Tokyo Steel raises rebar and H Beam prices for February sales
Reuters reported that Tokyo Steel Manufacturing Co Ltd , Japan’s top electric-arc furnace steelmaker, said that it will raise its product prices for a third straight month in February to reflect tight markets at home and abroad as well as rising transportation costs. The company will boost prices on 13 products in February by JPY 1,000-2,000 (USD 9-18) per tonne or by 1.2-2.5%, while it will keep prices of two products unchanged. Prices for steel bars, including rebar, will increase by JPY 1,000 or 1.5% to JPY 69,000 (USD 623) a tonne, while prices for its main product, H-shaped beams, will rise by JPY 2,000 or 2.3% to JPY 89,000 a tonne. Prices of heavy plates and galvanized sheet coils will stay unchanged.
It increased prices on all its products in January and December by JPY 3,000. The February prices of H-shaped beams will mark the highest since October 2008 when the prices were set as a global financial crisis was about to happen
Tokyo Steel’s Managing Director, Kiyoshi Imamura, told reporters “China’s steel prices are going through some corrections after their sharp rally, but strong market trend looks to remain unchanged, with solid demand and output under control. Japan’s domestic demand also continues to be strong backed by healthy orders from construction, automobile and machinery segments. The market will need to reflect higher costs of raw materials and transportation.”
Source : Reuters