Tokyo Steel Manufacturing Co., Ltd., Japan’s leading electric arc furnace steelmaker, said it will keep steel product prices stable in October to ensure steel price hikes are realized in the coming weeks. upcoming month.
Tokyo Steel Manufacturing Co., Ltd., Japan’s leading electric arc furnace steelmaker, said it would keep steel product prices stable in October to ensure steel price hikes are realized in the coming months. recent months.
Entering October, the price of main H-beam will be stable at 106,000 yen ($964)/ton while hot-rolled coil will remain unchanged at 110,000 yen ($1,000)/ton.
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Steel product prices in October stabilized to ensure steel price hikes are realized in the near future.
The company also raised the price of impregnated and impregnated sheet steel by 2.4% in September, after increasing by 4.7% for some steel products in August 2021.
The company said that overseas steel markets have been stalled by the Covid-19 epidemic in resurgent Southeast Asia, but the recovery is expected to return quickly thanks to stable demand. and the policy of cutting crude steel production and steel exports in China.
The price increase is likely to be accepted by the domestic market because of low inventories of sheet products, said Tokyo Steel Manufacturing Co. However, it is also unclear what impact the slowdown in auto production will have on steel demand.
Toyota Motor Corp last weekend cut its annual production target of 300,000 vehicles, due to the increasing Covid-19 epidemic, which disrupted production at component factories in Vietnam and Malaysia. , increasing the global shortage of automotive chips affecting the number of cars produced will not reach the original expectations.
Tokyo Steel’s steel prices are closely watched by Asian rivals such as South Korea’s Posco 005490.KS, Hyundai Steel 004020.KS, and China’s Baoshan Iron & Steel Co Ltd (Baosteel) 600019.SS.
Source: VITIC/Reuters
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