TOKYO, Oct 20 (Reuters) - Tokyo Steel Manufacturing Co , Japan’s top electric arc furnace steelmaker, said on Monday it will lower prices of all its products for delivery in November by 3,000 yen ($28) a tonne due to weak overseas prices and slow demand at home.
The company’s pricing strategy is closely watched by Asian rivals such as Posco, Hyundai Steel Co and Baosteel, who aim to boost exports to Japan.
“Steel product prices are weakening in Asia as China is stepping up its exports while steel demand at home has not been as strong as we had expected due to shortages of labour and processing machineries,” Tokyo Steel’s Managing Director Kiyoshi Imamura told reporters.
“The price cut is also aimed at reflecting the current spot prices of steel products,” he said.
Prices for Tokyo Steel’s main product, H-shaped beams, which are used in construction, will go down by 3,000 yen, or 3.8 percent, to 77,000 yen ($718.6) per tonne in November. (1 US dollar = 107.1600 Japanese yen) (Reporting by Yuka Obayashi; Editing by Muralikumar Anantharaman)