Japan: Tokyo Steel Keeps Steel Price Unchanged for June Deliveries

Japan's leading electric arc steel manufacturer, Tokyo Steel has announced a roll-over in its steel prices for June'20 owing to slump in overseas demand. Company's price for steel bars (including rebar) at JPY 55,000/MT (USD 513), and H-Beam prices at JPY 76,000/MT (USD 709).

-- Demand for steel from downstream sectors like automobile and construction are hit by the COVID-19 crisis.

-- Also, US-Sino trade spat continued to hinder the growth in demand and forced a few mills in the country to trim their steel production.

-- Last month also the company kept its steel prices unchanged for May deliveries owing to dull demand.

As per reports, Japanese steelmakers may need to accelerate restructuring plans or close more facilities as construction project delays due to the coronavirus add to industry woes. Mills like JFE Steel and Nippon Steel have already announced production cut plans owing to dull demand.