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Japan: Tokyo Steel keeps steel prices stable m-o-m for Mar'25 sales

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BigMint Bureau

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18 Feb 2025, 15:14 IST

Japan: Tokyo Steel keeps steel prices stable m-o-m for Mar'25 sales

Bids drop at Kanto scrap export tender in Feb

Key global mills' prices show mixed trends

Tokyo Steel, Japan's leading electric arc furnace (EAF) steel manufacturer, has kept tags of hot-rolled coils (HRCs) (1.7-22 mm) flat for March 2025 sales, the fifth consecutive month of price stability. Additionally, the company rolled over prices of rebars and H-beams.

HRCs (1.7-22 mm): JPY 92,000/tonne (t) ($606/t)

Rebars (D13~25): JPY 88,000/t ($579/t)

H-beams (100-300 mm): JPY 115,000/t ($757/t)

Market highlights

1. Kanto scrap export tender sees drop in bids: The Kanto Iron and Steel Cooperative's scrap export tender in February 2025 saw bids fall by $10/t (JPY 1,610/t) m-o-m from the previous month. The lot was sold at JPY 43,200/t ($281/t) FAS. The decrease was attributed to subdued market activity, as buyers slowly resumed operations after the holidays. Seaborne demand was sluggish, with buyers awaiting signals from China's post-holiday market trends.

2. Domestic demand slow but stability emerging: Japan's domestic market is experiencing a period of uncertainty. Demand remains sluggish, and trading activity is subdued. Despite this, there are emerging indicators that the market may be stabilising. Increased construction-related inquiries, coupled with a belief that the market has reached a bottom, hint at a possible shift towards a healthier supply-demand dynamic.

3. Key global mills' prices show mixed trends: China Steel Corporation (CSC) has raised its HRC prices by TWD 300/t ($9/t) m-o-m for March 2025 sales. However, prices of CRCs and hot-dip galvanised and electro-galvanised steel coils remained unchanged.

However, Vietnamese steel giant Formosa Ha Tinh (FHS) reduced its hot-rolled coil (HRC) prices by approximately $21/t m-o-m for March 2025 sales. Following this adjustment, FHS's HRC prices (SAE1006, skin-passed) ranged at $494-506/t CIF Ho Chi Minh City (HCMC) depending on the quantity booked, as compared to $515/t CIF HCMC a month ago.

Outlook

Japan's steel market is expected to encounter significant challenges in the short term, with prices likely to remain volatile due to global market trends and domestic demand shifts. The outlook remains uncertain, with a potential demand recovery tempered by persistent global market headwinds.