Tokyo Steel to raise product prices for December by up to 3.3%

TOKYO, Nov 17 (Reuters) - Tokyo Steel Manufacturing Co Ltd , Japan’s top electric-arc furnace steelmaker, said it would raise prices in December for all its steel products by 2,000 yen ($19) a tonne, or 2.2% to 3.3%, to meet tighter overseas markets and firmer demand at home.

The company kept prices steady this month for all its steel products, including its main H-shaped beams.

For December, prices for steel bars, including rebar, will be hiked by 3.3% to 63,000 yen ($603) a tonne, while prices of U-shaped steel sheet piles will be increased by 2.2% to 95,000 yen a tonne. Prices of H-shaped beams will go up by 2.5% to 83,000 yen a tonne.

Overseas markets are expected to stay tight because of strong demand in top buyer China, with U.S. steelmakers’ operating rates also recovering, while domestic demand is improving and local inventories are declining, the company said in a statement.

Tokyo Steel’s pricing is closely watched by Asian rivals such as South Korea’s Posco and Hyundai Steel , and China’s Baoshan Iron & Steel Co Ltd (Baosteel) . ($1 = 104.5600 yen) (Reporting by Yuka Obayashi; Editing by Peter Cooney)