Tokyo Steel Manufacturing Co Ltd said on Monday it would raise the prices of its products by 5,000 yen ($45.12) or by up to 11 percent for December delivery, reflecting a rally in raw material prices and higher product prices abroad.

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, which kept the prices of its products unchanged for November delivery, plans to boost the prices by 7-11 percent for next month amid rising prices of metal scrap and a series of price hikes by global steel mills to pass on surging coking coal prices, Tokyo Steel's managing director, Kiyoshi Imamura, told reporters. ($1 = 110.8200 yen)

Source:reuters.com