Tuesday, October 19,
Tokyo Steel Manufacturing Co, Japan’s biggest construction steel maker, said on Monday it would cut prices on all products in November, reflecting the impact of the yen’s sharp rise.
Tokyo Steel said it would reduce the price of H-beam steel by 5,000 yen per tonne to 67,000 yen ($822.8) in November. The planned cuts to Tokyo Steel’s products range between 3,000 yen and 7,000 yen.
“We will cut prices on all products to correct differences between domestic and overseas prices, after imports have become more active due to the yen’s rise,” Naoto Ohori, managing director at Tokyo Steel, told a news conference.
“Domestic demand is weak as the yen’s rise prompted a cautious stance in private-sector capital investments,” he said. He also said he expected output for October to be around 200,000 tonnes, lower than 220,000 tonnes initially thought.
Tokyo Steel announced its first across-the-board price rise in four months for September, citing a rebound in steel scrap costs, but kept prices unchanged for October given still-weak demand.
The price of hot coil will fall by 5,000 yen per tonne to 59,000 yen
Source: Reuters
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