Rebar Price Increases by 1,000 yen in Tokyo

Concrete reinforcing steel bar market price increased by 1,000 yen or 1.8% to around 57,000 yen per tonne for direct shipment transaction from makers to users around Tokyo from last week, which increased for the first time in about 3 months. The rebar makers aim to increase the steel selling price to more than 60,000 yen to cover the higher ferrous scrap cost price.

The rebar market price increased by 2,000 yen or 3.4% to around 61,000 yen per tonne for dealers’ stock sales from last week. Despite weak demand, the dealers aim to increase the reselling price expecting the makers’ another price hike.

The rebar market price decreased to 56,000 yen per tonne for direct shipment transaction in August while the price was 68,000 yen in May. The price seems to bottom out due to the rebound in ferrous scrap price. However, the possibility for 60,000 yen market is still uncertain under slow demand while the makers try to realize the price level.