Tokyo Steel to hold product prices steady in July for 5th month | Nasdaq.com

TOKYO, June 18 (Reuters) – Tokyo Steel Manufacturing Co Ltd, Japan’s top electric-arc furnace steelmaker, on Monday said it would hold product prices steady in July to ensure earlier hikes were absorbed by the market.

That will mark the fifth straight month that the company has kept prices unchanged.

Tokyo Steel’s pricing strategy is closely watched by Asian rivals such as South Korea’sPosco and Hyundai Steel Co, as well as China’sBaoshan Iron & Steel Co Ltd (Baosteel).

“Local steel demand remains solid in all segments including construction, automobiles and machinery,” Tokyo Steel Managing Director Kiyoshi Imamura told reporters at a briefing.

“But progress in work (at end users of steel) has been slow due to a shortage of steel fabricator capacity and labour, weighing on the local steel market,” he said, adding that the firm’s price hikes late last year and earlier in 2018 had not yet been fully absorbed by the market.

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Tokyo Steel to hold product prices steady in July for 5th month – Nasdaq.com.