Japanese scrap prices continue to decline after a short break last week when the Japanese metallurgical company, Tokyo Steel reduced the price 500-1000 yen ($6-13) per tonne. This is stated in the latest data of the Japanese Association of metal raw materials, according to metal Bulletin.
Thus, the average price of H2 scrap declined by 337 184 yen to 21 yen ($263) per tonne.
Despite the fact that Tokyo Steel has surprised many market participants in their step, most of the mini-enterprises in the country, such as JFE Bars & Shapes, Godo Steel and Nakayama Steel, instantly responded to the step of lowering the purchasing price by 500 yen/t
Earlier it was reported that Tokyo Steel has decided to keep prices on key steel products for delivery in November. The Corporation lowered the cost of square pipe 4 thousand yen/ton ($50,1/t), to 67 thousand yen/t.
Recall that Tokyo Steel in the first quarter of the current financial year received operating loss in the amount of 6 million yen. The sale of the Corporation reached in April-June this year 45,462 million yen ($76.9 thousand).
Tokyo Steel Manufacturing Co. is the leading steelmaking company in Japan. The annual production capacity is about 3,14 million tons.
The Ministry of industry