Tokyo Steel Sets Selling Prices Unchanged for October

Tokyo Steel Manufacturing announced on Tuesday the firm left the selling prices for all steel items unchanged for October contracts with distributors. The firm kept the prices flat for 3 consecutive months when Chinese market price is not so strong as the USA and Europe. As to the export price of hot-rolled steel coil, the firm seeks FOB US$ 520-530 per tonne for November shipping.The export price of H-beam steel is currently FOB US$ 600-650 per tonne from South Korea and FOB US$ 450 from China to the USA and Europe thanks to the active demand for building construction. Japanese domestic demand is also expected to expand for construction including capital investment by private sectors, redevelopment movement in metropolises and establishment of huge shopping malls.Chinese steel export recently and temporarily became slower. In addition Chinese government changed the export tax rebate from 11% to 8% on September 15. The official of Tokyo Steel pointed out Chinese steel export might decrease due to the tax revision.Ferrous scrap price stays at the high level. However, the firm forecasts the price might decline following the recent weak tone of the crude oil price.Tokyo Steel produced about 140,000 tonnes of hot-rolled steel coil and 130,000-140,000 tonnes of H-beam in August. The firm expects about 120,000-130,000 tonnes of hot-rolled steel coil production and 150,000 tonnes of H-beam in September.