Tokyo Steel Manufacturing Co Ltd , Japan’s top electric-arc furnace steelmaker, said on Monday it will keep steel product prices steady in May despite slowing demand from automobile and construction industries due to the coronavirus pandemic.
The steelmaker had lowered all steel product prices in April by about 6%-11% to reflect weak market conditions.
For May, prices for steel bars, including rebar, will remain at 55,000 yen ($510) a tonne, while its mainstay H-beams’ prices will stay at 76,000 yen a tonne.
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) .
Source: Reuters (Reporting by Yuka Obayashi; Editing by Krishna Chandra Eluri)