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This follows a decrease of ¥3,000 ($26) per tonne implemented last month.

The decision was mainly based on the fact that an “imbalance” in the supply-demand in the Japanese steel market is “still not resolved”, the company said in a statement on Monday November 17.

The steelmaker noted, however, that the ongoing “sharp” depreciation of the yen against the US dollar is expected to lead to an increase in production costs on the back of more expensive imported raw materials.

The Japanese currency was trading at ¥116 to the dollar on Monday, compared with ¥111 on November 1 and ¥108 on October 30, according to

While imports will become more expensive in yen terms, Japan’s steel exports will also continue to “recover its competitiveness”, Tokyo Steel pointed out.

The largest electric arc furnace operator in Japan, Tokyo Steel will continue to sell its SS400-grade, base size H-beam for ¥77,000 ($662) per tonne, on a free-on-truck basis.

Prices for its SPHC 1.7-22mm-thick hot rolled coil and its SS400 9-40mm heavy plate will remain at ¥63,000 ($542) and ¥72,000 ($619) per tonne, respectively.