JAPAN April 20 2016 2:40 PM
TOKYO (Scrap Register): Tokyo Steel Manufacturing , Japan's top electric arc furnace steelmaker, will raise the price of its products for May delivery by up to 16% in its first across-the-board price hike in more than two years, reflecting a recovery in international markets.
Japan’s biggest steel producer from scrap metal set its May contracts for H-beam steel at 72,000 yen ($667) a metric ton, up 5,000 yen on April, according to a statement Monday. That’s the first increase since January 2014. It raised its hot-rolled coil prices by 3,000 yen to to 53,000 yen a ton, for the first increase since December 2013.
Japan’s steelmakers rallied last week as prices in China, which accounts for about half of global production, recovered from a steep slump amid signs that the nation’s economy is stabilizing.