Tokyo Steel reports increased activity in the Asian steel market
Japan's largest electrometallurgical company Tokyo Steel Manufacturing Co Ltd announced that traders' activity in the steel market in Southeast Asia has increased. However, the decline in steel stocks in warehouses is slower than expected.
Tokyo Steel will not increase prices in November amid high stocks in the country and weakening foreign prices, the company said on Monday.
Tokyo Steel cut prices for all steel products by about 4% earlier in October, reflecting the company's dependence on overseas markets affected by a long-running trade dispute between the US and China.
Tokyo Steel's prices are closely watched by Asian competitors such as South Korean Posco and Hyundai Steel, as well as China's Baoshan Iron & Steel Co Ltd (Baosteel).