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Tokyo Steel to maintain product prices steady in March

Tokyo Steel Manufacturing Co., Ltd. will leave product prices unchanged in March to ensure a hike implemented in January would be absorbed by the market, Japan's top electric-arc furnace steelmaker said on Monday.

For March, prices of its main H-shaped beams will stay steady at 93,000 yen ($880) a tonne while hot rolled coils will remain unchanged at 79,000 yen ($748) a tonne.

Steel markets abroad have rebounded after China's Lunar New Year holiday with solid demand in many countries, but orders of construction materials in the Japanese market slowed following a plunge in steel scrap prices, Tokyo Steel said in a statement.

"But we expect strong demand from manufacturers will continue through the end of March and the recent recovery in scrap prices will boost activity in the market," it added.