TOKYO: Tokyo Steel Manufacturing will keep steel product prices unchanged in July, for the fifth straight month, the top Japanese electric-arc furnace steelmaker said on Monday, as it monitors domestic and international market trends.
The overseas steel market remains in a bearish tone due to strong exports from top producer China, while there are concerns about delays and cancellations in major construction projects in Japan as well as uncertainty over automobile demand, the company said in a statement.
For July, Tokyo Steel prices for hot rolled coils will stand unchanged at 107,000 yen ($679) a metric ton, and its main H-shaped beams at 127,000 yen a ton.
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 = 157.6200 yen) (Reporting by Yuka Obayashi; Editing by Shinjini Ganguli)
