Tokyo Steel to raise steel prices by JPY 3000 a tonne in March

Reuters reported that Tokyo Steel Manufacturing Co will raise prices of all its products in March 2011 to cover rising input costs.

Tokyo Steel said that it will raise H beam steel prices by JPY 3,000 to JPY 81,000 per tonne in March 2011.

It may be recalled that Nippon Steel Corporation has raised its February 2011 contract price for H beam steel by 3% to 4% or about JPY 3,000 per tonne, from the previous month.

Costs of steel scrap, a major input for Tokyo Steel, are rising on strong demand from Asian consumers.

(Sourced from www.reuters.com)