Tokyo steel cuts scrap buying prices further

TOKYO (Scrap Monster): The country’s top producer of H-beams- Tokyo Steel has announced further cut ranging from ¥ 500/ton to ¥ 1,000/ton in scrap purchasing prices. The new prices will be effective for all deliveries to its works and scrap yards beginning Friday, October 24^th, 2014.

Post cut, the average scrap purchasing price of H2 grade scrap now remain in the range ¥ 28,500~ ¥ 29,500/ton.

The scrap purchasing prices at Okayama works in Western Japan will be reduced by ¥ 500/ton to ¥ 28,500/ton and those in Kyushu will see a drop of ¥ 1,000/ton to ¥ 29,500/ton.

Tokyo Steel’s scrap purchasing prices in Tahara works in Central Japan will be ¥ 290,000/ton, while those in Takamatsu steel center on Shikoku Island will be reduced by ¥ 500/ton to ¥ 28,500/ton.

The scrap purchasing prices at Utsunomiya works in northern Kanto have now dropped by ¥ 1,000/ton to ¥ 29,500/ton.

This the seventh price cut by the company since Sep 27^th this year. Tokyo Steel had announced cut of ¥ 1,000/ton in scrap purchasing prices last week also.

Meanwhile, the H2 scrap base prices have dropped to ¥ 27,000/ton to ¥ 27,500/ton in the Tokyo Bay region as on October 22^nd. The base prices of P&S scrap and Shindachi scraps averaged at ¥ 29,000/ton to ¥ 29,500/ton in the region.