Strong Flat Bar Price in Tokyo

Flat steel bar market price is strong at around 92,000 yen per tonne without freight at dealers’ site around Tokyo. Major dealers try to increase the selling price to over 100,000 yen per tonne by 8,000 yen to pass higher cost price when the makers increased the price by 8,000 yen per tonne. Dealers’ inventory is less 2 months of the shipping.Major dealers raised the selling price by 3,000 yen per tone from the last half of January 2008. They aimed the price at over 90,000 yen and prepared the makers’ price hike in February. Because Oji Steel, Japanese biggest flat bar maker, raised the price, dealers tried the price hike. There is possible that makers would increase the selling price in near future when ferrous scrap market price is expected to rise to around 50,000 yen per tonne for H2 grade in this year.