Japan: EAF manufacturers in Kanto region announce scrap price cut following Tokyo Steel

In Japan’s Kanto region, major EAF steel producers reduced ferrous scrap purchase prices by JPY 500/t ($3/t) following Tokyo Steel’s price cut on 26 July, 2024. Under the new pricing structure, H2 scrap is priced at JPY 50,000-51,000/t ($322-329/t). The price cut was also driven by the JPY’s appreciation.