Tokyo Steel Manufacturing, Japan's largest independent steel mill, has reduced its purchase prices for all grades of ferrous scrap by ¥2,000-3,000/tonne ($15-22/t) at all its mills and scrap holding centres, effective from deliveries on Thursday, in response to the continued decrease in scrap export prices.
As a result, Tokyo Steel is paying collectors and dealers ¥2,500/tonne less for most scrap grades at its Tahara plant in Aichi, Okayama plant in western Japan, Takamatsu steel centre in Shikoku and Kyushu plant in Kitakyushu. Exceptions include a larger reduction of ¥3,000/t for peak grade material delivered to Tahara and a reduction of ¥2,000/t for all scrap destined for the Utsunomiya plants north of Tokyo and the Nagoya scrap centre.
The sellers' winning bid of ¥46,226/t for 15,000 tonnes of H2 was also the lowest since August last year and ¥1,000-2,000/t lower than the FAS price paid by traders at Tokyo Bay ports for H2 for export and delivery to factories in western Japan.
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