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Tokyo Steel's Y3,000-7,000 Domestic Steel Price Cuts In October
Japan's top electric steelmaker Tokyo Steel Mfg Co announced Sept 20 that the company has decided to execute price reductions of Y3,000-7,000/ton, largely for sheet and plate products, in its domestic supply contracts of various steel products in October 2005.

The company sees the need to apply competitive prices in its domestic shipments of steel products under the present circumstances. Among other things, prices of imported steel products are on the downside at a time when steel market conditions continue weak in Asia.

As a result, the new list prices of flat products in base sizes are Y59,000/ton FOT (free on truck) for HR coils, down Y5,000; Y65,000/ton FOT for pickled HR coils, down Y7,000; Y78,000/ton FOT for hot-dip galvanized coils, down Y7,000; Y62,000/ton FOT for checkered coils, down Y5,000; Y62,000/ton FOT for HR sheets, down Y5,000; Y65,000/ton FOT for checkered sheets, down Y5,000; and Y65,000/ton FOT for universal plates, down Y5,000.

The new list prices of long products in base sizes are Y59,000/ton FOT for wire rods, down Y3,000; and Y51,000/ton CIF for deformed bars, down Y3,000. Besides, the extra comes down from Y3,000 to Y2,000/ton for the D10 size of deformed bars.

In this connection, Tokyo Steel's Director/Marketing & Sales Naoto Ohori made the following comments.
<>The company is in no position to yield further to imported products in domestic steel markets.
<>The company would not hesitate to concede on price for assured amounts of orders in its domestic supply contracts.
<>The company is contemplating going all out if necessary to fight imported supplies.
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last modified : Tue 27 Sep, 2005 [10:37]
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