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Tokyo Steel to raise product prices for December

Tokyo Steel Manufacturing Co., Ltd., Japan's top electric-arc furnace steelmaker, said it would raise prices in December for all its steel products by 2,000 yen ($19) a tonne, or 2.2% to 3.3%, to meet tighter overseas markets and firmer demand at home.

The company kept prices steady this month for all its steel products, including its main H-shaped beams.

For December, prices for steel bars, including rebar, will be hiked by 3.3% to 63,000 yen ($603) a tonne, while prices of U-shaped steel sheet piles will be increased by 2.2% to 95,000 yen a tonne. Prices of H-shaped beams will go up by 2.5% to 83,000 yen a tonne.

Overseas markets are expected to stay tight because of strong demand in top buyer China, with U.S. steelmakers' operating rates also recovering, while domestic demand is improving and local inventories are declining, the company said in a statement.