Japan's largest rebar maker Kyoei Steel announced on Tuesday that it will raise rebar prices by 2,000 yen /t ($ 18 /t) for March contracts in response to higher raw material costs.
The company last raised rebar prices by 2,000 yen /t in December last year and 2,000 yen /t in November last year.
Kyoei from Osaka does not publish their list prices. Current market prices for basic size rebar in Osaka are around 68,000-69,000 yen /t (615-624 $ /t) unchanged from November last year, distributor sources said.
Kyoei said in a statement that domestic demand for steel in Japan was robust and supply and demand balanced, while shipping costs, scrap quality and labor costs were on the rise.
An Osaka-based distributor said purchase inquiries typically fall in January and February due to a slowdown in construction activity in the winter, while lower scrap prices in recent months have encouraged customers to wait and see.
“But scrap prices have bottomed out, and Kyoei’s price hikes could send a message to buyers that product price cuts are not expected, so it could speed up buyers looking to buy rebar,” he said.
According to the latest data from the Japan Federation of Iron and Steel, orders for ingots (including flat bars) were down 15.2% year-on-year to 598,000 tonnes in December, down 7% from November.
Japan's Kyoei Steel raised rebar prices by $ 18 per ton in March
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Azovpromstal® 20 February 2019 г. 11:27 |
