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Tokyo Steel Manufacturing, Japan's leading electric-arc furnace steelmaker, announced a price increase for four steel products in February, citing market conditions and rising production costs due to higher raw material prices. This marks the company's first price hike in 10 months, following six months of unchanged prices for all steel products, including its primary H-shaped beams.
In February, prices for hot rolled coils, pickled and oiled coils, hot-dip galvanised coils, and checkered coils will rise by 2,000 yen ($14) per metric ton. However, prices for other products will remain unchanged. The increase represents a 2% hike for hot coils, bringing the price to 107,000 yen ($723) per ton, while H-shaped beams will stay at 127,000 yen per ton.
Tokyo Steel attributes the decision to low inventories of steel sheets, primarily used by manufacturers. Domestic steelmakers have been restricting supplies while facing rising manufacturing costs, prompting the need to adjust product prices. On the other hand, demand for steel products in construction has been subdued due to delays in projects caused by labour shortages, logistics challenges, and shortages of other construction materials.
Tokyo Steel's pricing decisions are closely monitored by Asian competitors such as South Korea's Posco and Hyundai Steel, as well as China's Baoshan Iron & Steel Co Ltd (Baosteel).
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