Tokyo Steel Manufacturing Co Ltd, Japan’s biggest construction steel maker, said on Monday it would cut its November steel prices due to weak demand, a sign that the recovery in steel demand is losing momentum.

Japanese steelmakers had seen a pick-up in output since the market hit
the bottom in April, driven by strong exports to China and other Asian
countries and an increase in car production, but oversupply in China
has clouded the outlook for the market.

It will be the first across-the-board price reduction for Tokyo Steel since April.

Prices in China have been declining while domestic prices remain weak due to the uncertain outlook, Tokyo Steel said.

“It’s a worrying situation. Demand remains weak, while output remains
at a high level,” said Naoto Ohori, a managing director at Tokyo Steel.
“A further price cut is possible.”

Tokyo Steel will cut its H-beam price for November shipments by 5,000 yen to 65,000 yen per tonne, Ohori said.

Source: Reuters

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