Tokyo Steel To Raise Steel Bars Prices In December By 27 USD /Ton

Reuters reported that Tokyo Steel Manufacturing Co Ltd, Japan鈥檚 top electric-arc furnace steelmaker, said on Monday it would raise its product prices in December by up to 4.8 percent due to tight market conditions at home and abroad.

The company will boost prices of all its products in December by JPY 3,000 (USD 26.8) per tonne, or by 3.2 percent to 4.8 percent. It held its product prices unchanged in November after raising them in the previous two months.

Prices for steel bars, including rebar, will increase by 3,000 yen, or 4.8 percent, to 65,000 yen ($580.4) a tonne, while prices for U-shaped steel-sheet piles will rise by 3,000 yen, or 3.2 percent, to 96,000 yen a tonne.

Tokyo Steel鈥檚 Managing Director, Kiyoshi Imamura, told reporters 鈥淒emand in Japan鈥檚 local market has been strong on the back of a series of redevelopment projects in central Tokyo and construction projects related to the 2020 Tokyo Olympics. We have been also receiving many inquires from overseas customers as China continues to slash its export,鈥 he said, predicting that the healthy trend in steel market will continue through next year.