Tokyo Steel to keep product prices unchanged in November

Tokyo Steel Manufacturing

21/10/2024 10:06

TOKYO, Oct 21 (Reuters) - Tokyo Steel Manufacturing Co
Ltd  5423.T , Japan's top electric-arc furnace steelmaker, said
on Monday it will hold steel product prices steady in November
to ensure the market has hit bottom.
    In October, the company cut prices for all of its steel
products, including its main H-shaped beams. This was the first
time since April 2020 that prices for all steel products were
reduced.
    For November, prices for steel bars, including rebar, will
remain at 88,000 yen ($587) a metric ton while H-shaped beams
will stay at 115,000 yen a ton.
    Domestic demand for building materials remains generally
weak, while demand for steel sheets continues to be sluggish due
to a slow recovery in automobile demand and weak cargo movements
in the construction sector, the company said in a statement.
    However, it added that imported steel products, which have
been a key factor in driving down the market, have seen a sharp
rise in offer prices to Japan in certain sectors.   
        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 (Baosteel)
 600019.SS .
    
($1 = 149.9000 yen)

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