Electric arc furnace (EAF)-based steel manufacturers in Japan’s Kanto region have reduced scrap procurement prices by JPY 2,500/t ($17/t) to JPY 46,500-48,000/t ($317-327/t), marking a 1.5-year low. This decision came on the back of a recent price cut by Tokyo Steel and is attributed to the rapid appreciation of the JPY against the US dollar.
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