Tokyo Steel maintains product prices in April

Tokyo Steel Manufacturing Co will maintain current product prices for April delivery as customer inventories rise after the winter frost, but there is a shortage of labor to cover construction projects, Japan's largest electric furnace owner said.

However, the firm, which recycles scrap steel rather than iron ore in its furnaces, believes the appetite for steel in Japan will be strong over the long term as construction works pick up pace. Kiyoshi Imamura, head of Tokyo Steel Manufacturing, said that “Demand for steel, including renovation projects in the Tokyo area and public works, as well as private projects, remains strong. its a bloated and brutally regulated metallurgical sector, shutting down obsolete and polluting factories. "

The company's pricing strategy is being closely watched by Asian rivals such as POSCO, Hyundai Steel Co and Baosteel, which aim to boost exports to Japan.

Imamura said that “Given the recent drop in scrap prices and high inventories of steel products, we will conduct our deals unchanged in price. April will be the third consecutive month without price increases. The price of scrap steel fell by 10,000 JPY per tonne in the first two months of this years to about 28,000 JPY amid conditions where snow interrupted transportation. Many parts of Japan have been hit by heavy snow storms this winter. "