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Commodities eye

Sheet hits 11-year low on weak exports, domestic glut

TOKYO -- The price of steel sheet continues to fall in Japan and has now sunk to the lowest level in 11 years due to a growing oversupply at home and a slowdown in exports caused by a deteriorating Asian market.

     The price of cold-rolled steel sheet, which is widely used in applications from electrical equipment to steel furniture, is at 68,000 yen to 70,000 yen ($554 to $570) per ton in Tokyo, 2.1% cheaper than in September. Hot-rolled steel sheet, which is used in construction materials, is 4% less expensive at around 59,000 yen a ton.

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