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Steel

Tokyo Steel to hold product prices steady for fourth month

TOKYO, May 22 (Reuters) - Tokyo Steel Manufacturing Co Ltd , Japan’s top electric-arc furnace steelmaker, on Monday said it would hold its product prices steady for a fourth month in June.

“We will stick to the current prices since activity in the domestic steel market is slow and spot prices remain at a standstill,” Tokyo Steel’s managing director Kiyoshi Imamura told a news conference on Monday.

Tokyo Steel is keeping prices for its main product, H-shaped beams used in construction, at 78,000 yen ($701) a tonne and prices for steel bars, including rebar, at 56,000 yen a tonne.

The company’s pricing strategy is closely watched by Asian rivals such as South Korea’s Posco and Hyundai Steel Co, as well as China’s Baoshan Iron & Steel Co Ltd(Baosteel). ($1 = 111.2600 yen) (Reporting by Yuka Obayashi; Editing by Joseph Radford; Editing by Christian Schmollinger)

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