Japanese Rebar Price Increases by 2,000 yen/T

Japanese concrete reinforcing steel bar market price increased by 2,000 yen to 60,000 yen per tonne for direct shipment from makers to users around Tokyo this week. The price increased to 60,000 yen for the first time in 9 months.

Local electric furnace steel makers increased the price due to the surge in ferrous scrap price. The makers aim to increase the price to more than 70,000 yen per tonne and the dealers plan to increase the reselling price. The price increased by around 2,000 yen to 63,000 yen for dealers’ inventory sale.

Ferrous scrap price increased by 60% or 15,000 yen per tonne from the beginning of the year while the rebar market price increased by only 18% or 9,000 yen. The makers aim to return to profitability by increasing the price. With the pressure form supply side, the market price would increase more.