TOKYO Feb 20 Tokyo Steel Manufacturing Co Ltd
, Japan's top electric-arc furnace steelmaker, will keep
product prices unchanged for March delivery to make sure the
steel market can digest the recent price hikes by the company.
Tokyo Steel, which makes beams and bars used in the
construction industry, last month raised product prices for a
third consecutive month amid firmer international prices and
healthy local demand.
"We have decided to maintain prices for March so that local
market prices would come in line with our revised prices," Tokyo
Steel's managing director Kiyoshi Imamura told a news conference
"Export demand is improving as China reduces its exports
while domestic demand for construction remains solid and is
expected to pick up further this summer when more projects for
the 2020 Tokyo Olympics are slated to start," he added.
China's steel exports fell in 2016 from a record the
previous year, dragged down by improved demand at home and
Beijing's resolve to tackle overcapacity, in a relief for
steelmakers elsewhere that compete with cheaper Chinese
shipments. China's steel exports in January also fell 23.8
percent from a year earlier.
Tokyo Steel's pricing strategy is closely watched by Asian
rivals such as South Korea's Posco and Hyundai Steel
Co, as well as China's Baoshan Iron & Steel Co
(Reporting by Yuka Obayashi; Editing by Christian Schmollinger)