Strong Rebar Price in Tokyo

Concrete reinforcing steel bar price is strong at around 63,000 yen per tonne for base size with 19 millimeters diameter around Tokyo. Local rebar makers aim 65,000 yen per tonne of market price in March with steep rise of material prices. Maker source said the firm would raise the selling price step by step to the level necessary for reproduction. The makers raised their selling price to 62,000 yen per tonne from January and the reselling price by trading houses upped to 63,000 yen for general contractors around Tokyo. The price hike has advanced steadily thanks to strong demand for building construction. Maker source pointed out ferrous scrap price would stay at around 30,000-35,000 yen per tonne in 2007 and rebar price hike is necessary for their better profitability Ferrous scrap export price rose rapidly to FOB 60,000 yen per tonne for April shipment for U.S.A. from Tokyo bay. Ferrous scrap demand is active both in Japan and at overseas. Rebar market price is expected to keep firm trend for a while.