Major Japanese EAF-based steel producer Tokyo Steel has announced an increase in its local rebar prices after holding prices stable for five months in a row. Stronger construction steel demand as well as costlier raw materials have attributed to this move.
Tokyo Steel’s rebar prices have increased by JPY 3,000/mt to JPY 100,000/mt ex-works “taking into account the supply and demand environment for this product,” the company stated. However, given the sharp depreciation of the Japanese currency, the dollar-based price even after the increase has declined by $2/mt to $756/mt. Prices for other major products of the company are unchanged. Prices for H-beams have remained stable at JPY 124,000/mt or $937/mt, with the dollar equivalent $33/mt lower than last month.
Prices for HRC with thickness above 1.7 mm from Tokyo Steel are still at JPY 115,000/mt ex-works. The dollar equivalent has declined by $30/mt since January to $869/mt due to the weakening yen. “Automotive industry demand is on a recovery trend, construction machinery and industrial machinery sectors continue to move steadily, and some flat steel products are in short supply,” Tokyo Steel said regarding the relatively positive development in the flat steel market.
