Japan steel export price reaches record level in November

Japan steel export price reaches record level in November

The Japan Iron and Steel Federation reported that export price for steel products in Japan reached to $625/ton FOB level in November 2003 with an increase of $32 over previous month and about $115 during 2003. According to figures on hand, this export price is the highest price level recorded within the last five years. Back in 1998 same figure was $570/ton It is stated that rises seen in export prices of flat rolled, long and special steel products between October and November, together with improving demand from China resulted in this record high export price. Moreover, steel producers' effort to offset rising cost together with stronger Yen played an important role as well. The increases in hot and cold rolled coil and galvanized steel brought prices up to $320, $480 and $540 per ton respectively. Long product prices grew up by $90-110 whereas special steel products reached to $1.150 with an increase of $300. The estimated export price for 2003 is reported as $550 per ton.