Japan : Tokyo Steel Rolls Over Steel Price For Nov

The Japanese leading electric-arc steel manufacturer, Tokyo Steel Manufacturing Co Ltd, has announced a roll-over in its steel prices today for the Nov deliveries owing to increased supply in domestic market.

Higher inventories in domestic market coupled with weakening global steel prices amid prolonged USA-China trade spat kept company's steel prices largely stable.

Thus,effective prices of H shaped steel hover at JPY 83,000/MT (USD 764.42/MT) and JPY 62,000/MT (USD 571.01/MT) for deformed steel bars (rebars).

As per reports, the company officials said, "Domestic steel market is becoming active, but it was taking longer than expected to trim stocks in steel sheets."_

Further falling export prices and cheaper imported steel products continue to weigh on the domestic steel prices.

However, in the preceding month, the company had slashed its steel prices by around JPY 2000-3000/MT owing to competitive offers from other major steel producing nations.

Tokyo Steel made steep price cuts in scrap purchase - Tokyo Steel made six price cuts in scrap purchase in the month of Sept'19.

So far in Oct'19, the company has revised scrap purchase prices thrice. Last week Tokyo Steel lowered its scrap purchase price at its Tahara Plant by JPY 500/MT (USD 5) while keeping its bids unchanged for the other 4 plants. After the said price cut, the company will now pay JPY 22,000/MT (USD 203) for H2 scrap delivered at its Tahara plant in Central Japan.