Tokyo Steel Manufacturing Co., Japan's biggest maker of steel girders, slashed product prices for next month by record amounts after reductions by Chinese rivals and a decline in iron and steel scrap costs.
The price of hot-rolled coil will drop 26 percent to about 72,000 yen ($705) a metric ton under November contracts, compared with 97,000 yen this month, Managing Director Naoto Ohori said today at a media briefing in Tokyo. The price of reinforcing bars was reduced 38 percent to 57,000 yen a ton.
Asian rivals such as Baoshan Iron & Steel Co., China's biggest steelmaker, have cut prices amid slowing demand from carmakers and builders.
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