Tokyo Steel to raise product prices for December by up to 3.3%

Tokyo Steel Manufacturing

16/11/2020 23:14

TOKYO, Nov 17 (Reuters) - Tokyo Steel Manufacturing Co Ltd
 5423.T , Japan's top electric-arc furnace steelmaker, said it
would raise prices in December for all its steel products by
2,000 yen ($19) a tonne, or 2.2% to 3.3%, to meet tighter
overseas markets and firmer demand at home. 
    The company kept prices steady this month for all its steel
products, including its main H-shaped beams.  urn:newsml:reuters.com:*:nL4N2HA2KN 
    For December, prices for steel bars, including rebar, will
be hiked by 3.3% to 63,000 yen ($603) a tonne, while prices of
U-shaped steel sheet piles will be increased by 2.2% to 95,000
yen a tonne. Prices of H-shaped beams will go up by 2.5% to
83,000 yen a tonne.  
    Overseas markets are expected to stay tight because of
strong demand in top buyer China, with U.S. steelmakers'
operating rates also recovering, while domestic demand is
improving and local inventories are declining, the company said
in a statement. 
    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 = 104.5600 yen)

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