Japan: Tokyo Steel keeps steel prices unchanged for Aug'20

Japan's leading electric arc steel manufacturer Tokyo Steel kept its steel prices unchanged for the Aug'20 post announcement of hike made this month by around 3.5-7.3%. Thus the company is currently monitoring the recent hike and kept the steel prices largely stable.

Currently, the company's effective price for steel bars (including rebar) stands at JPY 59,000/t ($550), and H-Beam prices at JPY 81,000/t ($755), and hot-dipped galvanized prices stood at JPY 70,000/t ($652) for Aug deliveries.

Thus the company kept prices stable due to

• The local inventories of sheets remain high in the country.
  
  
• The COVID-19 pandemic has largely impacted the global steel demand and as a result, there have been nation-wide lock-downs in several countries, on the other hand, the steel markets are now improving, though at a slower pace.
  
  

However, on the other hand, orders for construction materials are gradually picking up.

Before this, last month the company had increased prices by around JPY 3,000-5,000/t for Jul'20 on the back of improved demand in China and consequent hike in their export offers.