Reuters reported that Japan’s top electric-arc furnace steelmaker Tokyo Steel Manufacturing Co Ltd said it would hold product prices steady in May due to slow local demand.
Tokyo Steel’s managing director, Kiyoshi Imamura, told reporters at a briefing “Local demand has slightly weakened as end-users had built up some inventories by early this year and due to some concerns that the new U.S. import tariff on steel may weigh on global steel prices. But we are hopeful that domestic demand will pick up from around May as there is still strong demand from automakers and other manufacturers.”
The decision marks three months of price freezes by the company.
Tokyo Steel’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).
Source : Reuters