Monday, October 20, 2008

Tokyo Steel cuts prices

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.

Read the full story at Bloomberg


No comments: