Amid sluggish local market and declining demand from automakers, Tokyo Steel Manufacturing Co. Ltd. decides to lower prices for steel product by up to 6.5 percent starting in September.
Hot rolled coil costs will decrease by JPY 8,000 (USD 58), or 6.5 percent, to JPY 115,000 (USD 840) per tonne in September, while steel bars, comprising rebar, will experience a JPY 5,000 (4.9 percent) reduction to JPY 97,000 (USD 708) per tonne.
According to a statement from Tokyo Steel, global steel markets are adjusting as a result of a downturn in demand, particularly in Europe, while prices in China remain weak owing to COVID-19 pandemic limitations, unfavourable weather, and supply chain delays.
Domestic demand for building supplies is still strong, but flat items aren't selling well since automakers' manufacturing rebound is taking longer than expected, the report added.
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