Tokyo Steel Reduces Ferrous Scrap Price by 3,000/t

Tokyo Steel Manufacturing announced on Thursday the firm reduces the ferrous scrap purchase price by 3,000 yen per tonne for all grades at all plants on Friday. The price decreases to 60,000 yen per tonne for H2 grade at Utsunomiya and Okayama plants. The price decreases by more than 10,000 yen in a week. Electric furnace steel makers around Tokyo reduced the purchase price by 3,000 yen to 59,000-63,000 yen per tonne on Thursday. They reduce the price again and again when they get smooth scrap arrivals from the dealers under slower export shipping. Many of local makers reduced the price by 2,000 yen on Saturday and Tokyo Steel reduces the price additionally. Some local makers limit the scrap acceptance under local easy supply of scrap. The dealers expect the supply could keep easy. Electric furnace steel makers around Osaka also reduce the scrap purchase price. Tokyo Steel reduces the price by maximum 5,000 yen per tonne on Wednesday and by 3,000 yen on Thursday. Other makers could follow the move to decrease the price from current 61,000-62,500 yen. The local makers limit the scrap arrivals.