Tokyo Steel maintains steel prices for the fourth consecutive month

Tokyo Steel Manufacturing Co Ltd said Monday that it will not change steel prices for the fourth straight month in February as it expects confirmation that recovery in steel markets will continue both domestically and internationally.

Japan's largest electric arc furnace manufacturer held stable prices for all of its steel products in January.

“Overseas steel prices have been recovering since late last year, and the rally may even pick up after China's Lunar New Year break,” Tokyo Steel managing director Kiyoshi Imamura said at a briefing.

Domestic demand is also strong, but labor shortages and limited processing capacity have delayed various construction projects, resulting in weak market activity, Imamura said.

“Steelworkers want to raise product prices to reflect rising costs such as transportation and supplies, but we keep our product prices stable as we want markets to fully bottom out,” he said.

Tokyo Steel's prices are closely watched by Asian competitors such as South Korean Posco and Hyundai Steel, as well as China's Baoshan Iron & Steel Co Ltd (Baosteel).