The main EAF-based steel producer in Japan, Tokyo Steel, has again decided to roll over local steel prices for October, keeping them stable for the fourth month in a row. “In China, the government has launched economic stimulus measures, but the effects are weak and there are still concerns about the economic recovery,” the company said, explaining difficult the international market conditions. Furthermore, the producer said higher energy costs and raw material prices may support steel prices in the coming months.
Tokyo Steel’s rebar prices have remained at JPY 98,000/mt ex-works, which is $658/mt at the current exchange rate. Prices for H-beams are at JPY 127,000/mt ex-works or $853/mt. “Even after entering the second half of the year, steel cargo movements [in the local longs market in Japan] are currently slow due to revised plans and construction delays in some regions, as well as seasonal factors,” Tokyo Steel said.
The mill’s prices for HRC with thickness above 1.7 mm have stayed at JPY 105,000/mt or $705/mt ex-works. “Domestic market conditions [in the flat steel market] are showing little signs of a reversal as the effects of imports continue, but, on the other hand, domestic steel manufacturers continue to restrict supply, with sheet inventory remaining at a low level,” the company said.