Tokyo Steel has maintained the same prices for its entire range of steel products, including the H-shaped beams, for the third consecutive month in August.
Tokyo Steel Manufacturing Co., Ltd. is planning to reduce steel product prices by up to 6.5 percent from September onwards, as an aftermath of the ongoing weakened local market conditions as well as reduced demand from automakers.
The topmost Japanese electric-arc furnace steel maker has maintained the same prices for its entire range of steel products, including the H-shaped beams, for the third consecutive month in August.
However, from September, the value of hot rolled coils will reduce by 8,000 yen (USD 55.7), i.e. 6.5 percent, to 115,000 yen (USD 800.69) per tonne. Besides, the steel bars’ prices, including rebar, will decrease by 5,000 yen (USD 34.8), i.e. 4.9 percent, to 97,000 yen (USD 675.38) per tonne. Notably, the costs of the H-shaped beams will remain the same.
According to a statement by Tokyo Steel, the international steel markets are witnessing an adjustment period due to a significant slackening in demand, particularly in Europe, whereas prices in China remain weak as restrictions to curb the COVID-19 pandemic, bad weather, and disruptions in supply chains keep on obstructing the demand.