Tokyo Steel Manufacturing Co Ltd, the largest electric arc furnace manufacturer in Japan, will keep all steel prices unchanged in November amid high domestic inventories and weakening overseas prices, the company said.
The steelmaker slashed all steel product prices in October by about 2% -4% to reflect sluggish overseas markets affected by a prolonged US-China trade dispute.
In November, prices for steel bars, including rebar, will remain at ¥ 62,000 ($ 571) per tonne, while the main H-beams will remain at ¥ 83,000 ($ 765) per tonne.
The domestic steel market is becoming active, but the cut in steel sheet inventories has taken longer than expected, the report said. He added that weakening foreign steel prices and cheaper offers for imported products are putting pressure on local steel markets.
Tokyo Steel's prices are closely watched by Asian competitors such as South Korean Posco and Hyundai Steel, as well as China's Baoshan Iron & Steel Co Ltd (Baosteel).
Tokyo Steel maintains November prices for rolled metal
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