Tokyo Steel Manufacturing Co., Ltd, the leading electric-arc furnace steelmaker in Japan, announced that it will raise prices for four steel products in February this year to reflect market conditions and rising production costs amid higher raw material prices.

This is the company's first price hike in the past ten months and comes after it kept prices unchanged for six consecutive months for all of its steel products.

In February, prices for hot-rolled coils, pickled and oiled coils, hot-dip galvanized coils and checkered coils will rise by 2,000 yen/t ($13.5/t), while prices for other products will remain stable.

The prices for hot-rolled coils will increase to 107,000 yen/t ($722/t), while H-shaped beams will remain unchanged at 127,000 yen/t.

Inventories of steel sheets, used largely by manufacturers, are at low levels as domestic steelmakers continue to control supplies and manufacturing costs continue to rise, prompting steelmakers to boost product prices, Tokyo Steel said in a statement.

Meanwhile, demand for steel products in the construction sector remains sluggish as many projects have been delayed due to labor shortages, logistics bottlenecks, and a shortfall in other construction materials, the company said.

Tokyo Steel's pricing is closely monitored by its Asian competitors, such as Posco and Hyundai Steel from South Korea, as well as China's Baoshan Iron & Steel Co Ltd.

(Writing by Riley Liang  Editing by Rebecca Liu)
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