Tokyo Steel to increase its steel prices by $19
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The company is planning to increases its steel prices by 2.2- 3.4% for Oct deliveries amid a rebound in demand in the domestic and global markets.
Japanese steel manufacturer, Tokyo Steel is planning to increase its steel prices of ten products by 2.2.-3.4% i.e JPY- 2,000/t ($19) for Oct deliveries after keeping it unchanged for the past two consecutive months.
Offers for Oct deliveries are mentioned below
| S.No | Product | Currency | Oct delivery | Sep Delivery |
| 1 | Rebar | JPY | 61,000 | 59,000 |
| 2 | Hot Rolled coils | JPY | 67,000 | 65,000 |
| 3 | H Beams | JPY | 81,000 | 81,000 |
| 4 | Hot dipped galvanized | JPY | 91,000 | 89,000 |
Source: Reports
Company raised its steel prices due to following reasons:
- Strong overseas demand pushing up domestic prices.
- Strengthening Chinese prices.
- Improved demand in domestic markets.
"Overseas markets are getting stronger due to solid demand in the world's top consumer China, while there are signs that Japan's demand is picking up, especially in steel sheets used in the manufacturing industry," company sources shared.
Earlier in the month of Jul'20, the company had increased prices by around JPY 3,000-5,000/t on the back of improved demand in China and consequent increase in Tokyo Steel's export offers.
