TOKYO (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% 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.
Meanwhile, construction material
activity in Japan continued to be subdued, while demand in the manufacturing
segment remained firm, though there are concerns regarding potential stagnation
in demand due to production stoppages in automobile-related industries.
Toyota Motor's Daihatsu unit
halted shipments of all of its vehicles, Japan's biggest automaker said in
December, after a safety investigation found issues involving 64 models,
including almost two dozen sold under Toyota's brand.
Earlier this month, Daihatsu
resumed some of its production and shipments.
Tokyo Steel's pricing is closely
watched by Asian rivals such as South Korea's Posco and Hyundai Steel , and
China's Baoshan Iron & Steel Co Ltd (Baosteel).