Tokyo Steel Manufacturing Co, Japan's biggest maker of construction steel, said on Monday that it would raise prices of all steel products in January to offset higher costs of scrap steel, its major input.
Tokyo Steel said it will raise H-beam steel prices by 8,000 yen to 85,000 yen ($1,013) in January.
Rival Nippon steel Corp , the world's fourth-biggest steel maker, this month notified its distributors of a price rise of 3,000 yen per tonne for H-beam steel used in construction, citing higher raw materials costs and a decline of inventories to a record-low level, according to media reports.
Steel scrap prices are rising on strong demand from Asian consumers.