Japanese steel producer Tokyo Steel has announced sharp increases in domestic prices for steel products for June deliveries. This month, the company has hiked flat steel prices again, but by a higher margin, while longs prices, which were stable last month, have also improved amid the global uptrend and higher raw material prices.
Prices for different steel products have increased by JPY 10,000-18,000/mt ($92-165/mt).
Rebar prices from Tokyo Steel have added JPY 10,000/mt ($92/mt) to JPY 83,000/mt ($761/mt) ex-works. Rise in H-beam prices have been similar this month and prices have reached JPY 103,000/mt ($945/mt) ex-works. The main reason behind the hike apart from the rising costs has been the improvement in outlook. “In Japan, demand for construction steel has not changed significantly, but on the other hand… investments in the manufacturing industry are expected to increase in the future, and cargo movements are expected to recover,” Tokyo Steel stated.
Flat steel prices in Japan have continued to go up. Tokyo Steel has announced a JPY 16,000/mt ($147/mt) surge in its prices for HRC with thickness above 1.7 mm to JPY 110,000/mt ($1,009/mt) ex-works. Last month, the price for coils added JPY 10,000/mt. “Market inventories continue to be low, and the supply-demand balance is extremely tight worldwide. The supply in the domestic and overseas markets is scarce, so producers cannot keep up with steel demand,” a company said.
Prices for pickled and oiled coils, pickled and oiled sheets and HDG have risen by JPY 18,000/mt ($165/mt).
