Tokyo Steel Manufacturing Co Ltd, a leading manufacturer of steel in electric arc furnaces in Japan, said it would raise prices for all of its steel products by 2,000 yen ($ 19) per tonne, or 2.2%, in December, to 3.3% to meet tougher external markets and boost domestic demand.
The company maintained prices for all steel products this month, including the main H-beams.
In December, prices for steel rods, including rebar, will be raised 3.3% to Y63,000 (US $ 603) per tonne, while prices for U-shaped steel sheet piles will be increased 2.2% to Y95,000 per tonne. ton. H-beam prices will rise 2.5% to ¥ 83,000 a tonne.
Overseas markets are expected to remain tense due to strong demand from major buyers in China, with US steel companies operating to recover as well, while domestic demand improves and local stocks decline, the company said in a statement.
Tokyo Steel’s pricing is closely watched by Asian competitors such as South Korean Posco and Hyundai Steel, as well as China’s Baoshan Iron & Steel Co Ltd.