Japan: EAF manufacturers in Kanto cut scrap buying prices by $7/t amid high inventory levels

Electric arc furnace (EAF) manufacturers in Japan’s Kanto region cut scrap procurement prices by JPY 1,000/t ($7/t), with H2 prices dropping below JPY 38,000-39,500/t ($265-276/t). Tokyo Steel’s Utsunomiya Plant reduced purchase prices of all products by JPY 1,000/t ($7/t) from 21 Sep’24. The price cuts are attributed to high inventory levels and limited storage capacity. Gulf H2 prices are now at JPY 35,500-37,000/t ($248-258/t).