According to a Reuters report, Tokyo Steel announced that it is keeping prices of finished goods stable into May due to higher local inventories and delays in some construction projects due to bolts. Managing Director Kiyoshi Imamura attributed the inventory status to higher imports. Imamura forecasted that the bolt shortage should ease along with improved domestic demand by June. Imamura noted strong demand from hotel construction and redevelopment projects.
For May, prices of steel bars, including rebar, will remain at JPY 69,000/mt ($616/mt) while H-shaped beams will also stay at JPY 89,000/mt ($795/mt) ex-mill. Compared to the March 18 announcement of stable prices being carried into April, rebar and beams prices have decreased $4/mt.
USD = JPY 111.34 (Mar 18)
USD = JPY 111.95 (Apr 22)
USD = JPY 111.34 (Avg 30 days)