Tokyo Steel Manufacturing Co Ltd. will raise prices in August to 4.7% on some of its steel products to reflect a challenging market environment, Japan’s leading electric arc furnace steelmaker said Tuesday.
The company has raised prices for heavy plate by 4.9% this month, but left other prices unchanged to keep the market strong last month.
“Overseas steel markets have been good, especially in the United States and Europe, and prices are expected to remain stable on the back of strong demand and higher raw material prices,” the company said in a statement.
In August, prices for six products, including the main H-beams, will be increased by ¥ 3,000 (US $ 27) per tonne, or 2.6-3.6%, while thick plate prices will be increased by ¥ 5,000. ton, or 4.7%.
Prices for H-beams will rise to 106,000 yen ($ 960) per tonne from 103,000 yen, while prices for steel rods, including rebar, will rise to 86,000 yen per tonne from 83,000 yen.
The domestic market is also becoming more tense with a series of renovation projects around the capital Tokyo, as well as plans to build new logistics facilities, he added.
Tokyo Steel’s prices are closely watched by Asian competitors such as South Korean POSCO 005490.KS and Hyundai Steel 004020.KS, as well as China’s Baoshan Iron & Steel Co Ltd (Baosteel) 600019.SS.