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Tokyo Steel Cuts Steel Prices For July Sales To Curb Cheaper Imports

Steel News - Published on Tue, 18 Jun 2019

Image Source: Business Recorder
Japan's largest EAF based steel maker Tokyo Steel Manufacturing announced that it will cut its finished product prices for July contract by JPY 3,000-5,000 per tonne (USD 28-46), which is the first time the mill has reduced its prices since October 2016, to adjust its list prices such that they are in line with actual market prices. Its list price for SS400 senior-sized H-beams will be cut by JPY 4,000 to JPY 85,000, while the price for SPHC 1.7-22mm hot-rolled coil will be cut by JPY 5,000 to JPY 69,000 Tokyo Steel's MD Mr Kiyoshi Imamura said "Demand for steel products from overseas and domestic markets are basically firm, but customers are monitoring the movement because the impact from the US-China trade dispute on the steel market is unclear. This movement is leading the fall in overall steel product prices.”

He also said overseas suppliers are increasing their export offers to Japan because their currencies are weakening. He said "lower priced offers by overseas suppliers are also weakening prices in Japan, so we decided to cut our prices and try to stop customers from booking imported materials.”

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Posted By : Ratan Singh on Tue, 18 Jun 2019
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