Tokyo Steel keeps June product prices unchanged

Tokyo Steel Manufacturing

16/05/2022 10:15

TOKYO, May 16 (Reuters) - Tokyo Steel Manufacturing Co Ltd
 5423.T , Japan's top electric-arc furnace steelmaker, on Monday
said it will hold steel product prices steady in June to ensure
a hike implemented in the past three months is absorbed by the
market. 
    The company raised prices steel product prices by 2-3% in
May from a month earlier to reflect higher materials costs and
improving local demand.  urn:newsml:reuters.com:*:nL2N2WG0D9
    For June, prices for steel bars, including rebar, will
remain at 102,000 yen ($788) a tonne while its main H-shaped
beams will stay at 124,000 yen a tonne.
    Panic buying amid a deepening Ukraine crisis has run its
course in overseas, the company said in a statement.
    Domestic demand, meanwhile, is expected to stay strong, with
a series of construction projects to rebuild domestic supply
chains, redevelopment projects and plans to build large
distribution centres, though inventory for steel sheets is on
the rise due to slow automobile production, 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 = 129.3800 yen)

 (Reporting by Yuka Obayashi; editing by Jason Neely)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4520-1265;))