Maruichi Steel Tube: Business briefing with heads of overseas bases Quick Note

Research evidence excerpt

Maruichi Steel Tube: Business briefing with heads of overseas bases Quick Note

Global Markets Research

25 June 2026Maruichi Steel Tube

5463.T 5463 JP / EQUITY: JAPAN STEEL, NONFERROUS METALS, WIRE & CABLE

Business briefing with heads of overseas bases Rating Neutral

Quick Note Target price JPY 1,850

Evidence of strong demand for steel tubes in US, recovery in investment in stainless Closing price

steel for use in semiconductors 25 June 2026 JPY 1,647.5

Maruichi Steel Tube hosted a business briefing with the heads of its overseas bases at

13:00 JST on 25 June, featuring presentations from top executives at its stainless steel (Note: Quick Note reports are not a

vehicle for changes to ratings, targetoperations in the US Midwest, Vietnam, and Japan. The briefing provided evidence of strong

prices, or earnings forecasts)demand for structural steel tubes in the US and stainless steel for use in the semiconductor

industry.

US: Wider spreads on structural steel tubes on data center and Mexican border wall

demand

Research AnalystsThe lead time between orders and shipments for structural steel tubes in the US has risen to

at least three months since the start of 2026 thanks to strong data center and Mexican Japan steel, nonferrous metals,

border wall demand, and inventory levels are low too. The nine US structural steel tube wire & cable

producers have continued to operate at nearly full capacity, and have implemented nine Kaori Iwasaki - NSC

price hikes totaling $650/st since end-2025. As the rise in the price of input hot-rolled coil kaori.iwasaki@nomura.com

during this period was between $300/st and just under $400/st, spreads widened. Structural +81 3 6703 1198

steel tubes are sold either linked to CRU prices or at market prices, and Maruichi Steel Tube Yuji Matsumoto - NSC