Tokyo Steel announces price reduction for October

Tokyo Steel announces price reduction for October

Japanese steelmaker Tokyo Steel Manufacturing announced yesterday that it would reduce sales prices of all flat rolled steel products and certain long products for October orders. In line with the statement released by the company, the price of hot rolled coils will be lowered by Yen 5'000 ($45) per ton to Yen 59'000 ($530) per ton while the price of pickling steel coil will be reduced by Yen 7'000 ($63) per ton to Yen 65'000 ($584) per ton effective for October orders. Tokyo Steel indicated that cheaper imports from China and South Korea forced the company to reduce its sales prices. Tokyo Steel also announced a Yen 3'000 ($27) per ton price reduction for wire rods and concrete reinforcing steel bars.