Tokyo Steel Manufacturing , Japan's top electric arc furnace steelmaker, said on Monday it would raise the prices of its deformed steel reinforcing bar products for June delivery by around 6 percent, reflecting a recovery in domestic markets.

Tokyo Steel's pricing strategy is closely watched by Asian rivals such as Posco, Hyundai Steel Co and Baosteel, which all export to Japan.

The company kept the prices of other steel products unchanged after its first across-the-board hike in more than two years for May.

Nippon Steel & Sumitomo Metal Corp is also raising the price of its sheet steel products, hot-rolled, cold-rolled and galvanised sheets and coils by about 20 percent from June, reflecting higher overseas markets, it said on Friday.

The sales of deformed steel bars, used in reinforced concrete for buildings, accounted for about 7 percent of total revenues, a Tokyo Steel official said.

"Other domestic steel makers have also raised the prices of steel sheets and hot-rolled coils, and the hike also takes into account a projected rise in prices from now on," he said.

 

Source : reuters.com

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