TOKYO STEEL MANUFACT

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Tokyo Steel to keep product prices steady in November

10/19/2020 | 05:29am

TOKYO, Oct 19 (Reuters) - Tokyo Steel Manufacturing Co , Japan's top electric-arc furnace steelmaker, said on Monday it would keep product prices steady in November to make sure a hike implemented this month would be absorbed by the market.

The company raised some of its product prices by 2.2% to 3.4% in October.

For November, prices of its main H-shaped beams will stay steady at 81,000 yen ($769) a tonne while hot rolled coils will remain unchanged at 67,000 yen a tonne.

It said overseas markets looked healthy thanks to strong demand in the world's top consumer China, while Japan's domestic demand was gradually picking up, with inventories of some steel sheets showing a shortage.

Tokyo Steel's pricing is closely watched by Asian rivals such as South Korea's Posco and Hyundai Steel , and China's Baoshan Iron & Steel Co Ltd (Baosteel) . ($1 = 105.3600 yen) (Reporting by Yuka Obayashi; Editing by Edmund Blair)

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