Tokyo Steel to cut product prices by 6-11% in April as virus spreads
2020-03-17 15:46:35 [Print]
Tokyo Steel Manufacturing Co., Ltd., Japan's top electric-arc furnace steelmaker, said on Monday it will cut all steel product prices in April by about 6-11% 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 ($47) to 9,000 yen ($84).
For April, prices for steel bars, including rebar, will be lowered by 7,000 yen, or 11.3%, to 55,000 yen a tonne, while prices for its mainstay H-beams will be also trimmed by 7,000 yen, or 8.4%, to 76,000 yen a tonne.
Prices of hot-dip galvanized coils will be cut by 5,000 yen, or 5.5%, while that of channels will go down by 9,000 yen, or 11.1%.
"Uncertainty is sweeping the steel industry as economic activities have slowed in the wake of the coronavirus outbreak," Tokyo Steel Managing Director Kiyoshi Imamura said. "We've decided to slash prices to meet the current weak market conditions although actual demand has not fallen as much as people fear," he added.
The cut is the first by the company in 6 months. Price reductions ranged from 5,000 yen ($47) to 9,000 yen ($84).
For April, prices for steel bars, including rebar, will be lowered by 7,000 yen, or 11.3%, to 55,000 yen a tonne, while prices for its mainstay H-beams will be also trimmed by 7,000 yen, or 8.4%, to 76,000 yen a tonne.
Prices of hot-dip galvanized coils will be cut by 5,000 yen, or 5.5%, while that of channels will go down by 9,000 yen, or 11.1%.
"Uncertainty is sweeping the steel industry as economic activities have slowed in the wake of the coronavirus outbreak," Tokyo Steel Managing Director Kiyoshi Imamura said. "We've decided to slash prices to meet the current weak market conditions although actual demand has not fallen as much as people fear," he added.
