Tokyo Steel to raise product prices in October by 2.2%-3.4%

HYUNDAI STEEL

15/09/2020 04:01

TOKYO, Sept 15 (Reuters) - Tokyo Steel Manufacturing Co
 5423.T , Japan's top electric-arc furnace steelmaker, said on
Tuesday it would raise its steel product prices by 2.2%-3.4% in
October to reflect demand recovery at home and abroad.
    The company had kept prices unchanged for all of its steel
products in September for a second consecutive month.
 urn:newsml:reuters.com:*:nL4N2FK24Q
    For October, it will increase prices of 10 products by 2,000
yen ($18.9) a tonne, with those for hot rolled coils being hiked
to 67,000 yen ($634) a tonne from 65,000 yen, the company said
in a statement.
    It will increase prices of steel bars, including rebars, to
61,000 yen from 59,000 yen and for hot-dip galvanised coils to
91,000 yen from 89,000 yen.
    Prices for its main H-shaped beams will stay steady at
81,000 yen a tonne. 
    Overseas markets are getting stronger due to solid demand in
the world's top consumer China, while there are signs that
Japan's demand is picking up, especially in steel sheets used in
the manufacturing industry, it 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 = 105.6400 yen)

 (Reporting by Yuka Obayashi; Editing by Subhranshu Sahu)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4563-2761;))