Flat Rebar Price in Tokyo

Concrete reinforcing steel bar market price is flat at around 70,000 yen per tonne for base size with 19 millimeters diameter around Tokyo. Large dealers’ business meeting is getting delayed under very slow building activity due to new building standard law. Large dealer source said the contract decreased by 30-40% in November from a year ago, is seemed to decrease by 40% in December from a year ago. Makers will penetrate the price hike which rise by 3,000 yen per tonne. But their hope is less likely to be put into practice within this year.Ferrous scrap purchase price by electric furnace makers around Tokyo rose to 37,500-39,000 yen per tonne by 1,500-3,000 yen into December from the beginning of this month. Makers’ selling stance is expected to become strong. Makers will penetrate the price hike due to increasing production cost which is such as oil or marine freight in near future.Dealer source said the recovery in demand for building would take a time while building construction authorized is increasing by degree. Some dealer prospect the damage by new building standard law would assume serious proportions in January-March 2008.