Tokyo Steel cuts scrap procurement prices by JPY 500/t ($4/t)

Tokyo Steel has reduced scrap purchase bids by JPY 500/t ($4/t) for two of its steelworks effective 24 Dec'21. Post-revision, the company's bid price for H2 scrap stands at JPY 53,500/t ($468/t) delivered to the Tahara and Utsunomiya plants, while prices for the other plants remain unchanged.Notably, this is the company's third price cut this month. Lowering export prices have kept domestic prices under pressure.