Firm Rebar Price in Tokyo

Concrete reinforcing steel bar price is firm at 59,000 yen per tonne for base size with 19 millimeters diameter around Tokyo. Mr. Kenji Inokuma, who is chairman of Non-Integrated Steel Producers’ Association and president of Godo Steel said the shipment is firm and the price is increasing for the bottom under the firm demand when rebar fabricators have trouble to secure workers. Local rebar makers increased the selling price by 2,000 yen per tonne for October order to cover higher cost price when ferrous scrap price increased by more than 3,000 yen per tonne in a month along with higher subsidiary materials cost. Local traders try to increase the reselling price but the buyers of general contractors reject the higher price. Local makers and traders try to increase the selling price when the market price is getting to 60,000 yen per tonne for the first time since June 2005. The market interests expect the market could take more time to accept the higher price after the market spent 2 months to accept 1,000 yen of hike, which makers announced in August.