Leading Japanese EAF-based steelmaker Tokyo Steel has increased its steel prices by JPY 3,000-5,000/mt or $28-46/mt depending on the product for July delivery, as demand and prices have improved in the international market owing to strong consumption in China. Moreover, domestic steel demand in Japan has also started to recover.
Tokyo Steel’s H-beam prices have increased by JPY 5,000/mt to JPY 81,000/mt ($753/mt) ex-works, while prices for rebar have gained by JPY 4,000/mt to JPY 59,000/mt ($550/mt) ex-works.
Prices for HRC with thickness above 1.7 mm are at JPY 65,000/mt ($605/mt) ex-works, up by JPY 3,000/mt since last month.
“In the overseas market, inquiries have increased significantly against the backdrop of strong demand in China... The major mills in Asia aimed to increase prices to recover profitability,” Tokyo Steel said.
Construction activities in Japan have started to recover after their halt during the state of emergency, and the demand improvement will continue in the near future.
Tokyo Steel has increased its steel prices also in response to the raw material price hikes over the past two weeks.