Tokyo Steel lifts scrap prices after export price jump

The leap in export prices for Japanese scrap confirmed earlier in the day on October 9 led Japan's largest independent mini-mill, Tokyo Steel Manufacturing, to announce a Yen 1,000/tonne ($6.6/t) increase in buying prices for all grades of scrap delivered to seven of its eight scrap storage yards and steel works nationwide effective from October 10, according to a post on its website.

The increase took Tokyo Steel's buying price for H2 scrap at its Utsunomiya plant north of Tokyo to Yen 41,000/t and at its Funabashi scrap yard on Tokyo Bay to Yen 42,000/t. The company had added Yen 500/t to prices at the same works and yards just days before