Tokyo Steel cuts scrap prices again after auction fall

Japan's largest independent mini-mill, Tokyo Steel Manufacturing, has slashed its buying prices for all grades of ferrous scrap at all works and scrap holding centers by Yen 2,000-3,000/tonne ($15-22/t) effective from Thursday deliveries in response to the continuing slide in scrap export prices.

As a result, Tokyo Steel is paying collectors and dealers Yen 2,500/tonne less for most scrap grades at its Tahara works in Aichi, its Okayama plant in western Japan, its Takamatsu steel center on Shikoku and at its Kyushu works in Kitakyushu. The exceptions are the larger Yen 3,000/t