Japan: Tokyo Steel further cuts scrap purchase price by $5-9/t

Tokyo Steel has cut its scrap purchase price to Utsunomiya and Tahara works by JPY1000/t ($9/t) and JPY500/t ($5/t) from 30th June’20, observing 3rd successive price cut since peaking 2 weeks ago, as Japanese scrap export prices continue to collapse. The company will pay JPY 24,000/t ($224/t) and JPY24,500/t ($229/t) for H2 delivered to Utsunomiya (Kanto) and Tahara (Central Japan), respectively