TOKYO, Dec 19 (Reuters) - Tokyo Steel Manufacturing Co Ltd said on Monday it would raise the prices of its products for a second month in a row, reflecting higher international steel prices and rising raw materials prices.
Product prices will rise by about 5 percent to 9 percent for January delivery, marking the first time in three years that it has raised its prices for two consecutive months.
Tokyo Steel’s pricing strategy is closely watched by Asian rivals such as South Korea’s Posco and Hyundai Steel Co and China’s Baoshan Iron & Steel Co (Baosteel) that export to Japan.
Japan’s top electric-arc furnace steelmaker boosted product prices by up to 11 percent for December delivery.
The latest move would translate to price rises of about 3,000 yen to 5,000 yen ($25.50 to $42.60) a tonne due to firmer scrap metal prices and a series of price hikes by global steel mills to pass on surging coking coal prices, managing director, Kiyoshi Imamura, told reporters.
$1 = 117.5100 yen Reporting by Yuka Obayashi; Editing by Richard Pullin