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Tokyo Steel to keep prices steady in May for fifth month

Steel News - Published on Tue, 23 Apr 2019

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Reuters reported that Tokyo Steel Manufacturing Co Ltd, Japan’s top electric-arc furnace steelmaker, said that it would keep its steel product prices steady in May due to delays in some construction projects and higher local inventories. This is the fifth straight month the company kept prices unchanged for all of its steel products, including its main H-shaped beams. For May, prices of steel bars, including rebar, will remain at JPY 69,000 (USD 617) a tonne, while H-shaped beams will also stay at JPY 89,000 a tonne.

Tokyo Steel MD Mr Kiyoshi Imamura told reporters that “Local flow of steel products have slowed as a shortage of some materials such as bolts caused delays in some construction projects, while higher imports also helped boost local steel inventories. But I expect bolts shortage to ease and construction activities will pick up by end-June as domestic demand is fairly strong due to redevelopment projects in Tokyo metropolitan area and construction of new hotels in Okinawa, Kyushu and Hokkaido to meet rising foreign tourists.”

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Posted By : Sanju Moirangthem on Tue, 23 Apr 2019
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