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. The demand for building construction is decreasing under the influence of Japanese building standard law revision. Dealer source said they cannot contract new orders. Dealers aim to raise rebar reselling price when makers increased the selling price by 3,000 yen per tonne in October. However, dealers haven’t achieved the hike so far. The market price is unlikely to rise until the demand recovers. The market price is expected to keep flat.Rebar makers’ selling price is 64,000-65,000 yen per tonne while their ferrous scrap purchasing price reduced to 35,000-36,000 yen per tonne. Their profitability was relatively improved. However, ferrous scrap price seemed to hit bottom and is expected to increase again.Makers will keep the selling price despite of slower demand because ferrous scrap price may surge in near future. Dealers are trying to raise the reselling price to reflect makers’ strong selling stances.