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Tokyo Steel Manufacturing Co. Ltd., Japan's leading electric-arc furnace steelmaker, announced its decision to keep steel product prices unchanged in March. This move aims to ensure market stability following a price hike implemented earlier this month.
In February, the company increased prices for four steel products by up to 1.9% to align with market conditions and rising production costs amidst higher raw material prices. Despite this adjustment, Tokyo Steel will maintain prices for hot-rolled coils at 107,000 yen (USD 713) per tonne and H-shaped beams at 127,000 yen per tonne for March.
Tokyo Steel noted a slowdown in the upward trend of overseas steel product prices, particularly in the United States. However, optimism prevails regarding the potential positive impact of economic stimulus measures in China.
Domestically, construction activity remains subdued in Japan, while demand in the manufacturing sector remains robust. However, concerns persist regarding potential demand stagnation due to production interruptions in automobile-related industries, as exemplified by Toyota Motor's Daihatsu unit halting shipments of all vehicles in December following safety issues discovered across multiple models. Although Daihatsu has resumed some production and shipments, the situation underscores ongoing uncertainties in the automotive sector.
Tokyo Steel's pricing decisions continue to be 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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