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| Tokyo Steel Reports Y2,000 Deformed Bar Markup In Jan'09 Steel Prices |
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Japan's largest electric steelmaker Tokyo Steel Mfg Co announced Dec 15 that the company has decided to raise the list price of deformed bars by Y2,000/ton while keeping unchanged those of other steel products in the company's domestic supply contracts for January 2009. With the price increase of deformed bars alone, the company is contemplating watching how steel market conditions go. As a result, the new list price of deformed bars is settled at Y54,000/ton CIF for base sizes. The present list prices of other main products in base sizes are Y78,000/ton FOT (free on truck) for H-beams; Y79,000/ton FOT for I-beams; Y87,000/ton FOT for U-piles; Y67,000/ton FOT for HR coils; Y70,000/ton FOT for pickled HR coils; Y75,000/ton FOT for checkered plates; and Y86,000/ton FOT for heavy plates. Naoto Ohori, Tokyo Steel's managing director and general manager of marketing, made his comments Dec 15 to the following effect. <>There are signs of a global economic slowdown as the world's real economies face the credit crunch in the global financial crisis, leading to employment cutbacks and capital investment restrictions in various industries and a steep fall in steel demand. On Tokyo Steel's part, the company intends to respond accordingly with its production system with close attention to a general trend of steel demand. <>At present, Tokyo Steel is noncommittal to steel export deals because export market prices are in nominal conditions besides problems such as L/C opening difficulties among overseas buyers. As to steel imports into Japan, it will take the company some time to fight back at a time when distribution stocks of domestic steel products are under an advanced adjustment. <>Tokyo Steel sees no reason for a new purchase of ferrous scrap from abroad in falling demand for ferrous scrap in the company's steel operations. |
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| last modified : Fri 19 Dec, 2008 [09:59] |
