On Monday, Tokyo Steel Manufacturing, the largest producer of electric arc furnaces in Japan, announced that due to slowing domestic demand, steel prices in May will remain unchanged.This decision also means that the company’s steel prices have remained unchanged for three months.
Kiyoshi Imamura, general manager of Tokyo Steel, said that Japan’s current steel demand has shown some weakness. Many end users reserved stocks of a certain size at the beginning of the year. At the same time, they believe that the US importation of steel import tariffs will weaken global steel prices. Therefore, it is currently not very active in purchasing.
Kiyoshi Imamura believes that steel demand in Japan is likely to start recovering around May, as demand from automakers and other manufacturers remains strong. By then, under the impetus of good demand from China and other Asian countries, the panic caused by the US-Canada tariffs will gradually fade.