According to sources, Kyoei Steel has increased its rebar list price by JPY 2,000/mt ($18/mt) for November deliveries after a stable carryover of September list prices into October. In September, Kyoei had announced an increase of JPY 2,000/mt ($18/mt). Late September basic market prices for rebar in Osaka were reportedly at JPY 66,000-67,000/mt ($586-595/mt) and in Tokyo higher at JPY 73,000-74,000/mt ($648-657), all prices ex-mill. A source noted that the domestic market price had carried over relatively stable into mid-September from mid-August, except softened slightly about JPY 500/mt ($4/mt) lower compared to mid-August levels.
In October, the rebar market prices reportedly increased to JPY 67,000-68,000/mt ($595-604/mt) in Osaka and JPY 74,000-75,000/mt ($658-666/mt), all prices ex-mill. Prices increased $9-10/mt compared to September. A source noted that with the list price increase Kyoei is seeking to incorporate strong scrap prices along with additional operational costs from graphite electrodes and higher winter electricity prices at a time of relatively strong demand in the fall market.
USD = JPY 112.63 (Sep 24)
USD = JPY 112.54 (Oct 24)