Japanese ferrous scrap prices soften after Tokyo Steel cut

Prices of ferrous scrap in the Kanto region around Tokyo have declined for the first time in over two months after market leader Tokyo Steel Manufacturing, Japan's largest independent mini-mill, clipped buying prices for Kanto-sourced scrap by Yen 500/tonne ($3.4/t).

The company's reduction, announced late on July 9, was for all grades delivered to its Utsunomiya works in the northern Kanto and to its newly opened Tokyo Bay satellite yard from July 10, according to a post on its website on Wednesday evening. The cut took the price of H2