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Tokyo Iron and Steel announced on September 17 that it will lower product SG345 Grade C steel prices for the first time since July 2023, with its October price sheet showing a significant reduction of up to 15000 yen/ton ($107/ton) in sheet prices. At the same time, the price reduction in October also includes the cancellation of the price increase for some board products in February 2024. in January of this year, the company raised the price of hot-rolled coils with a thickness of 1.7mm to 22mm in February by 2000 yen/ton, but the revision in October cancelled this price increase.
It is reported that due to the sluggish demand for downstream steel and the low operating rate of electric arc furnaces in Southeast Asia, the Asian scrap steel market is under pressure, and Tokyo Iron and Steel Company has simultaneously lowered scrap steel prices. It is known that Tokyo Steel has significantly lowered domestic scrap steel prices recently. As of press time, scrap steel prices have been reduced by a total of 4000-5500 yen/ton.
Due to the rising procurement SG345 Grade C steel costs of various materials and the lack of construction capacity, construction companies currently have less demand for orders, and the demand for steel continues to be sluggish. In addition, the increasing export pressure from Asia to Japan, coupled with exchange rate fluctuations, puts pressure on the prices of imported steel products, and the future prospects of the steel market are worrying, "said Tokyo Iron and Steel.
According to relevant data, the Japanese yen has recently strengthened against the US dollar. On September 16th, the US dollar fell to 139 yen against the Japanese yen, the lowest level since July 2023. A stronger yen often means lower import costs, but lower export competitiveness SG345 Grade C steel.
