Tokyo Steel to Hike All Items by 7,000-12,000 yen/t

Tokyo Steel Manufacturing announced on Tuesday the firm increases the selling price of all steel items for distributors by 7,000-12,000 yen per tonne effective for March contracts. The firm increases the price of all items for 2 months in a row. The firm increases the selling price by 7,000 yen per tonne for rebar and hot sheet, by 10,000 yen for H-beam and by 12,000 yen for plate. The firm decided the hike to reflect increasing material costs and minimize price gap between domestic and overseas markets.The firm’s selling price increases to 80,000 yen per tonne for rebar, 96,000 yen for H-beam, 85,000 yen for hot rolled coil and 102,000 yen for plate. The firm said that domestic market price is increasing due to strong demand in emerging or reseource countries and that US market price is also increasing for long and sheet products due to higher material costs.The firm aims export price at FOB US$ 800 per tonne for hot rolled coil, US$ 900 for cold rolled coil and US$ 970 for plate to South East Asia in April-May shipping. Plate export price hits US$ 1,000 per tonne in some contracts which increased by US$ 30 after the first half of February.