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Competition grows in Japanese steel market due to coronavirus

Ukraine / Asia / Ferrous metallurgy

Nippon Steel cuts prices for I-beams, while Tokyo Steel has refused to raise prices for its products.

Competition grows in Japanese steel market due to coronavirus

Major Japanese steelmakers face uncertainty over the economic impact of the COVID-19 pandemic, which continues to weigh on demand for rolled steel.

Tokyo Steel Manufacturing Co, the country's largest electrometallurgical company, said on Tuesday that it would keep its September product prices unchanged, while Japan's largest steelmaker Nippon Steel announced additional discounts on its rolled metal products.

The last time both companies increased their prices in July, however, they simultaneously announced that the market was not ready for further price increases due to the negative situation in the economy amid a pandemic.

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