Japan: Tokyo Steel cuts scrap purchase price by $5/t at three works

Japan's leading EAF steel manufacturer- Tokyo Steel has observed another price cut for its scrap purchase prices for three of its works, cutting bids by JPY 500/t ($ 5) for Okayama plant, Takamatsu steel center and Kyushu-works. Utsunomiya and Tahara works prices, which witnessed steep cuts last week, have been kept unchanged for now. Revised prices will be effective from tomorrow, 8th July '20.

As per the said price cut, the company will pay JPY 23,000/t ($ 213) for H2 scrap to the Okayama plant, JPY 23,500/t ($ 218) for Kyushu works and JPY 22,000/t ($ 204) for the Takamatsu plant.

Meanwhile, prices will remain the same as the previous week for the other two major works and the company will continue to pay JPY 22,500/t ($ 208) and JPY 21,500/t ($ 200) for H2 scrap delivered to Tahara plant and Utsunomiya works respectively.

On 9th July, 20, which has led to many traders holding back from giving fresh offers till Kanto Tetsugen tender results, for more clarity on market direction.

Tokyo Steel's bids for scrap purchase from 8th July'2020

Price in JPY
Source: Tokyo Steel Reports