The leading producer of steel using an electric arc furnace in Japan, Tokyo Steel Manufacturing Co Ltd, said that it will increase the price of its steel bars by 3% in March to reflect the competitive market.
The increase follows the company's decision to maintain the same prices for all of its steel products in February for the fifth consecutive month.
Prices for March will increase for steel bars, including rebar, to JPY 100,000 (USD 745) per ton from JPY 97,000 (USD 723) per ton. Other items, including as its primary H-shaped beams, will remain at JPY 124,000 (USD 924) per ton.
Tokyo Steel stated in a statement that "many redevelopment projects, manufacturing-related investments, and other large-scale projects are coming up," and that "construction demand in Japan is projected to continue robust in early spring and beyond."
A rebound in car production and increased demand for construction and industrial machinery would likely lead to an improvement in the local market circumstances for sheet goods, it added.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only