Tokyo Steel to Hold Product Prices Steady in November

Tokyo Steel, Japan's largest electric arc furnace steel producer, announced that it will keep steel product prices unchanged in November to ensure the market has bottomed out. In October, the company reduced prices for all steel products, including major H-shaped beams, marking the first time since April 2020 that prices for all steel products were lowered. For November, prices for steel bars, including rebar, will remain at 88,000 yen/ton ($587), and H-shaped beam prices will remain at 115,000 yen/ton. The company stated that domestic demand for construction materials is generally weak, while demand for steel sheets continues to be sluggish due to the slow recovery in automotive demand and weak cargo movements in the construction sector.