Japan’s leading electric arc steel manufacturer Tokyo Steel announced an increase in its steel prices today by JPY 3,000-5,000/t ($ 28- 47) following the hike in global prices and improved demand from China.
–After the increase, the company’s effective price for steel bars (including rebar) stands at JPY 59,000/t ($ 550), and H-Beam prices at JPY 81,000/t ($ 755), and hot-dipped galvanized prices stood at JPY 70,000/t ($ 652) for July deliveries.
— Meanwhile, in June, the prices remained steady due to low buying from major steel-consuming sectors, especially from automobile and construction industries hit by the COVID-19 crisis.
— Company officials shared that, “Domestic demand is also expected to pick up, as construction projects resumed operations after Japan started to lift coronavirus-induced restrictions and inventories of construction materials are extremely low.”
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