Tokyo Steel Manufacturing Co, a leading producer of steel for electric arc furnaces, said on Tuesday that it will raise steel product prices by 2.2% -3.4% in October to reflect recovery in domestic and international demand.
In September, the company did not change prices for all of its steel products for the second consecutive month.
In October, the company will increase prices for 10 products by 2,000 yen ($ 18.9) per tonne, and prices for hot rolled coils from 65,000 yen to 67,000 yen (634 US dollars) per tonne, the company said.
This will raise prices for rolled steel, including rebar, to 61,000 yen from 59,000 yen and hot-dip galvanized coils to 91,000 yen from 89,000 yen.
Prices for its main H-beams will remain stable at ¥ 81,000 per tonne.
Overseas markets are being strengthened by strong demand from the world’s largest consumer in China, he said, while there are signs that demand in Japan is growing, especially for steel sheets used in manufacturing.
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.