It is reported that Japanese Tokyo Steel announced to cut the scrap purchase prices by JPY 500 per tonne from May 29th 2012.

After the adjustment, its latest purchase prices of H2 scrap are at JPY 28,500 to JPY 31,000 per tonne.

Among them, the H2 scrap purchase prices in Okayama plant is at JPY 30,500 per tonne; that in Kyushu plant is at JPY 30,500 to JPY 31,000 per tonne; that in Tahara plant is at JPY 30,500 per tonne; that in Utsunomiya plant is at JPY 30,000 per tonne and that in Takamatsu steel center is at JPY 28,500 per tonne.

Meanwhile, Tokyo Steel has reduced the scrap purchase prices for consecutive four times since May 2012. The total price cut has accumulated to JPY 1,500 to JPY 3,000 per tonne.

Source - www.yieh.com)

(www.steelguru.com)