Tokyo Steel Manufacturing Co., Japan’s top electric arc furnace steelmaker, said on Tuesday it will keep product prices unchanged for an eighth straight month in September due to an oversupply in the steel sheet market.
The company’s pricing strategy is closely watched by Asian rivals such as Posco, Hyundai Steel Co and Baosteel, which aim to boost exports to Japan.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.58) and a low price of CNY 830.00 ($134.95) per dry metric ton. The price of Chinese HRC saw little movement at CNY 3,380 ($549.57) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,390 ($226.01) per metric ton.
The cash price of steel billet saw essentially no change on the LME for the fifth day in a row, remaining around $420.00 per metric ton. The steel billet 3-month price held steady on the LME at $425.00 per metric ton.
The 3-month price of the US HRC futures contract was unchanged at $645.00 per short ton. The spot price of the US HRC futures contract continues hovering around $675.00 per short ton for the fifth day in a row.