Tokyo Steel keeps product prices down

Tokyo Steel Manufacturing Co Ltd, Japan's largest electric arc furnace steelmaker, said this week that it will hold its product prices in June by keeping them stable for four months.

“We will stick to current prices as domestic activity has become slow and spot prices remain unchanged,” Tokyo Steel managing director Kiyoshi Imamura said at a press conference on Monday.

Tokyo Steel retains prices for its main product, H-beams used in construction, at ¥ 78,000 ($ 701) per tonne and steel rebar prices at ¥ 56,000 per tonne.

The company's pricing strategy is under scrutiny from Asian competitors such as Posco of South Korea and Hyundai Steel Co, as well as Baoshan Iron & Steel Co Ltd (Baosteel) in China.