14 June,Tokyo Steel Manufacturing Co., Japan’s largest electric-furnace mill, cut prices by as much as 12 percent for July contracts, the first reduction in six months, as price competition with Asian mills intensified and costs fell.
Slowing demand in China, the world’s largest steel consumer, prompted local mills to reduce prices, which has an impact on the global market, Tokyo Steel Managing Director Naoto Ohori said today. The cost of scrap metal Tokyo Steel uses at its Okayama plant has also declined about 23 percent from an 18- month high on March 30.
“The company needs to start afresh under such situations,” Ohori said.
Falling Prices Benchmark steel prices in China have fallen 10 percent from an 18-month high on April 15, as the government imposed measures to curb speculation in the property market. Baoshan Iron & Steel Co., China’s biggest publicly traded steelmaker, cut prices for July delivery for the first time in eight months amid concerns credit curbs may trim demand from auto
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