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Tokyo Steel to keep product prices unchanged for fifth month

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TOKYO, June 19 (Reuters) - Tokyo Steel Manufacturing Co Ltd
<5423.T>, Japan's top electric-arc furnace steelmaker, said on
Monday it will hold its product prices steady for a fifth
straight month in July to reflect  flat spot prices in the local
market.
    "We are sticking to the current prices as the domestic
market remains at a standstill," Tokyo Steel's managing director
Kiyoshi Imamura told a news conference on Monday.
    "But we expect the market will gradually strengthen as we
are headed for a slow output period in summer and we see an
increase in construction demand," he said, pointing to
metropolitan redevelopment projects, increased capital spending
by companies and shop and hotel projects ahead of the 2020 Tokyo
Olympics.
    The price of Tokyo Steel's main product, H-shaped beams used
in construction, will remain at 78,000 yen($702.60) a tonne,
while prices for steel bars, including rebar, will be 56,000 yen
a tonne.
    The company's pricing strategy is closely watched by Asian
rivals such as South Korea'sPosco <005490.KS> and Hyundai Steel
Co <004020.KS>, as well as China'sBaoshan Iron & Steel Co
Ltd(Baosteel) <600019.SS>.
($1 = 111.0200 yen)

 (Reporting by Yuka Obayashi; Editing by Richard Pullin)
 (([email protected]; +813-6441-1798; Reuters
Messaging: [email protected]))

Keywords: TOKYO STEEL PRICES/







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