Tokyo Steel to raise product prices for July by up to 7.3%

HYUNDAI STEEL

16/06/2020 04:23

TOKYO, June 16 (Reuters) - Tokyo Steel Manufacturing Co Ltd
 5423.T , Japan's top electric-arc furnace steelmaker, said on
Tuesday it would raise its steel product prices by 3.5%-7.3% in
July to reflect an upward trend in international markets on
strong demand from China. 
    The company kept prices unchanged for all of its steel
products in June for a second consecutive month.  urn:newsml:reuters.com:*:nL4N2D01AL 
    For July, it will increase prices by 3,000-5,000 yen 
($28-46) a tonne, with prices for its main H-shaped beams being
hiked to 81,000 yen ($753) a tonne from 76,000 yen, the company
said in a statement.
    It will boost prices for steel bars, including rebars, to
59,000 yen from 55,000 yen and for hot-dip galvanized steel
coils to 70,000 yen from 67,000 yen. 
    Domestic demand is also expected to pick up, as construction
projects resumed operations after Japan started to lift
coronavirus-induced restrictions and inventories for
construction materials are extremely low, 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 = 107.5800 yen)

 (Reporting by Yuka Obayashi; Editing by Rashmi Aich)
 ((Yuka.Obayashi@thomsonreuters.com; +813-6441-1798; Reuters
Messaging:))