Tokyo Steel to keep product prices steady in March

TOKYO, Feb 20 (Reuters): Tokyo Steel Manufacturing Co Ltd, Japan's top electric-arc furnace steelmaker, on Monday said it will keep steel product prices steady in March to ensure that a hike implemented this month will be absorbed by the market.

The company raised prices for four steel products by up to 1.9 per cent in February to reflect market conditions and rising production costs amid higher raw material prices.

For March, prices of hot rolled coils will remain at 107,000 yen ($713) a ton, while H-shaped beams will stay at 127,000 yen a ton.

Tokyo Steel said in a statement that there are signs of a lull in the rise in overseas steel product prices, especially in the United States, while expectations are high for positive consequences from economic stimulus measures in China.