Japan's Tokyo Steel Holds Steel Prices Steady for Feb'19 Deliveries

Tokyo Steel Manufacturing Co. Ltd- Japan's leading top electric-arc furnace steel maker has kept its steel prices unchanged for Feb deliveries amid weakening global steel prices.

Company has kept its steel prices stable in the month of January amid softening export offers in overseas market.However Tokyo steel increased plate prices for December deliveries.

Thus rebar prices continued to remain at Yen 69,000/MT and H beam prices at Yen 89,000/MT for Feb deliveries.

Tokyo Steel managing director Kiyoshi Imamura, quoted that,"We will keep prices steady as the overseas steel market remains relatively weak though the prices there are at the bottom zone",

Further he added, that domestic demand will remain positive amid newly construction projects relating to 2020 Tokyo Olympics along with redevelopment projects in metropolitan areas and expansion in hotels across nation to meet growing number of foreign toursists.

Also in addition to this,he mentioned that steel markets in China and South East Asia may pick up after China's Lunar New year holiday which is scheduled in the month of February.

Tokyo steel scrap prices- On 07th Jan'19, the company announced a price cut of Yen 500/MT in its scrap purchase price for all its works. The steelmaker is paying 31,000/MT for H2 scrap delivered to Utsunomiya plant situated in the Kanto region. While H2 price at the largest plant, Tahara stands at JPY 30,000/MT.