Tokyo Steel keeps steel prices unchanged in June for 6th consecutive month

Tokyo Steel Manufacturing Co Ltd, the largest electric arc furnace steel producer in Japan, said on Monday that steel product prices will be stable in June for the sixth consecutive month, citing a weaker overseas market and strong domestic inventories.

In June prices for steel bars, including rebar, will remain at 69,000 yen ($ 626) per tonne, while I-beams will also remain at 89,000 yen ($ 808) per tonne. Prices for all 15 types of the company's rolled metal products will remain unchanged.

Tokyo Steel's prices are closely watched by major Asian competitors such as South Korean Posco and Hyundai Steel, as well as China's Baoshan Iron & Steel Co Ltd (Baosteel).

Tokyo Steel last raised heavy plate prices in December. For most other products, including major H-beams, June will be the 16th straight month the company has held prices stable.

“Steel markets in the US and Europe are in bearish sentiment and some countries facing weaker local currencies such as Russia and Turkey are supplying cheaper products to Asia, affecting prices in the region,” he told reporters. Managing Director of Tokyo Steel Kiyoshi Imamura. briefing.

Chinese steel futures fell to five-week lows early last week, although they have rebounded since then.

“Domestic steel inventories remained high due to a last-minute increase in production by Japanese steel companies at the end of last fiscal year (March),” Imamura said.

But he predicted that the domestic market could tighten after July amid strong steel demand for construction, with a series of renovation projects in the Tokyo metropolitan area, and plans to build new hotels across the country to cater to a growing number of foreign tourists.