Tokyo Steel Hikes All Steel Items by 3,000-5,000 yen/t

Tokyo Steel Manufacturing announced on Tuesday the firm increases the selling price of all steel items by 3,000-5,000 yen per tonne for distributors for September order. The firm tries to pass higher ferrous scrap cost by increasing the selling price by 3,000 yen for wire rod, checkered plate, I-beam, channel and plate and by 5,000 yen for concrete reinforcing steel bar, H-beam and hot rolled coil.

The firm increases the H-beam price for the first time in 15 months while the price hike is 2 months in a row for rebar and 3 months in a row for hot coil. The firm covers higher scrap cost, which increased by 4,000-5,000 yen per tonne in a month, when international steel price increases under firm demand in China.

The firm increases the direct selling price from the inventory by 4,000 yen to 59,000 yen per tonne for rebar and to 72,000 yen for H-beam.

The firm restarts the steel export for the first time in 8 months. The firm got H-beam export order from South Korean buyers at FOB US$ 650 per tonne for September-October shipment. The firm is negotiating for the hot coil export when South Korean buyers bid FOB US$ 630-650. The firm expects the production could increase depending on the export while the firm plans to make monthly 60,000 tonnes of H-beam and 50,000 tonnes of hot coil in August and September.