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Tokyo Steel keeps product prices unchanged for June

Steel News - Published on Tue, 21 May 2019

Image Source: SteelGuru
Reuters reported that Tokyo Steel Manufacturing Co Ltd, Japan’s top electric-arc furnace steelmaker, said it will hold all steel product prices steady in June, for the sixth month in a row, citing a weaker overseas market and high inventories at home. For June, prices for steel bars, including rebar, will remain at JPY 69,000 (USD 626) a tonne while H-beams will also stay at JPY 89,000 (USD 808) a tonne. Prices will be unchanged for all of the company’s 15 steel products. Tokyo Steel Managing Director Mr Kiyoshi Imamura told reporters at a briefing that “The US and European steel markets are on a bearish tone and some countries facing weaker local currency, such as Russia and Turkey, are shipping cheaper products into Asia, weighing on prices in this region. Domestic steel inventories remained at a high level due to last-minute production boosts by Japanese steelmakers at the end of the last financial year.”

Tokyo Steel last raised prices for its heavy plates in December. For most of other products, including its main H-shaped beams, June will be the 16th straight month for which the company has held prices steady.

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Posted By : Sanju Moirangthem on Tue, 21 May 2019
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