Tokyo Steel to cut product prices by 6-11% in April as virus spreads
Hellenicshippingnews - Tokyo Steel Manufacturing, Japan’s top electric-arc furnace steelmaker, said on Monday it will cut all steel product prices in April by about 6-11 per cent to reflect weak market conditions amid deepening fears over the coronavirus pandemic.
The cut is the first by the company in 6 months. Price reductions ranged from 5,000 yen to 9,000 yen (S$66.47 to S$119.64) a tonne.
For April, prices for steel bars, including rebar, will be lowered by 7,000 yen, or 11.3 per cent, to 55,000 yen a tonne, while prices for its mainstay H-beams will be also trimmed by 7,000 yen, or 8.4 per cent, to 76,000 yen a tonne.
Prices of hot-dip galvanised coils will be cut by 5,000 yen, or 5.5 per cent, while that of channels will go down by 9,000 yen, or 11.1 per cent.
“Uncertainty is sweeping the steel industry as economic activities have slowed in the wake of the coronavirus outbreak,” Tokyo Steel managing director Kiyoshi Imamura told reporters at a briefing.