Japan: Tokyo Steel Reduces Finished Steel Price For July Deliveries

Tokyo Steel Manufacturing Co. Ltd- Japan's leading top electric-arc furnace has reduced finished steel prices by Yen 3,000 - 5,000/MT (USD 27-46) for July deliveries. The company has reduced its steel prices after keeping its steady since last five consecutive months of CY19.

Thus SS400 H beam slashed by Yen 4000/MT and is hovering at Yen 85,000/MT and the prices of SPHC hot rolled coil is reduced by Yen 5000/MT and stood at Yen 69,000/MT for July deliveries.

Kiyoshi Imamura,Tokyo Steel's Managing director said,"Demand for steel products from overseas and domestic markets are basically firm, but customers are monitoring the movement because the impact from the US-China trade dispute on the steel market is unclear.This movement is leading the fall in overall steel product prices."

Further he added that,lower export offers for Japan from overseas nations lead to decline in nation's finished steel prices in domestic market. Thus this will reduce imports and boost sales in domestic market as buyers will prefer domestic material over imports amid shorter time delivery.

Company is planning to produce 2,25,000 MT of finished steel in June.Thus production plans for June for H beams production will be around 1,00,000 MT and 95,000 MT of HRC followed by plates at 10,000 MT.Also company is planning to produce 30,000 MT of HRC for exports in June.

Tokyo Steel reduced scrap purchase price to 2 years low - By the month end in May, H2 scrap prices in Utsunomiya (Kanto) fell and stood at Yen 29,000/MT. Dull demand kept scrap purchase prices under pressure.