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Japan: Tokyo Steel cuts steel prices m-o-m for July'23 deliveries

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BigMint Bureau

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19 Jun 2023, 17:12 IST

Japan: Tokyo Steel cuts steel prices m-o-m for July'23 deliveries

Tokyo Steel, Japan's top electric arc furnace steelmaker, has cut its steel prices m-o-m for July 2023 sales, as per the latest price list unveiled today.

Effective prices:

HRC (1.7-22mm): JPY 105,000/t ($741/t)

Rebar (D13~25): JPY 98,000/t ($692/t)

H-beam (100-300mm): JPY 127,000/t ($897/t)

HRC prices for July deliveries are JPY 105,000/t ($741/t), down JPY 10,000/t ($71/t) m-o-m against JPY 115,000/t ($812/t) for the previous month. Similarly, rebar prices were trimmed down by JPY 5,000/t ($35/t) m-o-m to JPY 98,000/t ($692/t) against JPY 103,000/t ($727/t) for June deliveries. However, H-beam prices remain stable m-o-m at JPY 127,000/t ($897/t).

Factors weighing on prices

Global steel market sentiments subdued: Prices in the global market have declined significantly. Vietnam's Formosa Ha Tinh has lowered monthly prices for hot rolled coils (HRC) by $23-40/t in end May in addition to a previous cut of $65/t due to poor sales in the domestic market. The company has fixed prices based on the buyers' required volume, with post-revision prices ranging from $580-600/t depending on volumes sold.

Baosteel, one of China's largest steel producer, has rolled over HRC prices for July m-o-m sales after cutting list prices for June sales by RMB 200/t ($28/t), sources told SteelMint.

Raw material prices fall in May'23: Japan's bellwether Kanto Tetsugen scrap export tender concluded for May fetched bid prices lower by JPY 4,383/t FAS ($32/t) m-o-m. Around 25,500 tonnes (t) of scrap were awarded, with the average price at around JPY 46,173/t FAS for H2 scrap compared to JPY 50,556/t a month ago.

Subdued steel market sentiments in Japan: Japan's crude steel production fell to 7.2 mnt in April against 7.5 mnt in March. In the domestic construction sector, demand is driven by large-scale projects. Demand for thin sheets continued to recover, mainly for automobiles. However, sheet inventories are on a downward trend, overseas exports to Japan are becoming more aggressive.