Japanese EAF-based steelmaker Tokyo Steel has announced a price increase by JPY 2,000/mt ($19/mt) for 10 of its steel products for October, seeing continued improvement in demand locally and positive international environment together with higher costs.
Tokyo Steel has raised prices for HRC with thickness above 1.7 mm to JPY 67,000/mt ($635/mt) ex-works, while prices for rebar have reached JPY 61,000/mt ($578/mt) ex-works. At the same time, H-beam prices have remained at JPY 81,000/mt ($767/mt) ex-works.
Construction steel demand has been recovering slowly and “the market inventory was at an extremely low level,” the company said. Moreover, following earlier cuts of flat steel production by major steel mills, the supply-demand balance has been improving steadily, which has also supported a price increase for October. Apart from the better situation in the local market in Japan, the export market has also improved.
According to Tokyo Steel, it is expected that price increases will intensify in the future due to rising manufacturing costs.