Japan- Tokyo Steel Keeps Prices Unchanged for June Deliveries

The steel maker has rolled over prices for 4th month in a row.

Tokyo Steel Manufacturing Co Ltd, Japan’s top electric-arc furnace steelmaker has kept steel product prices unchanged for June deliveries amid strong demand over limited inventories available in domestic market.

This is the fourth consecutive month that the company has kept prices stable after announcing price hike of Yen 2000/MT for Feb deliveries in order to observe that previous hikes are observed in the market

Meanwhile,the total production made in May was 2,40,000 tonnes which was up by 10,000 tonnes against previous month.

Imamura Managing Director highlighted in the annual press conference,”Despite the temporary disruption of the market due to US trade policy, overseas markets have strong demand for steel materials globally, especially in China. Export inquiries are robust, and domestic market is as busy as ever and tight. Stocks are also decreasing, prices have stopped falling, and there are signs of rising. On the other hand, various materials and expenses have continued to soar and the cost continues to increase”.

Further he added that activities in the local steel industry are picking up, but our price hikes made earlier this year have not been fully absorbed by the market. However market remains quite hopeful and optimistic regarding upcoming hikes to be made in future owing to strong earnings from cars, electronics machineries as well as trading houses.

Tokyo Steel Manufacturing Steel prices for June 18 Deliveries are-

1 USD =106.875  JPY
Source-SteelMint,Iru Miru

~Inputs from Iru Miru