Tokyo Steel hikes prices by Yen 3'000-5'000

Tokyo Steel hikes prices by Yen 3’000-5’000

According to recent news in the market, Japanese Tokyo Steel announced that it decided to hike its prices due to increase in the prices of ferrous scrap, to be in effect as of February 2004. Accordingly, steel sheet and long product prices will increase by Yen 3'000 ($28) and Yen 5'000 ($46), respectively. Moreover, prices of hot coils and H- beams will be Yen 52'000 ($485) and Yen 58'000 ($541), respectively. Tokyo Steel had previously effected price increases. Since November, price of ferrous scrap in Okayama Plant of Tokyo Steel has increased from Yen 23'500 ($219) to Yen 46'000, resulting in price increases in other products.