Tokyo Steel Manufacturing Co Ltd , Japan’s top electric-arc furnace steelmaker, said on Monday it would raise its product prices for a second straight month in January due to tight market conditions at home and abroad and expectations for higher market prices.

Prices for steel bars, including rebar, will increase by 3,000 yen ($26.63), or 4.6 percent, to 68,000 yen a tonne, while prices for U-shaped steel-sheet piles will rise by 3,000 yen, or 3.1 percent, to 99,000 yen a tonne.

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 Ltd(Baosteel).

Source: in.reuters.com