Tokyo Steel to cut domestic ferrous scrap prices by JPY 500/t ($3/t) effective 26 Jul’24, with new prices at Tahara, Utsunomiya, and Okayama plants at JPY 50,500/t ($332/t), JPY 51,500/t ($338/t), and JPY 49,500/t ($325/t) respectively. The JPY’s rapid recovery and expectations of a Fed rate cut have influenced this decision followed by a less impacted domestic market due to weak demand and sufficient inventory.
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