Flat Rolled Steel Price Drops by 1,000-2,000 yen in Tokyo

Flat rolled steel market price decreased by 1,000-2,000 yen per tonne around Tokyo. The price was weak under slower demand and lower ferrous scrap market price. The flat rolled steel market price decreased when Tokyo Steel Manufacturing reduced the selling price for July order. The hot rolled flat steel market price decreased to less than 60,000 yen, which is the lowest level since March 2010.

The market price is 57,000-59,000 yen per tonne for hot rolled flat steel around Tokyo. The market price is 74,000-76,000 yen for cold rolled steel and 84,000-86,000 yen for electrogalvanized steel based on hot rolled steel.

Some of the dealers reduced reselling price before the price announcement by Tokyo Steel for July order. The dealers expected significant price decrease by Tokyo Steel due to lower ferrous scrap price. Other dealers followed the move after Tokyo Steel announced the price for July order.

The dealers see integrated steel makers cannot increase flat rolled steel selling price. The market price would decrease more depending on selling price of integrated steel makers and imported material.