Tokyo Steel Manufacturing Co Ltd kept steel product prices unchanged for the third straight month in January on Monday, as it wanted to wait and confirm that the recovery in the domestic and global steel markets would continue.
Japan’s top electric-arc furnace steelmaker held prices steady for all of its steel products, including its main H-shaped beams.
For January, prices for steel bars, including rebar, will remain at 62,000 yen ($571) a tonne while H-shaped beams will also stay at 83,000 yen a tonne.
“Overseas steel prices have recovered from a sharp and fast drop, but we need to make sure the current upward trend will continue,” Tokyo Steel Managing Director Kiyoshi Imamura told reporters at a briefing.
Domestic market is also improving, with inventories of construction materials declining and stockpiles of steel sheets finally turning lower, Imamura said.
“An overall balance of demand and supply shows a healthy sign, but we are keeping product prices steady for now to make sure markets have completely switched to an upward trend,” he said.
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) .