The main EAF-based steel producer in Japan, Tokyo Steel, has rolled over its steel prices for local customers for March deliveries, increasing them for the second month in a row after the JPY 10,000/mt ($96/mt) rise for January. At the same time, the company holds a positive outlook for steel demand and prices in the coming period and also expects a rise in scrap prices.
The producers’ rebar prices are at JPY 73,000/mt ($691/mt) ex-works, while its H-beam prices are at JPY 93,000/mt ($881/mt) ex-works. The outlook for the construction steel market in Japan is good, but, according to Tokyo Steel’s statement, local demand is temporarily on hold and the market prices are under pressure due to the significant drop in raw material prices, scrap prices in particular, over the past month, and due to seasonal factors.
Tokyo Steel has maintained its price for HRC with thickness above 1.7 mm at JPY 79,000/mt ($749/mt) ex-works. In the overseas market, after the Chinese New Year steel prices have started to rise. “Regarding the domestic market, the steel sheet market has seen a remarkable recovery, and the market inventory continues to be tight,” the producer said. And the outlook is also good up to the end of the fiscal year.