One of the leading Japanese steel producers Tokyo Steel has kept its local finished steel prices stable for December delivery for the second straight month. Sentiments in both the international and domestic markets have improved in November and the steelmaker predicts a further lowering of inventories and an increase in profitability in the coming month.
Tokyo Steel’s rebar and H-beam prices have remained at JPY 62,000/mt ($570/mt) ex-works and JPY 83,000/mt ($763/mt) ex-works, respectively. Offers for HRC with thickness above 1.7 mm have stayed at JPY 67,000/mt ($616/mt) ex-works. Stocks are declining in Japan and the market is becoming more balanced, because sales volumes are improving, though some more time is still needed to normalize inventories of sheets, Tokyo Steel stated.
The producer hopes for better profitability in December, even despite the uptrend started in the scrap market as well, according to the company’s report.
$1 = JPY 108.769
