Tokyo Steel Manufacturing, Japan’s top electric arc furnace steelmaker, said on Monday it will lower prices of all its products for delivery in November by 3,000 yen ($28) a ton due to weak overseas prices and slow demand at home, Reuters reported.
The company’s pricing strategy is closely watched by Asian rivals such as Posco, Hyundai Steel Co. and Baosteel, who aim to boost exports to Japan.
On Friday, October 17, the day’s biggest mover was the 3-month price of the US HRC futures contract, which saw a 0.6% decline to $620.00 per short ton. The US HRC futures contract spot price gained 0.3%, finishing at $642.00 per short ton.
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 ($136.77) and a low price of CNY 830.00 ($135.14) per dry metric ton. The price of Chinese HRC saw little movement at CNY 3,030 ($493.34) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,390 ($226.32) per metric ton.
The steel billet cash price continues hovering around $450.00 per metric ton on the LME for the fifth day in a row. The 3-month price of steel billet remained essentially flat at $455.00 per metric ton on the LME.