According to a Reuters report, Tokyo Steel is holding its steel product prices steady into June. For June, prices for steel bars, including rebar, will remain at JPY 69,000/mt ($627/mt) while H-beams will remain at JPY 89,000/mt ($809/mt), ex-mill. Prices are reportedly unchanged for all the company’s 15 products. Longs have remained stable for approximately 16 consecutive months. Compared to last month, prices increased $11/mt on rebar and $14/mt on H-beam per currency fluctuations.
Managing Director Kiyoshi Imamura noted that cheaper product prices into Asia from countries such as Russia and Turkey, which have faced weaker local currencies, have placed downward price pressure in the region. Additionally, domestic production in Japan was increased in Q1 2019, thereby creating an inventory surplus for Q2 2019. Imamura predicted the possibility of the domestic market tightening with increased construction activity in July.
USD = JPY 111.95 (Apr 22)
USD = JPY 109.98 (May 20)