One of the leading Japanese steel producers Tokyo Steel has announced stable local prices for November delivery, having previously reduced its prices for October. Sentiments in the domestic market have remained negative due to the downtrend in the international market and the slow demand recovery in Japan.
Accordingly, Tokyo Steel’s rebar and H-beam prices have stayed at JPY 62,000/mt ($571/mt) ex-works and JPY 83,000/mt ($765/mt) ex-works, respectively. Offers for HRC with thickness above 1.7 mm are at JPY 67,000/mt ($617/mt) ex-works. Although the demand for construction steel has not reached the levels of the same period last year, activation of delayed small and medium-sized projects has started, according to the company’s report.
However, as demand for flat steel has been not as good as expected, steel prices have kept falling in the international market and there have been low-priced offers for imported steel, all of which has put pressure on the decision of Tokyo Steel.
$1 = JPY 108.55