The largest EAF steelmaker in Japan, Tokyo Steel, has cut its scrap purchase prices at four out of five of its steel plants by JPY 500/mt ($4.7/mt) to JPY 20,000-23,000/mt ($187-215/mt) delivered, with the new prices effective starting from October 4. Tokyo Steel has kept its purchase prices stable for its Kyushu factory at JPY 23,500/mt ($220/mt) delivered.
The previous price cut was registered on September 20. Tokyo Steel’s resumption of price cuts is a negative sign for the Asian steel market, sources said. Also, ex-Japan scrap prices for foreign customers still have some space to go down.
$1 = JPY 106.95