TOKYO Oct 17 Tokyo Steel Manufacturing Co Ltd
, Japan's top electric-arc furnace steelmaker, said on
Monday it would keep product prices unchanged for November
delivery, reflecting lacklustre demand at home.
Tokyo Steel's pricing strategy is closely watched by Asian
rivals such as South Korea's Posco and Hyundai Steel
Co and China's Baoshan Iron & Steel Co
(Baosteel) that export to Japan.
The company will keep prices for its main product, H-shaped
beams used in construction, at 65,000 yen ($631.70) per tonne
and prices for steel bars, including rebar, at 47,000 yen a
The company cut product prices by up to 13 percent for
"The last month's price cut has helped diminish market
speculations that prices would go further down, but overall
demand is not resilient enough to bolster prices," Tokyo Steel's
managing director, Kiyoshi Imamura, told reporters on Monday.
Local demand is expected to improve late this year or early
next year as construction for the 2020 Summer Olympic Games and
redevelopment projects in the Tokyo metropolitan area are set to
start next summer, Imamura added.
($1 = 102.9000 yen)
(Reporting by Yuka Obayashi; Editing by Christian Schmollinger)