Oct. 18 (Bloomberg) -- Tokyo Steel Manufacturing Co., Japan’s largest electric-furnace mill, cut prices for all products for the first time in four months to compete against imported steel after the yen climbed to a 15-year high.
November contracts were reduced by 3,000 yen ($36.91) to 7,000 yen a metric ton, the Tokyo-based company said today at a media briefing in Tokyo. H-beams, used in construction, were cut by 7 percent to 67,000 yen a ton, while hot-rolled coil prices were cut by about 8 percent to 59,000 yen.
The yen touched 80.88 to a dollar on Oct. 15 in New York, the highest level since April 1995 and near its post-World War II record of 79.75 reached the same month. The increased value of the Japanese currency has made Tokyo Steel’s products expensive compared with imported steel from China and South Korea.
“The impact of the stronger yen is big,” Tokyo Steel Managing Director Naoto Ohori told reporters today. “We decided to cut all product prices and start afresh by amending disparities between domestic and outside prices.”
Tokyo Steel’s plate prices were cut by 3,000 yen, or about 4 percent, to 68,000 yen for November contracts, while hot-dip galvanized coils were reduced by 7,000 yen, or about 8 percent, to 77,000 yen.
Baoshan Iron & Steel Co., China’s biggest publicly traded steelmaker, kept November prices for most of its products unchanged as selling prices fall on reduced domestic production and demand.
Tokyo Steel shares gained 0.4 percent to 907 yen as of 1:24 p.m. on the Tokyo Stock Exchange.
To contact the reporter on this story: Masumi Suga in Tokyo at email@example.com
To contact the editor responsible for this story: Andrew Hobbs at firstname.lastname@example.org;