnace steelmaker, said on
Monday it would raise prices in January for all its steel
products by 10,000 yen ($97) a tonne, or 11% to 16%, reflecting
firmer overseas steel prices and lower local inventories. 
    The move comes after the steelmaker hiked prices this month
for all its steel products by up to 3.3%, including its main
H-shaped beams.  urn:newsml:reuters.com:*:nL1N2I234Q 
    For January, prices for steel bars, including rebar, will be
increased by 16% to 73,000 yen a tonne, while prices of U-shaped
steel sheet piles will be raised by 11% to 105,000 yen a tonne.
Prices of H-shaped beams will go up by 12% to 93,000 yen a
tonne.
    The prices of steel products abroad have risen sharply due
to a supply shortage while higher prices of steel-making raw
materials have also forced steelmakers to raise prices, Tokyo
Steel said in a statement.
    Japan's local market is also tightening, with improved
activity in the construction industry and lower stockpiles in
steel sheets, the company added, citing another reason for the
price hike.
    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 = 103.3500 yen)

 (Reporting by Yuka Obayashi; Editing by Kenneth Maxwell)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4563-2761; Reuters
Messaging:))