Tuesday, December 21,
Tokyo Steel Manufacturing Co said on Monday it will raise prices of all its steel products by around 10 % or 6,000-8,000 yen ($71-95) per tonne to offset the higher cost of scrap, its major input.
Tokyo Steel, Japan’s biggest construction steel maker, said it will raise H-beam prices by 12 % or 8,000 yen per tonne to 75,000 yen in January, and that of checkered H-beam steel by the same amount to 85,000 yen. Hot rolled coil prices will also rise 8,000 yen, to 67,000 yen.
“While the demand outlook is still uncertain only raw materials costs are going up,” Naoto Ohori, managing director of Tokyo Steel, told a news conference.
“The higher raw material costs are pushing up our costs.”
Rival Nippon steel Corp, the world’s fourth-biggest steel maker, this month notified distributors of a price rise of 4%, or 3,000 yen per tonne, for H-beam steel, citing higher raw material costs and a decline in inventories to a record low level, according to media reports. Exports of steel scrap are increasing on strong demand from Asian consumers.
Tokyo steel has raised the price of scrap by 5,500 yen per tonne to 36,500 yen in the past month due to a supply shortage. Scrap prices have risen 8,000 yen per tonne since their recent bottom, Ohori said
Source: Reuters
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