Japan’s Tokyo Steel announced its seventh consecutive cut in domestic scrap procurement prices today, reducing rates by up to JPY 1,500/t ($11/t), effective 14 Sep’24. The total decline for Sep’24 now stands at JPY 4,000-5,000/t ($28-35/t), with H2 prices ranging within JPY 40,000-42,000/t across plants. The ongoing price reductions can be attributed to high inventory levels and weak demand.
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