Tokyo Steel Said It Would Keep The Prices Unchanged for Most Products in July

According to report, Tokyo Steel said it would keep the prices unchanged for most products in July. It is the fourth month that the company keeps the price unchanged in order to compete the rising supply from China and inventory adjustment. Price for its H-beam will remain the same at ¥74,000/ton. However, its last price adjustment was in February for 4.2% rise. The company sees the pressure from China's competitors with high crude steel production. According to the data from National Statistical Bureau, China's steel output rose 11.3% in May year-on-year to 91.2 million tons. The domestic market will face the inventories adjustments since it was over-supply in April and May. But it is not seen the demand has been much improved as the company expects the adjustment will continue in July and August.