Tokyo Steel, Japan’s top EAF steel manufacturer, has announced a price cut for its hot-rolled coils (HRCs) (1.7-22 mm) and rebars effective April 2025. The price cuts amount to JPY 3,000/t ($20/t) m-o-m for both HRCs and rebars. H-beam prices, however, continue to remain unchanged.
- HRCs (1.7-22 mm): JPY 89,000/tonne (t) ($598/t)
- Rebars (D13~25): JPY 85,000/t ($572/t)
- H-beams (100-300 mm): JPY 115,000/t ($773/t)
1.Kanto scrap export tender sees rise in bids: The Kanto Iron and Steel Cooperative’s scrap export tender in March saw bids rise by JPY 1,026/t m-o-m ($7/t). A 15,000 t H2 lot was sold at JPY 44,226/t ($301/t) FAS. The price increase was mainly driven by a strengthening JPY against USD. In USD terms, bids rose by $20/t m-o-m, from $281/t in February to $301/t FAS.
2.Domestic demand: Japan’s steel industry faces challenging times, with weak domestic demand, low prices, and high competition. It is expected that demand will remain subdued, with a slow recovery anticipated. Manufacturers will focus on maintaining sales prices to secure profitability in a dull market.
3.Key global mills’ steel pricing trends: Chinese steel giant Baosteel has kept its HRC prices stable m-o-m for April sales after increasing tags by $14/t for March, according to sources. Moreover, hot-dip galvanised prices, too, have been kept unchanged.
Outlook
Japan’s steel market is expected to face challenges in the near term, including weak demand, low prices, and high competition. Also, a strengthening JPY against the USD may lead to higher export prices, benefiting domestic manufacturers. Global economic trends, including trade policies, will impact Japan’s steel market.
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