Japan- Tokyo Steel Rolls Over Steel Prices for Fifth Consecutive Month
Company kept its steel prices unchanged for May deliveries amid higher inventory levels over increased imports in domestic market.
Tokyo Steel Manufacturing Co. Ltd- Japan’s leading top electric-arc furnace has kept its steel prices steady for the 5th consecutive month owing to higher inventory levels in domestic market.Meanwhile delay in few of construction projects can also be attributed for stable prices for May shipments.
Thus rebar prices continued to remain unchanged at Yen 69,000/MT and H beam prices at Yen 89,000/MT for May deliveries.
Kiyoshi Imamura, Tokyo Steel’s Managing director said, “Local flow of steel products have slowed down amid shortage of some materials such as bolts which cause delay in construction projects. Meanwhile increased imports volumes also lead to boost in local steel inventories”.
Further he added that, redevelopment projects in Tokyo Metropolitan area and constructions of new hotel in Okinawa, Kyushu and Hokkaido to attract foreign tourist will recover the shortage in upcoming months and boost construction activities in Japan owing to strong demand in nation’s domestic market.
Tokyo Steel lowered scrap purchase prices-Japan’s leading EAF steel mini-mill - Tokyo Steel has lowered the domestic scrap purchase price by further JPY 500/MT (USD 5) at all five works in Japan. New prices for all grades is effective from 20th Apr'19. This is the 7th consecutive price cut by Tokyo Steel in April ‘19 and 3rd price cut since the opening of this week.
With a recent price cut, the company will pay JPY 31,500/MT for H2 scrap delivered at Tahara in central Japan and Kyushu works in the Western region. While JPY 30,000/MT for H2 delivered to Utsunomiya plant in the Kanto region, JPY 30,500/MT for Okayama plant and JPY 29,000/MT at Takamatsu steel center.
source: SteelMint
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