Japan- Tokyo Steel Keep Steel Prices Unchanged for March Deliveries

Tokyo Steel Manufacturing Co. Ltd- Japan’s leading top electric-arc furnace has announced its steel prices today.Company has kept its steel prices steady for March deliveries over softening global steel prices along with slow demand in domestic market.

Thus rebar prices continued to remain at Yen 69,000/MT and H beam prices at Yen 89,000/MT for March deliveries.

Prior this,Tokyo steel increased plate prices for December deliveries.Thus company has kept its steel prices stable from last three consecutive months owing to weakening prices in overseas market.

Tokyo Steel managing director Kiyoshi Imamura, commented that,”Overseas steel market, which had been weighed down by worries over political risks since late last year, seems to be gradually turning around after the Chinese Lunar New Year holiday.While construction demand at home is a bit slow due to seasonal reasons”.

Further he added, that raw material like iron ore prices witness record high in wake of accident in one of Vale’s iron ore mines in Brazil.Meanwhile scarp prices are also moving in upward direction.

Tokyo steel scrap prices- Japan’s leading EAF steel mini-mill - Tokyo Steel has raised domestic scrap purchase price by JPY 500/MT (USD 5) at all five of its works.The steelmaker has raised scrap purchase prices twice in previous week.

The steelmaker will pay JPY 32,000/MT (USD 290) for H2 scrap delivered to Utsunomiya plant situated in the Kanto region.Japanese scrap buyers in the Kanto region have been increasing the purchase price of scrap on successively falling inventories.

While revised H2 price stands at the largest plant, Tahara at JPY 31,000/MT in the central area and JPY 27,000/MT for Takamatsu steel center, JPY 28,500/MT for Okayama works and JPY 31,500/MT for Kyushu works respectively.