Domestic Market Price of Steel Scrap Down 500 Yen

 The domestic market for steel scrap has fallen by 500 yen per ton since December 10. The downward pressure from overseas cooled the domestic market, which has remained at a high level. Demand for semi-finished products (billets) and other products has declined due to power shortages and Steel Production Reduction Policy in China, and demand for steel scrap in Asia has been sluggish. Tokyo Steel, a major electric furnace manufacturer, lowered its purchase price for special grade (H2 equivalent) steel scrap at its Utsunomiya and Tahara plants by 500 yen per ton from December 10, and the move to lower prices spread to other regions as well.