Japan’s leading electric arc steel manufacturer – Tokyo Steel announced roll over in its steel prices today owing to dwindling demand from the construction and automobile sector amid COVID-19 outbreak.
–Weakening consumption and business activities resulted in sluggish demand in downstream industries which pushed the producer to keep its steel prices largely stable.
–Thus,prices for H-shaped beams continue to hover at Yen 76,000/MT (USD 705) and for deformed steel bars (re-bars) at Yen 55,000/MT (USD 510) for May delivery.
–In Mar’20, the company had reduced its steel prices first time in the past six months by around JPY 5,000-9,000/MT due to the COVID-19 outbreak which resulted in bearish market sentiments in the global as well as domestic market. The quantum of the price cut made in the range of 6-11%.
Tokyo steel scrap purchase price-The company will pay JPY 19,500 /MT (USD 180) for H2 scrap delivered at the Tahara plant in the central region, while for Utsunomiya works located in the Kanto region the price is set at JPY 18,500/MT (USD 171).
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