Tokyo Steel Manufacturing Co Ltd, Japan's largest electric arc furnace steelmaker, said on Monday it would raise the price of its rolled steel by 3% in March to reflect tough market conditions.
The increase comes after the company kept prices for all its steel products flat for the fifth consecutive month in February.
In March, steel bars, including rebar, will be raised to 100,000 yen ($745) per ton from 97,000 yen per ton, while other products remain unchanged and basic H-beams remain at 124 000 yen per ton.
“Japanese construction demand is expected to remain robust in early spring and beyond as a slew of renovation projects, production-related investments and other large-scale projects approach,” Tokyo Steel said in a statement.
The local sheet market is likely to improve as auto production recovers and demand for construction and industrial machinery increases, the companies added.
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 (Baosteel).
Tokyo Steel to raise steel prices in March
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Azovpromstal® 20 February 2023 г. 13:52 |
