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Tokyo Steel to maintain product prices steady in March
Tokyo Steel Manufacturing Co Ltd will leave product prices unchanged in March to ensure a hike implemented in January would be absorbed by the market, Japan’s top electric-arc furnace steelmaker said.
For March, prices of its main H-shaped beams will stay steady at 93,000 yen ($880) a tonne while hot rolled coils will remain unchanged at 79,000 yen ($748) a tonne.
Steel markets abroad have rebounded after China’s Lunar New Year holiday with solid demand in many countries, but orders of construction materials in the Japanesec market slowed following a plunge in steel scrap prices, Tokyo Steel said in a statement.
Tokyo Steel to hold prices steady in March
Reuters
TOKYO |
Updated on
× Tokyo Steel Manufacturing Co Ltd will leave product prices unchanged in March to ensure a hike implemented in January would be absorbed by the market, Japan s top electric-arc furnace steelmaker said on Monday.
For March, prices of its main H-shaped beams will stay steady at 93,000 yen ($880) a tonne, while hot rolled coils will remain unchanged at 79,000 yen ($748) a tonne.
Steel markets abroad have rebounded after China s Lunar New Year holiday with solid demand in many countries, but orders of construction materials in the Japanese market slowed following a plunge in steel scrap prices, Tokyo Steel said in a statement.
Taiwanese ferrous scrap buyers are swooping on import cargoes offered at low prices by traders desperate to offload material amid constant price falls during the week to Friday January 29, markets sources told Fastmarkets.
Fastmarkets’ daily price assessment for containerized cargoes of an 80:20 mix of No1 and No2 heavy melting scrap, imported from the United States, cfr main port Taiwan was $360-365 per tonne on Friday, down by $5 per tonne from a day earlier and by $40 per tonne from $400-405 per tonne on January 22.
Prices were on a sharp downward trend this past week on the back of a rapid slashing of prices by traders who wanted to sell material quickly in a hastily weakening market.
US steel scrap sellers have been locked in negotiations for sales to China this week amid a continued drop in global prices, industry sources told Fastmarkets.
At least three major scrapyards in the US have been offering bulk shredded and plate & structural scrap (P&S) to China in the spot market this week, sources said.
A US trading source told Fastmarkets that Chinese traders have been asking for offers for bulk cargoes from the US West Coast this week, in particular for shredded and bonus grade material.
The developments mean that scrap trade flows from the US to China are resuming, following smaller bulk cargoes of P&S scrap sold from Japan to China in early January.