Japanese steel producer Tokyo Steel has left its steel prices for the local market stable for December, after a hike by JPY 3,000-5,000/mt ($26-44/mt) last month. Weakening demand and the slowdown in the global market has led to this move.
H-beam prices from Tokyo Steel have remained at JPY 111,000/mt ($973/mt) ex-works. The rebar price level is at JPY 89,000/mt ($780/mt) ex-works. Though demand has been stable for construction steel in Japan recently, the producer has been cautious as regards making further price adjustments, focusing on allowing the market to absorb the previous hike.
“In the overseas market, the economic stagnation due to the coronavirus disaster in Southeast Asia and the decrease in demand in China are worrying, and bearishness is emerging in the market as a whole,” Tokyo Steel said, but adding that the steel production cuts in China are significant and that this will support the market balance in the future.
In the flat steel segment, Tokyo Steel has rolled over prices for HRC with thickness above 1.7 mm at JPY 110,000/mt ($964/mt) ex-works. “Inventories of thin sheets are on the rise due to the impact of the recent reduction in automobile production, and there is a demand reduction in the market,” the producer stated.