Tokyo Steel Manufacturing Co., Ltd, the leading electric-arc furnace steelmaker in Japan, announced that it will maintain prices stable for its steel products in March to ensure the price increase this month can be absorbed by the market.

In response to market conditions and increased material costs, the company hiked prices of four steel products by up to 1.9% in February.

In March, the prices for hot steel coils will remain steady at 107,000 yen/t ($713/t), and H-shaped beams at 127,000 yen/t.

There are indications of a slowdown in the growth of steel product prices in the international market, particularly in the US, while there is optimism about the positive impact of economic stimulus measures implemented in China, said Tokyo Steel in a statement.

In Japan, activities in the construction materials sector remained sluggish, while demand in the manufacturing sector continued robust.

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 Alex Guo)
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