Tokyo Steel Manufacturing Co Ltd 5423.T, Japan’s top electric-arc furnace steelmaker, said it will raise some of its steel product prices by up to 4.9% in November to reflect tight market condition.

The company kept prices unchanged for all of its steel products, including its main H-shaped beams, this month.

For next month, prices for H-shaped beams, channels and three other products will be lifted by 5,000 yen a tonne while prices for steel bars, including rebar, and heavy plates will rise by 3,000 yen a tonne.

Prices of H-shaped beams will climb by 4.7% to 111,000 yen ($971) a tonne with channel rising by 4.9% to 102,000 yen a tonne.

Tokyo Steel’s pricing is closely watched by Asian rivals such as South Korea’s Posco 005490.KS and Hyundai Steel 004020.KS, and China’s Baoshan Iron & Steel Co Ltd (Baosteel) 600019.SS.
Source: Reuters (Reporting by Yuka Obayashi, Editing by Louise Heavens)