Tokyo Steel to Hike Sheet and Wire Rod by 3,000 yen/t

Tokyo Steel Manufacturing announced on Monday the firm increase the selling price by 3,000 yen per tonne for sheet steel and wire rod for distributors for January order. The firm increases price of hot rolled coil, pickling steel, hot rolled flat steel, checkered coil and checkered plate after 2,000 yen hike for hot coil for December order. The firm tries to reflect the higher offshore price and lower yen rate. The firm leaves the other price unchanged for January order. The hike for pickling steel is the first time since 2,000 yen per tonne increase for March order. The firm tries to take chance when automobile output will increase in January-March period. The firm said the demand is very slow for domestic building market due to confusion with new building standard law. The firm also tries to find the move for Chinese steel export tariff and annual price of iron ore and coking coal for 2008. The firm already increased the ferrous scrap purchase price by 2,000 yen per tonne last week. The firm said the scrap arrivals decrease when domestic scrap market price is relative low under lower yen rate. The firm offers US$ 650 per tonne for hot coil, US$ 700 for H-beam and US$ 750 for plate to offshore buyers.