Tokyo Steel Reduces Selling Price by 3,000 Yen/t for August

Tokyo Steel Manufacturing, Japanese largest electric furnace steel maker, announced on Tuesday the firm lowers the selling price of steel products by 3,000 yen per tonne except for plate and wire rod for August contracts. The firm reduces the price for 2 consecutive months. The price decreases by total 10,000 yen per tonne for July-August contracts. The firm reflects lower ferrous scrap cost on the selling price of H-beam and hot coil while sets the price unchanged for plate and wire rod due to increasing orders.

Mr. Naoto Ohori, Tokyo Steel’s general manager said the firm keeps output volume in balance with actual demand. At overseas, Chinese and Taiwanese steel makers announced to reduce their selling prices for domestic market and steel users are cautious to conclude newly purchasing contracts.

Tokyo Steel hasn’t contracted new exports with few export order backlogs recently. The firm’s export offer price is FOB US$ 550-570 per tonne for hot rolled coil and US$ 600 for H-beam. The firm’s selling price for general contractors decreases to 70,000 yen per tonne for H-beam and 57,000 yen for rebar, down by 3,000 yen. Plate price stays at 70,000 yen per tonne.