Steel price hikes gaining traction in Japan?

Momentum for steel price rises seems at last to be building in Japan. Over the past few weeks, all three integrated makers have announced substantial price increases for carbon steel coils and sheets, citing higher production costs and rising international steel prices, even though domestic steel demand remains weak.

Arguably, it was JFE Steel, Japan's second-largest steelmaker after Nippon Steel, which fired the starting gun for the race to rise earlier this month when it announced on March 5 that it is raising the price of key types of sheets and coils including hot rolled- and cold-rolled coils