Coronavirus creating 'standstill' in Japan construction steels sector - Tokyo Steel

A sharp decline in market sentiment, linked to the spread of the coronavirus (2019-nCoV), has halted activity and reduced prices in the Japanese construction steel sector, steelmaker Tokyo Steel said.

The major electric-arc furnace (EAF) producer announced on Monday March 16 it will slash its April prices for H and I-beam by ¥7,000-11,000 ($65-102) per tonne month on month and drop its steel plate prices by ¥5,000 per tonne from the previous month.
“Economic activity has been curtailed due to the effect of urgent measures against the spread of the coronavirus, and there is widespread uncertainty about what may happen in the future,” Tokyo Steel said.

In a drastic measure to help support Japan’s financial markets,...

Published

March 16, 2020

12:50 GMT

Singapore