Tokyo Steel Manufacturing Co Ltd, the largest electric arc furnace manufacturer in Japan, said on Monday that steel product prices will remain stable in May despite slowing demand from the auto and construction industries due to the coronavirus pandemic.
The steelmaker cut all steel product prices in April by about 6% -11% to reflect weak market conditions.
In May, prices for steel rods, including rebar, will remain at ¥ 55,000 ($ 510) per tonne, while prices for main rods will remain at ¥ 76,000 per tonne.
Prices of Tokyo Steel 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 will keep product prices in May
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