Japan: Tokyo Steel further trims scrap procurement prices by up to $10/t

Japan's Tokyo Steel announced its eighth consecutive cut in domestic scrap procurement prices today, reducing rates by up to JPY 1,500/t ($10/t), effective 21 Sep'24.

• The total decline for Sep'24 now stands at JPY 5,000-6,000/t ($35-42/t), with H2 prices ranging within JPY 39,000-41,000/t ($273-287/t) across plants.
• The ongoing price reductions can be attributed to high inventory levels and weak demand.