Tokyo Steel Manufacturing , Japan's top electric arc furnace steelmaker, will raise prices of construction-used steel bars for April delivery by 5 percent in its first hike in over two years, reflecting a rebound in spot prices at home and abroad.
The company will increase prices for steel bars, including rebar, by 2,000 yen ($17.83) to 44,000 yen a tonne, it said in a press briefing on Tuesday.
That is Toyko Steel's first price hike since January delivery in 2014, possibly indicating that the market has bottomed out after slumping on oversupply.
Tokyo Steel's pricing strategy is closely watched by Asian rivals such as Posco, Hyundai Steel Co and Baosteel, which export to Japan.
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