Nippon Steel to keep May construction steel price steady-source

Nippon Steel Corp , the world’s No. 4 steelmaker, will keep its prices for H-beam steel used in construction for May shipments steady for a second straight month, a source with a direct knowledge of the matter said.The market was closely watching if Nippon Steel would lower its prices after smaller rival Tokyo Steel Manufacturing Co on Monday announced a bigger-than-expected 6.2 percent cut in H-beam prices for June shipments to cope with softening demand and to head off imports.Tokyo Steel, a mini mill that uses steel scrap as input rather than iron ore and coal like Nippon Steel, is Japan’s biggest maker of construction steel.Analysts say the market is weak. There have been some cancellations of construction projects as companies are reviewing plant locations and quake-resistance design after the March 11 earthquake or putting off projects in anticipation of a decline in prices. – Reuters