Tokyo Steel raises Sept prices for two products, first hike in 6 mths
TOKYO Aug 19 (Reuters) - Tokyo Steel Manufacturing Co Ltd said it will raise prices of two of its products by about 3 percent in September, the first hike in six months, on strong construction demand.
The pricing strategy of Japan's top construction steel maker is closely watched by Asian rivals such as Korea's POSCO , Hyundai Steel Co and China's Baosteel , which are aiming to boost exports to Japan.
Tokyo Steel however said on Monday that it would keep prices of its other products for delivery in September unchanged.
"Local construction demand for heavy plates and hot-dip galvanized coils have clearly picked up and supply of these products looks tight," Managing Director Kiyoshi Imamura told reporters.
"But supply in other products are not as tight yet due to high level of production in the April to June period," he said.
Prices of heavy plates and hot-dip galvanized steel coils will go up by 2,000 yen ($20.50), or about 3 percent, to 69,000 yen per tonne and 82,000 yen per tonne respectively.
But prices of H-shaped beams, its main product, will be kept at 74,000 yen per tonne and prices of hot-rolled coils will stay flat at 62,000 yen per tonne.
Tokyo Steel had last raised prices in February for March delivery products. ($1 = 97.5750 Japanese yen) (Reporting by Yuka Obayashi; Editing by Himani Sarkar)
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