Osaka based Japanese major electric furnace steel maker, Daiwa Steel , announced on Tuesday the firm increases concrete reinforcing steel bar price by around 18% or 10,000 yen to 65,000 yen per tonne for January order to pass the higher ferrous scrap cost on rebar selling price and return to profitability. Osaka based Kyoei Steel also announced 10,000 yen price hike to realize 65,000 yen for January order. They indicate additional price hike to improve the profitability.
Daiwa Steel seeks additional hike when ferrous scrap price increases and continues about 40% output reduction in January. The firm increased the rebar selling price to 55,000 yen per tonne for December order. However, the firm cannot make money at the price due to higher scrap cost. The firm increases the price by 10,000 yen to 65,000 yen to improve the profitability. Kyoei Steel also hikes the price when scrap cost increased more than expected and the firm continues the output reduction. The firm increased the rebar selling price to 55,000 yen per tonne for December order and the market price around Osaka increased to 50,000 yen in early November. The market price is increasing from current 55,000 yen. However, the rebar makers are loosing the money due to increase in ferrous scrap cost. Kyoei Steel increases the price to 65,000 yen from January.Japan Steel Scrap Composite Prices (Sangyo Press)
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