Tokyo Steel cuts ferrous scrap purchase price by another $6/MT

Tokyo Steel
Manufacturing Co, Japan's largest electric steelmaker has cut its scrap purchase
prices by another JPY 500/MT ($6/MT) for its all 5 plants. This is the 5^th
time that company has cut the prices this month. Current prices have also
touched the levels seen in August month.

Falling scrap prices
in global market and other raw material prices have pulled the company’s scrap
purchase price as well.

After the correction,
the purchase prices for HMS 2 reach US$ 325-351/MT (JPY 25,500-27,500/MT).

Following are the current purchase price
(plant wise) for HMS 2 (Unit: JPY/MT):

Okayama

Seaborne:
27,500 ($351), Overland: 27,000 ($344)

Kyushu

Seaborne: 27,500 ($351), Overland: 27,000 ($344)

Takamatsu

Seaborne: 25,500 ($325), Overland: 25,500 ($325)

Tahara

Seaborne: 26,500 ($338.5), Overland: 26,500 ($338.5)

Utsunomiya

Seaborne: No Delivery, Overland: 26,500 ($338.5)

1 US$ = JPY 78.27