Posted on 23 Mar 2022
Tokyo Steel Manufacturing Co Ltd, Japan’s top electric-arc furnace steelmaker, on Tuesday said it will raise steel product prices by up to 9% in April to reflect rising raw materials prices.
This is the second month in which the company will boost prices for its steel products, including its main H-shaped beams.
For April, prices for hot rolled coils will climb by 9% to 120,000 yen ($995) a tonne while H-shaped beams will go up by 6% to 121,000 yen a tonne.
“Prices of steel-making materials have surged on supply concerns due to the Ukraine crisis and overseas steel product prices are also on the rise,” Tokyo Steel said in a statement.
“We will raise our product prices to pass on soaring expenses including materials costs,” it added.
Tokyo Steel’s pricing is closely watched by Asian rivals such as South Korea’s Posco 005490.KS and Hyundai Steel 004020.KS, and China’s Baoshan Iron & Steel Co Ltd (Baosteel) 600019.SS.
Source:Reuters
