Japan Electric Furnaces Seek Additional Hike for Steel Bar Products

Japanese electric furnace steel makers try to pass higher cost for ferrous scrap, ferroalloy and energy through additional price hike. Osaka based long products maker, Shinkansai Steel announced on Monday the firm increases the selling price of flat bar and square bar by 5,000 yen per tonne for distributors and by 10,000 yen for contract users for July order. Osaka based concrete reinforcing steel bar maker, Kishiwada Steel announced on Monday the firm increases the selling price of rebar by 5,000 yen per tonne for July order. Osaka based rebar maker, Nakayama Steel Products also announced 5,000 yen hike on Monday. Tokyo based Winfirst, which is joint sales company of Kanagawa based Sanko Seiko and Saitama based Mukoyama Steel Works, announced 5,000 yen hike on Monday. They are suffered from higher scrap price along with higher ferroalloy, freight and electricity. They try to improve the profitability through the hike despite of very slow domestic building market. They also try to improve the supply balance by reducing the order receipt and shipment for the market.