June 16, 2020 / 3:25 AM / a month ago

Tokyo Steel to raise product prices for July by up to 7.3%

TOKYO, June 16 (Reuters) - Tokyo Steel Manufacturing Co Ltd , Japan’s top electric-arc furnace steelmaker, said on Tuesday it would raise its steel product prices by 3.5%-7.3% in July to reflect an upward trend in international markets on strong demand from China.

The company kept prices unchanged for all of its steel products in June for a second consecutive month.

For July, it will increase prices by 3,000-5,000 yen ($28-46) a tonne, with prices for its main H-shaped beams being hiked to 81,000 yen ($753) a tonne from 76,000 yen, the company said in a statement.

It will boost prices for steel bars, including rebars, to 59,000 yen from 55,000 yen and for hot-dip galvanized steel coils to 70,000 yen from 67,000 yen.

Domestic demand is also expected to pick up, as construction projects resumed operations after Japan started to lift coronavirus-induced restrictions and inventories for construction materials are extremely low, the company said.

Tokyo Steel’s pricing is closely watched by Asian rivals such as South Korea’s Posco and Hyundai Steel , and China’s Baoshan Iron & Steel Co Ltd (Baosteel) .

$1 = 107.5800 yen Reporting by Yuka Obayashi; Editing by Rashmi Aich

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