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Commodities

Japan's steelmakers facing rising prices for raw materials

Amid strong demand, companies are seen passing on higher costs to clients

Pricier scrap steel is raising costs for electric furnace steelmakers.

TOKYO -- Prices of raw materials for steelmaking are on the rise, with the steel scrap used in electric furnaces trading 25% higher than the start of the year in Japan, and the coking coal used in blast furnaces 20% more expensive than the October low.

Global demand for steel is robust, including in Japan, where the redevelopment of Tokyo continues apace, and in Southeast Asia.

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