Tokyo Steel Manufacturing Co Ltd, a leading manufacturer of electric arc furnaces in Japan, said Monday that it will raise product prices in January for the second straight month due to tough market conditions at home and abroad and expectations for higher market prices.
Steel product prices, including rebar, will rise by 3,000 yen ($ 26.63), or 4.6 percent, to 68,000 yen per tonne, while prices for U-shaped steel sheet piles will rise by 3,000 yen or 3.1 percent to 99,000 yen a ton.
Tokyo Steel's pricing strategy is closely watched by Asian competitors such as South Korea's Posco and Hyundai Steel Co, as well as China's Baoshan Iron & Steel Co Ltd
Tokyo Steel will raise product prices for the second consecutive month in January
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