TOKYO, Aug 22 (Reuters) - Tokyo Steel Manufacturing , Japan’s top electric arc furnace steelmaker, said on Monday it would keep product prices unchanged for the third month in September, reflecting a slow recovery in its local market.
Tokyo Steel’s pricing strategy is closely watched by Asian rivals such as Posco, Hyundai Steel Co and Baosteel, which all export to Japan.
“There are signs of an improvement in export and domestic markets, but we want to wait and see to have a clear picture of the trend in markets,” Tokyo Steel’s managing director, Kiyoshi Imamura, told reporters.
Steel prices in overseas market are on the rise led by price hikes by Chinese mills, helping Tokyo Steel’s exports, Imamura said, adding that the Japanese market is also expected to gradually improve as inventories of some products are falling. (Reporting by Yuka Obayashi; Editing by Joseph Radford)