Tokyo Steel Manufacturing Company Limited, Japan leading electric-arc furnace producer, has announced prices of all its finished carbon steel products to remain unchanged for Mar 2021 sales. This way the company has rolled-over prices for the second consecutive month in order to give the market more time to accept the previous hike made for the month of Jan 2021 deliveries.
Prices of H-shaped beams continue to hover at JPY 93,000 ($880/t), while hot rolled coil remains stable at JPY 79,000 ($748/t) for March 2021 deliveries. Last month the prices stood at similar levels. However, the company had sharply raised its steel prices by $97/t for Jan 2021 deliveries on increased domestic consumption.
As per the media reports, the company has remarked that overseas steel markets have rebounded after the Chinese New Year holidays with an improvement in domestic market demand. However, Japanese steel market attracted lower orders for construction materials amid a plunge in scrap prices.
But we expect strong demand from manufacturers will continue through the end of March and the recent recovery in scrap prices will boost activity in the market, stated Tokyo Steel.
Tokyo Steel increased scrap price by $4-Tokyo Steel has increased its scrap purchase price for all works by JPY 500/t ($4), making it the fifth hike in Feb 2021 so far. The company would pay JPY 39,500/t ($373) for H2 scrap delivered at Tahara and Utsunomiya, effective from today (23rd Feb 2021). Prices at its Utsunomiya works in Kanto are approaching one-month high after recent price hike.
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