Tokyo Steel cuts Nov steel prices by 5,000 yen/T

Tokyo Steel cuts Nov steel prices by 5,000 yen/T

TOKYO, Oct 17 (Reuters) – Tokyo Steel Manufacturing Co

Japan’s biggest construction steel maker, said on Monday that it will cut its steel prices for November shipment by 5,000 yen ($64.63) per tonne. The company said the price cut was due to a fall in the overseas market, adding that it expects a further decline. Domestic demand remains solid, it said, resulting in a widening gap between domestic and overseas prices.

The company last month raised all product prices for October shipment by 3,000 to 5,000 yen per tonne, citing rising demand from the construction market including for large projects in Tokyo and quake-resistant structures. It increased the price of H-beams by 5,000 yen, to 79,000 yen. Its purchasing cost for steel scrap, its key input, has also fallen nearly 10 percent to 32,500 yen per tonne since Sept 30, reflecting the decline in Asia’s steel maket.

($1 = 77.365 Japanese Yen)

(Reporting by Yuko Inoue; Editing by Edmund Klamann)

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