Tokyo Steel cuts ferrous scrap purchase price 7th time since August

Tokyo Steel
Manufacturing Co, Japan's largest electric steelmaker has cut its scrap purchase
prices by another JPY 500/MT ($6/MT) for its all 5 plants.

This is the consecutive
7^th time price cut by the company since August 25^th. The
total price cut amounted to $57/MT (JPY 4,500/MT).

After
the correction, the purchase prices for HMS 2 reach US$ 301-327/MT (JPY 23,500-25,500/MT).

Following are the current purchase price
(plant wise) for HMS 2 (Unit: JPY/MT):

Okayama: Seaborne: 25,500 ($327),
Overland: 25,000 ($321)

Kyushu: 25,000 ($321)

Takamatsu: 23,500 ($301)

Tahara: 24,500 ($314)

Utsunomiya: 24,500 ($314)

1 US$ = JPY 77.97